Mayur Uniquoters Ltd. share price target

MUNI: Tepid quarter, upside limited; downgrade to ADD. Wholesale Inflation: WPI contracts, food inflation soars. Trade: Imports catching up, non-oil exports improve. BPCL: GRMs outperform but marketing to aid earnings growth. HMCL: Optimism priced in maintain REDUCE

Auto industry is looking forward for a better Diwali. On the back of improvement in rural Mayur had started reporting strong margins in normal business situation and strong demand, the outlook for Q4FY20 and Q1FY21 is good. margins will come back with sales going back to normal levels....

Valuation and risks: Mayur is currently trading at an 18%/78% discount to its 1yr forward P/E and EV/EBITDA multiple. We value Mayur at 15x FY22E EPS to arrive at our TP of Rs269 and maintain a BUY. Post COVID-19, we have revised our earnings estimate and trimmed our TP from an earlier value of Rs317. Risks to our call include slower-than-expected recovery in automobile production due to...

Mayur Uniquoters' (MUNI) Q4FY20 standalone revenue increased 13% YoY, aided by 58% growth in exports.

Mayur Uniquoters The Peacock will now Dance! Mayur Uniquoters (MUNI) is a leading manufacturer of PVC in India has recently commissioned its PU (Polyurethane) capacity which is otherwise being imported from China. With just one other player manufacturing PU in India, we feel that the company will be able to ramp up its capacity utilisation given a) its rich experience in the industry, b) well entrenched relationships with established brands in both footwear and auto, c) strong financial discipline and d) the Indian buyers were as it is looking for an alternative to China. We believe this capacity will add to...

Mayur Uniquoters The Peacock will now Dance! Mayur Uniquoters (MUNI) is a leading manufacturer of PVC in India has recently commissioned its PU (Polyurethane) capacity which is otherwise being imported from China. With just one other player manufacturing PU in India, we feel that the company will be able to ramp up its capacity utilisation given a) its rich experience in the industry, b) well entrenched relationships with established brands in both footwear and auto, c) strong financial discipline and d) the Indian buyers were as it is looking for an alternative to China. We believe this capacity will add to...

Mayur Uniquoters' (MUNI) Q3FY20 standalone revenue declined 23% YoY (volume down 21% YoY) due to continued slowdown in user industries (footwear, auto).

Mayur Uniquoters' (MUNI) Q1FY20 standalone revenue decreased 9% YoY as a sharp slowdown in footwear and auto sector demand saw volumes drop 9%.

INDIA l Institutional Research l Consumer l July 29, 2019 Mayur Uniquoters l BUY l TP: 360 Playing in its own league, all set for a higher growth trajectory...