12.15 0.00 (0.00%)
NSEJan 15, 2021 03:31 PM
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|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2019-05-29||Standard Industries .. +||HDFC Securities||13.25||13.25 (-8.30%)||Neutral|
SIL's fundamentals are closely linked to digitalization of manufacturing and services. Continuous investment in innovation by Parent/SIL provides a key competitive advantage. The speed and magnitude of technology absorption by SIL's clients will be the key driver for multiple re-rating. Upcoming corporate actions preclude rich valuations, which would otherwise accrue naturally to a business with this pedigree. We maintain NEU. Key risks (1) Delays in capex recovery, (2) Slowdown in private investments, (3) INR depreciation, and (4) Any adverse corporate action by Parent. We attended the Siemens India Ltd. (SIL) Innovation Day where in SIL showcased its global technologies/products in AI, IoT, Data Analytics, Digital Twin, Next 47 initiative etc. The sessions were taken up by Siemens AGs global leaders who talked about the parents seriousness in bringing new age technologies to SILs Indian customers. We maintain NEU on SIL with a TP of Rs 1,165/sh.
|2019-05-17||Standard Industries .. +||HDFC Securities||13.00||13.00 (-6.54%)||Neutral|
SIL stands to benefit from secular growth in less cyclical segments like Smart Infrastructure. Government investment in Gas & Power is expected to recover as the installed base ages and upgrades are needed. Meanwhile, Metro projects will drive the Mobility segment. Digital Industries' market can multiply as automation and efficiency initiatives pick up. Upcoming corporate actions preclude rich valuations, which would otherwise accrue naturally to a business with this pedigree. Hence, we recommend NEU. Key risks (1) Delays in Government capex recovery, (2) Slowdown in private investments, (3) INR depreciation, and (4) Any adverse corporate action by Parent. We recommend a NEU on Siemens India Ltd. (SIL) with a TP of Rs 1,165/sh. SIL is well placed to monetize its strength in digitalization of Manufacturing/Smart Infra. This shall lead to clients taking up discretionary efficiency improvement initiatives. Introduction of newer technologies will further improve margins and aid growth.