Jefferies says chip shortages, rising metal prices and weaker SUV presence are hurting the company but 2022 should be better for India’s biggest car-maker
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Maruti Suzuki India share price was trading in the green on October 5 after global research firm Jefferies maintained a “buy” call on the stock, with the target at Rs 8,600 a share, an upside of 18 percent.
The research firm said chip shortages, rising metal prices and weaker SUV presence were hurting the company but it expected a better 2022, CNBC-TV18 said.
“Passenger vehicle (PV) demand is already strong and replacement cycle should provide another boost. The fall in metal prices along with continued price hikes should revive margin,” it said.
“The auto major is likely to launch a new SUV next year adding and the product cycle should strengthen as key models get upgraded.”
Also read: Despite chip shortage, brokerages expect double-digit volume growth in FY22
Jefferies has, however, cut FY22 EPS estimate by 21 percent while retained those for FY23.
At 13.03 pm, Maruti Suzuki was trading at Rs 7,260.75, up Rs 82.35, or 1.15 percent. It has touched an intraday high of Rs 7,298.65 and an intraday low of Rs 7,155.30.
The share touched its 52-week high of Rs 8,400 on January 13, 2021 and a 52-week low of Rs 6,301.20 on February 24, 2021. The company’s market capitalisation stands at Rs 219,332.78 crore.
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As the semiconductor shortage continues to bite, Maruti Suzuki and its sister company said they would resort to production cuts.
The Indians car market leader said total production at all its manufacturing units will be 60 percent of the normal production in October. This is a slight improvement over the 40 percent production level seen in the previous.
For September and October, the carmaker will see an average of 50 percent cut in production.
Domestic brokerage firm Motilal Oswal expects the commercial vehicle cycle to recover and gain momentum towards 2HFY22E. Maruti is one of its top OEM picks.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
