Dixon Tech stock slips 2% despite HSBC’s ‘buy’ on robust prospects

On April 8, the company signed a share-purchase agreement with Ismartu, a Noida-based company that makes, assembles, sells, distributes, imports and exports mobile phones and other electronics.

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Shares of Dixon Technologies Limited traded over 2 percent lower to Rs 7,674 in morning trade on April 15 despite HSBC analysts assigning a buy rating to the stock on the company’s majority stake in Ismartu, Transsion Holdings’ India mobile assembly unit.

The international brokerage has issued a target price of Rs 8,400, implying an upside potential of 7 percent from the current market levels. The Dixon Technologies stock has given a staggering return of 164 percent in the last year.

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On April 8, the company signed a share purchase agreement with Ismartu, a Noida-based company that makes, assembles, sells, distributes, imports and exports mobile phones and other electronics.

ALSO READ | Great prospects, investor darling over the past year but Kotak still sees 32% downside in Dixon Tech

“Expect the company to more than double its revenue over the next two years,” the brokerage said in a note. It also added that profit growth could potentially be higher than revenue growth for Dixon.

In the December quarter, the company signed an agreement to manufacture mobile phones for Compal, a Taiwanese computer manufacturer, and its designated customers targeting the domestic Indian market. The move also holds the potential for expansion into the export market over the medium term.

In the third quarter, the company experienced moderate revenue growth in its consumer electronics and home appliance division, largely due to competitive pressures. Its lighting segment also faced challenges stemming from reduced consumer demand, leading to a year-on-year decline in performance.

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