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Alkyl Amines Chemicals / Equity Bottom-Up

<p>We like Alkyl Amines owing to (1) robust demand from pharma and agrochemical industry that comprise more than 75% of its revenue mix; (2) doubling of Acetonitrile capacity to ~26ktpa in FY22; (3) 30-40% additional capacities (of the current 80-90 ktpa) of Aliphatic amines by FY23; and (4) production linked incentive scheme that provides the right tailwinds for long-term volume growth. However, we believe the current stock price is pricing in these positives. We downgrade Alkyl Amines from ADD to SELL with the revised target price of INR 2,655.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We like Alkyl Amines owing to (1) robust demand from pharma and agrochemical industry that comprise more than 75% of its revenue mix; (2) doubling of Acetonitrile capacity to ~26ktpa in FY22; (3) 30-40% additional capacities (of the current 80-90 ktpa) of Aliphatic amines by FY23; and (4) production linked incentive scheme that provides the right tailwinds for long-term volume growth. However, we believe the current stock price is pricing in these positives. We downgrade Alkyl Amines from ADD to SELL with the revised target price of INR 2,655.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alkyl Amines (4QFY21): Pricing in positives. Downgrade to SELL

India

Alkyl Amines Chemicals Limited manufactures and supplies amines and amine-based chemicals to the pharmaceutical, agrochemical, rubber chemical, and water treatment industries. The Company's products include aliphatic amines, amine derivatives, and fine chemicals. The Company also has a bioprocess technology division which conducts research in the field of industrial biotechnology.

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Alkyl Amines Chemicals (AACL IN)

Alkyl Amines (4QFY21): Pricing in positives. Downgrade to SELL

We like Alkyl Amines owing to (1) robust demand from pharma and agrochemical industry that comprise more than 75% of its revenue mix; (2) doubling...

HDFC Securities

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