Robust launch pipeline
Maruti Suzuki India Limited (MSIL), a subsidiary of Suzuki Motor Corporation, is India’s largest passenger car company, accounting for over 50% of the domestic car market.
Valuation: Healthy launch pipeline, continued strong traction for recent launches and increasing share of premium products will aid Maruti in sustaining its market share. Hence, we expect sales and PAT CAGR of 15.9% & 17.3%, respectively over FY17-20E. We roll over our TP to FY20 and mantain BUY rating on the stock with a revised target price (TP) of Rs. 9,849 based on 25x FY20E EPS.
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