We initiate coverage on Shaily Engineering Plastics (SHEP) with an Accumulate' rating and a price target of Rs1,103 (21x FY20E EPS). SHEP is a leading supplier of high performance engineering polymers based precision components to leading Home Furnishing, Pharma, Consumer and Engineering companies globally. We are positive on SHEP's prospects due to 1) deeper penetration in existing plastic line (with its Home Furnishing customer's India entry) 2) ramp-up in machine utilisation of CRC plant and 3) foray in to a new product line, enabling it to inch closer to its revenue target of US$ 100mn by FY20E. The company has ~85% visibility for achieving this target....