Microsec is bullish on Whirlpool of India and has recommended buy rating on the stock with a target of Rs 372 in its May 22, 2014 research report.
"We continue to recommend Whirlpool of India Ltd a "STRONG BUY". Whirlpool of India is the subsidiary of world's largest consumer durables company Whirlpool Corporation, USA. The parent company is headquartered at Michigan, USA having global presence over 170 countries and manufacturing operation in 13 countries with 11 major brand names such as Whirlpool, KitchenAid, Roper, Estate, Bauknecht, Laden and Ignis. Diversification of products in a single segment, launching of new models and rupee appreciation/ stable commodity prices to increase margins and ease pricing pressure, new stable government to lead to well balanced economy and ensure level playing field."
"The Company has diversified into variety of products under a single segment named "Home appliances" like Refrigerators, Washing machines, Air‐conditioners, Microwave Ovens and other built‐in appliances. It derives ~59‐60 percent of revenue from Refrigerators, 20‐22 percent from Washing machines, 10‐11 percent from Air‐conditioners, 3 percent from Microwave ovens, ~5 percent from consumer services and ~2 percent from others. In last three years, the company launched new, innovative and intuitive products in 70 percent of its portfolio which would be valued for performance, design and differentiated features. It is planning to introduce 210 new models in FY15e backed by marketing spend of INR75 crore, it's highest so far. With this launch, the company is aiming for leadership in Refrigerator and Washers in the next 12‐15 months and overall leadership in Home Appliances in the next 2‐3 years. We had recommended "Whirlpool of India Ltd" a "BUY" at INR171 in our report dated 28th November, 2013 with a Target price of INR208. The stock had surpassed our target price of INR208 giving a return of 21 percent in less than a month's time," says Microsec research report.
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