Buy Multi Commodity Exchange; target of Rs 1600: ICICI Direct

"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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ICICI Direct's research report on Multi Commodity Exchange

MCX is the leader in commodity derivatives exchanges in India with ~94% market share in terms of commodity futures turnover. It has ~100% market share in precious metals & base metals and energy • Presence in various commodities offers healthy diversification.

Outlook

Factoring in timelines for launch of spot exchanges, we lower our multiple to value MCX at ~33x core FY24E EPS and net cash. Thus, we lower our target price from Rs 2000 to Rs 1600.

For all recommendations report, click here

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