MRF: Below est; Higher RM, other cost impact margins (MRF IN, Mkt Cap USD4.5b, CMP INR78520, TP INR73700, 6% Downside, Neutral) MRF's 2QFY22 performance was impacted by RM cost inflation and higher other cost. MRF lagged peers in revenue growth due to weaker performance of TBB and farm segment. The industry is taking gradual price increases to dilute impact of severe cost inflation. We cut our FY22E/FY23E EPS by ~29%/14% to factor in for RM cost inflation and higher other expenses. Maint...
MRF (IN), a company active in the Tires industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date October 26, 2021, the closing price was INR 80,093.75 and its expected...
MRF: Operating de-leverage impacts performance (MRF IN, Mkt Cap USD4.6b, CMP INR80014, TP INR83730, 5% Upside, Neutral) Price increases to pass on cost inflation happening gradually MRF's 1QFY22 operating performance was impacted by operating deleverage and RM cost inflation. The industry is taking gradual price increases to dilute the impact of severe cost inflation. We cut our FY22E/FY23E EPS by ~11%/3%, factoring in the RM cost inflation. Maintain Neutral. Revenue decline in-line...
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....
AUTOMOBILES – TYRES: Ready to roll; Return of growth, supported by timely capacity addition | APTY is our top pick The Indian Tyre industry is expected to recover from five years of weakness and be on a linear growth path (~12% CAGR over FY21-25E), supported by timely capacity expansion across companies. Improving demand, stable competitive intensity, and peak capex (capex of INR116b over FY22-24E v/s INR135.5b over FY19-21) augurs well for profitability. We estimate 2W/PCR/T&B tyre volum...
A director at MRF Limited bought 2,000 shares at 80,107.818INR and the significance rating of the trade was 67/100. 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 clearl...
After numerous trade war escalations and setbacks, it is easy to become resigned to the belief that there will be no end to the trade war. We have come to expect the unexpected when it comes to President Trump's tactics, so the best course of action may be to assume nothing. Last week's “Phase 1†US-China trade agreement is certainly a step in the right direction, and for now we are taking the truce at face value as a positive development while also knowing that the risk of setbacks/escalati...
Q4FY18 results PAT below estimates on weak operating performance: MRF’s reported PAT at Rs3.4bn (up 20% yoy, +1% qoq) was 13% below estimates on weaker than expected operating performance due to RM cost pressures. Higher tax outflow yoy put further pressure on PAT. Revenue in-line; EBITDA margins weak on cost pressures : MRFs revenues grew by 16% yoy(+2% qoq) to Rs38.6bn which was in-line with our estimate of Rs39.3 bn. Revenue growth yoy seems to have been driven by strong OEM growth duri...
Q3FY18 results PAT In-line; Operating performance surprises: MRF’s reported PAT at Rs3.4bn (up 18% yoy, up 14% qoq) was in-line with estimates of Rs3.3bn. Stronger than estimated operating performance was marginally offset by lower other income and higher tax rate. Operational performance showed strong growth with EBITDA at Rs 7bn (growth of 24% yoy). Strong EBITDA margins : MRFs revenues grew by 20% yoy(+6% qoq) to Rs37.9bn which was in-line with our estimate of Rs37.2 bn. Strong growth in ...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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