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Management Meet Update: Time Technoplast Ltd - ACCUMULATE - TP Rs.214 - Kotak

Posted On: 2017-12-14 03:37:16

- In our meeting with the promoters of Time Technoplast, the management shared outlook in its various businesses like Industrial packaging, Composite Cylinders, HDPE Pipes and Batteries. The management expects revenue growth of 15% and modestly higher EBITDA margins in FY18 aided by increasing share of value-added products.

- The company also reiterated in 2021 target of doubling ROCE to ~ 20-21%.

- The TTL stock has been rerated in recent months on the back of 1) improved earnings growth and 2) levelling of debt. We value the stock at 18x FY18 earnings, arriving at a target price of Rs 214 (Rs 216 earlier) on the stock. In view of the minor upside, we maintain ACCUMULATE, thereby advising investors to "BUY on declines".

Shares of TIME TECHNOPLAST LTD. was last trading in BSE at Rs.198.9 as compared to the previous close of Rs. 198.8. The total number of shares traded during the day was 59179 in over 1233 trades.

The stock hit an intraday high of Rs. 204.25 and intraday low of 195.3. The net turnover during the day was Rs. 11815668.


Source: Equity Bulls

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