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Buy Tinplate; target of Rs 83: Firstcall Research

Firstcall Research is bullish on Tinplate Company of India and has recommended buy rating on the stock with a target of Rs 83 in its October 13, 2014 research report.

October 14, 2014 / 15:42 IST
     
     
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    Firstcall Research report on Tinplate Company of India Limited“The Tinplate Company of India Limited (TCIL) was incorporated in 1920 and is headquartered in Kolkata, India. The Company’s Works is located at Jamshedpur, Jharkhand. There are presently 11 offices in India and a distribution network with 16 stocking points. The Tinplate Company of India Limited is a subsidiary of Tata Steel Limited. TCIL is today the largest indigenous producer of tin coated and tin free steel sheets in India, enjoying 35-40% market share and undoubtedly the industry leader for more than 90 years. The company exports about 20-25% of its production directly to end-users (can-makers) and its products are well accepted in the markets of SE Asia, Middle East and some developed countries in Europe. TCIL Works, situated at Golmuri, Jamshedpur has presently two Electrolytic Tinning Lines (ETLs) and Cold Rolling Mills (CRMs) The Company is in the business of manufacturing and supplying reliable, cost-effective, value-added tin mill products. It manufactures various grades of electrolytic tinplates, tin-free steel sheets and Full Hard Cold Rolled Sheets (FHCR) used for metal packaging. In pursuit of its downstream agenda, the company has been bonding with food processors and fillers by way of world class printing and lacquering facilities at the "Solution Centre".” “At the current market price of Rs. 72.20, the stock P/E ratio is at 11.19 x FY15E and 10.25 x FY16E respectively. Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs.6.45 and Rs.7.04 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 11% and 38% over 2013 to 2016E respectively. On the basis of EV/EBITDA, the stock trades at 4.35 x for FY15E and 4.11 FY16E. Price to Book Value of the stock is expected to be at 1.26 x and 1.12 x respectively for FY15E and FY16E. We recommend ‘BUY’ in this particular scrip with a target price of Rs.83.00 for Medium to Long term investment,” says Firstcall Research report.  

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    first published: Oct 14, 2014 03:42 pm

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