Just a short update as earnings are coming in.
Fusion and Spandana have come out with great results.
I have doubled down and added Satin Creditcare, Ujjivan Small Finance Bank and Manappuram Finance in my MFI basket. Post this re-jig, MFI is now 20% of my portfolio.
- Satin is the cheapest in the MFI space right now at 0.6 times FY24 book. Ujjivan is at 1.3 times FY24 book, and Manappuram at around 0.9x FY24 book. I’m happy to go overweight on MFI and assess constantly as things play out.
I have swapped out of Maithan to raise my stake in Shyam to 6%. Shyam too has come out with a great set of results, and is trading extremely cheap. There are multiple volume triggers over the next few quarters while realisations across the space have been beaten down.
The plan with Shyam is to hold for a few quarters until the other commodity players fall into my price range.
The other new addition to the portfolio has been in the chaddi companies. I have 3% in dollar, 2% in Rupa and Lux. From here margins should recover over the next few quarters.
As a final note, my portfolio is up around 26% YTD. Around 10% of this has come from Ugro’s recent rally.
Currently evaluating Solara and Shilpa Medicare. Would like to add to Coastal post results.
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