TCNS Clothing: Upside of 30%; Neutral

Jainam Research | March 25, 2019, 11:59 a.m.

Recommendation

TCNS has three brands - W, Aurelia and Wishful. But changes in consumer preferences and fashion are a concern for this industry. Also, the cash conversion cycle of the company is 76 days which is again a concern. It also has major competition form the unorganized sector as it forms large part of this industry. We are neutralon this stock due to limited upside of about 25% - 30% with horizon of 2-2.5 years.



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