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Saturday, December 19, 2009

Ceekay Daikin Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Ceekay Daikin Ltd
BSE code:505923

Story:The Company's principal activity is to manufacture automobile accessories. It's products include clutch plate assembly, clutch cover assembly, kits and components.It has commenced supplies for Maruti Suzuki's Ritz and A-star and has begun supplies to Tata Motors for their Nano vehicle.It is in continuous discussion with various manufacturers for development of Clutches for their vehicles.The company has successfully commenced production of it's new product'One Way Clutch' for two wheelers,i.e. motorcycles and scooters, having the automatic starter feature. The technology for this product has been availed from Exedy Thailand, with whom the company has entered in to a'Technical Assistance Agreement'.This line of business is growing eachmonth,and at present the company is a single source for three motorcycle manufacturers. It is in negotiations with a fourth prominent vehicle manufacturer.Tighter focus oncosts and steady growth in volumes are going to be focus of the company going forward. CDL’s leadership position in each ofits business segments augurs well for its growth. The improving product mix is expected to drive sustained profitability at theleast and improve further in the future. Revenues and profits are expected to grow at a fast pace in the coming quarters.The stock still trades at a Forward low single digit PE based on its own growth prospects and this seems very attractive. Relative to most other auto-ancillary company stocks, CDL compares well.I expect it to re-rate positively and coupled with the underlying earnings growth, should deliver significant out performance in the long term.A good buy altogether at dips.

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