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Titan Industries Ltd |
Aiming Higher, Maintain ACCUMULATE |
ACCUMULATE
CMP: Rs3,527 Target Price: Rs3,762
n Titan targeting to double market share in India’s Jewellery market over next 5 years – based on robust demand and large presence of unorganized market
n EMKAY earnings forecast based on 50% increase in market share in 5 years and volume growth of 15-20% p.a.
n Higher market share would result in 6% upgrade in FY12E earnings from Rs116/Share to Rs123/Share
n Retain earnings forecasts of Rs87/Share and Rs116/Share for FY11E and FY12E – Maintain ‘ACCUMULATE’ rating with target price of Rs3762/Share
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