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Wednesday, June 15, 2011

TTK Prestige Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,views and outlook,multibagger

Scripscan:TTK Prestige Ltd

Story:The company, providing total kitchen solutions, is India’s single largest branded kitchen appliances retail chain, operating more than 275 exclusive showrooms under ‘Prestige Smart’.TTK Prestige, which started as a player in the outer-lid pressure cooker market in the South, now has a Pan-India presence with a network of over 25,000 dealers, offering a complete kitchen solution with non-stick cookware, kitchen electric appliances, gas stoves and modular kitchen cabinets and accessories. To expand the reach further in the Tier-II and Tier-III cities, the company is now trying to market its products through self-help groups in the local areas. It has also forayed into modular kitchen solutions through its brand ‘Prestige Kitchen Boutique’. The company has aggressive plans including Rs. 250 crore expansion over next 14 months. It also plans scaling-up production capacity at all of its facilities, viz. Hosur, Coimbatore and Roorkee, from current 40 lakh units to almost 1 crore units over a period of time.The small-ticket home appliances market has been showing strong demand trends, notwithstanding the inflationary scenario and rising interest rates in the market. TTK Prestige offers exposure to this niche segment where demand is relatively inelastic unlike the big-ticket durable goods segment, where financing options and interest rates play a crucial role in the consumer's purchase decision.The work at the company's land in Bangalore (of area 6.5 acres), which is being developed as a residential-cum-office space, is under progress.Over the long term, the company will see some regular cash flows in the form of rental income from this property.Valuation at 30 times forward earnings looks stretched but as its in a momentum I wont be surprised seeing higher levels for the company.Existing shareholders can hold on to it and new ones may wait to enter below 2500 levels.

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