Reduce V-Mart Retail; target of Rs 1692: CD Equisearch

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CD Equisearch's research report on V-Mart Retail

Clothing, dining out and grocery retail industry will take about a year to recover, said top industry associations - Retailers Association of India (RAI), National Restaurant Association of India (NRAI) and Clothing Manufacturers Association of India (CMAI) in StoRAI, the official magazine of RAI, published in June 2020. The three associations jointly anticipates a 25-30% impact on business with multiplier effect on dependent industries and lasting job losses, while emphasizing on an immediate survival plan. Selling piled-up inventory as soon as malls and stores reopen followed by increasing productivity at the factories would be key to recovery for apparel manufacturers in post Covid era.

Outlook

We have cut our earnings estimate for FY21and thus recommend ‘reduce’ rating on the stock with target price of Rs 1692 (previous target Rs 1360) based on 50x FY22e EPS of Rs 33.83.

For all recommendations report, click here

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