A director at CIE Automotive India Ltd sold 151,963 shares at 588.276INR and the significance rating of the trade was 68/100. 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 ye...
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....
MAHINDRA CIE: Revenue beat in both India and EU; lower tax boosts profitability (MACA IN, Mkt Cap USD1.2b, CMP INR242, TP INR295, 22% Upside, Buy) Optimistic about 2HCY21 for India and EU MACA’s strong performance in 2QCY21 was driven by strong revenue trajectory in India and the EU, and benefit of cost cutting in the EU. We largely maintain our EPS estimates, despite a good beat in 2Q, as we build in impact of semiconductor shortages in 2HCY21. We maintain our Buy Strong all round...
MAHINDRA CIE: Below-estimate; sharp decline in EU diluted by beat in India (MACA IN, Mkt Cap USD0.7b, CMP INR138, TP INR191, 38% Upside, Buy) Broad basing of business continues despite cyclical pressures MACA’s 4QCY19 operating performance was weak across operating parameters owing to a sharp fall in EU business revenue. While India business should see emergence of stability, the EU business outlook for M&HCV/off-road has weakened. Amidst cyclical pressures, MACA’s efforts to diversify I...
MAHINDRA CIE: Weakness across businesses; expects stability in coming quarters (MACA IN, Mkt Cap USD1.1b, CMP INR195, TP INR262, 34% Upside, Buy) net sales grew ~3% YoY to ~INR21.4b (like-to-like decline of ~7% YoY) in 2QCY19, driven by consolidation of Aurangabad Electric (AEL). EBITDA margin shrank 140bp YoY (-80bp QoQ) to 12.2% (our estimate: ~13.2%). Adj. PAT declined ~9% YoY to ~INR1.3b (our estimate: ~INR1.5b). India business revenue grew ~12% YoY to INR9.7b, driven by AEL consoli...
MAHINDRA CIE: Good performance in challenging environment, led by EU business (MACA IN, Mkt Cap USD1.2b, CMP INR222, TP INR290, 31% Upside, Buy) 1QCY19 consol. net sales grew ~9% YoY to ~INR21.7b. EBITDA margins were stable at 13% (flat QoQ/YoY) and EBITDA grew 9% YoY to ~INR2.8b. Higher other income boosted adj. PAT at ~INR1.53b, a growth of ~16% YoY. India business revenue grew ~3% YoY (+4% QoQ) to INR8.4b, despite ~9% YoY production decline for key customers. PBIT margin grew 100bp Yo...
Mahindra CIE: Strong quarter; India business drives superior consol. performance (MACA IN, Mkt Cap USD1.3b, CMP INR236, TP INR298, 26% Upside, Buy) Revenue grew 27% YoY to INR20b (est. of INR16.6b), driven by strong volume growth in India/Europe and INR depreciation. EBITDA increased ~37% YoY to INR2.6b (est. of INR2.3b), with the margin of 13% missing our estimate of 13.7% due to absorption of higher RM costs in the EU (to be passed on subsequently). PBT grew ~62% YoY to INR1.9b (est. o...
Mahindra CIE: Above est.; Strong performance across businesses; Outlook remains positive (MACA IN, Mkt Cap USD1.3b, CMP INR228, TP INR303, 33% Upside, Buy) revenue grew 25% YoY to INR17.1b (est. of INR14b). EBITDA increased ~115% YoY to INR2.3b (est. of INR1.7b), with the margin expanding 560bp YoY (+100bp QoQ) to 13.4% (est. of 12%). PBT (before EO expenses) grew ~250% YoY to INR1.3b (est. of INR856m). India business revenue grew ~18% YoY to INR6.6b, driven by ~16% growth in India (ex-...
​MAHINDRA CIE (INITIATING COVERAGE): All set for growth phase; Benefits of consolidation + operating leverage to drive ~29% EPS CAGR(MACA IN, Mkt Cap USD1.5b, CMP INR250, TP INR297, 19% Upside, Buy)Mahindra CIE (MACA) is a multi-technology automotive components supplier, with annual revenue of INR53b in CY16. It is one of the top manufacturers of forging parts in India (leader in crankshafts and stub axles) and the EU. India contributes 38% of MACA’s overall business, while the EU contribute...
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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