ICICI Direct has given Hold recommendation for Century Plyboards (India) with a target price of Rs. 470 in its research report issued on Aug 12, 2021

ICICI Direct’s research report on Century Plyboards (India)

Century Plyboards is India’s leading plywood manufacturers with a market share of ~30%+ in the country’s organised segment of plywood sector. It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with capacity to handle 156,000 TEUs containers and contributed ~4% to overall FY21 revenues


We assign HOLD (vs. BUY, earlier) on the stock We value Century at Rs 470/share (32x FY23 P/E).


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