External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul>
<li>We downgrade Ami Organics from BUY to ADD with the revised target price of INR 1,248 (WACC 11%, terminal growth 6%)</li>
<li>The downgrade is largely on the back of a ~25% increase in the stock price in the past three months</li>
<li>The stock is currently trading at 29x FY25E EPS.</li>
</ul>
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.


We downgrade Ami Organics from BUY to ADD with the revised target price of INR 1,248 (WACC 11%, terminal growth 6%)
The downgrade is largely on the back of a ~25% increase in the stock price in the past three months
The stock is currently trading at 29x FY25E EPS.

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.

Ami Organics (Q4FY23 Results Review): Pricing in positives. Downgrade to ADD

Thematic (Sector/Industry)

<ul><li>Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industries</li><li>Revenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.</li><li>EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.</li></ul>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.

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industriesRevenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.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.

<ul><li>The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty</li><li>The uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpower</li><li>We believe domestic chemical companies have abundant opportunities to partner in technology</li></ul>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.

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertaintyThe uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpowerWe believe domestic chemical companies have abundant opportunities to partner in technologyContent 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.

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ami-organics-ltd" target="_blank" data-smartkarma-citation="entities:34235:1" rel="noopener">AMI Organics Ltd (AMIORG IN)</a>  is engaged in business of drugs intermediate chemicals and related activities.</li>
<li>Key forensic takeaways include bizarre accounting especially pertaining to JV, no provisioning on debtors and working capital woes, and mystery towards transfer from CWIP.</li>
<li>There are governance related concerns surrounding related parties, churn in top management, etc that should also not be overlooked.</li>
</ul>



AMI Organics Ltd (AMIORG IN)  is engaged in business of drugs intermediate chemicals and related activities.
Key forensic takeaways include bizarre accounting especially pertaining to JV, no provisioning on debtors and working capital woes, and mystery towards transfer from CWIP.
There are governance related concerns surrounding related parties, churn in top management, etc that should also not be overlooked.


India

Ami Organics Limited operates as a diligently managed pharmaceutical company. The Company specializes in varied products, custom synthesis, and contract manufacturing. Ami Organics serves customers in India.

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AMI Organics Ltd (AMIORG IN)

Ami Organics (Q4FY23 Results Review): Pricing in positives. Downgrade to ADD

The downgrade is largely on the back of a ~25% increase in the stock price in the past three months. The stock is currently trading at 29x FY25E EPS.

HDFC Securities

Chemicals: Recovery and stability ahead!

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by...

HDFC Securities

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty

HDFC Securities

Ami Organics Ltd: Forensic Analysis

Key forensic takeaways include bizarre accounting especially pertaining to JV, no provisioning on debtors and working capital woes, and mystery...

Nitin Mangal

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52-week Range

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