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Prabhudas Lilladher Report
We expect Nocil Ltd. to face near-term headwinds as near term outlook from Michelin and Bridgestone, the two largest global tyre manufacturers remains weak.
Michelin has marginally raised its projections for CY23 from -3%/0% for passenger cars and light trucks to -1%/+1%.
However, it has cut down its truck tyre outlook from previous -4%/-1% to - 6%/-4% respectively. Similarly, Bridgestone expects 'challenging conditions to continue throughout 2024 mainly in North America and Europe'.
In nine months-CY23, global original equipment manufacturer demand for tyres has grown by 6% while demand for replacement tyres has declined by 1%.
Reiterate cautious stand on the company with a target price of Rs 226 (unchanged) valuing it 20 times FY26 earnings per share of Rs 11.3. Downgrade to ‘Reduce'.
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