CFA Level 3 candidate, MBA Finance from Great Lakes Institute of Management, Passionate about equity research
Followers: 128,388
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Systematix initiates on Raymond #RAYMOND Sees 45% upside potential TP 1832rs Solid debt reduction n WC management with superior cash generation Expects RoCE to inch up to 33% in Fy25 vs 17% in FY22 RE to continue to deliver New launches was v well recieved Ethnic scale-up
JM Financial morning updates: Fusion Microfinance #FUSION Deepening geographical presence Sustainable RoE 18-20% with 4.5% RoA Expects earnings CAGR 36% over FY23-25E 1.2x FY25E P/B 23.2% RoE-FY25E Tyre comps Muted demand from replacement mkt RM prices further came down vs Q3
Royal orchid hotels #ROHLTD Gets a credit rating upgrade Long term rating upgraded to ICRA A-(Stable) from ICRA BBB Stable outlook Asset light model Low capex Segmental diversification across price points ARR n occupancy trending higher Good Q4 n outlook good for FY24
Monarch conference notes #LandmarkCars Consignment model-no inventory risk To sell pre-owned vehicles BYD traction #FocusLighting Outdoor lighting 30-40% rev CAGR with 10-15% PAT margin #ACE 80cr capex Defence orders Ghana project #WONDERLA FY24: ARPU:7-10%⬆️ Footfall 5-7%⬆️
Kirloskar brothers #KIRLOSBROS Update report from sharekhan from management meet: Domestic demand likely to b robust for next 2yrs Strong traction in international business Solid orderbook Took price hike by 10% Vol growth of 15% Utilization at 65-70% No major capex reqd
Kirloskar brothers WPIL KSB pumps #KIRLOSBROS #KSB #WPIL Sector has witnessed increased earnings traction over last 2 yrs(6-8qtrs) aided by record orderbook which keeps increasing every quarter,effective cost control, reducing debt Return ratios have improved Trend to continue
Creditaccess Grameen #CREDITACCESS #CREDITACC A success story Snippets from article of Fortune India 17,786cr loan book n 533cr PAT in 9MFY23 TN,Karnataka,Maharashtra-top 3 New customers Avg borrowing 47k Q3 NIMs 11.9% 9M at 11.5% Stable RoE 18-22% 20-25% CAGR for 3-4yrs🔥
CLSA on Fusion micro vs creditaccess #FUSION #CREDITACC Observes fusion is at same stage where creditaccess was 3yrs back Fusion catching up on RoE n RoA Gap to narrow down to 100-200bps in FY24/25 Steady state RoE 20% Asset quality⬆️ Buy on both Fusion TP 550 Creditacc 1250
#DLINK #DLINKINDIA Consistently improving qtrly nos with increase in OPM Debt free Good return ratios RoE n RoCE greater than 20% Improved WC cycle n improved cash conv cycle Wish comp did concalls n revealed more of their strategies n outlook TTM P/E 10.8x EV/EBITDA 6.5x
Kirloskar brothers #KIRLOSBROS IC frm Sharekhan 30% upside potential Attractive valns vs peers Subsidiaries nicely turning around n sustaining the momentum Good orderbook with improved execution No dependency on EPC projects which were lumpy n low margin 13/10x fy24/25e EPS
Focus Lighting #FOCUS In concall,comp stressed on focusing on infra sector Gets 1st ever govt order worth 13.5cr to design n install 3D mapping based light Strong forte-Retail lighting Sole vendor to IKEA-big opp Marquee clients: RIL,ShoppersStop L&T,GMR,TaMo,Audi,Benz
Royal orchid hotels #ROHLTD Reiterated that Q4 is trending well Corporate+leisure More room for ARR to go up Might end FY23 with 290cr rev n 50cr PAT which will b Highest ever Fy24E: Rev 400cr with 120-130cr EBITDA #LEMONTREE FY24 1000cr rev with 50% OPM ARR will increase
More on this list: Titagarh Wagons, Jupiter Action construction Focus lighting Mahindra CIE Narayana Hrudayalaya Kaynes Syrma SGS HBL power Tega AIA Engg Maharashtra seamless Cyient Surya Roshni Ceat+other tyre comps SSWL Powermech Bector foods BLS ETHOS Archean Chemicals
Some great concall commentaries on growth traction: Royal Orchid Hotels Indian Hotels Lemontree Kirloskar Brothers KSB Dreamfolks Cigniti Praveg Ujjivan SFB n peer MFIs Fusion Microfinance Oberoi-in terms of land acq+new launches Banks in general Mm Forgings Landmark Cars EIH
MM Forgings #MMFL On track to beat the earlier guidance Prev guidance at 1300cr topline Will do above 1400+cr for FY23 Margins will b maintained 500cr capex over next 6qtrs 200cr used Can do 2400cr rev in next 2-3yrs FY23E: Rev 1410-420cr EBITDA 270-80cr EPS 46-48rs
Raymond Ltd #RAYMOND Excellent investor meet yest Has 5year biz plan fo every segment n see every segment growing into a significant portion of total pie Last 5 record qtrs Momentum to sustain Debt free by FY25 Reduced from 1.3x to 0.3x NWC days: 98 days to 55days Margins⬆️
Whatta Q3FY23 it was for the ones who manufacture pumps n into fluid engg solutions Stellar stellar Q3FY23 Solid orderbook providing visibility Kirloskar brothers #KIRLOSBROS EBITDA 149cr vs 43cr PBT 119cr vs 29cr #WPIL EBITDA 106cr vs 34cr #KSB EBITDA 77cr vs 56cr Margins⬆️
Royal Orchid Hotels #ROHLTD Moneycontrol Pro report Observes: Strong Q3 To sustain the growth momentum Robust room addition pipeline for next 2-3qtrs Fund raising plans Attractive valns P/E 16x trailing-lowest vs peers EV/EBITDA 7x FY24E FY24 380-400cr rev 630cr mkt cap
Royal Orchid Hotels #ROHLTD Valuation wise,cheapest among peers P/E 16x trailing Q4 to be strong Has presence in almost all regions across country Guidance FY23: Rev 280-300cr EBITDA 80-90cr FY24: Rev 380-400cr EBITDA 125cr 100 hotels by Sept Jaipur-adding well Debt-low
Mahindra CIE #MAHINDCIE Inv ppt: India: Rev⬆️26% EBITDA⬆️93% EBIT⬆️136% EBT⬆️159% Europe: Rev⬆️43% EBITDA⬆️88% EBT⬆️117% Consol: Rev⬆️31% EBITDA⬆️92% at 355cr vs 184cr Q3 307cr EBIT⬆️135% at 277cr vs 118cr OPM sees big⬆️ QoQ n YoY Semicon shortage easing OCF 929cr RoE 15%
CFA Level 3 candidate, MBA Finance from Great Lakes Institute of Management, Passionate about equity research
Followers: 128,388
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