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Investing.com - HSBC initiated coverage on Trent Ltd (NSE:TREN) (NS:TRENT) with a Buy rating and a price target of INR6,700.00 on Friday.
The investment bank cited the strong growth potential of Trent’s Zudio brand, which has increased its revenue share from 8% in FY19 to 70% in FY25, driven by store additions and increasing productivity.
HSBC noted that Zudio’s revenue per square foot is the highest in apparel retail among listed players in India, positioning the Tata Group fashion retailer for continued expansion.
The bank forecasts Zudio will add more than 200 new stores annually over FY25-28, with potential to reach 1,450 stores in the longer term, up from the current 765 locations.
HSBC projects a 31% revenue CAGR for Zudio over FY25-28, expressing confidence that increasing competition is unlikely to affect Zudio’s market leadership given its strong brand, fashion collection refresh frequency, and store reach.
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