Valuation and rating: We value La Opala at 36x on Sept.23 EPS of Rs11.8 leading to a TP of Rs400, an upside of 33%. The company's state of the art manufacturing facility has always kept them ahead of the competition; further, strategic location of the plant is an added advantage, with huge benefits being offered by the Uttarakhand government. We believe these factors will always help the company deliver industryleading margins that are likely to be sustained. We further project that demand for Opalware products is on the rise and new capacity expansion coupled with launch of two new brands is expected to drive growth. With channel checks also echoing a similar trend and given La Opala's brand pedigree and impressive financials we...