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Buy Dishman Pharma, target of Rs 230: Hem Securities

Posted on: May 30th, 2009 and is filed under Brokerage Recommendations.

Hem Securities has recommended a buy rating on Dishman Pharmaceuticals & Chemicals with price target of Rs 230 in its May 28, 2009 research report.

“The company is a leader in CRAM business amongst the largest Indian pharmaceutical companies. Moreover, in global crisis and weak economy outlook, the company performance for the financial year ended March 2009 is quite strong. Though promoters have pledged 10.60% share of their holding and 6.44% of total equity capital, the company seems to continue its growth momentum through its high revenue generating base business and seems to be extremely attractive investment opportunity in the Indian Pharmaceutical space.”

“Presently, the stock is trading at Rs 184.35 which is at 10.14 times to its earnings of FY09 of Rs 18.18 and 2.65 times to its book value of Rs 69.59. Since the stock offers good investment opportunity, we ini-tiate a ‘BUY’ signal on the stock with a target price of Rs 230 in medium to long term investment horizon expecting an appreciation of about 25% from the current level of Rs 184.35,” says Hem’s research report.”

source: Moneycontrol

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