Update
Added some 1.5% position to Radiant CMS at 77, might add more basis comfort at price level
Thesis:
Reasonable price, not cheap and not expensive with 3% dividend yield. Cash on B/S and FCF yield of 4% which is rare in current market I believe. Future plans are not clear but Promoter seems to be competent and clean, entering parallel business vertical DBJ logistics. As per management profits are subdued due to costs associated with DBJ, but not sure as we will know only as time passes. No idea on what their fintech arm does, I ll consider that a bonus/ optionality
When it comes to growth revenue did grow, and yes UPI etc are risk to business but that’s far ahead considering UPI is free. Terminal value risk exists but I am willing to take that. May increase the position basis market movements, thinking of switching from Heranba
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