Maruti Suzuki stock falls 1
时间:2024-06-26 15:18:45 阅读(143)
Maruti Suzuki share price fell 1.7% to Rs 9,650.30 today after the company’s net profit surged more than 2-fold on-year to Rs 2,485 crore in Q1FY24. Q1 sales stood at 4,98,030 units, a growth of 6.4% compared to the same period last year. Maruti Suzuki’s domestic sales stood at 4,34,812 units, growing 9.1% on-year. Most of the brokerages have recommended a ‘Buy’ rating on the stock. Maruti Suzuki stock has fallen nearly 1% in the last one month while it has risen 8% in the past one year.
Meanwhile, Maruti Suzuki’s board has approved the termination of the contract manufacturing agreement with Suzuki Motor Gujarat (SMG). Presently, Suzuki Motor Corporation holds 100% equity capital of SMG. The acquisition of 100% equity capital by Maruti Suzuki India from SMC is a related party transaction and is expected to be completed by FY24.
“We expect MSIL’s revenue/PAT to grow at a CAGR of 14%/28% over FY23-25E, and we value the company at 26x FY25E EPS to arrive at a target price of Rs 11,205 and recommend ADD.”
Nuvama: Buy – Target Price: Rs 11400“MSIL has announced an amalgamation of Suzuki Motor Gujarat with itself. This should lead to simplification of structure and provide cost synergies. On the flip side, this would lead to ~4% EPS dilution. All in all, we reiterate ‘BUY’ with a target price of Rs 11,400 (earlier Rs 11,700) as we factor in the impact of this acquisition,” said analysts at Nuvama Institutional Equities.
Motilal Oswal: Buy – Target Price: Rs 11150“We increase our FY24E EPS by 3% to factor in better ASPs and higher other income. However, we cut our FY25E EPS by 1%, as the benefits of higher ASP and higher other income are more than offset by the acquisition of SMG (assuming consideration of Rs 130b paid in cash). Maintain Buy.”
HSIE: Buy – Target Price: Rs 10920“Given the new growth opportunities, we continue to maintain our BUY with a revised target price of Rs 10,920/share (from Rs 10,214 earlier) as we roll forward to June-2025 earnings (from FY25 earlier).”
Nirmal Bang: Buy – Target Price: Rs 11503“We expect the positive momentum to continue in the coming quarters. We maintain BUY on MSIL and value it at 23x June 25E EPS to arrive at a target price of Rs 11,503.”
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