1118.45 -9.10 (-0.81%)
11,923 NSE+BSE Volume
NSE Aug 17, 2022 03:31 PM
Summary | Date | Stock | Author | LTP | Target | Price at reco (Change since reco%) |
Upside(%) | Type | Report | Discuss | |
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14 Feb 2019 | Thangamayil Jeweller.. |
HDFC Securities
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1118.45 | 590.00 | 317.95 (251.77%) |
Buy
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Thangamayil (3QFY19): Hit by a double whammy! Maintain BUY
HDFC Securities
We reiterate a BUY rating with DCF based TP of Rs 590/sh (implied P/E - 17x Dec-20E EPS). Thangamayils (TJL) net revenue grew by 8.3% missing estimates (est. growth: 18.4%) as gold volume declined (-1.5% YoY) despite shift of festive season to 3Q (missing in 3QFY18). The quarter witnessed a double-whammy of high gold prices (+8% YoY) and natural calamity (Cyclone Gaja) in Tamil Nadu region which dented gold demand.
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15 Nov 2018 | Thangamayil Jeweller.. |
HDFC Securities
|
1118.45 | 625.00 | 346.90 (222.41%) |
Buy
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Thangamayil (2QFY19): Turnaround story intact. Maintain BUY
HDFC Securities
We reiterate a BUY rating with DCF based TP of Rs 625/sh (implied P/E - 18x Sept-20E EPS). Thangamayils (TJL) net revenue grew by 32.5% in-line with our estimate; albeit on a favourable base (13% de-growth in base quarter due to pre-GST preponement of sales in 1QFY18). The bump up in sales is largely SSSG-led (store renovations-led) as gold/silver volume increased by 33/21% despite shift of festive season to 3Q. In spite of the strong top-line growth, gross margin cracked 37bps to 8.5% (est.: 9.9%) led by change in product mix and higher discounted sales. EBITDA margins expanded 10bps to 4.5% as op lev gains kicked in.
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01 Aug 2018 | Thangamayil Jeweller.. |
HDFC Securities
|
1118.45 | 625.00 | 442.00 (153.04%) |
Buy
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Thangamayil (1QFY19): Disappointing quarter. Maintain BUY
HDFC Securities
We revise our DCF-based TP to Rs 625/sh (earlier Rs 650/sh; implied P/E - 23xFY20E EPS) on moderating expectations of growth. Reiterate BUY. Thangamayils (TJL) net revenue declined by 10.8% missing estimates (est. growth: 4.4%) as volume across products declined; albeit on a high base. (Note: base quarter comprises of a Pre-GST bump up in throughput). Gold jewellery/Silver product volumes declined 9/2% YoY respectively. Despite the top-line disappointment, TJL managed to more than salvage margins led by better product mix. Gross/EBITDA margins expanded 110bp each to 9.7/5.7%.
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