MORGAN STANLEY ON TATA CHEMICALS
• Underweight with target price of Rs 843
• Believe the share price will fall relative to the country index over the next 45 days
• Estimate that there is about an 80% + probability for the scenario
• TTCH should see subdued soda ash earnings in F2025
• well-supplied soda ash markets, mixed demand sentiment and unfavorable competitive dynamics at play
• See soda ash margins reverting to below mid-cycle levels
• Valuations are tracking near +1sd and appear rich MORGAN STANLEY ON TATA CHEMICALS
• Underweight with target price of Rs 843
• Believe the share price will fall relative to the country index over the next 45 days
• Estimate that there is about an 80% + probability for the scenario
• TTCH should see subdued soda ash earnings in F2025
• well-supplied soda ash markets, mixed demand sentiment and unfavorable competitive dynamics at play
• See soda ash margins reverting to below mid-cycle levels
• Valuations are tracking near +1sd and appear rich
