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Newly listed specialty chemical stock may rally upto 55% as ICICI Securities sees upside

By Livemint
Photo: iStock

This will provide the much-required visibility on volume growth while more capex in custom manufacturing will be welcome, as per the brokerage house. It has maintained Buy rating on the specialty chemical stock with target price of 800, implying a potential upside of about 55% from current level.

The newly listed Chemplast Sanmar made its stock market debut in August last year. The company manufactures paste PVC, chloro-chemicals, caustic soda, hydrogen peroxide, and refrigerant gases, and also has a contract manufacturing segment.

“Chemplast Sanmar’s (Chemplast) Q4FY22 spreads were impacted by high-cost inventory carried over from Q3FY22 and sold in its entirety in Q4FY22. This kept EBITDA flattish QoQ. Chemplast has sold most capacity in FY22, and in FY23 it has only 10% more capacity coming in S-PVC segment. Large expansion in paste-PVC and custom manufacturing will commence only in FY24," ICICI Securities highlighted.

For FY22, the company said custom manufacturing revenues were up >50%, which is very strong, and that enquires from clients have grown, it added. Though, “Chemplast has very little headroom for volume growth in FY23 (only 10% capacity addition in S-PVC is planned), as most of the new capacity (in paste-PVC and custom manufacturing) will be added in FY24."

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Dive Deeper:
Newly listed stock may more than double as brokerage sees huge upside post strong Q4 results
Newly listed Hariom Pipe Industries, that made its stock market debut last month, is trading below its IPO issue price
Specialty chemical stock may rise 25% as brokerages sees upside
Brokerage Anand Rathi is positive on specialty chemical maker Navin Fluorine's long-term performance
Consumer durable products to get costlier ahead as rupee plays spoilsport
The Consumer Electronics and Appliances Manufacturers Association (CEAMA) believes that the fall of the Indian rupee against the dollar is…
Kansai Nerolac’s margin compression paints a hazy picture
Kansai’s margin compression issue is severe given its big exposure to industrial paints.Small wonder, its shares have declined by 30%…
One subscription that gives you access to news from hundreds of sites
This Rakesh Jhunjhunwala-led Tata stock has potential for upside ahead. 4 key trigger points
In Q4FY22, Tata Motors posted a net loss of ₹1,033 crore for the quarter ending March 31, 2022 (Q4FY22) -…
For SRF, chemicals business to be a key growth driver
SRF has guided for 20% revenue growth in FY23 for the specialty chemicals business which reported 30% year-on-year revenue growth…
Get all your news in one place