Dixon Technologies: Stock Girne Ke Baad Bhi Brokerage Ne Reiterate Kiya BUY, Growth Potential Dikha

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AuthorAnanya Iyer|Published at:
Dixon Technologies: Stock Girne Ke Baad Bhi Brokerage Ne Reiterate Kiya BUY, Growth Potential Dikha
Overview

Brokerage firm ICICI Securities ne Dixon Technologies par 'BUY' rating maintain ki hai, haal hi mein hui tezi se giri hui kimaton ke bawajood. Near-term headwinds jaise memory price volatility aur client-specific issues ko acknowledge karte hue, analysts ne volume aur EPS estimates ko kam kiya hai aur target price bhi ghata diya hai. Lekin, unka manna hai ki market overconfident ho raha hai, structural growth avenues aur electronics manufacturer ke liye attractive valuations ko underestimate kar raha hai.

Haal hi mein 24% aur 6 mahine mein 63% ki girawat ke bawajood, ICICI Securities ne Dixon Technologies par apna 'BUY' recommendation barkarar rakha hai. Brokerage ne electronics manufacturing services provider ko prabhavit karne wale tatkal dabavon ko swikar kiya hai.

Memory prices mein tezi jo mobile production volumes ko prabhavit karti hai, aur Vivo aur HKC ke saath mahatvapurna PN3 agreement ki pending approval, jise FY27E ke liye ek pramukh growth driver mana ja raha hai, jaise chintaen hain. Xiaomi ke andar market share loss aur Motorola se kam business ne bhi company ke high-growth narrative ko prabhavit kiya hai. Iske parinaamswaroop, analysts ne FY26E ke liye smartphone volume estimates (Samsung ko chhodkar) mein 27% aur EPS mein 19% tak ki kami ki hai. Target price ko 20% kam karke ₹15,200 kar diya gaya hai, jo pehle ₹19,000 tha.

Lekin, ICICI Securities ka kehna hai ki market ek bear-case scenario ko bahut zyada factor kar raha hai. Unka sujhav hai ki vartman valuations mein permanent mobile volume cuts aur Vivo/HKC JV ki failure, saath hi IT Hardware aur Telecom jaise verticals mein dheemi pragati ki pricing ho rahi hai. Brokerage ne kai structural growth opportunities ki taraf ishara kiya hai jinhe nazarandaz kiya ja raha hai.

Inmein memory supplies ka samanyikaran shamil hai, jo H2FY27 se pent-up demand ko khol sakta hai, aur JV ke bina bhi Vivo ke saath organic business jeetne ki sambhavna hai. Iske alawa, display modules ke liye HKC ke saath ek potential technology licensing agreement (TLA), telecom aur IT hardware sectors mein sthirta, aur camera modules jaise backward integration initiatives mein lagaataar mazbooti se significant upside mil sakta hai. Company ne servers ko ek naya avasar bhi pehchana hai, jo Wistron ke India mein ₹1,000 crore ke nivesh jaise broader ecosystem interest ke saath align hota hai. High-margin PCBA aur automotive displays mein aur bhi optionality hai. ICICI Securities ko Dixon ka vartman valuation FY28E earnings ke 31 guna par attractive lagta hai, jo FY25-28E se 50% CAGR aur 30% se adhik industry-leading return ratios project karta hai. Yahi vishwas 'BUY' rating ko barkarar rakhne ka aadhar hai, jo Dixon Technologies ko near-term uncertainties ke bawajood ek attractive investment ke roop mein sthapit karta hai.

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