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Friday, November 6, 2009

Mangalam Timber Products Ltd:Future growth outlook and prosepects,buy/hold/sell?

Scripscan:Mangalam Timber Products Ltd

Story:The company is engaged in manufacture of plain and pre-laminated medium density fibre. The company operates in three segments: medium density fibre, formaldehyde and others.The Boards are sold under the DURATUFF brand name which fetches a premium in the Indian market compared to other imported Boards because of its superior quality.The demand for its value added products continue to rise, resulting in better despatches and sales of its major products. In spite of the slowdown in the Indian economy and the global meltdown there has been good demand for MDF and HDF Boards manufactured by the company, which has resulted in company achieving the highest ever production, highest ever despatches and highest ever sales of MDF Boards during the the year 08-09. It has been successful in exporting some of its products to the Middle East in small quantities.Two new units for the manufacture of MDF/HDF Boards are expected to go on stream during the current financial year apart from the two new units which commenced production and sales during the last fiscal. Although this means greater competition in the domestic market, these new facilities will actually act as import substitution projects and therefore, imports of MDF/HDF Boards is expected to be much lower in the coming years.All these initiatives should catapult the sales of the company going forward. Very recently, Aditya Marketing & Manufacturing, a promoter group company, has hiked its stake to 5.83% from 4.41% after acquiring 2.60 lakh shares representing 1.42% of the equity capital of the company through open market purchases on 5 November 2009.Increase in stake by promoters in a company helps bolster investor confidence.The coming quarters numbers should dictate the share price trend for the counter in the days to come.At 25rs its a hold and one can look to buy more if the future quarter numbers inspires some confidence.

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