The brokerage says it expects the chemicals company to continue to deliver strong earnings growth in line with the execution in the past
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The share price of chemical player Tatva Chintan Pharma Chem rose more than 2 percent in the morning trade on April 11 after brokerage firm Investec initiated coverage on the stock with a “buy” rating and a target of Rs 2,740 a share.
“We like Tatva Chintan’s green chemistry play, niche R&D capabilities, leadership positions, high level of integration, well-planned capex to drive growth and optionality value in Electrolyte salts business—all backed by robust end-user industry demand,” Investec said in a research note.
The brokerage said it expects the company to continue to deliver strong earnings growth in line with the execution in the past.
Investec is banking on a 42 percent annualised growth in Tatva Chintan’s earnings per share (EPS) along with a 23 percent return on investment.
Tatva Chintan is seen as a proxy for higher demand for green chemistry in light of countries focusing on reducing their carbon footprint in the backdrop of a worsening global climate.
The brokerage firm sees a trigger for the company from the “China+1” strategy being adopted by global companies towards the sourcing of key raw materials and intermediate products.
“Tatva Chintan’s growth was suppressed due to lack of spare capacity earlier. With the ongoing reactor capacity increase by 72 percent (to be operational by Q3FY23), it could achieve more than Rs 4 billion sales at peak utilization with this new capacity,” Investec said.
At 10.45 am, shares of Tatva Chintan were up 2.1 percent at Rs 2,442.85 on the National Stock Exchange.
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