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ICICI Securities Report
ICICI Securities has initiated coverage on Sumitomo Chemicals India Ltd. with a 'Buy' rating and has set a target price of Rs 515, implying a potential upside of 23%. The brokerage believes that the company's unique positioning, solid credentials and reasonable valuation provide material upside
Investment thesis:
Access to a global franchise, superior domestic platform – a solid combo Sumitomo Chemical has demonstrated resilient growth over the last decade and is set to leverage its strong parental advantage, strong product portfolio, growing capacities and the potentially robust demand environment in the Indian agri market over the next three–five years.
The global inventory-led pricing pressures have eased somewhat, and the brokerage sees realisations and margins improving globally for agri-chem companies over the next 12–18 months.
ICICI Securities sees sustained visibility of revenue growth and margin improvement over the next three–five years, underpinning our Buy rating.
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