Trent's AGM lays out 5,000-store Zudio runway; Morgan Stanley stays Overweight at Rs 3,151
Post-AGM guidance: 50 Westside, 200-250 Zudio and 25-40 Star openings annually, with long-term potential of 700 Westside and 5,000 Zudio outlets. Morgan Stanley reiterates Overweight with TP Rs 3,151. CLSA separately tags Nykaa as a buy candidate, signalling renewed brokerage conviction on India's value-fashion and beauty plays.
What happened
MS reiterates Overweight on Trent (TP Rs 3151) post-AGM: guidance of 50 Westside, 200-250 Zudio, 25-40 Star stores annually, with long-term potential of 700
Key facts
- Westside TP Rs 3151
- 50 Westside stores/year
- 200-250 Zudio/year
- 700 Westside potential
- 5000 Zudio potential
- 25-40 Star/year
- Adani Ent TP Rs 3638
- 145 mn airport passengers by FY30
Why this matters
Trent's aggressive organic runway plus CLSA's Nykaa call signal a brokerage tilt toward value-fashion and beauty, raising the bar for M&A premiums in adjacent retail categories.