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DRChoksey Research Report
Fineotex Chemicals Ltd. witnessed a strong quarter, with standalone profits for 9M FY24 jumping 101%. As cotton prices hit lower levels, we expect the company to perform better in the coming quarters.
The recent fundraise by the company for foreign opportunities might bring additional impetus to company's growth prospects.
We remain positive on the stock.
Currently, the stock is trading at 33 times/25 times/19 times FY24E/FY25E/FY26E EPS, respectively. We assign a price-to-earnings multiple of 30 times to arrive at a target price of Rs 570 (unchanged).
Given the 65% upside from current levels, we remain optimistic about the long-term prospects of the company and accord a “Buy” rating on Fineotex Chemical.
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