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Buy Titan Company; target of Rs 1320: Sharekhan

July 10
18:25 2019

Sharekhan’s research report on Titan Company

Titan registered moderate revenue growth of 13% in its jewellery business (vs. our expectation of 16%) as higher gold prices affected Q1FY2020 demand. Other key businesses such as watches and eyewear delivered strong performance by achieving 19% and 13% growth, respectively. We have cut FY2020/FY2021 estimates by 7% and 4%, respectively, to factor in lower growth in the jewellery division and lower margins.

Outlook

The stock has corrected by 12%, factoring near-term headwinds; we maintain Buy with a revised PT of Rs. 1,320, as the long-term growth story remains intact.

For all recommendations report, click here

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