Brokerage Radar: CLSA, HSBC hike Dixon Tech's target price; UBS maintains 'Sell' call on Tata Motors

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Tata Motors, Kaynes Technology, Dixon Technology and more.

UBS On Tata Motors
Sell Call, Target `825/Sh
The Question Is Should Investors Worry With JLR Discounts Spike
Defender, Range Rover & Range Rover Sport, Trio Are JLR's Prem Models Have Boosted ASPs
The Extended Successful Run Of These Models Has Started To Moderate
The Orderbook Is Now Below Pre-COVID Levels
Range Rover Discounts Could Also Soon Rise
Expect Further Downside Risk From Margin Slippage At JLR & Within Indian PVs

Jefferies On Kaynes Tech
Hold Call, Target `4,540/Sh
Core EMS Biz Is On A Strong Footing, With Jun’24 Orderbook
Co Enjoys The Highest OPM (13-14%) Vs EMS Peers
Co Targets $1 Bn Sales By FY28, Implying FY24-28 CAGR Of +47%
Estimate FY24-27 Sales / EPS At +42%/48% CAGR
FY26 PE At 65x

HSBC On Dixon Tech
Buy Call, Target Raised To `14,000/Sh
HP Is A Leading Player In The India’s Personal Computers (PC) Market
Dixon Looks Set To Capture A Significant Portion Of India’s IT Hardware Manufacturing Market
Large Scale In Mobile & IT Hardware To Create Backward Integration Opportunities

CLSA On Dixon Tech
Hold Call, Target `12,100/Sh
Co Outlined A Strong Near & Medium-term Growth Outlook
New Customer Acquisition Is Likely To Drive Growth In The Near-term
Gaining Wallet Share In Mobile Phones Is Likely To Drive Growth In The Near Term
Over The Medium-term, The Focus Is On Raising Backward Integration Via Components Mfg
Dixon Now Has Tie-Ups With Four Of The Top Laptop Brands In India
Co Aspires To Gain 20%-25% Market Share In This Segment Over The Medium Term

HSBC On Real Estate
Not Yet Time To Get Worried
Residential Sales Continue To Increase From A High Base, But The Pace Has Moderated
Despite Pricing Growth, Preference Remains For Larger Homes
Average Ticket Price Of Gurugram Now Above Mumbai
NCR Only Market To Average 3+ Bedrooms Per Home Sold
Godrej Properties Lone Developer Among Top 10 In Six Cities

MOSL On Deepak Nitrite
Neutral Call, Target `3,060/Sh
Co Investing `2,200 Cr In Integration Projects & Set For Phased Commissioning By FY25
Cost Reduction, Backward Integration Would Ensure A Steady Supply Of Raw Materials
Supply Deal With Petronet LNG Would Ensure A Steady Supply Of Raw Materials
Believe Current Valuation At 39x FY26 EPS Seems Expensive

Goldman Sachs On Zee Ent
Neutral Call, Target `165/Sh
FY25-27 Revenue Estimate Decline By 2-3%
FY25 EBITDA Estimate Is 7% Higher, Though Lower In FY26/FY27
Updated Estimates Largely Due To Lower Revenues (Subdued Advertisement Revenues)
Key Upside Risks - Higher Growth In Subscription Rev, Faster Recovery In Advertisement Income,
Key Downside Risks - Elevated Content Costs, Impact From Digital On Ad And Subscription Rev

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