MOSL: Morning India (3/January/18)-1. Titan Industries; 2. Sustainability Meter; 3. Bulls & Bears; 4. Automobiles; 5. Capital Goods
​MOrning India (3/January/18): 1. Titan Industries; 2. Sustainability Meter; 3. Bulls & Bears; 4. Automobiles; 5. Capital Goods
Today’s top research idea
Titan Industries: Healthy jewellery retail growth led by festive demand
- Jewellery division witnessed a good festive season, with retail sales growing in double-digits. If not for PMLA, then growth would have been even better, despite a high base. However, suspension of PMLA in early Oct'17 helped boost sales further over the rest of the festive season.
- TTAN mentioned that Jewellery retail growth in 3QFY18 was healthy and met management's internal expectations. We, however, note that primary growth for 3QFY18 was lower due to upstocking by franchisees in 2QFY18 (to the extent of INR2.5b due to early onset of festive season and as PMLA was effective last quarter). Market share gain for Jewellery continued in 3QFY18.
- Recent aggression to capitalize on opportunities across divisions is heartening. Earnings CAGR is likely to be a massive 36% over FY17-20. The sheer scale of top-line opportunity demands premium valuations. We thus maintain Buy with revised a TP of INR975 (valued at 49x Dec'19E EPS).
Piping hot news
Rupee climbs to fresh 2-1/2 year high on sliding dollar
- The rupee shot up to end at a nearly 2-1/2 year high of 63.48, surging by 20 paise against the US dollar as the bullish momentum continued strongly for the fourth-straight day driven by upbeat hopes on macro front.
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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