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Posts in category Value Pickr

Manappuram Finance (31-07-2022)

My takeaways from Annual report:

  1. Gold loans at lower yields offered by other companies are not sustainable liquidity gets tighter and funding dries up, especially for loss making competitors.
    2)Share of online gold loan decreased from 54% to 44% due to high base in previous years which digital lending increased due to pandemic.

Please read page no. 35 of Annual report to see the competitive strategies of specialised gold loan NBFC to understand how they differ from bank. I am enclosing the screenshot of the same below.

Screenshot_2022-07-31-11-05-13-977_com.google.android.apps.docs

Disclaimer: Holding with average price of 90 rupees. Conviction getting stronger at these valuation and after studying annual report.

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Green Energy/EV themed portfolio for review (31-07-2022)

I am based in Singapore hence able to buy local equity. I am not sure if there is a way for non-locals to invest in Singapore equity.

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Mallcom India – Safety Equipment manufacturer (31-07-2022)

Company declared a decent result.
PROS

  1. Operation commenced at Ahmedabad plant in FY22. With regular orders being shipped to Europe productivity and shipments expected to improve further in FY23.
  2. Phase -1 of Ghatakpukur plant expected to be inaugurated on 1st July 22 as per Q4 ppt., however no announcement till date.
  3. Increased receivables in FY 22 due to high turnover during last two months of the quarters.
    The signing of FTA agreements in Australia and UAE has opened up these markets and the company is expecting breakthrough with new contracts being signed in current FY in these geographies and is targetting the UK and Canada and expansion in USA subsequently.
  4. ISO certified one stop solution and one of the largest exporters of PPE.
  5. 90% repeat orders shows good quality and reliability.

Cons

  1. Extended cash conversion cycle, increased receivables.
  2. Low free float, 92% held by promoters and one individual.
  3. 41% revenue from export to Europe, likely recession in EU can affect revenue over 1-2 years.
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Suprajit Engineering (31-07-2022)

Suprajit Growth Triggers.pptx (2.0 MB)

My PPT on SUPRAJIT - covering some growth triggers for the company

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Gabriel India Ltd. – Shock free ride? (31-07-2022)

Gabriel.pptx (2.3 MB)

My PPT on GABRIEL - covering the basics about the business, management and valuation

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The Anti-Portfolio (31-07-2022)

Hi Bhavya,

These things keep happening, no issues, even if some (small) dispute is raised. To me it looks like company is rich and making money, to attract attention, also in the prompt notice to exchanges they thanked employees. Signs of good management.

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Gland Pharma- Generic Injectables (31-07-2022)

Gross margin expansion was simply a function of geographical mix. Company prioritized US business and had to let go of RoW business. US business for Gland has higher GM.

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Manappuram Finance (31-07-2022)

Thanks for the good summary.
Management’s unacceptance of banks eating away gold finance company’s share is not good. Or they accept it but they got no proposal to tackle that and hence not even mention that publicly.

Disc: Invested since 2018.

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My Portfolio->Aditya (31-07-2022)

Hi Aditya, you have APL Apollo for long term in your family portfolio… just wanted to know the reasonings behind this as this is a cyclical stock and can be a risky bet…

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Green Energy/EV themed portfolio for review (31-07-2022)

which is best platform to buy SG Equity…

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