Little thought on Page before I hit bed:
Posts in category Value Pickr
Page industries (28-09-2015)
So, you want to know why Page is so highly (richly) valued? The more I research various other stocks/sectors for investment the more I get to understand Page :-).
There are companies which have super ROCE, good FCF, tempting dividend yield, low capex, ethical management, durable moat BUT they lack REVENUE GROWTH. They strive very hard for a 15-20% growth. Some through inorganic route, some through organic.
Page has all the above and a superior sales growth (even during the times of low economic activity) - what a combination to have?! Page does NOT age!
Disclosure: I hold page as indicated in my portfolio.
Screener.in: The destination for Intelligent Screening & Reporting in India (28-09-2015)
Attaching Basic version of excel for data from Screener. On 1st sheet data can be pasted as it is from page. 2nd sheet gives analysis of key financial ratios etc.
Make shift arrangement till excel download feature works on the website.
Regards
Ankush
dharamsi Moraji.xlsx (49.2 KB)
P. I. Industries Ltd. – A Unique Business Model can make it a Great Play on Agri & CSM Space (28-09-2015)
Technically more pain seems to be in store at PI (both time and price wise )
Vardhman Acrylics – A hopelessly undervalued stock (28-09-2015)
Hi
Just wanted to share my views on Vardhman
Recent Developments :
Raw material price Acrylonitrile has fallen from Rs.134 per kg (incl. duty ) in Sep 14 to Rs.83 per kg in Sep 15 due to crude effect. ACN is 90 % of Raw Material Cost.
Acrylic Fiber landed cost, as per import data is marginally down from Rs.180 to Rs.133 in the same period.
Anti Dumping Duty - Govt has imposed Anti Dumping duty on Acrylic Fiber imports from Thailand of USD 162 per MT w.e.f 1st June 2015 for a period of 5 years. This gives additional margin / EBIDTA of Rs.10 per kg. Thai Fiber Imports account for 65 % of total Acrylic Fiber imports during FY 2015.
Cumulative effect of the above - Positive to VAL due to increase in margin and lesser import volume. EBIDTA for FY 2016 - Rs.65 cr + approx
Currently, ACN landed cost is Rs.93 per kg and AF is Rs.157 per kg factoring Customs and Anti dumping Duty.
As a result, Delta (Diff between RMC and Fin Good) up from Rs.39 to Rs.64 per kg.
- Promoter stake increased from 58 % to 75 % between 2013 and 2015 through Buyback and Market Purchases. A positive feature. Potential merger with Vardhaman Textiles owing to synergies?
Valuation :
Current market cap is Rs.240 cr. Cash equivalent as of 31st March 2015 is Rs.260 cr. Debt Free
Core business, EBITDA expected at INR 65 cr for FY 2016. Company available free Mcap (ex-cash).
Company has excellent Management Bandwidth, Debt free, cash rich, good EBIDTA outlook and very cheap valuation.
Something amiss ? Or is it a Hidden Gem?
Kitex Garments another Page industries? (28-09-2015)
Guys,
Please hold your horses. Please do not encourage new threads - on locked threads
Requesting you Admin to review opening up Kitex original thread again (with suitable warnings to repeat violators, if need be)
a) cluttering up messages were deleted some time back
b) cooling period of a few weeks are over
c) Main concern/irritant/cluttering cause - the presence/absence of 200 Cr Cash seems to have been settled
Requesting everyone to not to post here, but wait for a couple of days for Admin to review.
Thx. Been tied up completely with attending to personal matters. Hope to be back in regular circulation after a week or so
Screener.in: The destination for Intelligent Screening & Reporting in India (28-09-2015)
Hi ayush, I am accessing screener.in from Muscat , not able to see export to excel tab , neither the new front end nor any of recent changes done. Are there any geographical restriction?
Torrent Pharma Ltd (28-09-2015)
Hello Rohit,
$5bn was the IMS sales ending Jun 15 which is brand sales for Astra Zeneca's Nexium.
Since there are large no of filers, expect sharp price erosion for the drug.
So far launched by
Teva: 6 month exclusivity, manufactured by Cipla
Waiting in the wings:
Torrent, Lupin, Aurobindo.....
8k Miles Software Ltd, Cloud Computing (28-09-2015)
Spoke to a CTO/CIO in a listed pharma company, he felt that their service would be of interest to even non-US pharma companies as it may allow for management of compliance, proprietary data, etc. However, although he was on SAP, he did not seem eager to transfer to cloud in a hurry. Conclusion: for him the product was a 'vitamin' and not a 'painkiller'. However this needs further validation with other companies.
In simple terms, cloud impacts OpEx and a normal Data Center impacts the CapEx. Based on the requirements, either of the two strategies could be used. Most CIOCTOs I have talked to suggest a strategized approach to cloud. A few Indian companies I know actually stopped using cloud as the OpEx was prohibitively expensive for them.
What is the likelihood of Amazon providing the same services to end users in house and making 8k/others redundant?
This IMO is highly unlikely. Most product companies depend on implementation partners for implementing their products. This helps as implementation partners have better local connect with end customers. This is similar to having channel partners to sell your products in a particular area.
Who are the other approved vendors of these cloud providers?
This IMO is the important question. I believe most large Indian IT vendors could also provide these services. What 8k miles will bring to the table is a faster, more efficient and more experienced team. And, the fact that they are building up a suite of solutions which complement the cloud could help their end clients.
Disclaimer: Not Invested, Interested and still learning the business model
P. I. Industries Ltd. – A Unique Business Model can make it a Great Play on Agri & CSM Space (28-09-2015)
We will have to monitor the CSM orderbook and execution of that order book. But one has to take note of the fact that market has recognised PI as a high quality business and hence PI like Page might
be given more leeway.
Another way to look at it could be that since most of the CSM orderbook would be early life cycle molecules impact would be limited on CSM business.
But if one were to have a 3-5 year view then the uncertainties that prevail currently could provide decent entry points.