NOCIL Ltd. share price target

On FY23E EPS, the stock trades at 9.7x PE which is attractive in our view. Maintain BUY with unchanged TP of Rs. 170/share at 12x FY23E EPS.

Maintain BUY with unchanged TP of Rs. 176/share as we value the stock at 12x FY23E EPS. Key risk to our call concerns on COVIDs second wave; sluggish demand fromAuto OEMs thereby impacting tyre demand.

Management expects new capacity to ramp up to full capacity between 3-4 yrs against earlier expectation of 4 years. We tweak our FY21-23E estimates by 1-10% to factor in higher volumes and lower the gross margins. While near term demand slowdown in China and...

Rising preference for non-Chinese supplies augurs well for Nocil. China Sunsine (CS; Mkt cap- USD260m) is world's leading rubber chemicals player with a production capacity of 172,000tons including 30,000tons of insoluble Sulphur. Alike peers CS faced difficult CY19 led by rising US-China...

China and India is a concern, long term opportunities remain impressive. Nocil, with new capacities commissioned is poised to benefit from any recovery in auto demand. Reiterate BUY with a PT of Rs153 (Rs96) based on...

Export volume growth remained robust despite slowdown ............................................. 4 Analysis of Profit & Loss (P&L;) ........................................................................................ 5 Analysis of Balance Sheet ............................................................................................... 7 Analysis of Cash Flow ..................................................................................................... 9 Other Key Takeaways from the Annual Report .............................................................. 10 Key Excerpts from Directors Report .............................................................................. 11 Key Excerpts from Management Discussion & Analysis (MD&A;) Report.......................... 12 Corporate Governance ................................................................................................. 13...

We reiterate our BUY recommendation on NOCIL LTD with a Target Price of Rs 113, an upside of 10% from CMP of Rs 103 and Stop Loss Rs 97.

We recommend a BUY on NOCIL LTD with a Target Price of Rs 102, an upside of 9% from CMP of Rs 94 and Stop Loss Rs 89.

operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 EBITDA reported a decline of 38.9% YoY to Rs366mn owing to lower gross margins and is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers operating deleverage. PAT reported decline of 39.6% YoY to Rs219mn with PAT margin of for margin improvement. However, we believe current valuations already discount most of the 10.3% which witnessed a contraction of 470bps. positives of the better product mix, growth at export front and margin improvement and hence offer limited upside from here. We assign accumulate rating with target price of Rs. 474...

Likely imposition of Anti-Dumping Duty to aid profitability. We lower our FY21/22E earnings estimates by 19/1% to factor in near term weakness in volumes. While near term demand slowdown in China and India...