MOSL: Morning India (12/November/18): 1. Titan Company; 2. India Politics; 3. Amara Raja; 4. Indian Bank; 5. India Cement; 6. Fuel or Engines; 7. Expert Speak – Metals
MOrning India (12/November/18): 1. Titan Company; 2. India Politics; 3. Amara Raja; 4. Indian Bank; 5. India Cement; 6. Fuel or Engines; 7. Expert Speak – Metals
Today’s top research idea
Titan Company: Jewelry sales remain robust; margins impacted by certain one-offs
- Growing well across businesses, TTAN continued gaining market share (particularly in Jewellery business) in 2QFY19. Consol. revenue growth, thus, came in better than expected at 27.5%.
- Jewelry growth prospects remain robust. Encouragingly, Watches and even Eyewear now have started contributing to growth.
- We believe that premium valuations are fully deserved for a business that has perhaps the best revenue growth potential in the large-cap FMCG/retail space (20% CAGR growth in Jewelry – its largest segment – in the next five years). The healthy outlook on margins led by operating leverage also provides visibility of strong earnings growth.
- We, thus, maintain our Buy rating with a target price of INR1,045, based on 47x Sep’20E EPS (10% premium to three-year average P/E).
Piping hot news
Saudi Arabia to cut oil output as producers discuss price dip
- Saudi Arabia, the world's top crude exporter, said Sunday it will cut oil output from next month, as major producers held a key meeting to discuss shoring up sliding prices. Saudi Energy Minister Khalid al-Falih announced the kingdom was cutting its supplies by 500,000 barrels per day from December.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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