Apcotex Industries, Initiating Coverage Research Reports & Investors’ Presentation

Apcotex Industries Ltd is one of the leading producers of Performance Emulsion Polymers in India. The company was established in the year 1980 as a division of Asian Paints (India) Ltd. In 1991 the division was spun‐off as a separate company, which was headed by Mr. Atul Choksey, former MD of Asian Paints. The current MD & CEO of Apcotex is Abhiraj Choksey. Apcotex’s products are used as applications for Tyre Cord Dipping, Paper/Board Coating, Carpet Backing, Construction (Concrete Modification, Water Proofing, etc.), Paints, Textile Finishing and Automotive Components. The company’s high Styrene Synthetic Rubber finds applications in footwear, automotive components, v‐belts, conveyer belts and hoses. Acquisition of OMNOVA solutions led to monopoly position in Synthetic Rubber and brings the access to unique technology to manufacture Nitrile Latex. We recommend BUY with TP of Rs.444 (20.0x FY18E) on the stock.

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Apcotex-Q4FY16-Update-IndiaNivesh

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