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Rane (Madras) Ltd Stock Review of Techno Funda Research Product – Portfolio Track ‐ Buy September 29, 2010 Portfolio Track Information Data BSE Code Grade FV (Rs.) CMP 52Weeks H/L Rane (Madras) Ltd. 532661 D 10 Rs.148 Rs. 169/49 ¾ Rane Madras (RML), the flagship company of the Rane Group, is a leading manufacturer of automotive components like STOCK DATA steering linkages, ball joints, suspension joints and manual steering gears. The company operates under two main Target Price Rs.225 business segments viz. steering & suspension linkage products and manual steering gear products. ¾ RML has 5 manufacturing facilities across Chennai (2 plants used for Light Commercial vehicle, Heavy Commercial vehicle Reuters Code RAMD.BO and Utility vehicles segments), Mysore (used for tractor and Commercial vehicle segment), Puducherry (used for Bloomberg Code RML IN passenger car segment), Varanavasi (used for exports market) and Uttarakhand (used to specifically cater customers in NSE Symbol RML North India). Currently all its plants are operating at almost 90% capacity utilization. It is further expanding its capacities Mkt.Cap. Rs. 1513.8 mn (16‐18% new addition), which will be completed by year end. Div. Yield (%) 4.6 ¾ RML’s key customers in the domestic market include Hero Honda, Tata Motors, Ashok Leyland and M&M. RML is the preferred supplier of steering components for vehicles like Tata ACE and Tata Nano. Shares 101.6 mn ¾ As of FY10, Mechanical steering and suspension linkage products (MSSL) contribute 56% to its revenues and 44% is Outstanding(*) contributed by Steering gear products. In the MSSL segment, exports contributed 17%‐18% of revenues, replacement Avg. Daily 32049 Shares market contributed 17%‐18% and OEM’s contributed 66‐67%. Out of the 66‐67% sales contributed by OEMs, about 39% Volume (6m) is contributed by MUV, CV, LCV & Passenger cars, 7% by HCVs and 20% is contributed by Tractors. Price Performance (%) ¾ RML supplies to around 20 overseas customers, most of whom are OEM’s. RML’s exports to TRW, its technology partner, 1M 3M 6M account for 75% of its total exports. RML also exports manual steering gears to Iran for the Kia‐Pride platform. 03182¾ RML is well positioned in all its product lines. While its share of business for Manual & Mechanical Rack and Pinion gears 200 Days EMA Rs.107 from Maruti Suzuki India is increasing, Electronic Power Steering growth in passenger vehicles has also been strong (company supplies some components of electronic steering to its subsidiary NSK). * On fully diluted equity Shares ¾ RML expects new products like lower control arm (technological tie up with German company) and hydraulic steering SHARE HOLDING (%) system to grow rapidly. It has plans to grow its replacement market share as margins are better in this segment. Promoters 55 ¾ RML targets to grow its Revenues at a minimum 20% CAGR and its ROCE to improve to over 20% over next three years. FII ‐ However, consider ing itsprodtduct profile, strong clien t base, growth in the AtAutovolumes & huge itiblinsatiablerepltlacement FI / MF 4.3 demand, we expect its Revenues to grow at a 22% CAGR over the next 2 years. The company has a paying out liberal Body Corporates 7.1 dividends and as such has a tendency of distributing about a third of its profits as dividends.. At CMP of Rs. 148 the stock Public & Others 33.6 is available at 6.6x FY12 EPS of Rs. 22.5 and P/BVPS of 1.4x FY12 BVPS of Rs. 106.2. REVENUE APAT APAT AEPS ROE ROCE P/E P/BV Y/E Mar. (Rs.mn) (Rs.mn) (% Chg.) (Rs.) (%) (%) (x) (x) FY10 4196.6 138.0 4362 13.6 18.0 19.3 10.9 1.8 FY11E 5369.9 186.7 35.3 18.4 21.2 22.9 8.1 1.6 FY12E 6180.0 228.3 22.2 22.5 22.6 25.5 6.6 1.4 Viral Shah | [email protected] | +91 22 4093 5045 ; Sanket Shah | [email protected] | +91 22 4093 5048 This report based on Techno Funda Research and our View / Target Price has been derived accordingly. Please refer to the disclaimer on the last page. 1 Rane (Madras) Ltd. Brief on Rane Group Rane Holdings Limited (RHL) is the holding company of Rane Group. RHL is a listed company with investments exclusively in the group companies. RHL owns the trademark in Rane and provides a range of services to group companies which include employee training & development, investor services, business development and Information systems support. RHL through its subsidiaries manufactures and supplies of automotive components & products to original equipment manufacturers (OEMs) in India and abroad. RHL primarily operates in India, where it is headquartered in Chennai. Promoters Rane Holdings Ltd Subsidiaries Joint Ventures Associates Rane TRW Steering Systems Ltd– Rane Madras Ltd. – 54% 54% Rane Engine Valve Ltd. – 54% Rane NSK Steering Systems Ltd. – Kar Mobiles Ltd. – 37% 54% Rane Diecast Ltd. – 79% JMA Rane Marketing Ltd. – 79% Rane Break Lining Ltd – 42% Sept. 29 , 2010 2 Rane (Madras) Ltd. Rane (Madras) Ltd • Inception of manufacturing facilities in the year 1960. • Manufacturer of steering & suspension systems for every segment of automobile industry, viz Passenger cars, Multi utility vehicles, Light commercial vehicles, Heavy commercial vehicles and Farm tractors. • Best in class manufacturing facilities Strategic Technical partnerships with M/s TRW Inc, USA for Steering Gear Products & TRW Ehrenreich GmbH & Co., Germany for Steering Linkage Products. • Holds major market share in India both in Manual steering gear systems &suspension systems . Products Manual Steering Gears Steering linkages Re ‐ Circulating Ball Type Steering Gears Tie Rod Assemblies • Fork Type Open type/ Close type • Ball joint with greased nipple Sector type (metallic bearing / cups) Constant ratio and variable Ball head sizes 24, 26, 28.5, 30, 35 & 40 dia ratio with single • Greased for life Ball joint Or double lever (metallic bearing / cups) Ball head sizes 26, 30, 35 & 40 dia • Greased for life Ball joint Rack & Pinion Type Steering Gears (plastic bearing / cups) • For all passenger cars Ball head sizes 22, 25, 25.4, 28 & 30 dia Available with For CV / UV & Farm Tractors Single end take off Double end take off Sept. 29 , 2010 3 Rane (Madras) Ltd. Drag Link Assemblies Outer Ball Joints • Ball joint with greased nipple • Greased for life Ball joint (metallic bearing / cups) (plastic bearing / cups) Ball head sizes 24, 26, 28.5, 30, 35 & 40 dia Ball head sizes 20, 22, 25, 25.4 & 28 dia • Greased for life Ball joint For Passenger Cars & Utility Vehicles (metallic bearing / cups) Ball head sizes 26, 30, 35 & 40 dia Inner Ball Joints • • Greased for life Ball joint Greased for life Ball joint (plastic bearing / cups) (plastic bearing / cups) Ball head sizes 22, 25, 25.4, 28 & 30 dia Ball head sizes 22, 24, 25 & 28 dia For CV / UV & Farm Tractors For Passenger Cars & Utility Vehicles Center Link Assemblies Suspension Linkages • Ball joint with greased nipple Lower Control Arms (metallic bearing / cups) (Two types: Serviceable & Non serviceable) • Greased for life Ball joint Ball head size 26 dia (plastic bearing / cups) • Greased for life Ball joint Ball head sizes 22 & 25.4 dia (plastic bearing / cups) For passenger car with Mcphersion strut Ball head size 25.4 dia type suspension For Utility Vehicles Suspension Ball Joints (Lower & Upper) Gear Shift Ball Joints • With cylindrical socket housing for press • Ball joint with greased nipple fitting & Flange socket housing for bolted (metallic bearing / cups) assembly Ball head size 24 dia • Greased for life Ball joint (plastic bearing / • Greased for life Ball joint cups) (l(plast ic bibearing / cups) Ball head sizes 25. 4, 27, 30, 35 & 38 dia Ball head sizes 19 & 22 dia For Passenger Cars & Utility Vehicles For Commercial Vehicles Sept. 29 , 2010 4 Rane (Madras) Ltd. Axle Ball Joints Stabilizer link Ball Joints • With cylindrical socket housing • Greased for life Ball joint for press fitting (plastic bearing / cups) Greased for life Ball joint Ball head sizes 16 & 19 dia (plastic bearing / cups) For Passenger Cars & Utility Ball head sizes 32 & 38 dia Vehicles For Utility Vehicles Sept. 29 , 2010 5 Rane (Madras) Ltd. Monthly Update on Automobile sector ¾ Automobile sector has continued its robust growth since past few quarters. All the three major segments – cars, two wheelers and commercial vehicles has seen more than 30% Passenger Vehicles & MUV growth. 300,000 ¾ The passenger car industry saw highest monthly sales ever in month of July with sales 250,000 touching 0.21 mn vehicles (growth of 31.9% YoY). This growth was led by strong consumer 200, 000 demand, stable interest rates and new model launches. However, exports were almost flat 150,000 withamodest2.2%growth.Thelargestsegmentbyvolumewasthecompactcar,registering 100,000 a growth of 25.2% growth. 50,000 ¾ Commercial vehicles (CV) sales registered a robust growth of 40.2% , on back of strong sales ‐ of trucks, bus and light goods carrier. Exports of CV’s registered a 77.8% growth. However, exports accounts for 10 % of total CV sales. ¾ Two wheelers sales grew by 32.2% in July, supported by strong growth in each of the segments viz. scooters, mopeds and motorcycles. ¾ The revival in the Rs 1650 bn Indian automobile sector has spurred auto component players, Prod Sales who have lined up multi‐Million Dollar investments in the next few years. (Nos.) (Nos.) ¾ About Rs 90 bn will be invested by 500‐odd auto component companies this year alone for setting up new capacities and upgrading existing ones. This would be 33 % higher than what was invested last year. ¾ The booming industry has forced some of the widely‐known names in the component Commercial Vehicles industry to foray into India, either through partnerships or a solo entry.
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