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Company Update: MIRC Electronics Ltd - BUY - TP Rs.32 - Kotak

Posted On: 2018-09-18 14:39:18

In our meeting with MIRC Electronics, the management indicated that it has streamlined workforce in the earlier year and is now focusing on brand building and contract manufacturing for OEMs

Key Highlights

- While the growth in room AC segment has been subdued due to excess inventory in the system, the washing machine sales are growing at a brisk pace.

- The company has received orders for contract manufacturing of LED TVs from a domestic conglomerate.

- The management is expecting more of such deals to fructify in the future.

Valuation and Outlook

- MIRC is trading at 30.4x and 16x FY19E and FY20E earnings respectively. The stock's valuation is at a discount to peers in the consumer durables space. One of the reasons being weak earnings numbers in recent quarters.

- We remain positive on the consumer durables demand growth story in India and in view of the adequate upside to our unchanged target price of Rs 31 (at 18x FY20E), move rating to BUY (Accumulate earlier).

Shares of MIRC ELECTRONICS LTD. was last trading in BSE at Rs.28.15 as compared to the previous close of Rs. 28.2. The total number of shares traded during the day was 13154 in over 142 trades.

The stock hit an intraday high of Rs. 29.4 and intraday low of 27.45. The net turnover during the day was Rs. 375057.


Source: Equity Bulls

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