Hot Chips - Stock recommendations for your portfolio
2/23/2012 9:30 PM Thursday
COX & KINGS | BSE Code: 533144 | Volume: 182000 | CMP: Rs 180
The recent acquisition of Holidaybreak by Cox & Kings represents a transformational step providing both critical mass and scale in critical international regions. The complementary nature of the two businesses will diversify the company’s revenue streams, both on the product and geographical bases. Significant opportunities lie ahead, which may further drive revenues and margin growth of the consolidated business. Leisure travel, which accounts for around 89-90 per cent of the organic revenues, is showing robust growth mainly driven by the improved distribution network and the competitive package offering. The focus on increasing its reach via franchisees is expected to improve the distribution network to 300 outlets in Tier II and Tier III cities by the end of CY13. A consistent improvement in products and services has enabled the company to maintain its growth momentum at a CAGR of 40 per cent during FY08-11. One can look at the scrip from a medium-term perspective.
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