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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal has rolled forward its DCF-based target price to Sep'28 and has retained Buy rating on Dixon Technologies India Ltd. with a revised target price of Rs 16,100.
Dixon Tech has received the long-pending PN3 approval for its 51:49 joint venture with Vivo and the brokerage expects this JV to enhance the company's manufacturing capabilities and strengthen its market share and positioning in the Android smartphone market in India.
This also removes the long-pending overhang on the stock, as through this JV now, Dixon will get incremental volumes beginning in Q3 FY27.
Vivo currently has a market share of ~23% in smartphones, and Dixon anticipates that nearly 67% of its volumes will come to the JV.
From hereon, the focus will be on demand revival and backward integration. Further announcements related to PLI 2.0 will also be positive for the company.
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