https://bartronics.com/clients/

Hi Shaunak,

I am tracking this one too, but this is an ultra long-term bet since this has broken out on a monthly chart. My ultimate target is Rs. 573 which I believe will take around 1-2 years to hit unless some ground-breaking news erupts all of sudden
For now, price is stuck in the range of Rs. 360.1 and Rs. 375.45 which are the low and high for the candle formed on 06th Aug 2024. Thus the interim short term target would be Rs. 390/-

Disclaimer – I have only posted my study here. This is not a recommendation of any sort. I am not a SEBI registered financial advisor. Pls conduct your due diligence before investing/trading.

In-spite of management projecting flatish topline for FY25, stock price is still holding. Ideally this information should be factored in the price by now, though if there is a severe correction in the market, what would happen to an expensive stock is anyone’s guess.

While the management has been conservative and delivered above their projections in the recent past, I am unable to understand the rationale behind two things mentioned in the AR-

1. For EV trucks, HBL wants to go on their own instead of tying up with any existing OEM. Not sure how this will pan out – B2C success heavily depends on distribution/dealer network and service capabilities. Not sure how HBL will be successful here.

2. They vaguely mentioned about private equity being a new business avenue for them . I seriously hope HBL does not get in to this. Engineering and PE are two different things altogether.

Disc- Significant holding from much lower levels

What is % of sales from Bangladesh here?

Rural markets should do good for them. Overall, they used to be at much cheaper valuations, which I believe have caught up to their historical PE,

One thing I would worry about here is the promoter quality.