External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Dixon Technologies India Ltd / Equity Bottom-Up

<ul>
<li>Being a key beneficiary of the government’s most successful PLI scheme, the Dixon Technologies (Dixon) stock price has nearly doubled over the past 6M, led by accelerated growth momentum seen in the mobile segment (HSIE: c.22x over FY20)</li>
<li>Staying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool</li>
<li>Moreover, their agreement with HKC Corporation to manufacture display modules will further deepen value addition (c.10% of BoM), ensuring customer stickiness</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.


Being a key beneficiary of the government’s most successful PLI scheme, the Dixon Technologies (Dixon) stock price has nearly doubled over the past 6M, led by accelerated growth momentum seen in the mobile segment (HSIE: c.22x over FY20)
Staying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool
Moreover, their agreement with HKC Corporation to manufacture display modules will further deepen value addition (c.10% of BoM), ensuring customer stickiness

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.

Dixon Technologies: Opulently Valued, Downgrade to REDUCE

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research 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

Dixon Technologies India Ltd / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> growth is driven by mobile and EMS segment; majority of other businesses are muted in the last two years.  </li>
<li>The company is able to convert earnings to cash quickly but cash yield is close to zero.</li>
<li>The company has reported significant amount of refund liability, but is silent on its accounting policy. Other forensics takeaways include non-reconciliation of asset disposals, high forex risk, etc.</li>
</ul>



Dixon Technologies India Ltd (DIXON IN) growth is driven by mobile and EMS segment; majority of other businesses are muted in the last two years.  
The company is able to convert earnings to cash quickly but cash yield is close to zero.
The company has reported significant amount of refund liability, but is silent on its accounting policy. Other forensics takeaways include non-reconciliation of asset disposals, high forex risk, etc.


Dixon Technologies- Forensic Analysis (Update)

<ul><li>Dixon’s mobile division continued to drive overall topline growth as it doubled in revenues both in Q4 and FY24</li><li>Post the acquisition of a controlling stake in Ismartu (Itel, Infinix, Techno) and partnership with Longcheer (BBK Group brands – Realme, Oppo, Vivo, etc), Dixon now caters to almost all the top 6 brands within the country</li><li>With Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes with existing customers and new customer addition, we expect the momentum in the mobile division to sustain</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.

Dixon’s mobile division continued to drive overall topline growth as it doubled in revenues both in Q4 and FY24Post the acquisition of a controlling stake in Ismartu (Itel, Infinix, Techno) and partnership with Longcheer (BBK Group brands – Realme, Oppo, Vivo, etc), Dixon now caters to almost all the top 6 brands within the countryWith Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes with existing customers and new customer addition, we expect the momentum in the mobile division to sustainContent 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.

Dixon Technologies (Q4FY24): Accelerated Growth Momentum to Sustain. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.</li><li>The growth was backed by robust growth in the mobile &amp; EMS segment, which grew by 251% YoY to Rs 3,214 Cr.</li><li>The Consumer Electronics segment witnessed a moderate growth of 8% YoY to Rs 929Cr. </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 company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.The growth was backed by robust growth in the mobile &amp; EMS segment, which grew by 251% YoY to Rs 3,214 Cr.The Consumer Electronics segment witnessed a moderate growth of 8% YoY to Rs 929Cr. 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.

Dixon Technolog. - Steady Growth Momentum Backed by Mobile Business & Customer Addition

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn (US$384m). There are 13 stocks with over 0.5x ADV to trade, mostly on the deletes.</li>
<li>After steady outperformance over the last few months, there was a selloff in momentum names following the announcement of the election results. There has been a recovery since then.</li>
</ul>


There are 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn (US$384m). There are 13 stocks with over 0.5x ADV to trade, mostly on the deletes.
After steady outperformance over the last few months, there was a selloff in momentum names following the announcement of the election results. There has been a recovery since then.


NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

India

Dixon Technologies (India) Limited manufactures consumer durables, lighting products, and mobile phones. The Company offers LED TVs, washing machines, LED and CFL bulbs and tubelights, and downlighters, as well as provides repair and refurbishment services of set top boxes, mobile phones, and LED TV panels. Dixon Technologies operates in India.

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Dixon Technologies India Ltd (DIXON IN)

Dixon Technologies: Opulently Valued, Downgrade to REDUCE

taying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool.

HDFC Securities

Dixon Technologies- Forensic Analysis (Update)

Dixon's growth is fueled by mobile and EMS segments, while other businesses have been stagnant. Key forensic concerns pertain to cash yield,...

Nitin Mangal

Dixon Technologies (Q4FY24): Accelerated Growth Momentum to Sustain. Maintain ADD

With Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes

HDFC Securities

Dixon Technolog. - Steady Growth Momentum Backed by Mobile Business & Customer Addition

The company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.The growth was backed by robust growth in the mobile & EMS segment,...

Axis Direct

NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

There are 13 changes for the Nifty200 Momentum 30 Index. Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn. The adds...

Brian Freitas

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52-week Range

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Dixon Technologies: Opulently Valued, Downgrade to REDUCE

taying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool.

HDFC Securities

Dixon Technologies- Forensic Analysis (Update)

​Dixon's growth is fueled by mobile and EMS segments, while other businesses have been stagnant. Key forensic concerns pertain to cash yield,...

Nitin Mangal

Dixon Technologies (Q4FY24): Accelerated Growth Momentum to Sustain. Maintain ADD

With Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes

HDFC Securities

Dixon Technolog. - Steady Growth Momentum Backed by Mobile Business & Customer Addition

The company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.The growth was backed by robust growth in the mobile & EMS segment,...

Axis Direct

NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

There are 13 changes for the Nifty200 Momentum 30 Index. Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn. The adds...

Brian Freitas

Dixon's growth is fueled by mobile and EMS segments, while other businesses have been stagnant. Key forensic concerns pertain to cash yield,...