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Buy Indiamart; target of Rs 5439: YES Securities

YES Securities is bullish on Indiamart has recommended buy rating on the stock with a target price of Rs 5439 in its research report date July 22, 2022.

July 27, 2022 / 11:26 AM IST

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

 
 
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YES Securities' research report on Indiamart


Slippages rise sequentially driven by restructured book slippages while recoveries and upgrades decline: Gross NPA additions had amounted to Rs 20.88bn during 4QFY22, implying a sequential rise of Rs 1.6bn in 1QFY23. Recoveries and upgrades amounted to Rs 6.04bn in 1QFY23, implying a sequential decline of Rs 3.9bn. Credit costs for the quarter amounted to 50 bps on non-annualised basis but management stuck to a guidance of 120-150 bps annualised credit costs, which is a planning cycle 5 aspiration. The slippages from restructured book amounted to Rs 9.21bn for the quarter. The restructured book itself declined from 2.6% of loan book to 2.1% of loan book on sequential basis, with management stating that it would run down 70% of this book by the end of the current financial year.


Outlook


We maintain BUY on the stock with revised target price of Rs 5,439 /share, based on DCF based valuation. Trades at PER of 30.0x on FY24E EPS.


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At 11:24 hrs Indiamart Intermesh was quoting at Rs 4,105.70, up Rs 85.35, or 2.12 percent.

It has touched an intraday high of Rs 4,130.00 and an intraday low of Rs 4,030.10.

It was trading with volumes of 9,504 shares, compared to its thirty day average of 7,941 shares, an increase of 19.69 percent.

In the previous trading session, the share closed up 0.88 percent or Rs 34.95 at Rs 4,020.35.

The share touched its 52-week high Rs 9,700.00 and 52-week low Rs 3,676.05 on 18 October, 2021 and 06 July, 2022, respectively.

Currently, it is trading 57.67 percent below its 52-week high and 11.69 percent above its 52-week low.

Market capitalisation stands at Rs 12,569.43 crore.

For all recommendations report, click here


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Indiamart - 250722 -yes

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first published: Jul 26, 2022 12:05 pm
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