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SENSEX: 73979.76 983.45

NIFTY: 22301.50 177.85

Multi Baggers

Hem Securities

5.30 AM Jan 1st 1970

Camlin Fine

BSE ID : 532834     NSE ID : CAMLINFINE

RECOMMENDED PRICE 111.85

PEAK FROM RECO 230.80 106.35%

CURRENT PRICE 88.95 Resource id #12

Camlin the corporate group was established in 1931 and is a pioneer in art and stationery material in India. We initiate a BUY on the stock with a target price of Rs 145 with the medium to long term investment horizon.

Camlin Fine Sciences

Camlin Fine Sciences is one of the India's leading manufacturers and exporters of Bulk Drugs, Fine Chemicals and Food Grade products. The company is the world's second largest manufacturer and marketer of food grade antioxidants TBHQ and BHA.

The company has registered sharp results for the quarter ending March 2015. The revenues from operations grew by about 22% to Rs.135 crores vs. Rs.110.62 cr. in the year ago quarter while it grew ~25% q-o-q. Operating profit climbed by 10.61% at Rs.16.58 crores as against Rs.14.99 crores in the previous year quarter. The adjusted net profit stood at Rs.8.42 crore for the quarter as against Rs.3.40 crore; registering manifold growth of 148%.

Camlin Fine Sciences has commissioned antioxidant blending facility with application laboratory at Tarapur, India in April 2014 and in Brazil in September 2014. Such blending facilities are also being planned in other geographies. Further, it has successfully shifted its research and development facility from Mumbai to new state of art Research & Development facility with ultra modern Pilot plant at Tarapur in October 2014.

Camlin Fine Sciences has been successful in holding on to the market share in major markets and also registered a growth in emerging markets by extensive customer reach through its sales teams.

With the dominant positioning of the key products, backward and forward integration benefits and sound fundamentals; Camlin Fine Sciences is poised to grow. Further, setting up and then commissioning of the new facility at Dahej would be pave the next phase of growth for the company. We believe the company is trading at an attractive valuation at 18.22x and 14.93x of FY16EPS of Rs.6.14 and FY17EPS of Rs.7.49. We initiate a 'BUY' on the stock with a target price of Rs.145 (appreciation of about 30%) with the medium to long term investment horizon.

For full details, Click on the attachment.

Disclosure of Interest Statement - Company Name

1. Analyst Ownership of the Stock - No
2. Hem & its Group Company Ownership of the Stock - Yes
3. Hem & its Group Companies' Director Ownership of the Stock - Yes
4. Broking relationship with company covered - No

Disclaimer & Disclosure: This document is prepared for our clients only, on the basis of publicly available information and other sources believed to be reliable. Whilst we are not soliciting any action based on this information, all care has been taken to ensure that the facts are accurate, fair and reasonable. This information is not intended as an offer or solicitation for the purchase or sell of any financial instrument and at any point should not be considered as an investment advise. Reader is requested to rely on his own decision and may take independent professional advise before investing. Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited, Directors and any of its employees shall not be responsible for the content. The person accessing this information specifically agrees to exempt Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and further agrees to hold Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The companies and its affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material may from time to time, have long or short positions in, and buy or sell the securities there of, company (ies) mentioned here in and the same have acted upon or used the information prior to, or immediately following the publication. Analyst Certification: The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.

CamlinFine_HemSec_PYTMultibagger.pdf

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