DOCSLIB.ORG

Titan Company (TITIND)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Titan Company (TITIND) Titan Company (TITIND) CMP: | 1800 Target: | 2110 (17%) Target Period: 12 months BUY August 5, 2021 Strong business model to aid faster recovery… About the stock: Titan has transformed itself from a watch maker into an enviable lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust distribution network comprises 1900+ stores spread across 2.5mn sq. ft. Titan has consistently displayed its ability to gain market share amid a tough Particulars industry scenario owing to its robust balance sheet (30%+ RoCE and cash Particular Amount & investments worth | 2000+ crore) and strong brand patronage Market Capitalisation (| Crore) 1,59,801.5 Debt (FY21) (| Crore) 165.0 Update Result Q1FY22 Results: Covid induced lockdowns disrupted the performance for Titan in Cash & investments (FY21) (| Crore) 3,407.3 Q1FY22. Green-shoots were visible with strong pent-up demand from July onwards. EV (| Crore) 1,56,559.2 Revenue (excluding bullion sale) grew 120% YoY to | 3004 crore (~60% of 52 week H/L 1858 / 1048 pre-Covid levels). Reported revenue grew 75% YoY to | 3473 crore Equity Capital (| Crore) 88.8 Face Value (|) 1 Curtailment of marketing spends and overheads resulted in Titan reporting EBITDA margin of 3.9% vs. EBITDA loss of | 253 crore in Q1FY21 Shareholding pattern PAT was at | 18.0 crore vs. net loss of | 294 crore in Q1FY21 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 What should investors do? Titan has been an exceptional performer in the Promoter 52.9 52.9 52.9 52.9 52.9 discretionary space with stock price appreciating at ~34% CAGR in last five years. FII 17.6 18.1 18.6 18.1 18.4 DII 10.8 10.9 11.0 11.1 9.9 We continue to remain structurally positive and maintain BUY rating Others 18.7 18.2 17.5 17.9 18.8 Target Price and Valuation: We value Titan at | 2110 i.e. 60x FY24E EPS Price Chart Key triggers for future price performance: 2000 25000 1500 20000 Robust balance sheet and asset light distribution model has enabled it to 15000 1000 outpace peers in terms of store addition (to add ~35 Tanishq stores in FY22) 10000 500 Thrust on wedding space is bearing fruit with wedding jewellery becoming 5000 a critical growth driver and its share in overall jewellery revenue increasing 0 0 Apr-21 Apr-20 meaningfully Apr-19 Dec-18 Dec-19 Dec-20 Aug-19 Aug-20 Aug-21 Aug-18 Retail Equity Research Equity Retail Gradual recovery in studded ratio to aid margins, going forward Titan BSE 500 – With share of ~6%, Tanishq’s penetration is still at a very nascent stage in Key risks the Indian jewellery market. This provides immense opportunity for Titan to enhance its market share. Mandatory gold hallmarking would further (i) Extended lockdown can lower enhance market share gains from unorganised space sales (ii) Delay in expansion of store Working capital management has been a priority for the company with tight network control on inventory and higher focus on gold on lease replenishment. Research Analyst Securities ICICI Subsequently, the company has substantially improved its cash position Bharat Chhoda We bake in revenue, earnings CAGR of 20%, 47%, respectively, in FY21-24E [email protected] Cheragh Sidhwa Alternate Stock Idea: Apart from Titan, in our retail coverage we also like Trent [email protected] Inherent strength of brands (Westside, Zudio, Star, Zara) and proven business model position Trent as a key beneficiary of economic unlock BUY with a target price of | 1,060/share Key Financial Summary 5 year CAGR FY22E FY23E FY24E 3 year CAGR Financials FY20 FY21 (FY16-21) (FY21-24E) Net Sales 21,051.5 21,644.0 14.0 25,804.4 31,865.0 37,814.5 20.4 EBITDA 2,466.6 1,724.0 13.0 2,985.2 4,039.2 4,825.9 40.9 PAT 1,501.4 973.0 1,941.6 2,716.6 3,129.1 47.6 EPS (|) 16.9 11.0 21.9 30.6 35.2 P/E (x) 106.4 164.2 82.3 58.8 51.1 EV/Sales (x) 7.6 7.2 6.1 4.9 4.2 EV/EBITDA (x) 64.9 90.8 52.3 38.5 32.7 RoCE (%) 28.7 17.6 28.5 32.0 32.0 RoE (%) 22.5 13.0 21.4 24.1 23.0 Source: Company, ICICI Direct Research Result Update | Titan Company ICICI Direct Research Key takeaways of recent quarter & conference call highlights Jewellery division: As guided by the management in its pre-quarterly update, the jewellery division (excluding gold bullion sale) reported 115% YoY revenue growth (~63% recovery rate on base of Q1FY20). During the quarter, the company optimised excess inventory by selling excess raw gold worth | 424 crore (| 601 crore in Q1FY21). Overall jewellery sales were at | 3050 crore (up 67% YoY). Studded ratio was at 22% vs. 18% in Q1FY21, while share of gold coins halved to 7% in Q1FY22. Total store operational days were at 73%, 10% and 58% for April, May and June, respectively, and 47% for the quarter. With a gradual lifting of restrictions on stores, sales have bounced back sharply towards Q1 end with good momentum till date. The management indicated that underlying gross margins (excluding impact of ineffective hedging and bullion sale) in Q1FY22 were at the best levels in five quarters. EBIT margins for the jewellery division were at 6.5% (Q4FY21: 10.7%, Q1FY21: (-)3.0%). Robust performance in challenging times reaffirms our thesis of long term market share gains for Titan. Expect revenue recovery to pick up pace from Q3 onwards (festive season) and build in revenue CAGR of 20% in FY21-24E Watches & other divisions: Watches division reported 285% YoY growth (~40% of Q1FY20 base) to | 293 crore. The division witnessed rapid recovery in walk-ins with re-opening of stores, which was seen in only jewellery division last year. Total store operational days were at 70%, 24% and 51% for April, May and June, respectively. Eyewear division reported revenue growth of 123% YoY (45% of Q1FY20 base) to | 67 crore Reported gross margins improved 50 bps YoY to 22.4% but the management indicated that underling gross margins (excluding impact of ineffective hedging and bullion sale) was significantly better owing to favourable product mix. Sharp curtailment of expenses (marketing and other expenses down 51% and 38% QoQ, respectively) resulted in the company reporting EBITDA margins of 3.9% (I-direct estimate: 3.6%). The company reported EBITDA of | 137.0 crore. PBT for Q1FY22 was at | 39.0 crore (Q1FY21: loss of | 357 crore). Higher tax rate (53%) resulted in the company reporting PAT of | 18.0 crore (Q1FY21 loss of | 294 crore) Q1FY22 Earnings conference call highlights: Jewellery division: On demand trends, the first half of July has been better owing to higher number of wedding days while the second half of July was comparatively slower. The studded activation in July has seen good traction. Studded mix at retail level was 25% in Q1FY22 vs. 21% in Q1FY21 and 28% in Q1FY20. The recovery has been better but has not yet reached pre-Covid levels Titan’s wholly owned subsidiary Titan Commodity Trading started its operations and Titan has started hedging gold through its subsidiary. Titan has incorporated the subsidiary to reduce counter party risk in gold hedging and also save on costs related to gold hedging The company indicated that in the last two to three years Tanishq Jewellery stores have opened in many smaller towns. The sales per store is lower in smaller towns but the overall productivity and profitability is in line with majority of the store network. Titan has guided for 35 new store additions for FY22 On the region specific performance, Tamil Nadu has performed well for the company (gained market share). The company is doing a lot of localised activities in Uttar Pradesh, Bihar, Jharkhand and Odisha. Also, Titan is exploring a couple of other new markets but waiting for normalisation of trade scenario. In all these regions, the company is looking to provide the customer with state specific jewellery product design & customisations ICICI Securities | Retail Research 2 Result Update | Titan Company ICICI Direct Research On the competitive intensity front, the competition continues to be high with varied offers and discounting resorted to by competition. However, the company is not looking to participate in higher discounting and is likely to continue its focus on providing better products and customer service Titan considers compulsory hallmarking of gold to be beneficial for larger players as smaller players would need to increase their making charges. Lower difference in making charge between local players and Tanishq would enhance the desirability of Tanishq products. Also, product design capabilities and other customer service attributes would increase the affinity for branded jewellery players Other segments: The contribution of wearables to the watches division revenue is less than 5% of watches revenue. Wearables have been growing faster than watches while the recovery in wearables is also better than watches On the eyewear business front, the company is planning a rapid expansion of store network in seven to eight major cities along with entering new smaller towns and cities. The branding focus has shifted from eyewear to eye care On Taneira (ethnic wear and saree brand), the management indicated that it has aspirations of scaling the business significantly and is waiting for normalcy in trade scenario to push growth Despite various headwinds, Titan has, over the years, withstood challenges and emerged as a resilient player.
Load more

Recommended publications
  • Trent Hypermarket Ties up with Future Consumer Enterprise Ltd to Retail a Wide Range of Products ~A First of Its Kind Tie-Up
    Trent Hypermarket ties up with Future Consumer Enterprise Ltd to retail a wide range of products ~A first of its kind tie-up that aims to bring customers of Star Bazaar, a unique product-price proposition~ Mumbai, 3rd March, 2016: Star, a TATA & TESCO enterprise, has tied up with Future Consumer Enterprise Ltd. (FCEL), to launch a wide range of food and non-food products across Star Bazaar stores. Star Bazaar aims to launch close to 148 SKUs across 10 FCEL brands with a view to provide their customers a unique product price proposition. FCEL’s portfolio includes popular consumer brands in the food category like ‘Sunkist’, ‘Tasty Treat’, “Karmiq” “Desi Atta” and ‘Fresh & Pure’; while “Think Skin”, ‘Clean Mate’ and ‘Care Mate’ constitute the non-food category. The FCEL range will be made available across large format hypermarkets of Star Bazaar in its initial phase. While this alliance offers customers a unique advantage of accessing everyday products at a great price, the launch will also see exclusive offers and promotions for Star’s Club card loyalty members. This association aims to serve the customers an unmatched array of products and introduce services that will see the store as a one stop destination for all daily household needs. Speaking on the launch, Mr. Jamshed Daboo, Managing Director, Trent Hypermarket Ltd. said, “We are excited about our collaboration with Future Consumer Enterprise to retail their flagship brands. With this tie- up, we will be bringing our customers an extensive range of high quality food products and non-food merchandise. Our objective is to enhance our existing range and ensure we address the growing needs of customers to access unique products at affordable price points” Mr.
    [Show full text]
  • Presentation Title ( Arial, Font Size 28 )
    PresentationThe Tata Power Title (Company Arial, Font size Ltd. 28 ) Date, Venue, etc ..( Arial, January Font size 18 2013 ) …Message Box ( Arial, Font size 18 Bold) Disclaimer •Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to The Tata Power Company Limited’s general business plans and strategy, its future outlook and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in The Tata Power Company Limited’s business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. •This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any Shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of The Tata Power Company Limited’s Shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the Shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Tata Power Company Limited. •The Company, as such, makes no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein.
    [Show full text]
  • Titan Company Limited Jewellery Business Back on Track
    Titan Company Limited Jewellery business back on track Powered by the Sharekhan 3R Research Philosophy Consumer Discretionary Sharekhan code: TITAN Result Update Update Stock 3R MATRIX + = - Summary Right Sector (RS) ü Titan’s standalone business recovered to 89% (consolidated recovered to 98%) with the jewellery business growing by 9% in Q2FY2021; watches and eyewear Right Quality (RQ) ü business recoveredto 56% and 61%, respectively. Consolidated OPM declined 433 bps to 6.9%, affected by hedging loss and lower operating leverge. Operating profit was down 40% to Rs. 313 crore. Right Valuation (RV) ü Higher demand during the festive season and improving wedding demand will help Titan post sustained recovery in the jewellery business going ahead. + Positive = Neutral - Negative We have fine-tuned our estimates for FY2021 to factor in lower-than-expected OPM. We have maintained them for FY2022/FY2023E. We maintain Buy with a Reco/View Change revised PT of Rs. 1,350. Reco: Buy Titan Company’s (Titan) consolidated revenue decreased by 2.3% to Rs. 4,553 crore as against our expectation of Rs. 4175.7 crore. This is including the gold-ingots sale of CMP: Rs. 1,218 Rs. 391 crore. Revenue of the jewellery business grew by 9%, while watches and eye wear businesses recovered to 56% and 61%, respectively, in Q2 (both the businesses Price Target: Rs. 1,350 á recovered to 70% each in September 2020). Operating profit margin (OPM) decreased by 433 bps to 6.9% as against our expectation of 7.5%. During the quarter, the company á Upgrade Maintain â Downgrade has recognised loss of Rs.
    [Show full text]
  • In Every Relationship Titan Company Limited
    IN EVERY RELATIONSHIP TITAN COMPANY LIMITED ANNUAL REPORT 2017-18 Announcement We are taking our first steps to move ANNUAL REPORT to Integrated Reporting in line with our continuous commitment to 2017-18 voluntarily disclose more information to our stakeholders on all aspects of our business. Accordingly, we have introduced key content elements of Integrated Reporting <IR> aligned to the Integrated Reporting Council Framework (IIRC) and as per SEBI’s circular dated 6 February 2017. We will add more IR content elements over the years as we move towards a complete <IR>. It is possible that some IR related data Contents are management estimates. Reporting Principle Financial Statements About TItaN The financial and statutory data presented in this Report is in line with 02 Financial Highlights Standalone Financial the requirements of the 03 Operating Context Statements Companies Act, 2013 (including 04 The Titan Journey 116 Independent the Rules made thereunder), Indian 06 Titan Today Auditor’s Report Accounting Standards, the Securities 08 Business Review 112 Balance Sheet and Exchange Board of India 18 Journey towards 113 Profit & Loss Account (Listing Obligations and Disclosure Integrated Reporting 115 Cash Flow Statement Requirements) Regulations, 2015 and 26 Engaging with 117 Significant accounting the Secretarial Standards. our Stakeholders policies 28 Outlook and Opportunities 130 Notes to Financial The non-financial section of the Report 30 People and Culture Statements is guided by the framework of the 31 Leadership Development International Integrated Reporting 32 Purity of Intent Consolidated Financial Council (IIRC), Securities and Exchange Statements 34 Board Of Directors Board of India and Principles of 130 AOC-1 36 Awards National Voluntary Guidelines on 169 Independent Auditor’s social, environmental and economic Report responsibilities of business.
    [Show full text]
  • Scrip Name ISIN Scrip Type Margin % 3M INDIA LTD INE470A01017
    Scrip Name ISIN Scrip Type Margin % 3M INDIA LTD INE470A01017 Multiple Scrip 50 AARTI DRUGS LTD INE767A01016 Multiple Scrip 50 AARTI INDUSTRIES LTD INE769A01020 Multiple Scrip 50 ABB INDIA LIMITED INE117A01022 Multiple Scrip 40 ABBOTT INDIA LTD INE358A01014 Multiple Scrip 50 ACC LTD INE012A01025 Multiple Scrip 40 ACCELYA KALE SOLUTIONS LIMITD INE793A01012 Multiple Scrip 50 ADANI ENTERPRISES LTD INE423A01024 Multiple Scrip 40 ADANI GAS LIMITED INE399L01023 Multiple Scrip 40 ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD INE742F01042 Multiple Scrip 40 ADANI POWER LTD INE814H01011 Multiple Scrip 40 ADITYA BIRLA CAPITAL INE674K01013 Multiple Scrip 50 ADITYA BIRLA FASHION AND RETAIL LTD INE647O01011 Multiple Scrip 50 ADVANCED ENZYME TECH INE837H01020 Multiple Scrip 50 AEGIS LOGISTICS LTD INE208C01025 Multiple Scrip 50 AGRO TECH FOODS LTD INE209A01019 Multiple Scrip 50 AHLUWALIA CONTRACTS (INDIA) LTD INE758C01029 Multiple Scrip 50 AIA ENGINEERING LTD INE212H01026 Multiple Scrip 50 AJANTA PHARMA LTD INE031B01049 Multiple Scrip 50 AJMERA REALTY and INFRA INDIA LTD INE298G01027 Multiple Scrip 50 AKZO NOBEL INDIA LIMITED INE133A01011 Multiple Scrip 50 ALBERT DAVID LTD INE155C01010 Multiple Scrip 40 ALEMBIC LTD INE426A01027 Multiple Scrip 50 ALEMBIC PHARMACEUTICALS LTD INE901L01018 Multiple Scrip 50 ALLAHABAD BANK INE428A01015 Multiple Scrip 50 ALSTOM TD INDIA LTD INE200A01026 Multiple Scrip 50 AMARA RAJA BATTERIES LTD INE885A01032 Multiple Scrip 50 AMBUJA CEMENTS LTD INE079A01024 Multiple Scrip 40 AMRUTANJAN HEALTH CARE LIMITED INE098F01031 Multiple
    [Show full text]
  • Presentation Title ( Arial, Font Size 28 )
    PresentationThe Tata Power Title (Company Arial, Font size Ltd. 28 ) Date, Venue, etc ..( Arial, September Font size 18 ) 2013 …Message Box ( Arial, Font size 18 Bold) Disclaimer •Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to The Tata Power Company Limited‟s general business plans and strategy, its future outlook and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in The Tata Power Company Limited‟s business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. •This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any Shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of The Tata Power Company Limited‟s Shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the Shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Tata Power Company Limited. •The Company, as such, makes no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein.
    [Show full text]
  • John Hancock Emerging Markets Fund
    John Hancock Emerging Markets Fund Quarterly portfolio holdings 5/31/2021 Fund’s investments As of 5-31-21 (unaudited) Shares Value Common stocks 98.2% $200,999,813 (Cost $136,665,998) Australia 0.0% 68,087 MMG, Ltd. (A) 112,000 68,087 Belgium 0.0% 39,744 Titan Cement International SA (A) 1,861 39,744 Brazil 4.2% 8,517,702 AES Brasil Energia SA 14,898 40,592 Aliansce Sonae Shopping Centers SA 3,800 21,896 Alliar Medicos A Frente SA (A) 3,900 8,553 Alupar Investimento SA 7,050 36,713 Ambev SA, ADR 62,009 214,551 Arezzo Industria e Comercio SA 1,094 18,688 Atacadao SA 7,500 31,530 B2W Cia Digital (A) 1,700 19,535 B3 SA - Brasil Bolsa Balcao 90,234 302,644 Banco Bradesco SA 18,310 80,311 Banco BTG Pactual SA 3,588 84,638 Banco do Brasil SA 15,837 101,919 Banco Inter SA 3,300 14,088 Banco Santander Brasil SA 3,800 29,748 BB Seguridade Participacoes SA 8,229 36,932 BR Malls Participacoes SA (A) 28,804 62,453 BR Properties SA 8,524 15,489 BrasilAgro - Company Brasileira de Propriedades Agricolas 2,247 13,581 Braskem SA, ADR (A) 4,563 90,667 BRF SA (A) 18,790 92,838 Camil Alimentos SA 11,340 21,541 CCR SA 34,669 92,199 Centrais Eletricas Brasileiras SA 5,600 46,343 Cia Brasileira de Distribuicao 8,517 63,718 Cia de Locacao das Americas 18,348 93,294 Cia de Saneamento Basico do Estado de Sao Paulo 8,299 63,631 Cia de Saneamento de Minas Gerais-COPASA 4,505 14,816 Cia de Saneamento do Parana 3,000 2,337 Cia de Saneamento do Parana, Unit 8,545 33,283 Cia Energetica de Minas Gerais 8,594 27,209 Cia Hering 4,235 27,141 Cia Paranaense de Energia 3,200
    [Show full text]
  • S.No. NAME of APPLICANT IEC NO. 1 IBM INDIA PRIVATE LIMITED 0797006486 2 MAGSONS EXPORTS 0588055743 3 SHAHI EXPORTS PRIVATE LIMI
    AEO T2 CERTIFIED ENTITIES S.No. NAME OF APPLICANT IEC NO. 1 IBM INDIA PRIVATE LIMITED 0797006486 2 MAGSONS EXPORTS 0588055743 3 SHAHI EXPORTS PRIVATE LIMITED 0588085481 4 NIPPON PAINT INDIA PRIVATE LIMITED 0505090619 5 DANFOSS INDIA PRIVATE LIMITED 0598045848 6 HONDA CARS INDIA LIMITED 0595049338 7 ANUPAM COLOURS PRIVATE LIMITED 0301012610 8 BOSCH AUTOMOTIVE ELECTRONICS INDIA PRIVATE LIMITED 0708022308 9 BOSCH LIMITED 0788000314 10 VELANKANI ELECTRONICS PRIVATE LIMITED 0715009729 11 FERRERO INDIA PRIVATE LIMITED 0707029953 12 SIEMENS LIMITED 0388070005 13 ENCUBE ETHICALS PRIVATE LIMITED 0396057993 14 NESTLE INDIA LIMITED 0588000531 15 3M INDIA LIMITED 0793012112 16 BIOLOGICAL E. LIMITED 0988000229 17 TOYOTA KIRLOSKAR MOTOR PRIVATE LIMITED 0797012451 18 MICROMAX INFORMATICS LIMITED 0503028665 19 3M ELECTRO & COMMUNICATION INDIA PRIVATE LIMITED 0493021329 20 DELL INTERNATIONAL SERVICES INDIA PRIVATE LIMITED 5196000691 21 EMBARKATION HEADQUARTERS 0307061281 22 USHODAYA ENTERPRISES PRIVATE LIMITED 0988001071 23 LENOVO INDIA PRIVATE LIMITED 0705001091 24 KUNDAN CARE PRODUCTS LIMTED 0504074008 25 INA BEARINGS INDIA PRIVATE LIMITED 3197032462 26 SCHNEIDER ELECTRIC INDIA PRIVATE LIMITED 0595007317 27 ORDNANCE FACTORY BOARD MUMBAI OFFICE MINISTRY OF DEFENCE 0307084434 28 JABIL CIRCUIT INDIA PRIVATE LIMITED 0302051139 29 KASTURI AND SONS LIMITED 0488007542 30 POPPYS KNITWEAR PRIVATE LIMITED 0488013011 31 ASTRA MICROWAVE PRODUCTS LIMITED 0991002300 32 CATERPILLAR INDIA PRIVATE LIMITED 0400023067 33 HP INDIA SALES PRIVATE LIMITED 0798008300 34 GUJARAT
    [Show full text]
  • Program Committee 6:30 Pm – 9:30 Pm Shoes
    2862_AM_fin_prog_cover_v1.qxd 2/7/08 4:28 PM Page 1 Advanced Aromatics, LP Afton Chemicals Corporation Air Products and Chemicals, Inc. Albemarle Corporation Alon USA, LP American Ref Group, Inc. Arkema Ashland, Inc. Baker Petrolite Corporation Basell North America BASF Corporation BAYER BOC GROUP Border Refinin pany BP Chemicals BP p.l.c. Cabot Corporation Calcasieu Refining Company Calumet Lubricants Celanese Ltd. Chevron Corporation Chev Phillips Chemical Company LP CHS Inc. CITGO Petroleum Corporation Coffeyville Resources LLC ConocoPhillips Countrymark Co-op Ass Criterion Catalysts & Technologies Cross Oil Refining & Marketing, Inc. Cytec Industries Delek Inc.San Deltech Diego, Corporation CA The Dow Chemical pany E.I. DuPont de Nemours & Co. Eastman Chemical Company Enterprise Products Ergon, Inc. Exxon Mobil Corporation ExxonMobil Ch Co. Flying J Inc. Formosa Plastics Corporation, USA Frontier Oil Corporation Gary-Williams Energy Corporation GE Plastics GE Water & Pr Technologies Georgia Gulf Giant Industries, Inc. Grace Davison Hess Corporation Holly Corporation Honeywell Inc. HOVENSA LLC Hunt R Company Huntsman Company LLC INEOS Kinder Morgan Koch Industries Lion Oil Company Lubrizol Corporation Lyondell Chemical Com LYONDELL-CITGO Refining, LP Marathon Petroleum Company LLC Merichem Company Montana Refining Company Motiva Enterprises L Murphy Oil USA, Inc. Nalco Company National Cooperative Refinery Assoc. NOVA Chemicals Corporation Occidental Chemical Corporation Chlor Alkali Products Pasadena Refining System, Inc. Placid Refining Company PPG Industries, Inc. Rohm and Haas Company Safety-Klee Corporation Sasol North America Shell Chemical Company Sinclair Oil Corporation Solutia Inc. Sonneborn, Inc. South Hampton Resources Chemicals Suncor Energy Inc. Sunoco Inc. Tesoro Corporation Texas Petrochemicals LP TOTAL Trigeant, Ltd. U.S.
    [Show full text]
  • Corporate Governance Scores S&P BSE 100 Companies
    Corporate Governance Scores S&P BSE 100 companies Technical Partner Supported by the Government of Japan January 2018 TABLE OF CONTENTS Foreword 2 1 Introduction 4 2 SENSEX Trends 6 3 S&P BSE 100 Findings 8 4 Conclusion 12 5 Annexures 13 6 1 1. FOREWORD Vladislava Ryabota Regional Lead for Corporate Governance in South Asia, IFC Welcome to this second report on the Indian Corporate Governance Scorecard, developed jointly by the BSE, IFC and Institutional Investor Advisory Services (IiAS), with the financial support of the Government of Japan. The goal of a scorecard is to provide a fair assessment of corporate governance practices at the corporate level. This, in return, gives investors, regulators and stakeholders key information to help them in their decisions with regards to such companies. Since we started this journey in India, with our first scorecard issued in December 2016, a lot of dynamic changes have been set in motion. For instance, the scorecard of 2016 scored 30 companies, and now we have a 100 in this year’s edition. We were also happy to notice that several best practice requirements, covered by the scoring methodology, have been recommended by the Kotak Committee, formed in 2017 at the initiative of the Securities and Exchange Board of India. Changes have also taken place at the regulatory level to incite investors to take a more active role at Annual General Assemblies and vote in order to bring positive changes in the practices of their investee companies. All these changes form part of an overall dynamic aimed at helping the private sector raise its visibility in India and throughout the world and IFC is proud to be a solid partner and actor to this initiative.
    [Show full text]
  • Titan Company Limited Recovery in Jewellery Business to Drive Earnings Growth
    Titan Company Limited Recovery in jewellery business to drive earnings growth Powered by the Sharekhan 3R Research Philosophy Consumer Discretionary Sharekhan code: TITAN Company Update Update Stock 3R MATRIX + = - Summary Right Sector (RS) ü We maintain our Buy recommendation on Titan with a revised PT of Rs. 1,910. It Right Quality (RQ) ü remains one of our top picks in the discretionary space due to a strong balance sheet and dominance in the branded jewellery space. Right Valuation (RV) ü The company expects strong recovery in pent-up demand especially in the jewellery + Positive = Neutral - Negative segment in H2FY2022; Ticket size is also expected to go up due to higher wedding spends shifted towards jewellery buying. What has changed in 3R MATRIX Titan has a market share of 5-6% in the jewellery market. Sustained new customer addition, strong safety standards followed by the company, omni channel platform, Old New and new product launches would help market share to improve ahead. RS Balance sheet strength will help it to compete well with strong regional and large players in the domestic market. RQ Titan Company Limited’s (Titan) market share in the jewellery market improved to 6% RV from 4% in the last four years. Improvement in market share is largely due to strong addition of new customers every year. Around 45% of sales of the jewellery business is Reco/View Change contributed by new customers. Uncertainty in business led by frequent lockdowns had huge impact on small jewellers cash flows. This led to large shift of customers to top Reco: Buy brands such as Tanishq (by Titan) in recent times.
    [Show full text]
  • Titan Company Ltd January 18, 2019
    Titan Company Ltd January 18, 2019 Analyst: Kunal Bhatia (022) 67141442 Associate: Nidhi Babaria (022) 67141450 : Initiating Coverage @ Dalal & Broacha ACCUMULATE Indian weddings to keep jewellery demand stable with ~6% CAGR: On an average it is estimated ~8- 10mn weddings happen in India with an average spend of Rs. ~2lac on Bridal Jewellery. Bridal Current Price 955 Jewellery account for 55% of domestic jewelry sales (as per world gold council report). Indian 52 Week Range 1,006/731 domestic bridal jewelry currently at Rs. 2,722bn is expected to grow to Rs. 3,570bn by FY23. Further, Target Price 1062 by FY23 the Industry expects i) 1.4% CAGR in gold volume ii) 3% CAGR in gold realization (last 33 years Upside 11% CAGR has been at 4.09% in USD) and iii) 5.6% CAGR in domestic jewelry. Titan will increase its wedding jewelry share to 50% by FY23 from 35% (of entire Plain Jewellery at 70%) in FY18. Key Share Data Tanishq to double its market share to 10% by FY23: This will be achieved through i) narrowing of Market M M Market Cap (Rs.bn) 852.18 making charges in unorganized and organized sector; due to compliance in Hallmarking and GST and Market Cap (US$ mn) 11975.63 ii) Increasing brand presence; Tanishq has guided to open 40-45 stores in FY19, with a target to reach 400 stores in 250 towns by FY23 from 253 stores in 150 towns currently (adding ~150 stores in 100 No of o/s shares (mn) 887 new towns over FY18-23).This would give ~8% CAGR in stores over FY18-FY23 (assuming new store Face Value 1 average area per store ~3972sq ft).
    [Show full text]