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Buy Mayur Uniquoters; target of Rs 337: Anand Rathi

Anand Rathi is bullish on Mayur Uniquoters has recommended buy rating on the stock with a target price of Rs 337 in its research report dated August 14, 2020.

August 18, 2020 / 12:44 PM IST
 
 
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Anand Rathi 's research report on Mayur Uniquoters


Mayur’s Q1 was weak as demand rose only in Jun. Demand in domestic auto/footwear will recover only gradually and exports would do better in FY21. While the near term outlook is muted, we are positive on Mayur for the long term on the improving outlook: 1) good traction in the recently commissioned PU plant, 2) talks of curbing imports of leather goods from China and 3) robust export opportunity through customer additions. After a 20% run-up in the price of the scrip since our last update ~45 days ago, at ~10x FY22e P/E, we still believe good scope exists for a re-rating.


Outlook


Thus, we maintain a Buy, with a target of `337 (14x FY22e P/E), earlier `283 (12x FY22e P/E).


For all recommendations report, click here


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first published: Aug 18, 2020 12:44 pm

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