External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Dixon Technologies India Ltd / Equity Bottom-Up

<ul><li>Dixon Technologies’ (DIXON) recent tie-ups and MoU with HP and Asus for the production of PCs, notebooks, and laptops under IT hardware PLI 2.0 augur well for scaling up its IT hardware revenues from current levels.</li><li>With these tie-ups, the company is now catering to 4 out of the top 5 players in laptops.</li><li>These players form nearly 67% of the overall IT hardware market share in India.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon Technologies’ (DIXON) recent tie-ups and MoU with HP and Asus for the production of PCs, notebooks, and laptops under IT hardware PLI 2.0 augur well for scaling up its IT hardware revenues from current levels.With these tie-ups, the company is now catering to 4 out of the top 5 players in laptops.These players form nearly 67% of the overall IT hardware market share in India.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Being a key beneficiary of the government’s most successful PLI scheme, the Dixon Technologies (Dixon) stock price has nearly doubled over the past 6M, led by accelerated growth momentum seen in the mobile segment (HSIE: c.22x over FY20)</li>
<li>Staying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool</li>
<li>Moreover, their agreement with HKC Corporation to manufacture display modules will further deepen value addition (c.10% of BoM), ensuring customer stickiness</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Being a key beneficiary of the government’s most successful PLI scheme, the Dixon Technologies (Dixon) stock price has nearly doubled over the past 6M, led by accelerated growth momentum seen in the mobile segment (HSIE: c.22x over FY20)
Staying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool
Moreover, their agreement with HKC Corporation to manufacture display modules will further deepen value addition (c.10% of BoM), ensuring customer stickiness

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon Technologies: Opulently Valued, Downgrade to REDUCE

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Dixon Technologies India Ltd / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> growth is driven by mobile and EMS segment; majority of other businesses are muted in the last two years.  </li>
<li>The company is able to convert earnings to cash quickly but cash yield is close to zero.</li>
<li>The company has reported significant amount of refund liability, but is silent on its accounting policy. Other forensics takeaways include non-reconciliation of asset disposals, high forex risk, etc.</li>
</ul>



Dixon Technologies India Ltd (DIXON IN) growth is driven by mobile and EMS segment; majority of other businesses are muted in the last two years.  
The company is able to convert earnings to cash quickly but cash yield is close to zero.
The company has reported significant amount of refund liability, but is silent on its accounting policy. Other forensics takeaways include non-reconciliation of asset disposals, high forex risk, etc.


Dixon Technologies- Forensic Analysis (Update)

<ul><li>Dixon’s mobile division continued to drive overall topline growth as it doubled in revenues both in Q4 and FY24</li><li>Post the acquisition of a controlling stake in Ismartu (Itel, Infinix, Techno) and partnership with Longcheer (BBK Group brands – Realme, Oppo, Vivo, etc), Dixon now caters to almost all the top 6 brands within the country</li><li>With Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes with existing customers and new customer addition, we expect the momentum in the mobile division to sustain</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon’s mobile division continued to drive overall topline growth as it doubled in revenues both in Q4 and FY24Post the acquisition of a controlling stake in Ismartu (Itel, Infinix, Techno) and partnership with Longcheer (BBK Group brands – Realme, Oppo, Vivo, etc), Dixon now caters to almost all the top 6 brands within the countryWith Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes with existing customers and new customer addition, we expect the momentum in the mobile division to sustainContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon Technologies (Q4FY24): Accelerated Growth Momentum to Sustain. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.</li><li>The growth was backed by robust growth in the mobile &amp; EMS segment, which grew by 251% YoY to Rs 3,214 Cr.</li><li>The Consumer Electronics segment witnessed a moderate growth of 8% YoY to Rs 929Cr. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.The growth was backed by robust growth in the mobile &amp; EMS segment, which grew by 251% YoY to Rs 3,214 Cr.The Consumer Electronics segment witnessed a moderate growth of 8% YoY to Rs 929Cr. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon Technolog. - Steady Growth Momentum Backed by Mobile Business & Customer Addition

India

Dixon Technologies (India) Limited manufactures consumer durables, lighting products, and mobile phones. The Company offers LED TVs, washing machines, LED and CFL bulbs and tubelights, and downlighters, as well as provides repair and refurbishment services of set top boxes, mobile phones, and LED TV panels. Dixon Technologies operates in India.

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Dixon Technologies India Ltd (DIXON IN)

Dixon Technologies - Moving on Track

Dixon Technologies’ (DIXON) recent tie-ups and MoU with HP and Asus for the production of PCs, notebooks, and laptops under IT hardware PLI 2.0 augur

Motilal Oswal

Dixon Technologies: Opulently Valued, Downgrade to REDUCE

taying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool.

HDFC Securities

Dixon Technologies- Forensic Analysis (Update)

Dixon's growth is fueled by mobile and EMS segments, while other businesses have been stagnant. Key forensic concerns pertain to cash yield,...

Nitin Mangal

Dixon Technologies (Q4FY24): Accelerated Growth Momentum to Sustain. Maintain ADD

With Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes

HDFC Securities

Dixon Technolog. - Steady Growth Momentum Backed by Mobile Business & Customer Addition

The company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.The growth was backed by robust growth in the mobile & EMS segment,...

Axis Direct

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52-week Range

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Dividend (Yield)

Dixon Technologies - Moving on Track

Dixon Technologies’ (DIXON) recent tie-ups and MoU with HP and Asus for the production of PCs, notebooks, and laptops under IT hardware PLI 2.0 augur

Motilal Oswal

Dixon Technologies: Opulently Valued, Downgrade to REDUCE

taying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool.

HDFC Securities

Dixon Technologies- Forensic Analysis (Update)

​Dixon's growth is fueled by mobile and EMS segments, while other businesses have been stagnant. Key forensic concerns pertain to cash yield,...

Nitin Mangal

Dixon Technologies (Q4FY24): Accelerated Growth Momentum to Sustain. Maintain ADD

With Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes

HDFC Securities

Dixon Technolog. - Steady Growth Momentum Backed by Mobile Business & Customer Addition

The company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.The growth was backed by robust growth in the mobile & EMS segment,...

Axis Direct

Dixon's growth is fueled by mobile and EMS segments, while other businesses have been stagnant. Key forensic concerns pertain to cash yield,...