Mining companies are not incurring new capex because of the fall in commodity demand and same applies to other segments like cement, aggrgators,etc where AIA operates. In India, I am betting on Coal and cement capex/demand but when it will turn up we dont know.
AIA has twin advantages : Increase in demand/cycle upturn and conversion of forged media to Chrome ( this is more apparent now as it brings down cost of miners as so many miners are trying to remain afloat. The first sign of worry comes when mines start closing down.
With a cash of Rs 900 cr and stable profits AIA can be able weather the storm. Nothing to worry and add more when it comes to attractive levels and stay put for the next 2-3 years as it very difficult to predict upturn in cyclicals.
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