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Company Update: Maruti Suzuki India Limited (MSIL) - BUY - TP Rs.9061 - Kotak

Posted On: 2017-09-25 10:11:44

MSIL's sales volume performance remains strong and ahead of competition. MSIL's market share in the domestic passenger car market stands increased from share from 47.4% in FY17 to 50.9% in FY18 (April-August). Some of the company's new products continue to command strong waiting. High waiting period coupled with production capacity constraints provide the company an opportunity to improve its product-mix. Demand for passenger vehicle is expected to grow at healthy pace in FY18/FY19. To improve customer experience, the company is rebranding its existing sales channel to Maruti Suzuki ARENA. Expected strong volume growth coupled with healthy EBITDA margin is expected to translate in robust earnings growth for the company. We increase our estimates to factor in marginal increase in sales volume and positive change in product mix. We revise our target price upwards to Rs9,061 (earlier Rs8164) and upgrade the stock to BUY.

Shares of MARUTI SUZUKI INDIA LTD. was last trading in BSE at Rs.7952.8 as compared to the previous close of Rs. 8074.55. The total number of shares traded during the day was 129664 in over 3517 trades.

The stock hit an intraday high of Rs. 8089.95 and intraday low of 7861.25. The net turnover during the day was Rs. 1029198345.


Source: Equity Bulls

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