India's Landmark Cars jumps after brokerage sees gains from car premiumisation

Landmark Cars

13/06/2023 07:19

** Shares of Landmark Cars  LANM.NS  rise as much as 6.15%
to 711.65 rupees, highest since May 31
    ** Uptick after brokerage ICICI Securities initiates
coverage of auto retailer's stock with "add" rating
    ** Target price at 766 rupees, implied upside of 14% from
last close
    ** Co to be a direct beneficiary of ongoing car
premiumisation in India, says ICICI Securities
    ** Adds focus on maximising high margin service revenue,
stable profitability, asset-light business model bodes well for
LANM
    ** Estimates LANM to deliver 20% return on equity in FY24
and FY25
    ** Superior capital efficiency and growth outlook justify
premium valuations of LANM: ICICI Securities
    ** Trading volume is 66,988 shares as of 11:41 a.m. IST,
0.7x the 30-day avg - Refinitiv data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))