Company Update: Time Technoplast Ltd - ACCUMULATE - TP Rs.216 - Kotak

- In our meeting with the promoters of Time Technoplast, the management shared its positive 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 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 216 (Rs 210 earlier) on the stock. In view of the moderate upside, we maintain ACCUMULATE, thereby advising investors to "BUY on declines".

Shares of TIME TECHNOPLAST LTD. was last trading in BSE at Rs.193.75 as compared to the previous close of Rs. 197.7. The total number of shares traded during the day was 61190 in over 865 trades.

The stock hit an intraday high of Rs. 203 and intraday low of 193.05. The net turnover during the day was Rs. 12123620.

Source : Equity Bulls

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