Accumulate Titan Company; target of Rs 1026: Dolat Capital
Dolat Capital recommended accumulate rating on Titan Company with a target price of Rs 1026 in its research report dated August 03, 2018.
September 18, 2018 / 04:50 PM IST
Dolat Capital's research report on Titan Company
Net revenues grew by 8.2% YoY to ` 43.2bn – came ahead of our estimate. jewellery business reported 5.7% sales growth – we see this as a satisfactory performance as the base was very unfavorable (+57% growth in Q1FY18). The segment benefited from new launches in plain gold jewellery and increased contribution of studded jewellery during the quarter.
We believe it to be a clear winner of the shift from unorganised to organised. Furthermore, changing trend of buying jewellery for fashion instead of investment would enhance premiumization. We have revised our estimates upward to factor-inn Q1 performance. Maintain ACCUMULATE with TP of ` 1,026 (48x FY20E).
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