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Why Motilal Oswal is bullish on this specialty chemical stock

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The brokerage has maintained a Buy rating on the stock with target price of ₹2,170 per share

Motilal Oswal has recently initiated coverage with a positive outlook on the Specialty Chemicals space

Domestic brokerage Motilal Oswal has recently initiated coverage with a positive outlook on the Specialty Chemicals space. In a note on Monday, the brokerage said that it maintained a Buy rating on the Vinati Organics stock, with target price of ₹ 2,170 per share.

Motilal Oswal said that Vinati Organic (VO)’s FY21 Annual Report highlights its ability to adapt to change, while delivering robust results during the year. Despite these trying times, the company was able to maintain its status as market leader in the ATBS and IBB segments. ''With the capacity expansion of ATBS, the addition of Butyl Phenols, and ongoing capex for other IB derivatives, the company is confident of delivering growth, along with stronger synergies. We maintain a BUY rating on the stock, with Target Price of INR2,170,'' it added.

Disruption in various industries has led to demand concerns in ATBS, with a slower-than-expected ramp-up post the lifting of COVID-related lockdowns/restrictions. ''We expect demand for ATBS to grow 80–85% YoY in FY22 (30–35% on FY20 levels) – in line with the management guidance,'' the note said.

''The gradual ramp-up of expanded capacity over the next three years would drive huge growth for VO, with further development on product molecules currently under R&D. With new products such as AOs and Butyl Phenol resulting in import substitution, we expect the export mix to moderate to ~70% over FY23–24E (from 76% in FY21),'' it added.

The brokerage expects the company's revenue to grow 2.6x by FY24E (v/s FY21), with around 56% YoY growth in FY22E (in line with the management guidance). The company is confident of being among the top five global players for Butyl Phenol and AOs over the next 4–5 years, it said.

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COMMENTS

  1. PDF Specialty Chemicals

    In our coverage, Navin Fluorine (NFIL), Fine Organics (FINEORG), GALSURF and Clean Science (CLEAN) are on the higher side of specialty chemicals with as much as 99% of contribution from specialty chemicals in their revenue mix. Although fluorspar prices increased by 9% during 1QFY21-3QFY22, NFIL was able to maintain its gross margin at 53-58%.

  2. PDF Oil & Gas Specialty Chemicals

    The Indian Specialty Chemicals sector has not benefited from the China+1 strategy, with none of our coverage companies (DN, NOCIL, VO, GALSURF, NFIL, FINEORG, AACL, and ATLP) showing any significant rise in exports (as a percentage of revenue) in the past decade (Exhibit 1).

  3. PDF Market snapshot Today's top research idea Specialty Chemicals

    Chart of the Day: Specialty Chemicals (Companies high on Specialty retain pricing power) Specialty Chemicals: Companies high on Specialty retain pricing power Elevated key raw material prices contracted the gross margins of the specialty chemical companies under our coverage by as much as 14.4% during 1QFY21-3QFY22.

  4. PDF Oil & Gas Specialty Chemicals

    Chemcon Speciality, Vidhi Specialty, Navin Fluorine, Vinati Organics, Chemplast Sanmar, and the likes are getting into new product categories while Laxmi Organic, Deepak Nitrile, Atul, Meghmani Finechem et al. are entering into new chemistries that would help them leverage their core competencies against the competition.

  5. PDF Sector: Specialty Chemicals Deepak Nitrite

    3 September 2019 1 Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital. Swarnendu Bhushan -Research Analyst ([email protected])

  6. PDF Specialty Chemicals Conference 3

    Specialty Chemicals Capex juggernaut set to continue; with new and cross chemistries being ventured into Indian Specialty Chemicals to benefit from China+1 strategy Capex investments by our coverage universe has been robust Capex (INR b) Cumulative capex (INR b) Specialty Chemicals Conference 3.0 Key takeaways

  7. PDF QFY23 Results Update

    30 May 2023 4QFY23 Results Update | Sector: Specialty Chemicals NOCIL TP change Rating change Financials & Valuations (INR b) Shareholding pattern (%) FII Includes depository receipts CMP: INR215 TP: INR255 (+19% ) Buy Global macro environment still remains a challenge

  8. PDF The Great Migration

    Swarnendu Bhushan - Research Analyst ([email protected]) Rohit Thorat - Research Analyst ([email protected]) Thematic | November 2022 Specialty Chemicals Largely high cost gas/naphtha/ coal based units 53% Net import of Natural Gas *23% *6% *18% *Of global gas production, 2021

  9. PDF Motilal Oswal

    Motilal Oswal

  10. PDF 13 March 2023 Update

    Specialty chemicals account for ~25% of revenue and ~20% of volumes. Some accelerators for the company are NaMBT and Sulphonamides. PX-13 is 33% of global rubber chemicals consumption, while for NOCIL, it is slightly higher.

  11. PDF 12 February 2023 3QFY23 Results Update

    Estimate changes TP change Rating change Financials & Valuations (INR b) Shareholding pattern (%) FII Includes depository receipts 12 February 2023 3QFY23 Results Update | Sector: Specialty Chemicals NOCIL CMP: INR212 TP: INR280 (+32% ) Buy Global recessionary trends continue to dent volumes

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    12 Jan 2024 most read Daily Currency Report 12 Jan 2024 Invest and Trade with Confidence with Award Winning Research and Recommendations delivered daily for FREE! MOST READ Healthcare: IPM grew moderately for second consecutive month 12 Jan 2024 Research Reports 31000+ Stocks Covered 260+ Sectors Covered 21+ Report Types 40+

  13. Specialty Chemicals Sector Check

    Specialty Chemicals Sector Check - Capex, A Precursor To High Growth Years: Motilal Oswal With exponential growth visible in both Ebitda and margin. Motilal Oswal Financial Services 16 Jun 2023, 12:41 PM IST VINATIORGA 1685.10 -0.87% GALAXYSURF 2703.20 -0.67% NOCIL 270.30 +1.56% NAVINFLUOR 3342.05 -2.31%

  14. Specialty Chemicals

    From having an insignificant presence (4.5%) in this segment, India's share in specialty chemicals is expected to double over the next five years - at a ~12% compound annual growth rate to $64 billion by CY25. Various factors favor the specialty chemicals industry in India, including:

  15. Top 4 Specialty Chemicals Stocks To Buy Now: Motilal Oswal

    Model Portfolio, Motilal Oswal, Specialty Chemicals: Brokerage: Motilal Oswal: Date of report: August 23, 2021: Type of Report: Sector Report: Recommendation: Buy: Upside Potential: 100%: Summary: Indian Specialty Chemicals to benefit from China+1 strategy. Full Report: Click here to download the file in pdf format: Tags: Motilal Oswal ...

  16. Motilal Oswal: Chemcon Speciality Chemicals IPO

    Chemcon Speciality Chemicals Ltd. is the only manufacturer of HMDS (hexamethyldisilazane) in India and third largest globally.It is also the largest player of CMIC (Chloromethyl Isopropyl Carbonate) in India and second largest worldwide.Additionally, Chemcon Speciality is the only manufacturer of Zinc Bromide and the largest of Calcium Bromide in India.40% of the revenues come from export ...

  17. Motilal Oswal Specialty Chemicals Sector Update

    Motilal Oswal Specialty Chemicals Sector Update | PDF | Securities (Finance) | Chemical Industry Motilal_Oswal_Specialty_Chemicals_Sector_Update - Read online for free. Motilal on Chemicals update

  18. PDF Specialty Chemicals

    interdisciplinary research center has a wide research scope- polymer science, material chemistry, chemical engineering, biochemical sciences, and process development. NCL's strength lies in its translation of science into practice. It partners with other industries and institutes to develop catalysis / chemical engineering processes.

  19. Why Motilal Oswal is bullish on this specialty chemical stock

    Motilal Oswal has recently initiated coverage with a positive outlook on the Specialty Chemicals space. The brokerage has maintained a Buy rating on the stock with target price of ₹2,170 per share.

  20. Best Specialty Chemicals Stocks To Buy Now: Motilal Oswal Research Report

    Specialty Chemicals: Genie is out! Full Report: Click here to download the file in pdf format: Tags: Motilal Oswal, Speciality Chemicals: Initiating coverage with a positive outlook on the space Globally, the Specialty Chemicals business accounts for ~20% of the USD4t Chemicals industry.

  21. Motilal Oswal Broker Research reports

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  22. Alkyl Amines Q3 Results Review

    Motilal Oswal Report. Alkyl Amines Chemicals Ltd.'s Q3 FY24 revenue declined 17% YoY, in line with our expectation, primarily due to pricing pressure from Chinese suppliers. Gross margin contracted to 47.6 % in Q3. Ebitda was higher than our estimate at Rs 596 million, driven by lower-than-anticipated expenses. This resulted in Ebitdam of 18.5%.

  23. Stock Market Today Live NSE & BSE Updates

    Medi Assist Ser. ₹ 418.00. ₹ 460.00. 10.05 %. From the latest stock prices to expert insights & analysis, get everything you need to make informed investment decisions. Visit research 360 to know more.

  24. Deepak Nitrite Q3 Results Review

    Motilal Oswal Report. Deepak Nitrite Ltd. delivered a miss in Q3 FY24, led by a weaker than expected performance in advance intermediate. The quarter saw persistent pricing pressure by Chinese suppliers in chemical intermediates. Ebitda at Rs 3 billion missed our estimate by 15%, while profit after tax stood at Rs 2 billion versus our estimate ...

  25. GAIL India Q3 Results Review

    Research Reports GAIL India Q3 Results Review ... GAIL India Q3 Results Review - Coal-To-SNG Project Building Block Towards Coal-To-Chemicals: Motilal Oswal. Coal gasification is an established industry in China. Motilal Oswal Financial Services; 13 Feb 2024, 09:58 AM IST. 13 Feb 2024, 09:58 AM IST. 13 Feb 2024, 09:58 AM IST. WhatsApp; X (was ...

  26. M&M Q3 Results Review

    Motilal Oswal Report. Mahindra and Mahindra Ltd.'s Q3 FY24 operating performance was in line with our estimates. However, adjusted profit after tax of Rs 24.5 billion (+ 10.7% YoY) beat our estimate of Rs 23.3 billion, led by higher other income and lower tax. SUV - the management's guidance of mid teens growth on the back of healthy demand ...

  27. Gland Pharma Q3 Results Review

    Motilal Oswal Report. Gland Pharma Ltd. delivered operationally better-than-expected performance in Q3 FY24. Gland Pharma had robust traction in its core markets. This was, however, offset to some extent by its inferior performance in rest of the world markets. Higher depreciation and tax rates led to lower-than-expected earnings for Q3 FY24.