CD Equisearch bullish on Vinati Organics has recommended buy rating on the stock with a target price of Rs 1209 in its research report dated June 11, 2018.
CD Equisearch's research report on Vinati Organics
P&S Market Research, a global market research and consulting firm, projects the global speciality chemicals market to reach $782.2 bn by 2023. The rising demand for speciality chemicals in emerging economies, advancing penetration of end use industries and research and innovation activities would render support to such growth. The report mentions the Asia Pacific region as the hub of chemical manufacturing and export activities that has attracted various foreign players in the market to capture a sizeable market share. Growing consumption and application of these speciality chemicals in industries like construction, agriculture and automotive would help Asia Pacific to emerge as the fastest growing speciality chemicals market.
Outlook
On balance, we advice buying the stock with target of Rs 1209 (previous target: Rs 1058) based on 30x FY20e earnings (two year average TTM P/E is 30) over a period of 9-12 months.
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