For Q3FY2019, TTK Prestige (TTK) posted decent performance with 20.5%/30% yoy growth in revenue/ PAT led by 100 bps expansion led by robust growth across various product categories specially appliances and cookware.
Outlook and Valuation: We have maintained our earnings estimates in view of robust revenue outlook and stable operating margin in view of robust M9 performance. We expect TTK to report a CAGR of~16%/23% in revenue/ earnings over FY18-20E. The stock is currently trading at 36x its FY2020 earnings. After our initiation in August 2018, the stock has given decent appreciation of 22% and now looks fairly valued. Hence, we maintain Accumulate and target price of `8200 (38x FY2020E EPS).
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