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

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

Dixon Technologies India Ltd / Equity Bottom-Up

<ul><li>Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.</li><li>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)</li><li>Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average)</li></ul><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 Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.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.

<p>About the stock: Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.</p><ul><li>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)</li><li>Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average)</li></ul><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>

About the stock: Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.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: Long Term Growth Outlook Remains Intact

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

<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...

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)