Dishman Pharma Demand Recovery Underway ACCUMULATE ::Emkay

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Dishman Pharma

Demand Recovery Underway

ACCUMULATE

CMP: Rs 102                                        Target Price: Rs 125

---

n     Dishman’s Indian CRAMS business to see some respite as supplies to European customer set to begin from Q1FY12 leading to higher operating leverage

n     Carbogen Amcis (CA) continues to bleed, commissioning of HIPO facility to get delayed

n     Chinese facility will take at least two years to start contributing meaningfully to the top-line

n     Commencement of European orders will lead to higher asset utilization in Indian CRAMS operations. Raise target price to Rs125 and revise the rating one-notch to Accumulate