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VIP Industries - Travelling smart on the luggage track: Angel Broking

Posted On: 2017-03-08 11:48:09

Views of Mr. Amarjeet Maurya (Sr. Research Analyst- Mid Caps, Angel Broking):

"Going ahead, we expect VIP to report a top-line CAGR of ~12% over FY16-19E to ~INR 1,693cr on the back of diversified product portfolio (catering to customers from all segments), and strong distribution network with high brand recall. Further, GST implementation will also boost the volume of branded sales. We also believe that VIP's bottom-line is set to grow at a CAGR of ~18% over FY16-19E as its operating margins are likely to sustain at the current levels (improved 140bp during 9MFY17) due to high bargaining power over Chinese suppliers due to their overcapacity and the weak Chinese currency vs. stable rupee which will keep RM cost the current lower levels. VIP trades at a P/E of 19.6x its FY19E EPS. We Initiate Coverage on the stock with a BUY recommendation and Target Price of INR 180 (23x FY19E EPS), indicating an upside of ~17% from the current levels."

Shares of V.I.P.INDUSTRIES LTD.-$ was last trading in BSE at Rs.150.5 as compared to the previous close of Rs. 153.2. The total number of shares traded during the day was 29248 in over 1245 trades.

The stock hit an intraday high of Rs. 156.3 and intraday low of 148.1. The net turnover during the day was Rs. 4444758.

Source: Equity Bulls

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