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Tyre stocks: A worthy investment bet

The Apollo Tyre’s stock is trading at a valuation discount compared with MRF and CEAT

July 15, 2020 / 08:22 PM IST
Tyre stocks: A worthy investment bet

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

Tyre companies have posted a decent performance in the fourth quarter of the last financial year despite muted demand from original equipment manufacturers (OEMs). Though sales suffered a double-digit percentage decline on a year-on-year (YoY) basis, the operating profitability of companies such as CEAT (CMP: Rs 995, Mcap: Rs 4,085 crore), Apollo Tyres (CMP: Rs 141.75, Mcap: Rs 8,108 crore) and MRF (CMP: Rs 66,063 Mcap: Rs 28,700 crore) improved significantly because of a sharp drop in raw material...

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