External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>In Q1FY22, Dixon reported a Consolidated Revenues of Rs 1,867 Cr up 261% YoY/ down 11% QoQ, as the second wave of Covid-19 impacted growth in April and May’21 while the recovery was seen in Jun’21. While the Gross Margins were adversely impacted by 460 bps, the EBITDA margins, too, declined to 2.6% (Vs 3.3% in Q1FY21) due to change in product mix (higher share of LED TV’s having lower margins), negative operating leverage, and a sharp increase in RM costs. The PAT stood at Rs 18 Cr as against Rs 2 Cr in Q1FY21.</p><p>Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock.</p><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>

In Q1FY22, Dixon reported a Consolidated Revenues of Rs 1,867 Cr up 261% YoY/ down 11% QoQ, as the second wave of Covid-19 impacted growth in April and May’21 while the recovery was seen in Jun’21. While the Gross Margins were adversely impacted by 460 bps, the EBITDA margins, too, declined to 2.6% (Vs 3.3% in Q1FY21) due to change in product mix (higher share of LED TV’s having lower margins), negative operating leverage, and a sharp increase in RM costs. The PAT stood at Rs 18 Cr as against Rs 2 Cr in Q1FY21.Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock.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: Resilient Performance Amidst Challenging Times

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

ICICI Securities Limited

<p>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) Strong RoE, RoCE at ~20%, ~24%, respectively (three year's average)...</p><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 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:  Broadening Revenue Streams

<p>We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arriving at a target price of Rs 4,500 which gives an upside of 10% from CMP. Maintain BUY.</p><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>

We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arriving at a target price of Rs 4,500 which gives an upside of 10% from CMP. Maintain BUY.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: We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arri...

<p>We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E considering the impact of lockdown in Q1FY22. However, a strong balance sheet, increased backward integration and increasing share of Dixon in domestic electronic manufacturing are expected to result in strong PAT CAGR of 87% in FY21-23E. We reiterate our BUY recommendation on...</p><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>

We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E considering the impact of lockdown in Q1FY22. However, a strong balance sheet, increased backward integration and increasing share of Dixon in domestic electronic manufacturing are expected to result in strong PAT CAGR of 87% in FY21-23E. We reiterate our BUY recommendation on...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: We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E consideri...

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: Resilient Performance Amidst Challenging Times

Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock. In Q1FY22, Dixon reported a...

Axis Direct

Dixon Technologies: Broadening Revenue Streams

Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) Strong RoE, RoCE at ~20%, ~24%, respectively...

ICICI Securities Limited

DIXON: We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arri...

We have rolled forward our estimates to FY24 valuing Dixon at 50x FY24 E EPS of Rs 90 arriving at a target price of Rs 4,500 which gives an upside...

Axis Direct

DIXON: We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E consideri...

We tweak our revenue, PAT estimate downward by 6%, ~13%, respectively, for FY22E considering the impact of lockdown in Q1FY22. However, a strong...

ICICI Securities Limited

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