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Last Updated : May 15, 2019 04:14 PM IST | Source: Moneycontrol.com

Buy Minda Corporation; target of Rs 173: KR Choksey

KR Choksey is bullish on Minda Corporation has recommended buy rating on the stock with a target price of Rs 173 in its research report dated May 14, 2019.

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KR Choksey's research report on Minda Corporation


Incorporated in 1985, Minda Corporation Ltd. (MCL) is the flagship company of Spark Minda, Ashok Minda Group, the erstwhile Minda Group. One of the leading automotive component manufacturing companies, it has pan-India and international presence. The company operates through three business verticals – Safety, Security & Restraint, Driver Information & Telematics and Interior Plastics for auto OEMs. Their products cater to 2/3 wheelers, passenger vehicles, commercial vehicles and after market. It has 34 manufacturing facilities in India (28 plants & two offices) & South-East Asia (2 plants & one representative office in Japan), Europe. (3 plants) & North America (1 plant). MCL has a diversified product portfolio and global customer base.


Outlook


We assign a P/E multiple of 19x to the FY20 estimated EPS of INR 9.10 to arrive at a target price of INR 173. Currently it trades at a fair valuation and with the present price correction of 30% from Jan, 2019 offers a good entry point. We recommend a ‘BUY’ on the stock.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on May 15, 2019 04:14 pm
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