In today’s briefing:
- Crompton Consumer (Update): Acquiring additional wings. Maintain BUY
- Investor meet reinforces strong demand visibility
- Easy Trip Planners: Turns Ex-Bonus Today
- PSP Projects: Embarking On the Next Phase of Growth
- Pick of the Week: TVS Motor Company
- Morning Views Asia: Indika Energy, Jingrui Holdings, Tata Motors ADR
- Company Update | Crompton Greaves Consumer Electricals
Crompton Consumer (Update): Acquiring additional wings. Maintain BUY
- The deal is fairly valued (already at acquisition premium, the stock has run up 2x in the last 6 months).
- Any valuation upside from this deal will be based on Crompton’s success on execution (growth with margin improvement).
- Crompton has announced the acquisition of Butterfly Gandhimathi Appliances (Butterfly) in order to extend its kitchen product line.
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Investor meet reinforces strong demand visibility
- We attended MTCL’s annual investor meet, where the management reiterated its strong demand outlook and detailed the six strategic levers for FY23. It sees scope for continued performance in their 4x4x4 strategy and investments required to boost long-term.
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Easy Trip Planners: Turns Ex-Bonus Today
- Easy Trip Planners or EaseMyTrip.com (EMT) is the fastest growing and only profitable company in the online travel portal in India
- The company offers a comprehensive range of travel-related products and services
- Airline tickets accounted for 94.0% of revenues (pre-Covid levels) while hotels and other services contributed 5.4% and 0.6% of revenues, respectively
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PSP Projects: Embarking On the Next Phase of Growth
- We initiate coverage with a BUY rating and value the company 10.5x FY24E EPS to arrive at a target price of Rs 620/share.
- We believe PSPPL is well-placed to take advantage of the government’s focus on infrastructure development
- Strong and diversified order book provides robust revenue growth visibility.
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Pick of the Week: TVS Motor Company
- TVS Motor Company Ltd. (TVSL) is the 3rd largest two-wheeler company in India with an annual sale of more than 30 Lc units
- It manufactures the largest range of 2W including mopeds, scooters, commuter motorcycles, and racing-inspired bikes
- We recommend a BUY on the stock with a target price of Rs 720/share, implying an upside of 14% from the CMP.
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Morning Views Asia: Indika Energy, Jingrui Holdings, Tata Motors ADR
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
Company Update | Crompton Greaves Consumer Electricals
- Acquisition of Butterfly Gandhimathi Appliances Ltd.
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