Page Industries Ltd. share price target

Page Industries' Q4FY17 results were in line with our estimates on the revenue and EBITDA front. However, on account of higher other income, PAT came in above our estimates Page registered topline growth of 13.2% YoY to | 498.9 crore (I-direct estimate: | 497.5 crore). The growth was mainly supported by increase in revenue from the men's segment (up 17% YoY to | 232.5 crore). In value terms, women, brassiere and leisure segments reported YoY growth of 10.9%, 13.3% and 17.5%, respectively,...

A weak demand environment in the past two years slowed down growth (EPS CAGR of 17% over FY15-17 vs. 38% over FY10-15) and led to a two year consolidation in the stock. With no worthy competitor in sight, strong performance in women wear & leisure, and uptick in demand, we see >20% EPS CAGR over FY1..

Revenue fell by 1.43% to Rs. 521.18 Cr in Q3FY17 when compared to the previous quarter. On the other hand, it rose by 18.63% when compared with Q3FY16.

ICICI Securities Ltd | Retail Equity Research Page registered healthy topline growth in Q3FY17 despite demonetisation blues. Revenues for the quarter grew 19.2% YoY to | 528.3 crore vs. our estimate of | 497.0 crore Volumes for the quarter grew 11.1% YoY to 35.6 million pieces compared to 37.0 million pieces in Q2FY17 and 32.1 million pieces in...

Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri Lanka, Nepal, Bangladesh and UAE till 2030. They broadly operate in premium men's innerwear; women's innerwear and leisure wear segments. Jockey enjoys high brand recall and they spend ~5% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. In the men's and women's segment, they have a market share of ~21% and ~12% respectively. They are also exclusive licensee of Speedo swimwear brand in India. Page has...

ICICI Securities Ltd | Retail Equity Research Revenues for Q2FY17 grew 15% YoY (down 6% QoQ) to | 537.8 crore (I-direct estimate: | 565 crore). The performance in the current quarter was lower than the average growth rate (>25%) Volumes for the quarter grew 10% YoY to 38.1 million pieces compared to 40.9 million pieces in Q1FY17 and 34.6 million pieces in Q2FY16. However, the average realisation grew 5% YoY to | 137/piece compared to | 136 in Q1FY17 and | 131 in Q2FY16...

Page’s Q1FY17 revenues grew 28% YoY (down 31% QoQ) to | 572 crore (I-direct estimate: | 517 crore). Post lower than average (>25%) growth in FY16, the Q1FY17 performance has caught up with the asking growth rate for valuation.Volumes set a fresh quarterly run-rate of 40.9 million pieces (up 21% YoY). However, production during the same period grew 12% YoY to 35.9 million pieces. Average realisation grew 4.7% YoY to | 136/piece compared to | 130/piece. ICICI Securities Limited continue to maintain future growth estimates. Consequently, the recent run up in the stock price entails a SELL rating with a target price of | 12000.

Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri Lanka, Nepal, Bangladesh and UAE till 2030. They broadly operate in premium men's innerwear; women's innerwear and leisure wear segments. Jockey enjoys high brand recall and they spend ~5% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. In the men's and women's segment, they have a market share of ~21% and ~12% respectively. They are also exclusive licensee of Speedo swimwear brand in India. Page has...

Page Industries' (PAG) 1QFY17 net sales grew 27.4% YoY (est. of +23%) to INR5.72b (Ind-AS) with 21.3% YoY volume growth. Demand revival has been healthy, according to management. EBITDA grew 8.8% YoY (est. of +21.9% YoY)...

Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri Lanka, Nepal, Bangladesh and UAE till 2030. They broadly operate in premium men's innerwear; women's innerwear and leisure wear segments. Jockey enjoys high brand recall and they spend ~5% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. In the men's and women's segment, they have a market share of ~21% and ~12% respectively. They are also exclusive licensee of Speedo swimwear brand in India. Page has...