In today’s briefing:
- India Channel Insight #23 | APL Apollo, Kajaria, Somany
- Motherson Sumi Systems: Mega-Restructuring to Materialise, New SAMIL Arrives
- Ipca Laboratories: Two for One Share Stock Split
- Pick of the Week: Abbott India Ltd
India Channel Insight #23 | APL Apollo, Kajaria, Somany
- We speak to a total of ten channels representing Apl Apollo Tubes (APAT IN) , Kajaria Ceramics (KJC IN) and Somany Ceramics (SOMC IN)
- There are some indications of Market share loss for Apl Apollo Tubes (APAT IN)
- Demand in metros remains strong and robust, while tier 2/3 locations seems to be grasping for growth.
Motherson Sumi Systems: Mega-Restructuring to Materialise, New SAMIL Arrives
- Motherson Sumi (MSSL) primarily serves global PV & CV industry with a history of successful turnarounds in acquisitions and inorganic-led growth.
- MSSL’s stock price has grown at ~13% CAGR from ~Rs 145 levels in January 2017, widely outperforming the Nifty Auto index
- We value the combined entity post-merger of erstwhile SAMIL into MSSL at Rs 270/share on SOTP basis
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Ipca Laboratories: Two for One Share Stock Split
- The Ipca Laboratories stock has been sub-divided from one existing equity share of Rs 2 each face value into two equity shares of Rs 1 each face value
- Consequently, Ipca Lab’s share price has dropped to ~Rs 1099/share from ~Rs 2200/share.
- Hence, our target price has also now been revised to Rs 1245/share post this corporate action.
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Pick of the Week: Abbott India Ltd
- Revenue growth of Abbott India Ltd (AIL) for FY21 has outpaced the Indian Pharma Market (IPM) growth by 100 bps majorily contributed by addition of new products
- AIL has leadership position in 9 top brands out of 10 in their respective therapies
- We recommend BUY with a TP of Rs 20,000/share.
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