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Result Update: Time Technoplast Ltd - BUY - TP Rs.214 - Kotak

Posted On: 2018-02-17 09:56:18

Time Technoplast reported healthy operating level performance for Q3FY18. Profits exceeded our estimates. We continue to maintain our positive stance on the company in view of healthy earnings growth coupled with improving return ratios. We value the stock at 18x FY19 earnings and arrive at a price target of Rs 214 (unchanged). Our target multiple is based on 1) improving trajectory in ROCE 2) Improvement in share of "value added products" 3) huge potential for composite cylinders. We upgrade rating to BUY in view of the adequate upside.

Key Risks: Delay in capacity expansion & commercialization of new products. Currency fluctuation & pricing of key raw material i.e. HDPE

Shares of TIME TECHNOPLAST LTD. was last trading in BSE at Rs.187.25 as compared to the previous close of Rs. 184.3. The total number of shares traded during the day was 52427 in over 876 trades.

The stock hit an intraday high of Rs. 188.9 and intraday low of 181.75. The net turnover during the day was Rs. 9784885.


Source: Equity Bulls

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