TITAN
04.02.2022 - MS on TITAN Maintain Overweight CMP 2475 Target 2720(PREVTGT 2501)
07.01.2022 - CS on TITAN Maintain Neutral Target 2700 from 2500
07.01.2022 - CITI on Titan Maintain Buy Target 2975
MACQUARIE ON TITAN : 02.09.2021
* MAINTAIN OUTPERFORM TARGET: 2,150
• Limited Disruption In Operating Environment of Unorganised Peers
• Building Blocks Are In Place To Drive Up Regulatory Compliance
* Maintain Our FY23/24 EPS Estimates
MACQUARIE ON TITAN : 02.09.2021
• Maintain Outperform, Target at Rs 2150/share
* Hallmarking norms diluted See limited disruption in operating environment of unorganised peers
* Building blocks are in place to drive up regulatory compliance across industry
* Largely maintain our FY23/24E EPS
MS ON TITAN : 05.08.2021
* Morgan Stanley maintains EQUALWEIGHT call on Titan, target at Rs 1,358/sh
* Jewellery Segment Performance In-line With Our Estimates
* Losses In Non-jewellery Segments Higher Than Our Expectations
* Management Expects H2 To Be Much Better
* Margin Improvement In Jewellery Segment Remains Key
* MAINTAIN EQUALWEIGHT TARGET: 1,358
CLSA ON TITAN : 07.07.2021
* MAINTAIN SELL TARGET: 1,370
* CLSA maintains SELL call on Titan, target at Rs 1,370/sh
* Hindered By 2nd Wave Of COVID 19, Co Had Muted Topline Recovery YOY
* Adjusted For Bullion Sales, Overall Sales Are Expected To Grow 51%
* Jewellery Sales Up 37% YoY; Adjusted For Bullion, It's Up 107% YOY
MACQUARIE ON TITAN : 07.07.2021
• Maintain Outperform, Target at Rs 1,750/share
• Second wave hurts 1Q performance
• Jewellery sales impacted by second wave
• Weak sales commentary and continued restrictions on store operations
• Believe Titan is well placed to move back to healthy growth trajectory
MS ON TITAN : 07.07.2021
* Morgan Stanley maintains EQUAL-WEIGHT call on Titan, target at Rs 1,358/sh
* MAINTAIN EQUAL-WEIGHT TARGET: 1,358
* Jewellery Sales Up 37% (Adj. For Bullion Sale, It's Up 107% YoY) Vs 1st Wave
* Non-jewellery Biz Saw A Rapid Recovery In Walk ins On Re-opening
CLSA on Titan : 07.07.2021
* Sell, TP Rs 1370
* Hindered by 2nd wave, co had muted top-line recovery YoY
* Adjusted for bullion sales of Rs6bn in 1QFY21, overall sales are expected to grow 51%
* Jewellery sales grew 37% YoY; adjusted for bullion, 1QFY21 sales grew 107% YoY
MS on Titan : 07.07.2021
* EW, TP Rs 1358
* Jewellery sales rose 37%YoY (adj. for bullion sale of Rs6bn in base, sales rose 107% YoY). Vs. 1st wave:
1) co did not undertake customer outreach initiative given higher humanitarian impact,
2) non-jewellery biz saw a rapid recovery in walk-ins
IIFL on Titan : 06.07.2021
* Continues to focus on omni-channel capabilities, regionalisation, & plugging portfolio gaps
* While next 5-yr growth is likely to be robust, stk seems to be pricing-in 30% market share over 20 yrs, which is ambitious
* ADD, TP Rs 1950
