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Friday, November 20, 2009

Lumax Auto Technologies Ltd:Buy/sell/hold,news/views and results,recomendation and analysis,future prospects and outlook

Scripscan:Lumax Auto Technologies Ltd

Story:Lumax Auto Technologies Limited engages in the manufacture and sale of automotive components and parts in India. The company offers lighting products, including headlamps, tail-lamps, blinkers, fog lamps, engine lamps, and fairing assemblies; and sheet metal and fabrication products, such as chassis assembly, silencers, petrol tank, fork assemblies, handle bar assemblies, and stand assembly. Lumax Auto Technologies, through its joint venture with Cornaglia Metallurgical Products India Pvt, Ltd., also manufactures air intake and exhaust systems. Its products are primarily used in the manufacture of two, three, and four wheelers.The expansion plans laid down by Mauti Suzuki, Hyundai, Tata Motors, GM India and presences of MNCs like Nissan, Toyota, Nissan-Renault, Volkswgen, Honda Motors and Ford Motor will only increase the demand of quality components in India. Further easy finance schemes for vehicle purchase, shift from two wheelers to four wheelers and growing concept of second vehicle in urban areas augur well for the automobile and auto component industries. We view LATL's business profile positively given that its principal customer—Bajaj Auto—and Maruti Suzuki have consistently demonstrated its understanding of the domestic market with a series of successful launches across product categories in recent years. We expect the momentum to be sustained. At the CMP of Rs 60, Lumax Auto Technologies is trading at a P/E of 4.2x on FY10E and 3.6x on FY11E We recommend BUY with a target price of Rs 80 in the medium term.

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