TTK Prestige. Channel-check takeaways Growth recovery pace sees moderation, competitive headwinds continue to prevail. Target CMP. Rating Rs.
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- Karin Cook
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1 Channel-check takeaways Growth recovery pace sees moderation, competitive headwinds continue to prevail Growth traction turns subdued in 4Q - Our channel-check interactions on a pan India basis is indicating that growth across dealers/distributors which witnessed healthy recovery for TTKPT in 3QFY16 (17% y-o-y growth) has turned subdued in 4QFY16 so far (Jan-Feb 16, 10-12% overall growth). Growth in southern markets has continued to remain sluggish with key markets Tamil Nadu and Kerala (lower remittances from Middle East) impacting demand. Growth trajectory in the non-south market has been relatively better. Diversifying into non-cooking products, major revenue impact unlikely TTK Prestige (TTKPT) is in the process of launching non-cooking products. This includes kitchen ladders, mops and LED lanterns. Our dealer interaction suggests that these products are likely to be distributed through a combination of select existing distributors and a new distributor/dealer network. While we believe this is unlikely to have a major revenue impact in the near term, demand for these products should be monitored Competitive intensity in southern markets increases In a sluggish market, aggressive stance of new competitors is likely to impact incremental growth of TTKPT. Vidiem (part of Maya Appliance, ex-preethi brand) is increasing its product portfolio and distribution reach as the non-compete clause (after sale of Preethi to Philips) is drawing to a close in April 16. Given its strong brand presence and well established distributor/dealer contacts we believe Vidiem could be a credible competitor to TTKPT, especially in the Southern markets. Hawkins aggression a concern Hawkins has registered strong growth of 26% y-o-y in 3QFY16 driven by improved traction in recently launched ceramic-coated inner lid pressure cookers at attractive price points. Hawkins had increased its advertisement spend by 20% y-o-y and dealer discounts by 57% y-o-y in 3QFY16. Increased aggression by Hawkins is likely to increase the cost of growth for TTKPT going forward in non-south markets. Outlook and Valuations We maintain our revenue growth estimate of ~10-11% in FY16E. We believe TTKPT would continue to have higher cost of growth in the medium term in non-south markets especially to garner market share from Hawkins in the inner-lid cooker category. At of Rs. 4,249, it is trading at rich valuations of 29.8x FY18E earnings which we believe is factoring any medium term growth uptick. Maintain Sell with a TP of Rs. 3,268 (22x FY18E EPS) Company Update Date Mar 02, 2016 Market Data SENSEX Nifty 7222 Bloomberg TTKPT IN Shares o/s 12mn Market Cap Rs. 49.5bn 52-wk High-Low Rs. 4,971-3,003 3m Avg. Daily Vol Rs. 27mn Index member BSE 500 Latest shareholding (%) Promoters 70.4 Institutions 21.8 Public 7.8 Stock performance (%) 1m 3m 12m TTKPT -4% 3% 40% Sensex -4% -9% -19% CG Index -7% -20% -35% Financial summary Year Revenue (Rs. mn) EBITDA (Rs. mn) PAT (Rs. mn) EPS (Rs.) P/E(x) RoE(%) FY15 13,883 1, % FY16E 15,431 1,867 1, % FY17E 17,586 2,163 1, % FY18E 20,269 2,513 1, % VIJAYARAGHAVAN SWAMINATHAN raghavan@sparkcapital.in RAVI SWAMINATHAN ravi@sparkcapital.in Find Spark Research on Bloomberg (SPAK <go>), Thomson First Call, Reuters Knowledge and Factset Page 1
2 Challenging growth environment for TTKPT; Hawkins turns aggressive Demand environment has been challenging for TTKPT s products Products Dealer/Industry Feedback TTKPT has launched non-cooking range of products including kitchen ladders, mops, etc Cooker Gas Stoves Demand in the southern market for outer lid cookers had been muted. Inner cooker growth has been healthy (~15-20% y-o-y) Traction in Glass top gas stove has been healthy driven by customer upgradation from regular gas stoves. Competition from Vidiem is intense in Southern markets (Tamil Nadu) Induction Cooktop Channel level inventory has cleared. Heavy discounting has led to volume growth from a low base in South. n-south markets remain sluggish New Products - Clip-on cooker has seen initial goods traction. But product weight and (Clip on cooker, lesser convenience of use has been highlighted by dealers. Dealers not LED lanterns, roti enthusiastic about roti maker and LED lanterns Source: makers) TTK Prestige, Spark Capital Research Hawkins has seen strong growth of 26% y-o-y in 3QFY16 (vs. 11% y- o-y by TTKPT) Source: TTK Prestige, Spark Capital Research Hawkins has been aggressive in dealer discounts TTKPT and HAWK - Cooker/Cookware revenue (Rs. 2.4 bn) QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY Hawkins - Discounts as % of Revenue FY12 FY13 FY14 FY15 9MFY % 9.5% 9.0% 8.5% 8.0% 7.5% Hawkins TTKPT - Cooker and Cookware Discounts (Rs. Mn) Discounts (as % of revenue) Source: Hawkins, TTK Prestige, Spark Capital Research Source: Hawkins, Spark Capital Research Page 2
3 Financial Summary Abridged Financial Statements Key metrics Rs. mn FY15 FY16E FY17E FY18E FY15 FY16E FY17E FY18E Profit & Loss Grow th ratios Revenues 13,883 15,431 17,586 20,269 Sales 7.3% 11.1% 14.0% 15.3% EBITDA 1,492 1,867 2,163 2,513 EBITDA -6.8% 25.1% 15.9% 16.2% Other Income PAT -14.3% 35.1% 16.1% 17.9% Depreciation Margin ratios EBIT 1,353 1,760 2,059 2,414 EBITDA 10.7% 12.1% 12.3% 12.4% Interest PAT 6.5% 7.9% 8.0% 8.2% PBT 1,309 1,735 2,044 2,409 Performance ratios PAT 899 1,214 1,410 1,662 RoE 14.6% 17.8% 18.6% 19.8% Balance Sheet RoCE 14.3% 17.4% 18.1% 19.2% Net Worth 6,460 7,212 7,964 8,851 RoA 10.5% 13.6% 13.7% 14.7% Deferred Tax Fixed asset turnover (x) Total debt Total asset turnover (x) Total Netw orth and liabilities 6,720 7,472 8,224 9,111 Financial stability ratios Gross Fixed assets 4,328 4,478 4,728 4,978 Net Debt to Equity (x) (0.0) (0.1) (0.1) (0.2) Net fixed assets 3,366 3,314 3,351 3,377 Current ratio (x) CWIP Inventory and debtor days Investments Creditor days Inventories 2,747 3,044 3,469 3,998 Working capital days Sundry Debtors 1,593 2,537 2,987 3,443 Interest cover (x) Cash and bank balances ,162 1,469 Valuation metrics Loans and advances Fully Diluted Shares (mn) Current liabilities 2,239 3,416 3,842 4,353 Market cap (Rs.mn) 49,501 49,501 49,501 49,501 Net current assets 3,055 3,859 4,574 5,435 EPS (Rs.) Total assets 6,720 7,472 8,224 9,111 P/E (x) Cash Flow s EV (Rs.mn) 49,170 48,496 48,304 47,997 Cash flow s from Operations 672 1,311 1,115 1,337 EV/ EBITDA (x) Cash flow s from Investing BV/ share (Rs.) Cash flow s from Financing (586) (450) (673) (780) Price to BV (x) Page 3
4 Spark Disclaimer Rs. TTK Prestige 3 Year Price and History Mar-13 Sep-13 Mar-14 Aug-14 Feb-15 Aug-15 Feb-16 Price Report Date Price Reco. 19/Jan/16 4,099 3,294 Sell 07/Jan/16 4,500 3,267 Sell 15/Oct/15 4,275 3,285 Sell 25/Aug/15 3,832 3,082 Sell 24/Jul/15 3,917 3,082 Sell 22/Jan/15 3,588 2,941 Sell 18/Dec/14 3,498 3,119 Sell 28/v/14 3,691 3,119 Sell 13/Oct/14 4,030 3,119 Sell 16/Jul/14 3,508 2,777 Sell 19/Jun/14 3,715 2,846 Sell 16/May/14 3,080 2,663 Sell 31/Mar/14 3,043 2,691 Sell Spark Capital Advisors (India) Private Limited (Spark Capital) and its affiliates are engaged in investment banking, investment advisory and institutional equities and infrastructure advisory services. Spark Capital is registered with SEBI as a Stock Broker and Category 1 Merchant Banker. We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in the last five years. We have not been debarred from doing business by any Stock Exchange/SEBI or any other authorities, nor has our certificate of registration been cancelled by SEBI at any point of time. Absolute Interpretation BUY Stock expected to provide positive returns of >15% over a 1-year horizon ADD Stock expected to provide positive returns of >5% <15% over a 1-year horizon REDUCE Stock expected to provide returns of <5% -10% over a 1-year horizon Stock expected to fall >10% over a 1-year horizon Spark Capital has a subsidiary Spark Investment Advisors (India) Private Limited which is engaged in the services of providing investment advisory services and is registered with SEBI as Investment Advisor. Spark Capital has also an associate company Spark Infra Advisors (India) Private Limited which is engaged in providing infrastructure advisory services. This document does not constitute or form part of any offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. thing in this document should be construed as investment or financial advice, and nothing in this document should be construed as an advice to buy or sell or solicitation to buy or sell the securities of companies referred to in this document. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Spark Capital and/or its affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to a certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such applicable restrictions. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. Spark Capital makes no representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this document. Spark Capital, its affiliates, and the employees of Spark Capital and its affiliates may, from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Page 4
5 Disclaimer (Cont d) This report has been prepared on the basis of information, which is already available in publicly accessible media or developed through an independent analysis by Spark Capital. While we would endeavour to update the information herein on a reasonable basis, Spark Capital and its affiliates are under no obligation to update the information. Also, there may be regulatory, compliance or other reasons that prevent Spark Capital and its affiliates from doing so. Neither Spark Capital nor its affiliates or their respective directors, employees, agents or representatives shall be responsible or liable in any manner, directly or indirectly, for views or opinions expressed in this report or the contents or any errors or discrepancies herein or for any decisions or actions taken in reliance on the report or the inability to use or access our service in this report or for any loss or damages whether direct or indirect, incidental, special or consequential including without limitation loss of revenue or profits that may arise from or in connection with the use of or reliance on this report. Spark Capital and/or its affiliates and/or employees may have interests/positions, financial or otherwise in the securities mentioned in this report. To enhance transparency, Spark Capital has incorporated a disclosure of interest statement in this document. This should however not be treated as endorsement of views expressed in this report: Disclosure of Interest Statement Analyst financial interest in the company Group/directors ownership of the subject company covered Investment banking relationship with the company covered Spark Capital s ownership/any other financial interest in the company covered Associates of Spark Capital s ownership more than 1% in the company covered Any other material conflict of interest at the time of publishing the research report Receipt of compensation by Spark Capital or its Associate Companies from the subject company covered for in the last twelve months: Managing/co-managing public offering of securities Investment banking/merchant banking/brokerage services Products or services other than those above In connection with research report Whether Research Analyst has served as an officer, director or employee of the subject company covered Whether the Research Analyst or Research Entity has been engaged in market making activity of the Subject Company; Yes/ Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst s personal views about any and all of the subject securities or issuers; and no part of the research analyst s compensations was, is or will be, directly or indirectly, related to the specific recommendation or views expressed in the report. Additional Disclaimer for US Institutional Investors This research report prepared by Spark Capital Advisors (India) Private Limited is distributed in the United States to US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Auerbach Grayson, LLC, a broker-dealer registered in the US (registered under Section 15 of Securities Exchange Act of 1934, as amended). Auerbach Grayson accepts responsibility on the research reports and US Institutional Investors wishing to effect transaction in the securities discussed in the research material may do so through Auerbach Grayson. All responsibility for the distribution of this report by Auerbach Grayson, LLC in the US shall be borne by Auerbach Grayson, LLC. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if Spark Capital Advisors (India) Private Limited or Auerbach Grayson, LLC is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Auerbach Grayson, LLC and Spark Capital Advisors (India) Private Limited are permitted to provide research material concerning investment to you under relevant legislation and regulations. Page 5
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