Category: Stocks
Exxaro Tiles IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Exxaro Tiles IPO-Incorporated in 2008, Exxaro Tiles is engaged in the manufacturing marketing activities of vitrified tiles.,
Business — The company manufactures Double Charge Vitrified Tiles (double layer pigment) and Glazed Vitrified Tiles made from ceramic materials i.e. clay, quartz, and feldspar. Its product portfolio consists of 1000+ different designs of tiles in 6 sizes. Topaz Series, Galaxy Series, and High Gloss Series are some of the well-established products of the company. It supplies its products to large infrastructure projects i.e. residential, educational, commercial, hotels, hospitals, government, builders or developers, religious institutions, etc.
Region of operation — Major cities in India and It also exports tiles to different countries across the globe i.e. Poland, Bosnia, USA, and others.
Offer purpose — The IPO is issuance of shares worth ₹161 crore for debt clearance and general corporate purposes.
Risks —
The tiles segment is highly competitive with established listed names in the market as well as a huge unorganized segment that is active in manufacturing tiles. The company provided security regarding loans from banks by creating a charge over its movable and immovable properties. The total outstanding amount payable by the company stands at Rs 142 crore as of FY21. It carries high trade receivables on its balance sheet, accounting for 94 per cent of its current assets and 24 per cent of its total assets. As the company plans to expand, this can increase the quantum of trade receivables and inventories
Strength
Variety of vitrified tiles design choices in different sizes.
Large dealer network with 2,000+ registered dealers.
Strong PAN India presence in 27 states of India.
International presence with export to 13+ countries across the globe.
One of the largest manufacturing plants of glazed vitrified tiles in India.
Future
Earnings have been growing well and with real estate boom talk, it may turn out to be good story. Overall company and its products don’t have any moat
Valuations
Valuations do look fully priced at the current earnings levels of FY21, the earnings have been growing also well.
Should we apply?
People can subscribe only for listing gains.
If holding, need to patient for medium to longer term
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Devyani International IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Devyani Internationals Limited IPO-“DIL” is the largest franchisee of Yum Brands in India and is amongst the largest operators of chain quick service restaurants in India and are among the largest operators of chain quick service restaurants (“QSR”) in India on a non-exclusive basis. DIL is also a franchisee of the Costa Coffee brand in India, which is owned by Costa,
Business — DIL’s business is broadly classified into three verticals that includes stores of KFC, Pizza Hut and Costa Coffee operated in India (KFC, Pizza Hut and Costa Coffee referred to as “Core Brands”, stores operated outside India primarily comprising KFC and Pizza Hut stores operated in Nepal and Nigeria (“International Business”); and certain other operations in the F&B industry, including stores of our own brands such as Vaango and Food Street
Region of operation — Major cities in India and in Nepal, Nigeria
Offer purpose — The IPO is issuance of shares worth ₹1838 crore for debt clearance and general corporate purposes.
Risks —
Termination of or inability to renew long term contracts with brands
Loss making company
High and intense competition in QSR space
Outstanding litigation proceedings against the Company, Subsidiaries, Directors, and Promoters
Strength
Presence across key consumption markets
Highly recognized global brands catering to a range of customer preferences
Multi-dimensional comprehensive QSR player
Future
The quick-service restaurant channel has been rapidly growing in popularity in India, owing to factors such as rise in literacy, exposure to media, increase in disposable incomes, and easier and greater availability. Affordability has also been a key factor.
Valuations
Valuations are high and bit lesser than peers
Should we apply?
People can subscribe only for listing gains. Sell on listing day
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
KRSNAA Diagnostics IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
KRSNAA IPO– Incorporated in 2011, Krsnaa Diagnostics Ltd or “KDL” is one of the fastest-growing diagnostic chains in India..
Business — offers a wide range of diagnostic services such as imaging/radiology services (X-rays, MRI), routine clinical laboratory tests, pathology, and tele-radiology services to private/public hospitals, medical colleges, and community health centres.It currently operates 1,823 diagnostic centres that are offering radiology and pathology services across 13 different cities in India.
Region of operation — Key focus on Non metro cities and lower tier towns
Offer purpose — The IPO is issuance of shares worth ₹1213 crore to Finance the cost of establishing diagnostics centres at Punjab, Karnataka, Himachal Pradesh and Maharashtra; debt clearance and general corporate purposes.
Risks —
KDL generates nearly two-thirds of revenues under PPP model, increasing its dependence on payments under contracts with public health agencies.
Pricing dependent on recommended or mandatory fees fixed under the terms of the agreements
High and intense competition
Strength
Rentals are limited and marketing spends are low, with captive customers ensuring high growth
Fastest growing diagnostic chain in India on multiple parameters
Company’s PPP agreements are typically long-term in nature, enabling higher revenue visibility
Extensive network of integrated diagnostic centres across India
Future
The Indian diagnostic industry has grown consistently over the past 3 fiscals and is projected to grow at a CAGR of ~15% over next few yearsAdditionally, the PPP segment of healthcare services is large on the back of higher government spending in the PPP segment.
Valuations
Valuations are high and comparable to peers
Should we apply?
People can subscribe for long term
Expecting good listing gains.
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Protected: Positional Stocks – 01Aug21
Private Life insurers : Growing well
Glenmark Life Sciences IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Glenmark Life Sciences IPO– Incorporated as Zorg Laboratories Private Limited in 2011 and acquired by Glenmark Pharmaceuticals Limited in 2018,.
Business — Glenmark Life Sciences Limited is one of the leading developer and R&D driven manufacturer of select high value, non-commoditized active
pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS),
pain management and diabetes
Region of operation — The company sells APIs in India and exports to multiple countries in Europe, North America, Latin America, Japan and the rest of the world (ROW)
Revenue/Product Mix – India 56%, Exports 44%
Regulated 66%, Emerging 33%, others 1%
Offer purpose — The IPO is fresh issuance of shares worth ₹1060 crore and an offer for sale to the tune of ₹454 crore by existing promoters and shareholders.Proceeds from the fresh issue would be used towards funding capital expenditure requirements for expansion of the company’s manufacturing facility; debt clearance and general corporate purposes.
Risks —
Revenue of ~55% from Top 5 Customers leads to concentration risk with promoter being the major customer itself
High dependency on China for key raw materials
High dependency on API business
Strength
Strong Promoter
Key Strong customers
Consistent track record of financial performance.
International presence with export to regulated markets
Future
Company has been growing well in revenue and profitability. High Value and non commoditized API are the key. Promoter backing also there. API have good future and Expansion of facilities and entering into CDMO will help company for next phase of growth
Valuations
Valuations are decent and comparatively lesser than peers
Should we apply?
People can subscribe for long term and keep on adding on dips & review holdings with each quarter earnings
Expecting good listing gains.
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Is it Coffee Time!!
LEO Satellites
Protected: Premium Stocks : 25-juL-21
Protected: Positional Stocks – 25Jul21
How the Mighty Fall!
Aatmnirbhar version : Speciality Steel
Self Directed Sales Incentive : Indigo Paints
The Hundred Club : IPO
Tatva Chintan IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Tatva Chintan IPO– Incorporated in 1996, Tatva Chintan Pharma Chem Limited is a specialty chemicals manufacturing company. It is engaged in the manufacture of structure directing agents (SDAs), phase transfer catalysts (PTCs), electrolyte salts for super capacitor batteries and pharmaceutical & agrochemical intermediates & other specialty chemicals (PASC).
Business — It is the largest and the only commercial manufacturer of SDAs for zeolites in India. It also enjoys the second largest position globally. It serves customers across various industries including automotive, petroleum, pharmaceutical, agro chemicals, paints and coatings, dyes and pigments, personal care and flavor & fragrances
Region of operation — The company exports most of its products to over 25 countries, including the US, China, Germany, Japan, South Africa and the UK
Revenue/Product Mix – India 28%, China 18%, US 15%, Others 39%
SDA 40%, PASC 31%, PTC 28%, Electrolyte Salts 1%
Offer purpose — The IPO is fresh issuance of shares worth ₹225 crore and an offer for sale to the tune of ₹275 crore by existing promoters and shareholders.Proceeds from the fresh issue would be used towards funding capital expenditure requirements for expansion of the company’s Dahej manufacturing facility; up-gradation of research and development facility in Vadodara; and general corporate purposes.
Risks —
Revenue of 60% from Top 10 Customers leads to concentration risk
Highly competitive industry and well established peers like Aarti Industries Limited, PI Industries Limited, Fine
Organic Industries Limited, Delta Finochem, Dishman group
High Expenses on raw materials (~50% of total expenses)
Strength
It is the largest and the only commercial manufacturer of SDAs for zeolites in India. It also enjoys the second largest position globally
Marquee list of customers Bayer, Merck, Navin Flourine, Divis,SRF, Atul, Laurus.
Strong long-term relationship with key customers with 53% customers with it over 5 years
Consistent track record of financial performance.
International presence with export to several countries i.e. China, USA, Japan etc.
Future
Company has been growing well in revenue and profitability. Unique products and diversified portfolio may help the company to retain growth path. Competition is high and will increase in coming years. Expansion and investment into R&D will help company for next phase of growth
Valuations
Valuations are as per bull market and comparatively lesser than peers
Should we apply?
People can subscribe for long term and keep on adding on dips & review holdings with each quarter earnings
Expecting strong listing gains.
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Indian Coffee Exports
Zomato IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Zomato IPO is little different because company is showing losses and when they will break-even is not sure. So read further and analyse all points with a pinch of salt. Many investors dream of being a venture capitalist one day and to all those guys, Zomato is giving you a chance.
Put your HAT of venture capitalist and drop the hat of investor to view this IPO. If it works good — ENJOY!!, If it does not–Don’t lose sleep.
Zomato IPO– Incorporated in the year 2008 as a restaurant-discovery website – Zomato, is now one of India’s largest food delivery company.
Business — Zomato has four business segments – two core B2C offerings including food delivery and dining-out. There is B2B ingredients procurement platform ‘Hyperpure’ and the customer loyalty program, ‘Zomato Pro’ as well
Region of operation — Company has operations in 23 foreign countries – UAE, Australia, New Zealand, Philippines, Indonesia, Malaysia, USA, Lebanon, Turkey, Czech, Slovakia, and Poland. However, the company generates 90% of its revenue from India.
Offer purpose — 9,000 crore will be a fresh issue, while the remaining an offer for sale from the oldest investor – Info Edge (India) Ltd. Company will be possibly using this money for organic and inorganic growth
Risks —
Company unit economics of profitability is not sustainable as of now
Highly competitive industry and many players have shut down in past few years. Any new player with deep pockets can come and start competing. Amazon has already started with aggressive pricing
High dependence on order size and repeat orders for making money
Strength
Adjusted for cash and cash equivalents, Zomato has an asset-light balance sheet and it will help company to sustain for few more years with almost 16000cr cash and cash equivalents
Covid-19 has given push to delivery based eating model and it will possibly help the company to cut operational costs with lower discounts and higher delivery charges
Only two major players in fray and other players are only focused on one part of business while Zomato is well leading ahead in other domains as of now
Able management
International presence
Future
Company has been growing and survived last few years onslaught when many players have shut shop(including uber, ola, foodpandaetc). The way Indian population is moving to nuclear families, demand for food delivery will increase and so will be competition.
Hence ability to charge high prices may remain limited.
Diversification into other areas like stake in grofers, kitchens, increase in memberships may help the company to survive against competition a bit longer.
How fast they can expand in tier 2 and tier 3 towns and how much they are able to extract from people is the key in next few years for breaking even.
Its the only player in 4 different segments as compared to peers is an advantage for them as of now
Valuations
Valuations are extremely stretched out. Nothing much to talk sensible here
Should we apply?
People falling into high risk taking category can bid in IPO and and add more after listing to play out this theme over few years.
People who can take risk of capital erosion can subscribe with one lot and book out on listing gains if any.
Please note that company is not profitable and entire capital put in company shares can go down the drain if things do not turn in anticipated way
Whatever you want to do with this IPO , don’t become a long term investor if you applied for listing gains or vice versa. Be sure of why you are applying and stick to that
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Protected: Positional Stocks – 10Jul21
Real Estate Inventory : Green Shoots
PPF : Details
Prince Pipes and Fitting makes polymer pipes and fittings in India that are used in plumbing, irrigation and soil, waste and rainwater (SWR) management
It has 7,200 stock keeping units (SKUs) and 1,500+ channel partners.
Company has strong cash flow from operations and business share in Q4FY21 has been 69% from construction
Company current strategy is to expand in south india and increase distribution network while keeping the margins(EBITDA,OPM), ROCE in similar range
Company has been able to make use of 3 drivers of margin expansion in FY21 : inventory gains, product mix change, superior pricing power: past 8 Quarters company has been aggressive in passing on price .
Growth triggers
Total installed capacity of approximately 259,000 tonnes per annum (TPA). This will increase by a further 51,000TPA once its Telangana plant is fully commissioned- that means almost 20% increase in capacity
Various Government initiatives like AMRUT scheme, which is aimed at providing basic services, such as WSS, and ensuring that every household has access to assured tap water supply and a sewerage connection. Jal Jeevan mission (Urban) focuses on providing water supply to 4,378 urban local bodies with 260 million household tap connections. Nal se Jal scheme is planned to offer piped water to every rural household by 2024 –all these schemes is helping industry to grow by 35%(estimated) in next 2-3 years
There is a visible structural shift from unorganized to organised players and Prince pipes has shown both volume and sales growth wile other major players have shown de-growth in FY21
PPF is gradually increasing its emphasis on high-margin business of CPVC and double-wall corrugated pipes (DWC).
Recent tie up with Lubrizol will help the company in getting its supplies secure and as well as will attract more distributors towards company
Expansion into South India with Telangana Plant and focus on east india in coming years may keep the growth rate intact
Data-driven pull against conventional push is the new sales strategy of the company for the retail segment. Business-to-business (B2B) remains an area of improvement where PPF sees ocean of opportunities. It has moved into technology driven plumber data to move into B2B business as well as for normal business
Risks
Raw Materials Prices: Raw materials (resin) are derived from crude oil and any increase in crude oil price can hurt margins in short term.
COVID Lock-downs: Second wave of COVID, many states have had to announce lock-downs, although this time plants were not completely shut but still first quarter at least, could be dampner.
Corporate Governance Issues: There have been allegations of inadequate disclosure in the IPO prospectus of PPF PPF did not disclose all litigations, claims and criminal proceedings against the promoters (although re-filed DHRP corrected anamolies but still some differences are claimed)
No moats and No barriers to entry in this business
Fake / duplicate products can hurt company business
Exit Strategy
COVID-19 third wave creating more havoc than 2nd wave can impact the company balance sheet in big way for construction and this should be on radar
Break up with Lubrizol will definitely hurt the company and we need to relook if such thing happens in future
Any negative change in Govt policy for water schemes can hurt the growth prospects and may warrant an exit
Clean Science and Technology IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Clean Science and technology IPO– Incorporated in the year 2003, fine and specialty chemical manufacturing company, with innovative chemical processes developed in-house. Clean Science and Technology is a family-owned business and work primarily on developing clean and eco-friendly manufacturing processes.
Business — Clean Science Technology manufactures functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals. Its products are used as key starting level materials, as inhibitors, or as additives, by customers, for products
Region of operation — Customers include manufacturers and distributors in India as well as other international markets including China,
Europe, the US, Taiwan, Korea, and Japan. Approx. 66% of the company’s revenues come from exports
Offer purpose — The IPO is 100% Offer For Sale (OFS) . None of the proceeds will flow to the company
Risks —
Company will not get anything from IPO for future expansion etc
Highly competitive industry and well established peers
High dependence on exports
Strength
Globally leading supplier of certain chemicals; Ansole, 4-MAP, MEHQ, BHA, DCC, etc.
Strategically located manufacturing facility with close proximity to JNPT port to export products.
Strong long-term relationship with key customers.
Consistent track record of financial performance.
International presence with export to several countries i.e. China, USA, Korea, Japan, Taiwan, etc.
Future
Company has been growing well and automated operations, continued focus on product identification, process innovation, catalyst development, significant scale of operations as well as our measures towards strategic backward integration have all contributed to its success as one of the fastest growing and among the most profitable specialty chemical companies globally .
Valuations
Valuations are little on higher side and compare well with peers
Should we apply?
People can subscribe for long term and keep on adding on dips & review holdings with each quarter earnings
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Protected: Premium Stocks : 4-juL-21
Protected: Positional Stocks – 3Jul21
Plasmid DNA vaccine
Reducing Pledge
Meme stocks
Mega trend : Fittings and pipes
Reality Check on dividends
Gigafactory : Reliance
Airtel TCS 5G
Protected: Greaves Cotton : Risks and Growth
Protected: Premium Stocks : 13-jun-21
KIMS IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
KIMS IPO– Incorporated in the year 1973, KIMS is one of the largest corporate healthcare groups in Andhra Pradesh and Telangana in terms of patients treated and treatments offered.
Business — The Hyderabad-based hospital chain offers multidisciplinary healthcare services with primary, secondary, and tertiary care across 2-3 tier cities, and an additional quaternary healthcare facility in tier-1 cities.
Region of operation –Main presence in 2 states , Telagana and Andhra Pradesh
Offer purpose — The IPO includes a fresh issue of Rs 200 cr and an Offer For Sale (OFS) of up to 2.35 cr equity shares by the promoters and existing shareholders. This includes roughly 1.6 cr shares by the biggest investor in the company – General Atlantic Singapore KH Pte. for prepayment of borrowings and general purposes
Risks —
Extremely high level of dependency on top 10 doctors
Concentrated region of operation
ARPOB is on the lower side as compared to industry numbers
Strength
Multidisciplinary healthcare services with primary, secondary, and tertiary care across 2-3 tier cities at afforable rates
Better cost operating profile wrt peers due to operational leverage
Strong Balance sheet and operating margins
KIMS has expanded its business by successfully completing 4 significant acquisitions from FY 2017-2018 to FY 2019-2020
Future
Company has plans to expand number of beds and expanding in Chennai and Bengaluru in coming years that will help the growth
As hospital chain becomes more mature, EBITDA margin will improve further
Valuations
Valuations are reasonable and compare well with peers
Should we apply?
People can subscribe for long term and keep on adding on dips & review holdings with each quarter earnings
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Dodla Dairy IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Dodla Dairy IPO– An integrated Dairy company based in south India , 2nd largest in terms of milk procurement, 3rd largest in terms of presence among private dairy companies
Business — Sale of Milk and Milk based Value Added Products(VAP)
Revenue segments — 73% from processed milk, 27% from VAP
Region of operation –Main presence in 5 states of south India,overseas operation in uganda and kenya
Offer purpose — Fresh issuance of equity shares worth up to ₹50 crore and a ₹470 crore offer for sale by existing shareholders for prepayment of credit, capex and general purposes
Risks —
Low margin business
Highly competitive business with unorganised players chasing same customers
Strength
Diversified nature of products portfolio
Strong distribution netwrork
Strong Brand presence in southern region of India
Future
How they expand and grab market share in highly competitive industry determines their growth
Any addition of VAP and increase in revenue from VAP may lead to good growth
Valuations
Valuations are bit on higher side
Should we apply?
People can avoid and look at listed peers instead
One can wait to enter at low prices for investment purposes and review holdings with each quarter earnings
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Shyam Metallics IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Shyam Metalics IPO– Shyam Metalics and Energy Ltd (SMEL), company in a cyclical business
Business — An integrated metal producing company with focus on long steel products and ferro alloys
~50% business comes from finished steel
Offer purpose — Fresh issuance of equity shares worth up to ₹657 crore and a ₹252 crore offer for sale by existing shareholders.
Risks —
Being in a cyclical industry is the biggest risk
Commodity cycle if dies down early may inflate the risk
Strength
Diversified nature of product portfolio
Low debt with effective cost control measures
Future
Company plans to double finished steel capacity but that’s still 3 yr away
Any slowdown in coming years in commodity cycle may cause the company financials to go bad
Valuations
Although no direct peers, but valuations are not cheap
Should we apply?
People can only subscribe for possible listing gains only
Recommended to sell if getting 10-30% gains on listing day
One can wait to enter at low prices for investment purposes and review holdings with each quarter earnings
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Sona BLW IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Sona BLW Precision forgings IPO– one of leading automotive technology companies in India and among top 10 globally for differential level gear segment.
Business — Designing, manufacturing and supplying differential assembly, gears, conventional and micro hybrid starter motors
~75% business comes from exporting
Offer purpose — Offer of 5550 cr for debt prepayment and exit of one of PE investors
Risks —
High valuations
Most of EV related business form one customer and client concentration risk for ~60% revenue from top 5 customers
Strength
Company has diversified business revenue mix in terms of geography, vehicle segment, powertrain and products
With about 40 per cent of its revenues from hybrids (mostly micro hybrids) and EVs, the company is a play on the growing market for cleaner vehicles across the globe
Future
Electric drive motors and inverters to Sona BLW’s existing product line of differential gears and assemblies for electric vehicles (EVs) has been added after the acquisition of comstar few years back
The expected change in product mix is value adding for the company as revenue realisations (and hence, profitability) for differential assemblies generally move up as the powertrain shifts from combustion to full hybrids and EVs.
Valuations
Very expensive looking at last results
As consolidation and revenue mix changes, may become available at decent valuations
Should we apply?
People can ideally avoid and if one subscribe, then do for possible listing gains only. If no listing gains then may need to hold longer
Recommended to sell if getting 10-20% gains on listing day
One can wait to enter at low prices for investment purposes after listing
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Aircraft and SOTP
Amara Raja : Gigafactory evaluation underway
EV orders start flowing
Aluminium Air Battery
How many stocks one should have!!
Dietary Supplements : Long term Trend
Metal for Aatmnirbhar Bharat
FPI bet on insurers
Aatmnirbhar Version : IT hardware
CXPaaS : CPaaS + CCaaS
Small fish in Big Ocean
IT Majors Hiring big
What to do in Current Stock Market in Apr2021: Sell out, buy more or hold ?
Most of the investors I talk are bullish and confident after making money in last one year. They are quite confident that every fall now is a buying opportunity
Also read : Invest in Stock market IF
We can broadly classify investors today in four kinds
- Who have entered market in March 2020 in or after lockdown and seen everything they touch turning to gold and in last one month, they lost some part of money by taking aggressive calls or to multiply it faster by trading in options and losing it faster henceforth
- Who have seen 2000, 2008, 2018 crashes and mostly sat on sidelines in March 2020 crash and still in disbelief that markets made a new life time high recently
- Who have adapted themselves fast and riding the trend till now
- Those who have have rode the trend and partially exited in March-April and hold around 25% cash
So as you are reading this article, did you notice where do you belong?
Congratulations, if you are able to see yourself amongst one of the four kinds mentioned above
Question still remains same for everyone : What to do now? Should we buy, sell or keep holding? What’s next : Is it bull market or is crash near?
Let’s read further to understand more about it and see what strategies people can adopt
Case 1. Sell out 100% and wait to re-enter at lower levels
Thsi strategy is for people who
- Are facing Liquidity challenges
- Can’t sleep properly due to fear of crash in markets
- Borrowed money to invest
- Goals are near ( within 1-2 years)
Advantage with these strategy is you may not lose capital if market goes down and may get a chance to re-enter at lower levels. Problem with this strategy is it is impossible for anyone to predict whether market has topped out or not. Will Market go further up and can give you a bigger chance to cash out? Will market come down and give you a chance to enter at lower levels. Nobody knows. Get away from people if they claim to know.
It is always better to cash out if our goals are near or we have debt to pay because when correction happens, it will not give you a chance to exit at your desired levels
You may need to decide a market point where you should re-enter
Case 2 Go opposite and buy more
I will strongly advised against this. Problem with this strategy is most of us will be invested in 50 + stocks by taking tips from random sources and keeping most of the stocks which are in loss. So if market correction happens, we will not be having enough money to average down all stocks.
In case, you have idle money and have a itch to invest at these levels, in such cases adopt a simple strategy
- Have a watchlist of quality stocks and
- Keep buying from the same watchlist based on quarterly results or in sip mode
- Plan your investment in a staggered manner instead of putting money in single go
- Invest the money which you don’t need for next 5 years
Correct portfolio allocation and conviction in the chosen stocks is a must for investing at these levels
Case 3- Hold and reorganise your portfolio
This strategy is for people
- Who are confused and not sure which strategy one should adopt
- Who have long term views on equity but not sure what to do in such a bullish market scenario
- Who have money available to invest right now but not sure in which stocks
- Who do not need to sell out as no immediate money requirement
Under this strategy, adopt the simple course of action
- Reduce number of stocks to a level which you can track easily. (20 stocks in a portfolio is considered reasonable for an average investor to track)
- Reduce the stocks positions partially or completely which you have bought on tips and not working or in loss. Getting out with a small loss is good at these levels to rearrange your portfolio
- Buy more of convincing stocks with long term horizon of 3-5 yrs.
- Increase the positions in stocks which are showing a promising future and management is walking the talk
Case 4- Sell Partially
This strategy is for people
- Who are ready to leave last 10-20% gains on table
- Who are ready to have patience for their cash deployment
- They do not feel zealous when other people make money and they themselves stay in cash
- Under this the simple course of action is
- Sell partially up to 10-25% and sit on cash, may or may not get a chance to deploy cash soon and wait can get longer
- Rest 75% to 90% should remain invested, so if markets runs up, they are still in the market
What i am doing in this market? My answer is Case 4.
- I have booked out of most positional stocks apart from few holding with my closed group of people
- I am selling the stocks which have run ahead of their fundamentals.
- I am selling the stocks which have hit stop loss levels ( both long term and short term stocks have stop loss levels)
- I am holding stocks which have good story building up and adding more on each quarterly result. In case they looking pricier at this point, i am not adding and just trying to hold and wait for next quarterly results for further action towards buying/selling
- Any new stock which looks promising to me, I am waiting for correction to add more
- I am not averaging any stock as of now
So that effectively means
I am not putting new money into the market
I am selling my existing less convincing or loss making positions
I am waiting for small correction in market to add more
I am not re-organizing my portfolio for next cycle of market
I am keeping Cash levels close to 20% to handle market correction and adding more.
I am happy to ride with my invested convincing positions
I would not recommend to sell out and sit if you have not borrowed money and are not facing immediate liquidity issues. But for sure remove dud stocks and put that money into other quality stocks as always
Overall, what I learnt from markets in my journey is very simple and easy to follow :
You can’t be 100% invested in market
You can’t be 100% sold out from market.
Will correction happen–We don’t know but fact is every rise is being sold into. The situation on ground is bad for COVID-19. Correction if happens, can take Nifty to 13100, 12400 levels where we can average on our positions. Bounce back should be sharper until and unless Covid 19 gets out of control and needed stringent undesired lockdowns, In such scenario 10k on nifty cant be ruled out
Are things all bad –No, not all is bad , There is good ray of hope for Q4FY21 results and Q1 FY22 results. There is hope for different vaccines being rolled out. Nifty new high cant be ruled out as of now
Whatever strategy finally you adopt. don’t be a blind follower
Read more on Blind follower here
Wishing you all the best and lots of luck
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
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Craftsman Automation IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Craftsman Automation IPO– Almost 35 yr old company involved in manufacturing of auto components mainly for CV
Business — Largest player involved in the machining of cylinder blocks and cylinder heads in the intermediate, medium and heavy commercial vehicles segment as well as in the construction equipment industry in India and tractor segement
Offer purpose — Offer for sale (824cr) including fresh issue of 150 cr for repayment of debt
Key domains -Company have three major segments. 1) Powertrain and other automotive products 2) Aluminium products for the automotive segment, and 3) Industrial and engineering products.
Key Clients-Tata Motors, M&M, TVS, Royal Enfield, JCB
Risks —
Company has high debt of 890 cr
Continuous capex and upgradation of plant along with stringent quality requirement by customers poses challenge for company
Highly exposed to CV industry
Strength
Company has sustained strong client relationship, many customers are clients for over 10 years
Company keep on upgrading and modernizing its plants regularly
Future
Beginning of upcycle in CV and lot of capex behind should support company earnings
Valuations
Looking at peers and bull market frenzy, company is relatively cheap. In absolute terms valuations are expensive
Should we apply?
People can avoid for long term and wait for right price point to enter
If applying, recommended to sell on getting gains on listing day
One can avoid for investment purposes as of now until one has high risk appetite
Also Read
Laxmi Organics IPO Crisp Summary
Burger King IPO crisp Summary — Listing with huge gains as shared
UTI AMC IPO crisp Summary — Listed with loss as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Angel Broking IPO crisp summary –Listed with loss as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Laxmi Organics IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Laxmi Organics IPO– Almost 30 yr old company involved in manufacturing of ethyl acetate and diketene and derivatives
Business — Company is among the largest manufacturer of ethyl acetate with 30% market share in India and sole manufacturer of diketene with 55% market share in India approximately
Offer purpose — Offer for sale (600cr) including fresh issue of 300 cr. for repayment of debt, existing capacity expansion and new expansion for specialty chemicals
Key domains -Company have two major segments.Acetyl (52% revenue with single digit margin) and specialty intermediates (28% revenue with double digit margin)
Risks —
Company has low margins for its products
High raw material cost poses challenge for company
Strength
Company products are used in various industries and well diversified
Company have low customer concentration with no customer having more than 10% revenue contribution
Future
Company is expanding to lucrative fluorospeciality segment which have higher margins
Company existing capacity is being expanded and thus gives revenue visibility
Valuations
Looking at EBITDA and growth shown, company looks expensive
Bullish market and IPO frenzy makes the valuations stretched leaving little room for improvement until company shows growth
Should we apply?
People can subscribe for long term only if they want to bet on growth potential on new segments
If applying, recommended to sell on getting gains on listing day
One can avoid for investment purposes presently as there are better listed option available in market
Also Read
Home First Finance IPO Crisp Summary
Burger King IPO crisp Summary — Listing with huge gains as shared
UTI AMC IPO crisp Summary — Listed with loss as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Angel Broking IPO crisp summary –Listed with loss as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
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Home First Finance IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Home First Finance IPO– 10 yr old company promoted by private equity funds.
Business — In the affordable housing segment in 11 states with 70 branches. 80% business from 4 states including 40% from Gujarat only
Offer purpose — Offer for sale (1153cr) including fresh issue of 265 cr. for expansion and general purposes
Key domains – Affordable housing finance for construction , loans for purchasing commercial property and loans against property to both salaried and small business owners/self-employed customers
Risks —
Consistently need to remain in limelight in highly competitive industry, Key financial metrics are not great as of now
With focus on middle class and recent Covid impact , NPA will always be struggle for few quarters
Strength
Focus on growing affordable housing category for middle income and low income category which is not serviced by many big banks
Company use technology to its advantage and do fast processing of loans
Average ticket size is 10 lacs approximately which makes it target highly growing category of loans
Future
Various government initiatives such as housing for all, amongst others are likely to offer exciting growth opportunities in the coming years.
Last three years CAGR is 60% plus although on smaller base shows future seems bright if it remains on track
Valuations
In almost all aspects except PE, Better listed options available
Should we apply?
People can avoid or subscribe only for listing gains
Recommended to sell if getting gains on listing day
One can wait to enter at low prices for investment purposes or choose peers for investment purpose during corrections
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
UTI AMC IPO crisp Summary — Listed with loss as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Angel Broking IPO crisp summary –Listed with loss as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Stove Kraft IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Stove Kraft IPO– Almost 20 yr old company involved in manufacturing, marketing and exporting kitchen appliances
Business — Company is into manufacturing LPG gas stoves, induction cooktops, non-stick cookware, pressure cookers, chimneys etc
Offer purpose — Offer for sale (412cr) including fresh issue of 95 cr. for repayment of debt and general purposes
Key domains -Company have three different segments. Pigeon for Mass market, Gilma for Mid level and Balck and Decker at top level premium category
Risks —
Company has yet to show sustainable profits.
It is operating in field of established players like Prestige, Hawkins so with such intense competition, profits margins will always face heat.
Company has ongoing litigation and not efficient to recover money from retailers.
Company has been into unrelated segments like LED which can derail the focus on key categories
Customers may not remain loyal as switching to other brands is easy, so basically no moat
Strength
Company has two under-utilised plants which can be ramped up without any major capex
Company have different brands catering to different segments and have good reputation of its products
Company has multiple distribution channels including e-commerce
Future
Market is expected to grow at 11% CAGR in near future
Company existing capacity is not fully utilised and with growth of overall market, company has room to grow
There is a systematic shift happening towards usage of kitchen appliances
Valuations
Recently turned profitable company with low ROE and margins seeking almost equal valuations as leaders in their categories
Bullish market and IPO frenzy makes the valuations stretched leaving little room for improvement
Should we apply?
People can subscribe for long term only if they want to bet on growth potential
If applying, recommended to sell on getting gains on listing day
One can avoid for investment purposes presently as there are better listed option available in market
Also Read
Home First Finance IPO Crisp Summary
Burger King IPO crisp Summary — Listing with huge gains as shared
UTI AMC IPO crisp Summary — Listed with loss as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Angel Broking IPO crisp summary –Listed with loss as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
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Also Read : Indigo Paints IPO
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Disclaimer : This is not a BUY/SELL/HOLD recommendation. Only for educational purposes. Please consult your financial adviser for investment purposes
IRFC IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
IRFC IPO– Incorporated in 1986 by the Ministry of Railways (MoR), the Government of India, Indian Railway Finance Corporation (IRFC) is a wholly-owned public-sector undertaking
Business — Its engaged in the activity of mobilising funds on behalf of the Indian Railways to finance its procurement of locomotives, passenger coaches, and wagons as well as to fund other railway infrastructure assets. Apart from providing finance to the MoR, IRFC has provided loans to Rail Vikas Nigam Limited (RVNL), which is wholly owned by the MoR.
Offer purpose — Offer for sale (4600cr) including fresh issue of 3100 cr. for expansion and general purposes,1500 cr will flow to Goverment
Key Service domains – NBFC -Infrastructure finance to MoR
Risks —
Low RoE, lending to government entities at the fixed spread,
and risk of equity dilution from OFS in subsequent years
Strength
Zero NPAs, Lowest Borrowing cost (AAA rated), high operationally managed entity
Strategic role in financing growth of Indian Railways with regular demand for loans which is favorable for its asset growth.
Competitive cost of borrowings: Because IRFC belongs to GoI, and lends to GoI owned entities, the cost of borrowing is very low for IRFC.
Consistent financial performance and cost-plus model: IRFC charges a fixed interest rate for sourcing loans for MoR. It gets fixed spread in the range of 0.3% to 0.4% above its cost of borrowings.
Future
IRFC is strategically important to the MoR as it raises around 25-35% of the total funding requirement (plan outlay) of the Ministry.
It is growing at good rate but ROE can’t be expanded much.
Could be a consistent dividend player
Valuations
Profit making company with stable below par ROE
AUM growth (3yr CAGR>20%) coming at 1x H1FY21 P/BV, Valuations are underpriced to reasonable range of P/B ~1
Should we apply?
People can subscribe looking at mid term to long term prospects
Avoid if one is averse to PSU or looking at big gains
Stellar gains at IPO may not be visible due to large IPO size
One can wait to enter at low prices for investment purposes for dividend play as well
Also Read
Indigo Paints IPO crisp Summary — Apply or not
Burger King IPO crisp Summary — Listing with huge gains as shared
UTI AMC IPO crisp Summary — Listed with loss as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Angel Broking IPO crisp summary –Listed with loss as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
INDIGO PAINTS IPO : Subscribe or NOT?
The data has been compiled from various sources and might have small difference but overall theme is to subscribe or not — we will focus on that
Indigo Paints IPO– Among top 5 in Decorative Paint Industry in India with growing over 40% CAGR in terms of sales since inception.
Business — In the Decorative paints industry with high share of differentiated products with high barriers of entry,
~28% business comes from differentiated products
Offer purpose — Offer for sale (1169cr) including fresh issue of 300 cr. for expansion and general purposes
Key Service domains – Repainting constitutes >70% demand and Tier 2, Tier 3, Tier 4 regions are major targets for company
Risks —
Consistently need to spend on Ads to remain in limelight. Currently they spend 12-13% of revenue on ad spends as compared to 3-5% for other big players
As they are expanding to big cities, competition from other 4 large players will pose serious challenge as retail outlets space is limited
Strength
Paint Industry has relatively high entry barriers and need a technologically advanced Manufacturing and distribution network
Company provides low discount on gross sales due to differentiated products
Have low operating expenses as compared to peers and high margins which sustain higher ad spends
Manufacturing locations are close to raw materials keeping costs low
Future
Various government initiatives such as housing for all, smart-cities, industrial corridors and Atmanirbhar Bharat amongst others are likely to offer exciting growth opportunities in the coming years.
As per capita income increases in India, re-painting cycles will be shortened possibly to 5-6 years. Also that will help people to upgrade to premium paints
GST, COVID-19 has shifted the paint market towards organised one and that will help this company in coming years
Valuations
Profit making company with improving ROE, ROCE but seeking very high valuations in IPO (~140X PE)
Asian Paints At 9X Capacity, 500 bps higher margin at 32X Higher Sales than Indigo currently trades at 70X FY22e
Should we apply?
People can subscribe looking at IPO frenzy and possible listing gains only
Recommended to sell if getting 10-30% gains on listing day
One can wait to enter at low prices for investment purposes and review holdings with each quarter earnings
Also Read
Burger King IPO crisp Summary — Listing with huge gains as shared
UTI AMC IPO crisp Summary — Listed with loss as shared
CAMS IPO crisp summary — Listed with 20% gains as shared
Angel Broking IPO crisp summary –Listed with loss as shared
Happiest Minds IPO crisp summary –Listed with substantial gains as shared
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
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