Apcotex Industries Ltd. share price target

We upgrade our rating on the stock to BUY as the valuations appear attractive at the current level.

We maintain our HOLD rating on the stock.

We maintain our Hold rating on the stock.

We maintain our Hold rating on the stock as broader headwinds are expected to persist in H1FY25.

With the change in overall industry dynamics, we have revised our SELL rating on the stock to HOLD until we see further signs of recovery.

We continue to have a negative outlook on the business in the short term and maintain our SELL rating on the stock.

Recommendation: We continue to have a negative outlook on the business in the short term. We maintain our SELL rating on the stock.

Recommendation:We continue to have a negative outlook on the business in the short term. The stock price has seen a major 37% rally lately from its 2-month low which limits any gains and in fact, poses a potential downside of12% from the CMP. Therefore, we revise our HOLD rating on the stock to SEL

We have revised our estimates on several fronts given our investment rationale on the company. Consequently, we have revised our TP to Rs 400 from Rs 490 earlier, valuing the company at 18x FY24E EPS of Rs 22.1.

We roll forward our estimates and multiple, valuing the company at 20x (30% discount to TTM PE of 28x) FY24E earnings to arrive at a revised TP to Rs 550/share (Rs 435 earlier).

We maintain BUY recommendation with the TP to Rs 435/share valuing it at FY24E EPS. The key downside risk to our estimates Uncertainties caused by the sudden resurgence of COVID cases, while an upside risk to our TP is a favourable ADD outcome.

This results in a rating upgrade to BUY (HOLD earlier) and revision in TP to Rs 410 (Rs 315 earlier) as we roll forward our estimates and multiple to FY24E EPS.

We would await for a better entry point and thus downgrade the stock to HOLD (previously BUY) while valuing the stock at 20x FY23E EPS to arrive at a TP of Rs 315/share.

we revise our estimates and continue to maintain BUY rating with a target price of Rs. 325 (Previous TP Rs. 204) valuing it at 20x of FY23E EPS. The TP implies an upside potential of 10% from CMP.

we expect healthy volume and price growth in upcoming quarters, we revise our estimates and continue to maintain BUY rating with a target price of Rs. 204 (Previous TP Rs. 174)valuing it at 19x of FY23E EPS.

As mentioned in our earlier quarterly updates, we continue to believe that demand could recover notably witnessed from Q3FY21. Factoring in the positive outlook on growth recovery in FY21 we revise our estimates upwards leading to a rating revision to BUY (earlier HOLD) and TP change to Rs. 174

For Q4FY20, Apcotex Industries delivered an in-line performance versus our estimates on Revenues/PAT front. Revenues reported a 25% de-growth impacted by 2 week lockdown that affected performance of its Latex and NBR products.

Apcotex registered a revenue decline of 24% YoY to | 116 crore, largely impacted by sluggish growth from NBR segment due to slowdown in the auto sector along with a fall in realisation due to passing on of benefit of lower RMAT prices. Further, fall in tyre latex along with carpet latex revenue also weighed on the overall performance. The company was struggling to maintain its historic gross margins of 30-32% in the last few quarters due to increase in NBR imports from Europe at lower prices leading the company to sell NBR at losses or breakeven level in the last few quarters. This was...

In our midcap universe of 11 companies, we expect Tata Chemical, VA Tech Wabag, Emmbi Industries and Kanpur Plastipack to be the most impacted stocks given that all these have revenue contribution in excess of 30-35% from the said geographies. We have envisaged the impact of Coronavirus (Covid-19) on our midcap coverage universe based on the revenue contribution from both the US as...

Apcotex for Q2FY20 posted revenues of Rs. 124Cr (24% vs our estimate, 23% YoY). Despite reporting high single digit volume growth in Q2, topline was impacted owing to lower realization (sharp fall in petrochemical prices) and slow down in Automobile industry.