We initiate coverage on Mold-tek packaging Ltd. (MPL) with a BUY rating and price target of Rs 377 based on PE of 22x at FY20E EPS of Rs 17.1. We believe 1) leadership in IML manufacturing 2) complete in-house backward integrated operations 3) foray in high margin Food and FMCG segment 4) capacity expansion would be key growth catalysts for MPL. We expect MPL to clock Net Sales/EBITDA/PAT CAGR of...