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Dixon Technologies Ltd INSTITUTIONAL EQUITY RESEARCH Dixon Technologies Ltd Piggybacking on the consumer durable story INDIA | MID- CAP | IPO Note 6 September 2017 Dixon Technologies (Dixon) is the largest home-grown design-focused and solutions SUBSCRIBE company engaged in manufacturing of consumer durables, lighting and mobile phones. It also provides solutions in reverse logistics i.e. repair and refurbishment. The company is COMPANY DATA leading manufacturer of lighting products (CFL & LED), FPD TVs and semi-automatic ISSUE OPENS 06-September-2017 washing machines with market share of 39%, 50% and 43% respectively in India. Dixon is ISSUE CLOSES 08-September-2017 one of the most profitable companies in the domestic consumer durable manufacturing PRE- ISSUE EQUITY SHARES 11.0mn - LOWER BAND Rs 1760 industry. In FY17, its revenues/EBITDA/PAT was Rs 24.5bn/922mn/504mn, with strong - UPPER BAND Rs 1766 balance sheet (D/E 0.2x) and cash flow – having ROCE and ROE of 32% /26% with FCF PRICE BAND Rs 1760 - 1766 generation of Rs 170mn. - FRESH ISSUE 0.34mn - OFS 3.1mn NO OF SHARES TO BE ISSUED 3.4mn About company RETAIL AND EMPL SHARE (%) 35% Incorporated in January 15, 1993, Dixon – is fully integrated end to end product and ISSUE SIZE Rs 5.97-6bn POST- ISSUE EQUITY SHARES 11.3mn solution. Its services range from global sourcing, manufacturing, quality testing and MKT CAP Rs 19.9-20bn packaging. The company has six state-of-the-art manufacturing units in Noida and Dehradun. It has in-house capability for panel assembly, PCB assembly, wound components, sheet metal and plastic moulding. IPO rationale: Raising funds for offer for sale & capex Consolidated Financials FY14 FY15 FY16 FY17 Dixon is raising Rs 6.0bn through this IPO offer from sale by Strategic investors & promoter Y/E Mar, Rs mn Net Sales 10,937 12,013 13,894 24,568 (Rs 5.4bn), to meet part of its capex requirement (Rs 271mn) and repayment of debt (Rs Operating Profit 260 322 588 907 220mn). At the IPO price band of Rs 1760‐1766, the stock trades at 40x FY17 PE. PAT 136 119 427 504 RoCE(%) 13.7 15.4 24.8 32.1 ROE(%) 18.4 14.0 34.7 25.5 Key strengths: P/E@Rs 1,766 147.2 168.7 46.9 39.7 Market leader in key product verticals Healthy relationship with top-tier customers One Stop Shop - End to End solution provider Improving margins through 1) New product addition 2) focussing more on ODM Increasing reverse logistics - Higher potential & healthy return ratios Improving Product base with existing and new customers Strong balance Sheet and Cash flows Key risks 1) Dependency on few customers (Top two customers contribute ~59% of revenue – Panasonic~38% & Philips~20%) 2) Low entry barriers and lower bargaining power from customer 3) Volatility in commodity prices Our view: The company has a strong business model with healthy balance sheet and cash flow. It has reported revenue and earning CAGR of 34% and 78% over FY13 to FY17. With increasing product portfolio and services (Camera, reverse logistics) and margin improvement (backward integration in mobile phone, increasing ODM share), we expect a revenue and PAT CAGR of 16%/33% over next 2 years (FY17 to FY19). At upper band of the price Rs 1,766 stock is at PE of 26x/23x/ discounting FY18 and FY19 numbers and generating FCF of ~ Rs 950mn (over next 2 year) with the strong ROCE and ROE of 30%/21% in FY19e. We like the business model (lower working capital, higher return ratios) as well as the company is well placed to capitalize the growing consumption pattern Deepak Agarwal (+ 9122 6246 4112) in consumer durables and appliances. We recommend “Subscribe”. [email protected] Page | 1 | PHILLIPCAPITAL INDIA RESEARCH DIXON TECHNOLOGIES IPO NOTE About the IPO Issue size of Rs 5.9 – 6.0bn with 3.4mn shares at a price band of Rs 1760‐1766 per share. Issue includes 3.1mn shares offered for sale by strategic investors, promoter & management and fresh issue of 0.3mn shares. Market capitalisation at price band: Rs 19.9‐20.0bn. Dixon - Issue details ISSUE OPENS 06-September-2017 ISSUE CLOSES 08-September-2017 PRE- ISSUE EQUITY SHARES 11.0mn - LOWER BAND Rs 1760 1 - UPPER BAND Rs 1766 PRICE BAND Rs 1760 - 1766 - FRESH ISSUE 0.34mn - OFS 3.1mn NO OF SHARES TO BE ISSUED 3.4mn RETAIL AND EMPLOYEE SHARE (%) 35% ISSUE SIZE Rs 5.97-6bn POST- ISSUE EQUITY SHARES 11.3mn MKT CAP Rs 19.9-20bn Source: RHP, PhillipCapital India Research Share holding pattern Pre-issue Share holding pattern post-issue Other public Management 32% & others Promoters 25% 46% Promoters 39% Strategic invetors Management Strategic 29% & others invetors 18% 11% Source: RHP, PhillipCapital India Research Of the Rs 600mn proceeds from the fresh issue, Rs 220mn will be utilised for debt payment, Rs 76mn for setting up LED facility at Tirupati and Rs 106mn for upgrading IT infra. Net proceeds will be used for Rs mn FY18 FY19 Total Repayment of borrowings 220 - 220 Manufacturing facility of LED TVs at the Tirupati 76 - 76 Enhancement lighting products at Dehradun 89 - 89 Upgrading IT infra. 53 53 106 General corporate purposes * 109 - 109 Total 547 53 600 Source: RHP, PhillipCapital India Research, Note: On Upper band of Rs 1766, * Balancing Amount Page | 2 | PHILLIPCAPITAL INDIA RESEARCH DIXON TECHNOLOGIES IPO NOTE About - Dixon Technologies Ltd Company incorporated in 1993, in 1994, commenced manufacturing of consumer Indian EMS/ODM Market electronics such as colour televisions. In 2007, commenced manufacturing of LCD TVs and subsequently progressed into manufacturing of LED TVs in 2010. Dixon entered 600 EMS/ODM (Rs bn) the lighting products in 2008 with the manufacturing of CFL products and gradually increased its product portfolio to LED products in 2016. In 2010, started 500 manufacturing of semi-automatic washing machines. Company also started providing 400 reverse logistics services in 2008. Recently entered into manufacturing of mobile 300 phones through a JV. Company has continuously diversified its product portfolio to keep pace with changing consumer trends and development in technology. 200 100 Company’s diversified product portfolio includes (i) consumer electronics (like LED 0 TVs); (ii) home appliances (like washing machines); (iii) lighting products (like LED bulbs and tubelights, downlighters and CFL bulbs); and (iv) mobile phones. FY13 FY14 FY15 FY16 FY17 FY18e FY19e FY20e FY21e Key customers include Panasonic India P Ltd, Philips Lighting I Ltd, Haier Appliance (I) Pvt. Ltd., Gionee, Surya Roshni Limited, Reliance Retail Limited, Intex Technologies (I) Dixon – has highest market share in Ltd., Mitashi Edutainment Pvt. Ltd., Dish Infra Services Private Limited. Indian EMS: Dixon majorly operates under 2 business model: 1. OEM – Original Equipment Manufacturers Jabil 13% Dixon 2. ODM – Original Design Manufacturer 9% Others 66% In OEM, the company is fully integrated end-to-end product and solution provider. SFO 7% Ranging from global sourcing, manufacturing, quality testing, assembling and packaging to logistics. This segment contributes to ~78% of revenue and has an Elin EBITDA margin of ~2%. 3% PG Electrop Dixon is a leading (ODM) for lighting products, LED TVs and semi-automatic washing last machines in India. As an ODM, Company develop & design products in-house (has 2% strong R&D team of 27 employees), manufacture and supply these products to well- Source: RHP, PhillipCapital India Research Note: known companies in India who in turn distribute these products under their own EMS - Electronic Manufacturing Services brands. This segment has a revenue of Rs 5.4bn (22% of sales) and has healthy EBITDA margin of 9%. OEM - Revenue Share ODM – Revenue Share Home appliances Lighting products Consumer electronics Lighting products 20,000 6,000 Consumer electronics Mobile phones 18,000 16,000 5,000 1,880 14,000 8,107 4,000 12,000 1,306 10,000 200 3,000 3,010 2,632 2,568 8,000 2,969 2,498 2,000 6,000 2,614 1,727 4,000 1,067 7,428 7,000 7,449 1,000 849 6,382 516 2,000 3,981 108 374 701 996 534 601 327 0 0 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 Source: RHP, PhillipCapital India Research In line with focus to provide end to end product solutions, Company has backward integrated its major manufacturing processes by developing in-house capabilities in plastic moulding products, sheet metal products, wound components and LED panel assembly. With this company has improved its cost efficiency, reduces dependency Page | 3 | PHILLIPCAPITAL INDIA RESEARCH DIXON TECHNOLOGIES IPO NOTE on third party suppliers and gives better control on production time and quality of critical components used in the manufacturing of products. Dixon – Product Wise detail break up: (Home Appliances & Reverse logistics has higher profitability) Products Consumer Electronic HOME APPLIANCES LIGHTING PRODUCTS MOBILE PHONES* REVERSE LOGISTICS Installed Capacity (Units) 1,200,000 550,000 260,400,000 10,080,000 3,660,000 Sales (Units- FY17) 747,383 376,842 120,592,760 3,476,423 1,408,474 Revenue (Rs mn) 8,445 1,880 5,508 8,107 627 EBITDA (Rs mn) 250 306 179 50 123 OPM (%) 3% 16.3% 3.2% 0.6% 19.6% ODM & OEM (%) 12% /88% 100%/0% 45%/55% 0%/100% 0%/100% Products LED TVs: Semi-automatic LED Products: feature phones and Repair & 19” to 65” washing machine: LED bulbs 0.5W to 20 W smart phones Refurbishment: 4K2K 6.2 Down lighters 5W to (2G, 3G, 4G/LTE, Set top boxes Home Theatres: kg to 8.0 kg 15W VoLTE and CDMA).
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