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    Stove Kraft IPO: Will the Pigeon fly high on bourses?

    Stove Kraft's discount to larger players is expected to continue and thus the issue leaves no room for value to investors

    Bharat Gianani
    Sachin Pal
    January 25, 2021 / 04:28 PM IST
    Stove Kraft IPO: Will the Pigeon fly high on bourses?

    Answer: Preethi Kitchen Appliances (Image source: Wikimedia Commons)

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Sachin Pal and Bharat Gianani Highlights -One of the leading kitchen solutions providers with diverse product offerings -Company increasing distribution reach; to focus on premium segment -Spike in H1FY21 margins mostly driven by Q2 which seems to be an aberration; recent increase in raw material prices to affect margins -We recommend to avoid the IPO; investors can prefer exposure to peers with consistent and better margin track record and superior return ratios Stove Kraft, which is hitting the equity market, manufactures and retails kitchen...

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