Скачать или смотреть Stocks 'Pick of the Week' | Minda Corp- 12th March, 2018- AxisDirect

#WeeklyStockRecommendation.
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Every Monday, we bring you a fundamental stock ideas through our “Pick of the Week” report.
In an ever-changing business environment, some of our investment ideas seem more convincing than others due to better earning visibility and/or attractive valuation. Every week we bring you such fundamental stock ideas through our “Pick of the Week” report.
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POW: Tata Motors
-- We shift focus to volume growth given a strong model cycle – Velar ramp-up, mid-cycle refresh RR/RR Sport (with plug in hybrid variants), and E-Pace over next 12-15 months.
-- Target EBIT margin: The company plans to maintain EBIT margin in the range of 8-10% (5% this quarter), as positive operating leverage and lower realized forex losses improve the margin
-- CV volume/ pricing outlook: Management indicated infra push and recovery in economy shall drive MHCV volumes for FY18 and beyond. Its SCR technology has been well accepted and should drive market share gains.
-- Hedging losses: Based on its hedge book, there is an additional GBP 1.1 bn worth of realized losses in the balance sheet (assuming currency stays where it is), of which GBP 800 mn would be realized over the next 12 months. The management expects hedging losses to start coming down from Q4FY18
-- We maintain a BUY with a target of Rs 452.
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