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Buy Orchid Chemicals, target of Rs 163: Sharekhan

Posted on: June 8th, 2009 and is filed under Brokerage Recommendations.

Sharekhan has maintained its buy rating on Orchid Chemicals & Pharmaceuticals, with price target of Rs 163, in its report dated June 5, 2009.

“At the current market price of Rs 136, Orchid is discounting its FY2009E earnings by 10.7x and its FY2010E earnings by 8.3x. Though the valuations are not inexpensive any more (due to a 38% appreciation in the price of the stock in the past one month) and though the financial performance would continue to remain weak in the near term, we believe that the possible approval of Tazo-Pip in the next few months could result in marked re-rating of the stock. Hence looking at the future event triggers, we upgrade our target multiple from 8x to 10x and maintain our Buy recommendation on to the stock with a potential price target of Rs 163,” says Sharekhan’s report.

source: Moneycontrol

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