Hold Deepak Fertilizers, target of Rs 103: Emkay Global
Emkay Global Financial Services has changed its recommendation from buy to hold on Deepak Fertilizers and Petrochemicals Coprn with target of Rs 103 in its May 26, 2009 research report.
“Company’s Q4FY09 results were better than our estimates. For FY09, company reaped the benefit of strong commodity cycle in H1FY09 and posted PAT growth of 37%. In FY10, we expect volume growth from capacity expansion in nitric acid, increased production of complex fertiliser on account of improved gas availability and higher fertiliser trading.”
“We expect CAGR (FY09-11E) in both revenues and PAT of 3.4%. Next upside trigger in the company can be increase in chemicals prices and possible JV with Yara international to manufacture specialty fertiliser. We value stock at 103 based on 1xFY10E book value and based on current market price of Rs 98, we are changing our recommendation from ‘BUY’ to ‘HOLD’ on the stock with price target of Rs 103,” says Emkay Global Financial Services’ research report.
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