Dolat Capital's research report on Dixon Technologies
Dixon Technologies came up with the IPO in FY18 and got a great response from investors with a 117x subscription. From its IPO proceed of ` 600mn, company spent `.220mn for loan repayment and `75mn for setting up the plant at Tirupati for LED TVs. There is security premium of ` 596mn raised from the IPO issue reflected in the reserves.
Outlook
We expect TV and washing machine volumes to drive growth for Dixon in FY19. We have an Accumulate rating for the stock with a TP of ` 3,430 valuing stock at 33x for FY20 EPS.
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