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Feb 17, 2017, 02.38 PM | Source: Moneycontrol.com

Buy JK Tyres; target of Rs 145: ICICI Direct

ICICI Direct is bullish on JK Tyres has recommended buy rating on the stock with a target price of Rs 145 in its research report dated February 16, 2017.

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Buy JK Tyres; target of Rs 145: ICICI Direct

ICICI Direct is bullish on JK Tyres has recommended buy rating on the stock with a target price of Rs 145 in its research report dated February 16, 2017.

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ICICI Direct's research report on JK Tyres

EBITDA margins contracted 242 bps YoY & 570 bps QoQ to 14.4% below our estimate of 17%. Higher input cost (average natural rubber prices were up 14.2% YoY to Rs 124/kg) impacted the gross margins of the company, down 104 bps YoY & 440 bps QoQ.

Outlook

Any positive development on part of the government in terms of restricting import of Chinese tyres, going forward, will benefit JKTIL. Thus, we value JKTIL at 4x FY19E EV/EBITDA. We maintain our target price of Rs 145 with a BUY rating on the stock.

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Buy JK Tyres; target of Rs 145: ICICI Direct

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