External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Dixon Technologies revenues grew 4% YoY to Rs 3,067 Cr, which stood almost in line with <span style="font-size: var(--content-font-size);">our estimates of Rs 3,094 Cr. </span></li><li><span style="font-size: var(--content-font-size);">It reported Gross Margins of 10.3%, which stood lower than our estimates of 11.2%, while EBITDA margins increased by 110bps to 5.2%.</span></li><li><span style="font-size: var(--content-font-size);"> This was led by operating leverage, cost optimization measures, and an improved sales mix. </span></li></ul><p><em>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.</em></p>

Dixon Technologies revenues grew 4% YoY to Rs 3,067 Cr, which stood almost in line with our estimates of Rs 3,094 Cr. It reported Gross Margins of 10.3%, which stood lower than our estimates of 11.2%, while EBITDA margins increased by 110bps to 5.2%. This was led by operating leverage, cost optimization measures, and an improved sales mix. 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 - Revenue Growth Moderates

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul><li>Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.</li><li>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)</li><li>Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average).</li></ul><p><em>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.</em></p>

Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average).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 - Mobile & EMS Segment Drives Topline…

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Consumer Electronics update: Consumer Electronics (LED TV) segment sales declined by 14.3% YoY to Rs10.1bn with EBITDA margin coming in at 2.8% (+40bps YoY).</li></ul><div><div><div><div><ul><li>Lighting update: Lighting segment revenue declined by 20.2% YoY to Rs3.05bn with an EBITDA margin of 7.1% (down 100bps YoY).</li></ul><div><div><div><div><ul><li>Outlook and valuation: Led by the strong scale-up opportunities across multiple product categories, we expect 69.3% earnings CAGR for Dixon over FY22-FY24E.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Consumer Electronics update: Consumer Electronics (LED TV) segment sales declined by 14.3% YoY to Rs10.1bn with EBITDA margin coming in at 2.8% (+40bps YoY).Lighting update: Lighting segment revenue declined by 20.2% YoY to Rs3.05bn with an EBITDA margin of 7.1% (down 100bps YoY).Outlook and valuation: Led by the strong scale-up opportunities across multiple product categories, we expect 69.3% earnings CAGR for Dixon over FY22-FY24E.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 (India) - Robust Quarter Amid a Challenging Environment

<ul><li>Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.</li><li>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)</li><li>Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average)</li></ul><div class="content-highlight"><em>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.</em></div>

Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average)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.

<p>About the stock: Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.</p><ul><li>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)</li><li>Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average)</li></ul><div class="content-highlight"><em>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.</em></div>

About the stock: Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average)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: Long Term Growth Outlook Remains Intact

India

Dixon Technologies (India) Ltd. is a major Indian electronics manufacturing services (EMS) provider. It specializes in manufacturing consumer electronics, home appliances, lighting products, and mobile phones, operating as both an Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM). The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1993.

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Dixon Technologies (DIXON IN)

Dixon Technologies - Revenue Growth Moderates

Dixon Technologies revenues grew 4% YoY to Rs 3,067 Cr, which stood almost in line with our estimates of Rs 3,094 Cr. It reported Gross Margins of...

Axis Direct

Dixon Technologies - Mobile & EMS Segment Drives Topline…

Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.

ICICI Securities Limited

Dixon Technologies (India) - Robust Quarter Amid a Challenging Environment

Dixon Technologies (Dixon) reported consolidated revenue of Rs29.5bn (+40% YoY), 16.4%/15.5% below our/consensus estimates.

Nirmal Bang