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HDFC Securities
HDFC Securities initiates coverage on ASK Automotive Ltd. with an Add rating, valuing it at 22 times Mar'28 earnings per share (near -2SD of mean), for a target price of Rs 480.
The company's long-term business potential remains intact on the back of increasing content via two-wheeler premiumisation and electrification (~30-40% more content than ICE), which is also being led by successful entry into newer segments.
The brokerage expects margin expansion (barring FY27) to be supported by increase in exports mix and exit of the low-margin wheel assembly business. However, the brokerage remains cautious on near-term headwinds arising from higher raw material costs and geopolitical tensions, which could slow down the growth of customers.
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