Independent Research Analyst

Mamta Verma

DC India Research

DC India Research LLP (DCIR) is based out of Mumbai, India.

We specialize in providing customized, independent research across listed and unlisted companies in India across equities and credit including sectoral research. Our customers include India focussed PE funds, special situation funds, domestic AMCs, Wealth Advisory& PMS firms, Rating Agencies & Investment Advisors. 

The DCIR board consists of prominent names from the industry as well as CIO’s of Hedge funds.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/12630" target="_blank" data-smartkarma-citation="entities:12630:1">Titan Co Ltd (TTAN IN)</a><table class="table table-striped"><tbody>
<tr>
<td>Recommendation</td>
<td>BUY</td>
</tr>
<tr>
<td>CMP</td>
<td>918</td>
</tr>
<tr>
<td>Fair Value (12-18mths)</td>
<td>Rs. 1,000 – 1,200 (8% – 30%)</td>
</tr>
<tr>
<td>Outlook</td>
<td>Positive</td>
</tr>
</tbody></table> Q1FY19  - Consolidated <table class="table table-striped">
<thead><tr>
<td>Particulars (Rs. Mn.)</td>
<td>Q1FY18</td>
<td>Q4FY18</td>
<td>Q1FY19</td>
<td>Comments</td>
</tr></thead>
<tbody>
<tr>
<td>Net Sales</td>
<td>39,851</td>
<td>41,072</td>
<td>44,510</td>
<td rowspan="3">Revenue increased by 12% YoY and 8% sequentially coming off a high base. The major drivers of revenue growth were the watches segment (15% YoY) and Eyewear segment (16% YoY). Jewellery segment had a low growth of 6% YoY as it was coming on a very high base…</td>
</tr>
</tbody>
</table>

Titan Co Ltd (TTAN IN)

Recommendation
BUY


CMP
918


Fair Value (12-18mths)
Rs. 1,000 – 1,200 (8% – 30%)


Outlook
Positive

 Q1FY19  - Consolidated 

Particulars (Rs. Mn.)
Q1FY18
Q4FY18
Q1FY19
Comments



Net Sales
39,851
41,072
44,510
Revenue increased by 12% YoY and 8% sequentially coming off a high base. The major drivers of revenue growth were the watches segment (15% YoY) and Eyewear segment (16% YoY). Jewellery segment had a low growth of 6% YoY as it was coming on a very high base…




Titan - +ve Outlook in Jewellery, Watches/Eyewear Also Contributg to Grwth, Healthy FCF Supports Val