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Dixon Technologies Institutional Equity Research Issue Size: Fresh shares worth Rs600mn & OFS of up to 3.05mn equity shares Dixon Technologies Issue Open/Close Sept 06-08, 2017 SUBSCRIBE Consumer Durables | India Face Value (Rs) 10 Price Band (Rs) 1,760-1,766 IPO Note | September 05,2017 Lot Size (shares) 8 and multiple Strong Growth Potential across Business Verticals Dixon Technologies (Dixon) is engaged in manufacturing of consumer durable products, lights Issue Details and mobile phones in India. It offers fully integrated end-to-end product and solution suite Pre-Issue Paid-up Cap. (Rs mn) 109.8 to the OEMs. Dixon also provides solutions in reverse logistics i.e. repair and refurbishment services of Set Top Boxes (STBs), mobile phones and LED TV panels. It has diversified product Post-Issue Paid-up Cap. (Rs mn) 113.2 portfolio like LED TVs, Washing Machines, Lighting Products (LED/CFL bulbs, LED tube-lights Post-Issue Mkt Cap. at upper price 19.9-20.0 and down-lights) and mobile phones. It has state-of-the-art manufacturing units in Noida and band (Rs bn) Dehradun with in-house capabilities for panel assembly, PCB assembly, wound components, BRLM - IDFC Bank,IIFL,Motilal Oswal, Yes Securities sheet metal and plastic-moulding. Registrar - Karvy computershare Dixon is coming up with an Initial Public Offering (IPO) consisting of fresh issue of shares worth Rs600mn and Offer for Sale (OFS) of up to 3,053,675 equity shares. The OFS includes up to Offer for different categories % 6,34,368 equity shares held by Sunil Vachani (Promoter) and up to 19,41,514 equity shares held by India Business Excellence Fund and up to 4,77,793 equity shares held by others. QIB 50 Key Positives HNI 15 f Well-placed in Electronics Manufacturing Services Space: A booming consumption Retail 35 economy, paving a way for the growth in consumer electronics market, is expected to boost local manufacturing and provide growth opportunities for the Electronics Manufacturing Promoters Services (EMS) industry. Dixon is well-placed to cash in the opportunities given its dominant Sunil Vachani position in the EMS space and strong relationship with reputed customers across verticals. Promoter & Executive Chairman, f End-to-end Solutions Provider: Dixon offers fully integrated end-to-end product and solution suite to the Original Equipment Manufacturers (OEMs) ranging from global sourcing, Shareholding Pattern (%) Pre Issue Post manufacturing, quality testing and packaging to logistics. Issue f Leading Market Position in Key Verticals: Dixon is a leading player in most verticals it Promoter 46.2 39.3 operates in. It enjoys market leadership in manufacturing of FPD TVs, washing machines, Public 53.8 60.7 LED and CFL lights in India in FY16. f Track Record of Strong Financial Performance: Dixon has a track record of sustained Objects of the issue (Rs mn) growth in revenue and profitability. Its revenue and EBITDA witnessed 33.8% and 44.4% CAGR, respectively through FY13-FY17. Repayment/pre-payment of borrowings 220 Key Risks (full/part) f High dependence on certain key clients. Setting up a manufacturing unit for LED 75.8 TVs at Tirupati f Any disruptions in the industry owing to change in clients’ preferences and advancement in technology. Enhancing backward integration 88.6 capacity of lighting products at f Shortages of key raw materials/ meaningful rise in the prices of key raw materials. Dehradun Outlook & Valuation Up-gradation of IT infrastructure 106.3 At a price band of Rs1,760-1,766, the Issue is valued at PE of 39.6x FY17EPS at upper price band. As Dixon enjoys a dominant position in consumer electronic outsourcing business, we believe that the Company would continue to deliver higher revenue and profit given the strong growth potential across business verticals. Its revenue, EBITDA and PAT has witnessed 33.8%, 44.4% and 78.3% CAGR, respectively through FY13-FY17. Despite a lower margin profile, Dixon continues to maintain higher return ratios due to its asset light model. Thus, we recommend SUBSCRIBE to the Issue from long-term perspective. Key Financials (Rs mn) FY13 FY14 FY15 FY16 FY17 Total Operating Income 7,669 10,937 12,013 13,894 24,568 Growth (%) 43 10 16 77 EBITDA 201.2 259.9 322.1 586.9 907.4 Margin (%) 2.6 2.4 2.7 4.2 3.7 Net Profit 49.8 135.1 118.6 425.7 503.8 Research Analyst : Rupesh Sankhe Growth (%) 171 (12) 259 18 Contact : 022 33201606 EPS (Rs) (Post Dilution) 4.4 12 10.5 37.7 44.6 Email : [email protected] Source: RHP, RSec Research 1 Institutional Equity Research Issue Size: Fresh shares worth Rs600mn & OFS of up to 3.05mn equity shares Dixon Technologies Issue Open/Close Sept 06-08, 2017 SUBSCRIBE Consumer Durables | India Face Value (Rs) 10 Price Band (Rs) 1,760-1,766 IPO Note | September 05,2017 Lot Size (shares) 8 and multiple Key Investment Arguments Well-placed in Electronics Manufacturing Services Space Demand for consumer durables is on the rise on the back of rising consumer confidence, improving affordability and favourable policy initiatives. Notably, the Central Government’s flagship initiative i.e. “Make in India” emphasises electronics as one of the focus sectors. Besides, electronics industry-focused policy initiatives i.e. Modified Special Incentive Package Scheme (MSIPS), Electronic Development Fund (EDF), Electronic Manufacturing Clusters (EMC) and Preferential Market Access Scheme (PMA) have been initiated to encourage domestic manufacturing. The impetus for electronics manufacturing bodes well for Electronics Manufacturing Services (EMS) sector. Dixon is well-placed to cash in the opportunities given its dominant position in the EMS space. A. Consumer Electronics Segment: Dixon manufactures complete range of LED TVs (from 19’’ to 65’’ and 4K/2K technology) and home theatres (2.1 and 4.1 channel). Its annual installed capacity stands at 1.2mn units, which is ~10% of FY16 market size. Its capacity utilisation stood at 62.6% in FY17. Dixon's clients include: private labels i.e. Reliance Retail, Vijay Sales and leading brands i.e. Haier and Intex. Notably, Dixon’s production was six times higher than its immediate competitor in FY16. Exhibit 1: Client Concentration in FY17 Revenue Exhibit 2: Consumer Electronics (Revenue vs. EBIDTA margin) 10,000 4.0 8,445 7,756 Haier Other 8,000 7,701 3% 13% 6,983 3.0 3.0 6,000 Intex 2.0 9% 2.1 (Rs mn) (Rs mn) 4,000 1.7 Reliance 1.6 10% Panasonic 1.0 65% 2,000 - - FY14 FY15 FY16 FY17 Revenue EBITDA Source: RHP, RSec Research Source: RHP, RSec Research B. Lighting Products Segment: Dixon is the single largest EMS player in the segment, as its lighting products contributed 38.9% to the total lighting volume manufactured by EMS/ODM in FY16. It manufactures CFL lamps, ballasts, tube-lights, batten, CFL PCB, down-lights, CFL/ LED drivers. Its annual installed capacity stands at: CFL Lamps (48mn units), LED Lamps (126mn units) and LED Drivers (6mn units), Ballasts (15.6mn units) and others (64.8 mn units). Its capacity utilisation stood at 53.48% in FY17. Dixon has design capabilities for CFL and LED bulbs from 0.5W to 20W. It exports CFL/LED lamps to several parts of Europe, Africa and Asia. The Company secured prestigious government tender for supply of 45mn LED lamps. 2 Institutional Equity Research Issue Size: Fresh shares worth Rs600mn & OFS of up to 3.05mn equity shares Dixon Technologies Issue Open/Close Sept 06-08, 2017 SUBSCRIBE Consumer Durables | India Face Value (Rs) 10 Price Band (Rs) 1,760-1,766 IPO Note | September 05,2017 Lot Size (shares) 8 and multiple Exhibit 3: Client Concentration in FY17 Revenue Exhibit 4: Lighting Prodcuts (Revenue vs. EBITDA margin) 6,000 6.0 5.2 Others 10% 5,000 5.0 4,000 4.0 3.2 3.0 2.8 3,000 3.0 (Rs mn) (Rs mn) 2,000 2.0 1,000 1.0 3,077 3,006 4,295 5,508 Philips - - 90% FY14 FY15 FY16 FY17 Revenue EBITDA Source: RHP, RSec Research Source: RHP, RSec Research Growth Drivers: The growth drivers for lighting products segment are given hereunder. f National-level Projects: Unnat Jyoti by Affordable LEDs for All (UJALA), Domestic Efficient Lighting Programme (DELP) and Street Lighting National Program (SLNP) etc. f Subsidy for Semiconductor Manufacturing Unit: Subsidy for setting up semiconductor manufacturing facility to support high value addition activities. f Subsidy for 9W LED Bulbs: Extending subsidy for 9W LED bulbs to promote and raise awareness. C. Home Appliances Segment: Dixon enjoys market leadership in this segment and currently enjoys 42.6% share in WM EMS market. It manufactures semi-automatic washing machine ranging from 6.2kg to 8.2kg. The Company's installed capacity stood at 0.6mn unit, which is 18% of total market size in FY16. Its capacity utilisation stood at 68.12% in FY17. Dixon derives 100% of its segmental revenues from Original Design Manufacturers (ODMs). It has in-house design capabilities to manufacture complete range of semi-automatic washing machines with additional features like magic filter, water fall, side scrubber and air dry. Looking ahead, growth will be driven by expanding product basket, deepening existing customer relationship and expanding customer base. Exhibit 5: Client Concentration in FY17 Revenue Exhibit 6: Home Appliances (Revenue vs. EBITDA margin) 2000 20 16.3 Intex, 16 1600 16 1200 10.7 12 Other, 47% (RS mn) 800 8 (RS mn) Haier, 16 6.3 5.8 400 4 849 1,067 1,306 1,880 0 0 Panasonic, 21 FY14 FY15 FY16 FY17 Revenue EBITDA Source: RHP, RSec Research Source: RHP, RSec Research 3 Institutional Equity Research Issue Size: Fresh shares worth Rs600mn & OFS of up to 3.05mn equity shares Dixon Technologies Issue Open/Close Sept 06-08, 2017 SUBSCRIBE Consumer Durables | India Face Value (Rs) 10 Price Band (Rs) 1,760-1,766 IPO Note | September 05,2017 Lot Size (shares) 8 and multiple D.
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