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HDFC Securities Institutional Equities
Multi Commodity Exchange of India Ltd. is up ~13/28% in the last one month/six month versus BSE, which is down -12/+3% in the last one month/six months.
The rising volumes, stable tech platform, and the option value linked to the launch of new products are resulting in outperformance versus peers. The stock has traded at an average one-year forward price/earning of ~33 times and is currently trading at a P/E of 41/31 times FY25/26E EPS.
We expect further rerating with the announcement of the new Managing Director and Chief Executive Officer and more clarity on the timeline of new product launches.
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