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Tuesday, August 9, 2011

Menon Bearings Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price/analysis,view and outlook,multibagger

Scripscan:Menon Bearings Ltd

Story:Menon Bearings Ltd (MBL) is another auto components company that is available at a reasonable valuation. The company has its facilities at Shiroli near Kolhapur and Sangli (Maharashtra), where it manufactures a wide range of critical auto components like bi-metal engine bearings, bushes and thrust washers for light and heavy automobile engines, two-wheeler engines as well as for compressors, refrigerators, air-conditioners, and so on.MBL is part of the Menon group, an original equipment supplier of some of the most critical engine components to leading Indian automobile companies. MBL has set up a greenfield plant, under the name Menon Alkop, for manufacturing aluminium alloy die-cast components such as engine blocks, cylinder heads, gear boxes, clutch assemblies and crank shaft supports.Its clients include General Motors, Tata group, Cummins India, Volvo, John Deere, Mack Trucks, Mahindra group, Eicher group, Maruti Suzuki, Honeywell, Emerson, Suzuki Motors and Atlas Copco. That’s an impressive list for MBL, considering that it is a relatively small player in competition with some biggies. The company was the exclusive supplier of quality pistons for Maruti Suzuki’s Swift.The demand for bearings depends on two key user segments, namely, the automobile and industrial sectors. The automobile industry is the largest growth driver for original equipment manufacturers (OEMs), accounting for nearly 45% of the total bearings market. The engineering sector accounts for 28% of the total market.The company has witnessed an uptrend in recent months on account of the spurt in the automobile sector and is optimistic about demand on the domestic as well as international fronts. To cater to this increasing demand, MBL is raising its capacity by more than 30% with a capex plan of Rs5 crore to be funded through internal accruals and debt that will be executed during the next 12-15 months. This should push MBL’s revenues to another trajectory altogether.A good hold altogether.

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