Buy Fineotex Chemical; target of Rs 120: Hem Securities

Hem Securities is bullish on Fineotex Chemical has recommended buy rating on the stock with a target price of Rs 120 in its research report dated May 03, 2021.

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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Hem Securities report on Fineotex Chemical

Fineotex Chemical Ltd is one of the leading manufacturers of specialty chemicals for textiles, home care, hygiene & drilling specialities. Company manufactures range of specialty chemicals which improve process performance from the pre-weaving preparatory stage to finishing chemicals. In continuation with our coverage which we initiated on FCL in Dec’20, on the back of healthy financial performance posted by company in Q4FY21 & full year FY21, we are revising the price target of company from Rs 95 to Rs 120. With upcoming brownfield project at Ambernath, entry into high margin home care & hygiene business, strong balance sheet position with almost nil debt and healthy margin ratios, we expect company to perform significantly higher going forward. Presently company is trading at 19.46x on FY22E EPS of Rs 4.05 & 15.19x on FY23E EPS of Rs 5.19 basis.

Outlook

We feel that company is still trading at discount to its close peer which still gives room for more upside movement & thus makes a case yet to maintain BUY on stock with price target of Rs 120 (upside of 52%) from present level in medium to long term.

For all recommendations report, click here

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