External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Equity Bottom-Up

Dixon Technologies India Ltd / Equity Bottom-Up

<p>Dixon is a leading player in the Indian electronics manufacturing services industry.</p><div class="content-highlight"><em>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.</em></div>

Dixon is a leading player in the Indian electronics manufacturing services industry.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.

Pick of the Week - Dixon Technologies (India) Limited

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>In Q1FY22, Dixon reported a Consolidated Revenues of Rs 1,867 Cr up 261% YoY/ down 11% QoQ, as the second wave of Covid-19 impacted growth in April and May’21 while the recovery was seen in Jun’21. While the Gross Margins were adversely impacted by 460 bps, the EBITDA margins, too, declined to 2.6% (Vs 3.3% in Q1FY21) due to change in product mix (higher share of LED TV’s having lower margins), negative operating leverage, and a sharp increase in RM costs. The PAT stood at Rs 18 Cr as against Rs 2 Cr in Q1FY21.</p><p>Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock.</p><div class="content-highlight"><em>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.</em></div>

In Q1FY22, Dixon reported a Consolidated Revenues of Rs 1,867 Cr up 261% YoY/ down 11% QoQ, as the second wave of Covid-19 impacted growth in April and May’21 while the recovery was seen in Jun’21. While the Gross Margins were adversely impacted by 460 bps, the EBITDA margins, too, declined to 2.6% (Vs 3.3% in Q1FY21) due to change in product mix (higher share of LED TV’s having lower margins), negative operating leverage, and a sharp increase in RM costs. The PAT stood at Rs 18 Cr as against Rs 2 Cr in Q1FY21.Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock.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: Resilient Performance Amidst Challenging Times

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) Strong RoE, RoCE at ~20%, ~24%, respectively (three year's average)...</p><div class="content-highlight"><em>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.</em></div>

Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) Strong RoE, RoCE at ~20%, ~24%, respectively (three year's average)...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:  Broadening Revenue Streams

<p>We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arriving at a target price of Rs 4,500 which gives an upside of 10% from CMP. Maintain BUY.</p><div class="content-highlight"><em>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.</em></div>

We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arriving at a target price of Rs 4,500 which gives an upside of 10% from CMP. Maintain BUY.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: We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arri...

<p>We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E considering the impact of lockdown in Q1FY22. However, a strong balance sheet, increased backward integration and increasing share of Dixon in domestic electronic manufacturing are expected to result in strong PAT CAGR of 87% in FY21-23E. We reiterate our BUY recommendation on...</p><div class="content-highlight"><em>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.</em></div>

We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E considering the impact of lockdown in Q1FY22. However, a strong balance sheet, increased backward integration and increasing share of Dixon in domestic electronic manufacturing are expected to result in strong PAT CAGR of 87% in FY21-23E. We reiterate our BUY recommendation on...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: We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E consideri...

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)

Pick of the Week - Dixon Technologies (India) Limited

Dixon is a leading player in the Indian electronics manufacturing services industry.

Edelweiss

Dixon Technologies: Resilient Performance Amidst Challenging Times

Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock. In Q1FY22, Dixon reported a...

Axis Direct

Dixon Technologies: Broadening Revenue Streams

Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) Strong RoE, RoCE at ~20%, ~24%, respectively...

ICICI Securities Limited

DIXON: We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arri...

We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arriving at a target price of Rs 4,500 which gives an upside...

Axis Direct

DIXON: We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E consideri...

We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E considering the impact of lockdown in Q1FY22. However, a strong...

ICICI Securities Limited

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