Dixon Tech Shares Rebound; CLSA Sees 45% Upside Despite Vivo JV Concerns

• Dixon Technologies shares rose over 2% after CLSA reiterated its 'Outperform' rating.
• CLSA set a 12-month price target of ₹18,800, suggesting a 45% upside.
• Concerns include delays in Press Note 3 approval for the Vivo joint venture and approvals for component facilities.
• The Serious Fraud Investigation Office's impending chargesheet against Vivo further clouds the JV's outlook.
• CLSA suggests Dixon could capture displaced production volumes if the Vivo JV is not approved, and finds the current valuation undemanding.

Why It Matters: Dixon Tech's investment potential is tied to overcoming regulatory and growth challenges.