A director at Titan Co. Ltd sold 29,000 shares at 0.000INR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
. TITAN COMPANY: Jewelry demand robust; margin outlook improving (TTAN IN, Mkt Cap USD27.3b, CMP INR2433, TP INR2670, 10% Upside, Buy) TTAN's 1QFY23 result, though strong (three-year jewelry sales CAGR of 23% - the best among Consumer companies), was below our estimates. The management said gold prices have remained stable and that there has been no adverse impact on Jewelry demand so far. This was contrary to our fears that the hike in gold import duty on 1st Jul'22 will increase domestic ...
The independent financial analyst theScreener just requalified the general evaluation of TITAN COMPANY (IN), active in the Clothing & Accessories industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date February 8, 202...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
TITAN COMPANY: Commendable result amid the lockdown, further recovery underway (TTAN IN, Mkt Cap USD21.5b, CMP INR1800, TP INR2065, 15% Upside, Buy) Despite losing out on sales for a large part of May’21 due to the lockdowns across the country, TTAN reported a decline of only ~33% over 1QFY20 (normal) levels. This was to some extent aided by bullion sales of INR4.24b. Margin performance was also better than expected, led by cost savings and better than expected sales. Watches and Eyewear...
Kalyan Jewellers aims to raise around US$160m via a mix of selling new and existing shares in its Indian IPO. The company was established in 1993 and is backed by Warburg Pincus. The company is one of the largest jewellery companies in India based on FY20 (year ending Mar 2020) revenue, as per the Technopak report. As of Dec 2020, it had 107 showrooms across 21 states and union territories in India. It also had 30 showrooms in the Middle East. Earnings haven’t grown much over the past few year...
Titan Company: Margins surprise, jewelry growth guidance muted (TTAN IN, Mkt Cap USD15.9b, CMP INR1276, TP INR1320, 3% Upside, Neutral) While TTAN's revenue growth was in line with the guidance, the positive surprise from the result was the jewelry margin of 13% and the EBITDA margin of 12%. Despite 15% retail jewelry YoY sales growth, TTAN has maintained its 2HFY20 guidance of 11-13% jewelry sales growth, considering Jan’20 sales growth of only 8%. Recovery prospects in their largest s...
TITAN COMPANY: Guidance cut, expensive valuations lead to downgrade (TTAN IN, Mkt Cap USD16.1b, CMP INR1284, TP INR1275, 1% Downside, Downgrade to Neutral) revenue increased 2.1% YoY to INR46.6b (our estimate: INR48.2b) in 2QFY20. EBITDA rose 11.4% YoY to INR5.2b (our estimate: INR5.2b), PBT declined 3% YoY to INR4.3b (our estimate: INR4.4b), while recurring PAT grew 3.8% YoY to INR3.1b (our estimate: INR3.2b). For 1HFY20, sales/EBITDA/adj. PAT were up 8.8%/15.1%/7.5% YoY. gross mar...
TITAN COMPANY: Near-term uncertainty leads to earnings cut; Investment case intact (TTAN IN, Mkt Cap USD13b, CMP INR1038, TP INR1210, 17% Upside, Buy) 1QFY20 consolidated revenue grew 15.7% YoY to INR51.5b (v/s est. of INR50.7b). EBITDA increased 18.8% YoY to INR5.7b (v/s est. of INR5.3b) and recurring PAT was up 11% YoY to INR3.6b (in-line). gross margins remained flat YoY to 27.4%. Increase in other expenses as % of sales (+20bp YoY to 7.8%) and staff cost as % of sales (+10bp YoY to...
Titan Company: Tough environment and high gold price impact quarter (TTAN IN, Mkt Cap USD16.2b, CMP INR1253, TP INR1500, 20% Upside, Buy) Titan (TTAN) has released its pre-quarterly update for 1QFY20. Key highlights: Jewellery: Growth impacted by higher gold prices TTAN delivered lower-than-targeted Jewellery sales growth of ~13% YoY in 1QFY20 on account of the tough macroeconomic environment and high gold prices (particularly in June). However, the company continued capturing market ...
Titan Company: Growth prospects remain bright; Earnings growth visibility remains best of breed (TTAN IN, Mkt Cap USD14.4b, CMP INR1132, TP INR1310, 16% Upside, Buy) We attended Titan’s (TTAN) Annual Investor Forum 2019; key takeaways: TTAN’s jewelry segment growth target for FY20 is ~22%, and if achieved, it will be the third consecutive year of faster than targeted growth. At end-FY17, TTAN had guided for 20% CAGR over five years. Of the 22% targeted jewelry segment growth in FY20, 14...
Titan Company: Continued robust performance sans one-offs; outlook buoyant too (TTAN IN, Mkt Cap USD13.9b, CMP INR1088, TP INR1280, 18% Upside, Buy) 4QFY19 reported consol. revenue grew 19% YoY to IN48.9b (our estimate: INR47.4b). EBITDA increased by just 3% YoY to INR4.5b (our estimate: INR5.4b), while recurring PAT grew 11.6% YoY to INR3.5b (our estimate: INR3.9b). EBITDA margin shrank 140bp YoY to 9.2% (our estimate: 11.3%). However, adjusted for one-offs - (a) IL&FS exposure provisi...
The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. RS for the MSCI EM index is consolidating when compared to the MSCI EAFE index, which we believe is largely due to consolidation in the U.S. dollar. Therefore, the direction of the dollar will be critical for EM equities. A breakout in the USD may begin to create problems for EM, whereas a failure to break above 97.70-98 resistance and a gradual weakening of the USD should be an environm...
Titan company: Another stellar quarter; Offers the best earnings growth prospect in the sector (ttan IN, Mkt Cap USD12.3b, CMP INR991, TP INR1180, 19% Upside, Buy) Titan’s reported robust consolidated revenue growth of 34.6% YoY to IN58.7b as against our est. of INR53.7b. EBITDA grew 40% YoY to INR5.9b as against our est. of INR5.5b and recurring PAT grew 45.8% YoY to INR4.1b against our est. of INR3.7b. Management has provided for an additional amount of INR700m for impairment in value o...
Titan Company: Healthy growth momentum across key businesses; Maintains guidance of strong Jewellery growth in FY19 (TTAN IN, Mkt Cap USD11.8b, CMP INR932, TP INR1125, 21% Upside, Buy) TTAN has released its pre-quarterly update for 3QFY19. Key highlights: Jewellery segment capitalized well on seasonal strength to report robust growth in 3QFY19. Management cited that the segment expanded its market share on account of robust same-store sales growth. Watches saw another strong quarter, wh...
Titan Company: Jewelry sales remain robust; margins impacted by certain one-offs (TTAN IN, Mkt Cap USD10.4b, CMP INR848, TP INR1045, 23% Upside, Buy) TTAN’s 2QFY19 reported consol. revenue increased 27.5% YoY to INR45.7b (our estimate: INR42b). EBITDA grew 11.2% YoY to INR4.7b (our estimate: INR5.1b), while adj. PAT rose 8.8% YoY to INR3b (our estimate: INR3.4b). segmental performance: (a) Jewelry sales grew 29% YoY to INR36.5b, but the segmental margin shrank 200bp YoY to 10.4%. (b) W...
Titan Company: Healthy momentum across key businesses (TTAN IN, Mkt Cap USD9.3b, CMP INR776, TP INR1071, 38% Upside, Buy) TTAN has released its pre-quarterly update for 2QFY19. Key highlights: Growth in Jewelry segment picked up in 2QFY19, bucking the previous quarter’s muted trend, led by (a) market share expansion owing to exciting new collection launches and (b) extended diamond studded activation. Notably, growth – which was in line with management’s internal expectations – was achi...
Titan Company: Jewellery market share continues expanding; 2QFY19 off to a good start (TTAN IN, Mkt Cap USD11.9b, CMP INR918, TP INR1130, 23% Upside, Buy) 1QFY19 reported consol. revenue (incl. other operating income) was up 9.4% YoY to INR44.5b (est. of INR42.6b). EBITDA grew 32.3% YoY to INR4.8b (est. of INR4.3b) and recurring PAT increased 31.9% YoY to INR3.3b (est. of INR3.0b). segmental performance: (a) Reported Jewelry sales rose 6.3% YoY to INR36.4b, with segment margin up 110bp...
Event Titan released its 1QFY19 quarterly operational update. The key takeaways are Key details Jewellery industry has been under pressure for 5MCY18, indicative from 39% decline in gold imports in volume terms. Titan highlighted that while Akshay tritya day sales for industry were decent, remaining period of the quarter was impacted by weakness in consumer sentiment. This coupled with an unfavourable base (54% yoy growth in division sales in 1QFY18) has resulted in jewellery division sales...
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