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Thursday, August 18, 2011

Panasonic Home Appliances India:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:Panasonic Home Appliances India Company Ltd
cmp:90
Traded in:Nse-bse

Story:Panasonic is available on a marketcap of just Rs 80 crore and the company is expected to boost a topline of close to Rs 180 crore.I am ignoring the bottomline right now because if I look from a financial perspective again, the stock is available at a P/E of 35 multiple.This is on trailing basis. This is because the company has got aggressive growth plans and they have been spending aggressively even on advertisement side.They have been trying to boost their topline, which has been showing significant growth in terms of quarter-on-quarter (QoQ) also, they have shown 20% jump in their topline and we feel this can continue atleast for next six-eight quarters for the company and the sale should stabilize close to that Rs 350-400 mark in next two years.So a company on marketcap sales to ratio on two years forward basis is available at just 0.2 times.Look at Whirlpool where it is available, they have not been able to grow that fast or even Hitachi when we took a call. They have been growing now but because of low base effect onto Panasonic, I think this particular company can be rerated. However, this is again a company where there is hardly any floating stock available and thus people would like to take for immediate gains would be stuck.If I look into the relationship for both Panasonic and Sharp, they have got good understanding. For Panasonic itself they have got good understanding with Kramer Electronics and given Panasonic is one of the premium players not only into the kitchen appliance segment but they also have their healthcare business, which is doing well. Even for India on the personal care product, they have understood with Modicare,which has almost 40 outlets and the company is also trying to foray into automobile with the in-house entertainment that is on the audio side and the sensor business segment where the company is also one of the premium players. I think there will be lot of topline growth for the company going forward; almost 25-30% year-on-year (YoY) for atleast next three-four years and thus the stock would be rerated in no time.However, on valuation perspective I would like to give a cautious call, the stock is available at a P/E multiple of 35 and only brave players who have longer-term perspective on to the stock should invest on a low floating basis on both the stocks because both these companies have got promising prospects because of its strong parentage and once the proper plans are chalked out on any of the side, the stock could be true multibagger from current levels and one should definitely buy on dips ignoring the valuation side because hardly any free-float is available.

Source:FSB

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