Dolat Capital is bullish on Page Industries has recommended buy rating on the stock with a target price of Rs 22,914 in its research report dated August 08, 2019.
Dolat Capital's research report on Page Industries
Page Industries’ continues to report weak performance. The revenues came below our estimate – second consecutive quarter of flat to low single digit growth for the company. We attribute this to slowdown in the economy and low footfalls in EBO’s. Going ahead, we believe that slowdown in the economy would restrict the company’s performance in the near term. nevertheless, new product launches in men, women and kid’s category and impetus to increase penetration especially in kid’s category would help the company to register double digit growth in H2FY20E. To factor in Q1 performance and gradual recovery in volumes, we have revised our estimates from ` 457 and ` 553 in FY20E and FY21E to ` 402 and ` 509 respectively.
As the stock price has corrected significantly, we have maintained Buy with TP of ` 22,914 (45x FY21E).
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