Titan share price soars nearly 1% after Q4FY23 net profit jumps 50%; Should you buy, sell or hold Titan stock-
时间:2024-06-26 12:44:55 阅读(143)
Titan share price rose 0.83% to Rs 2,676.1 today after the company recommended a dividend of Rs 10 per equity share and reported a 50% jump in its standalone net profit to Rs 734 crore for the quarter ended March 2023 against a net profit of Rs 491 crore in the year-ago period. The revenue from operations rose 25% to Rs 8,753 crore in the quarter under review from Rs 6,977 crore in the previous year. Titan’s jewellery division jumped 24% to Rs 7,576 crore in the March quarter and the watches and wearables segment recorded a revenue of Rs 871 crore, up 40%, backed by strong growth in the analog watches segment and a multi-fold increase in wearables. Titan shares have risen 6% in the past one month and over 17% in the last one year.Brokerage call: Should you buy, sell or hold Titan stock?Motilal Oswal: Buy – CMP: Rs 2654.05 – Target Price: Rs 3080 (16% upside)
“Titan boasts of an outstanding track record that surpasses its peers, with superior short-term growth prospects, and exceptional long-term growth potential, all of which justify its high valuations,” said analysts at Motilal Oswal. The brokerage reiterates a BUY rating with a target price of Rs 3,080 (premised on 55xFY25E EPS).
“Valuing the stock at 60x FY25E PE, in line with its five-year average, leads to a revised target price of Rs 3,218 (earlier Rs 3,290). We expect Titan to clock among the highest growth in the consumer space driven by market share gains and the relative resilience of the customer segment it serves,” said analysis at Nuvama Institutional Equities. Titan remains one of the top picks of the brokerage.
JM Financial: Buy – Target Price: Rs 3090 (16.42% upside)“We believe Titan’s continued confidence in its businesses’ growth path going forward is likely to assuage concerns about urban discretionary consumption slowdown for the time being. We continue to like Titan but expect the stock price to be somewhat range-bound in the immediate term,” said analysts at JM Financial.
Religare: Buy – Target Price: Rs 3147 (18.57% upside)“We estimate its Revenue/EBITDA/PAT to grow at a CAGR of 13.7%/23.2%/23.6% over FY23-25E. Hence, we have maintained a Buy rating with a revised target price of Rs 3,147 valuing the company at a PE multiple of 56x on FY25E EPS,” said analysts at Religare Broking.
HDFC Securities: Reduce – Target Price: Rs 2400 (9.5% downside)“While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of expectations. We maintain our FY24/25 EPS estimates and REDUCE rating with a DCF-based TP of INR2,400/sh (implying 47x Jun-25 P/E),” said analysts at HDFC Securities.
Prabhudas Lilladher: Buy – Target Price: Rs 2992 (12.73% upside)“Titan is gradually emerging as a lifestyle play which will help sustain premium valuations. The company currently trades at 49.3x FY25E EPS with a 20% EPS CAGR over FY23-25. We retain Buy,” said analysts at Prabhudas Lilladher.
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- bi, Daiichi Sankyo has said that going ahead with the open offer at this stage would be “illegal”, “an abuse of process of law”, and “gross overreach” of the pending proceedings before the Delhi High Court and also in violation of the orders of the Supreme Court. The market regulator should, therefore, hear it out before taking any call on the IHH’s proposal, it said.
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.
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