Buy Action Construction Equipment; target of Rs 230: ICICI Direct

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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ICICI Direct's research report on Action Construction Equipment

Action Construction Equipment (ACE) is an Indian construction equipment and material handling company. ACE has eight manufacturing and one R&D site in Faridabad, Haryana • The company has a capacity of 12000 construction equipment and 9000 tractors annually • ACE’s product portfolio is divided into four main categories viz. agricultural equipment, construction equipment, road construction equipment and earth-moving machinery.

Outlook

We continue to remain positive and retain our BUY rating on the stock. We value ACE at Rs 230 i.e. 17x PE (FY24E).

For all recommendations report, click here

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