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Maruti Suzuki India Ltd Research Report - 07th Nov 2016

Automobile | Published on Nov 07th 2016

IT

Maruti Suzuki reported strong Q2FY2017 numbers with expansion in margins. We assume double digit revenue growth in our forecast over strong demand in domestic markets and high production abilities after commissioning of Gujarat plant in Q4FY2017E. Given the new launches, lower petrol prices and its strong brand, MSIL is expected to gain market share due to product mix favoring Petrol as fuel. However, MSIL’s margins are likely to show some weakness in next two years due to the higher fixed costs arising after commissioning of Gujarat plant as well as logistics expenses as its vendors are yet to move to Gujarat. Rising commodity prices are also expected to show some negative effects on its margins. At CMP, MSIL is trading at P/E of 27x and 22x its FY2017E and FY2018E earnings respectively. We value MSIL on 23x of its FY2018E EPS of `261 with a target price of Rs6,006 with Accumulate rating on the stock.

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Accumulate

CMP 5,715
Target Price 6,006
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)Array
MCAP NSE (Rs in Cr)Array
P/E (x)Array
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Shareholding Pattern (%)

Promoter56.0
Foreign25.0
Institution12.0
Corporate4.0
Public & Others3.0
Grand Total100.0

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