Heard the concall
- Pretty non-committal management commentary on growth and capacity expansion plans. Still awaiting clearance for the greenfield expansion. Debottlenecking efforts are still on
- Focus is on cost optimization thru a better mix of energy consumption
- There is management pedigree and a conservative approach to efficient use of cash (prefer that), and the emphasis is on premium positioning of offerings in the core markets. Global heritage also matters
- Current capacity utilization still has some cushion to increase
- Good dividend payer (decreased this year though, something to keep a watch on as a trend)
- Competition in their core markets is a concern
My sense is they will keep losing market share or at best grow in line with market in the near term
The surprise on the upside could be competition doing aggressive expansions through excess debt which puts a drag on their earnings later
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