Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Equity Bottom-Up

<p>In spite of trading at a lower average forward P/E multiple both on a 1 Year (1Y) and 3 Years (3Y) basis, we expect the underperformance of <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> to continue. With no certainty in recovery on the broader economic environment and consumer sentiment, the near term outlook for HAVL appears to be weak. </p>
<p>We expect no change in Lloyd's position in the disrupted LED TV business, the season for ACs likely to remain competitive and may not change the margin profile in spite of a change in the supply chain for Lloyd. Industrial product portfolio may remain weak and market share in core categories like Cables and Wires could be vulnerable.  </p>
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<p><em>This Insight is labelled bearish as we expect HAVL to underperform the Index in the near term and the stock appears expensive considering the growth outlook.</em></p>
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In spite of trading at a lower average forward P/E multiple both on a 1 Year (1Y) and 3 Years (3Y) basis, we expect the underperformance of Havells India (HAVL IN) to continue. With no certainty in recovery on the broader economic environment and consumer sentiment, the near term outlook for HAVL appears to be weak. 
We expect no change in Lloyd's position in the disrupted LED TV business, the season for ACs likely to remain competitive and may not change the margin profile in spite of a change in the supply chain for Lloyd. Industrial product portfolio may remain weak and market share in core categories like Cables and Wires could be vulnerable.  

This Insight is labelled bearish as we expect HAVL to underperform the Index in the near term and the stock appears expensive considering the growth outlook.


Havells India (HAVL IN) | Lost Ground Unlikely to Be Recovered; Underperformance to Continue

India

MIRC Electronics Limited manufactures and distributes consumer electronic products. The Companys's products, which are marketed under the "ONIDA" brand name, include televisions, video cassette recorders, audio systems, video cassettes, compact disc players, presentation products and washing machines.

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Mirc Electronics (MIRC IN)

Havells India (HAVL IN) | Lost Ground Unlikely to Be Recovered; Underperformance to Continue

In spite of trading at a lower average forward P/E multiple both on a 1 Year (1Y) and 3 Years (3Y) basis, we expect the underperformance of Havells...

Pranav Bhavsar

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