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Buy Suryaamba Spinning Mills; target of Rs 200: Equity99

Equity99 is bullish on Suryaamba Spinning Mills has recommended buy rating on the stock with a target price of Rs 200 in its research report dated August 03, 2018.

September 18, 2018 / 02:09 PM IST
 
 
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Equity99's research report on Suryaamba Spinning Mills


Incorporated in 1992, Nagpur based Suryaamba Spinning Mills Limited manufactures and sells synthetic blended yarns in India. The Company Manufactures Polyester and Polyester/Viscose Blended Yarn. The company also manufactures Synthetic Ring Spun Yarn for weaving, knitting, and embroidery and other industrial applications and specialized products according to customer requirements. An ISO 9001:2008 certified organization, Suryaamba is a state of art manufacturing unit located strategically at Nayakund, near Ramtek, District: Nagpur (Maharashtra). Its installed capacity is 62000 spindles. The company exports its products to the United States, Mexico, Italy, Germany, Spain, Portugal, Switzerland, Belgium, Turkey, Egypt, Morocco, Nigeria, Poland, Canada, Peru, Columbia, Brazil, Argentina, Chile, Bangladesh, and South Africa.


Outlook


At CMP, the stock trades at a PE of just 14x on its EPS (TTM) of Rs.8. The stock is available at a discount compared to the Industry P/E of 21.32x, S&P BSE Small-Cap P/E of 103.53x and Nifty Small-Cap 250 P/E of 102x. Its market cap is just Rs.36 crore Vs. sales of Rs.152crore. Company has declared 10% dividend for FY18 after 2 years. Considering these factors, we recommend this stock for a long-term target of Rs.200.


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first published: Aug 3, 2018 02:07 pm

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