Prabhudas Lilladher is bullish on Gujarat Gas has recommended buy rating on the stock with a target price of Rs 666 in its research report dated Jun 01, 2021.
Broker Research
June 02, 2021 / 04:14 PM IST
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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Prabhudas Lilladher’s research report on Gujarat Gas
We change our FY22/23E earnings by -4%/+3% to factor in near term volume impact due to pandemic concerns and even increase our FY23E estimates. We remain constructive on GGAS volume prospects as imposition of 200- 350% import duty on Chinese imports to US has helped domestic exporters in Morbi, which is India’s ceramic hub and accounts for over 60% of GGAS volumes.
Outlook
After sharp run up in stock price (up 53% in las six months) we had put the rating under review but we like the business and rate ‘BUY’ with a DCF based TP of Rs666 on rollover as we increase medium term volume and margin assumptions.
For all recommendations report, click here
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