Here are a few samples of our Independent
India Equity Research reports. These include both multibagger
stocks (stocks picked by our analysts) and customized
research as per clients’ requirements. We do not publish all our equity research
reports here. The idea of providing these samples is not only to enable you to
see their performance but also to evaluate for yourself the quality, width and
depth of content, research, and analysis. Most of the samples here are of our
own multibagger equity research. However, a few samples are included from
our customized research reports. Some of the recent research reports will be uploaded with a lag. We do
not share our recent research reports.
Mayur
Uniquoters Ltd Buy
Rs.235 Sep-2010 Current Price
Symphony Ltd Buy
Rs.600 Sep-2010 Current Price
Vinati
Organics Update Rs.87 Jan-2010
Vinati Organics has been a 3.5 bagger (248% appreciation) over last 6
months since our initiation report. In QE Dec09, revenues & PAT grew 16.5%
and 61.5% respectively. Of the two key products, ATBS is on track and is likely
to see significant pickup in sales now onwards. IBB, the other product, saw
some impact of additional capacity commissioning during the quarter.
Commissioning of backward integration project (Isobutylene) and pickup in ATBS
sales are likely to lead to accelerated growth henceforth.
Glodyne
Technoserve & Compulink Systems – Updates (x-ca Rs.407) Rs.535/ Rs.25 Jan-2010
Glodyne TechnoServe (formerly Paradyne InfoTech) has become a 16-bagger
in three years since we initiated Buy on it at Rs.33 (x-bonus) in Nov-06. We
continue to like it. At present, a cheaper entry into Glodyne can be made
through Compulink Systems (bse code 532688, nse code comsys-be), which is to be
merged with Glodyne in the ratio of 1 share of Glodyne for 19 shares of
Compulink.
Glodyne operates in the space of Technology Infrastructure Management
(Tech-IMS) space, which has immense potential to grow multi-fold for many
years. E-governance projects are just beginning to pick momentum. A move
towards Remote IMS from onsite-IMS is another trend that’s at initial stage and
shall drive margin expansion. Cloud computing (SaaS) presents another potential
blockbuster opportunity for Glodyne. Glodyne has done a few acquisitions in the
last three years both in India and abroad and it continues to look for
acquisitions in related spaces as part of its growth strategy. We expect a
sizeable acquisition over the next few months, as the company has initiated
steps to raise additional equity resources. The company continues to grow
strongly in terms of both Revenues and PAT (~40% YoY) and we expect strong
growth to continue given the size & growth in its opportunity space.
Compulink Systems Buy Rs.7
(x-ca) Dec 09
A no-brainer mispriced opportunity that’s easily a two-bagger in a
matter of a few months.
A consumer durable company Buy Nov 09
This consumer durable company is a multi multi-bagger. Not a cyclical
uptick story but a structural long term growth story. Watch this space.
Sabero
Organics Ltd Buy Rs.38 26 Aug 09
Sabero Organics is in the business of crop protection chemicals. It had
revenues of Rs.377 crores & PAT of Rs.20 crores in FY09. It’s an integrated
producer of fungicides, herbicides, insecticides. Largest producer of Mancozeb
& Glyphosate in India, Sabero is the 2nd largest producer of
Mancozeb globally and the only global producer of TEP, an intermediate. It
recently expanded its production capacities considerably, obtained product
registrations in key markets for key products and is expected to obtain more
such registrations in the months ahead. The confluence of capacity expansions
& product registrations put the company in a sweet spot.
Vinati
Organics Ltd Buy Rs.25 (x-ca) Rs.125 14 Jul 09
Vinati Organics is in the business of specialty organic chemicals &
pharmaceutical intermediates and had revenues of over Rs.200 crores in FY09. It
has global oligopoly in two products (IBB & ATBS) that contributes
virtually the whole of its revenues and profits. It exports bulk of its
production to US, Europe, and China. Focused on niche products with
technological entry barriers, the company is currently running a pilot for
another such product. We understand this product holds significantly greater potential
than its existing products.
Gold
to soon break-out of the range & resume LT uptrend (MCX Gold Rs.14592/10gm)
13 Jul 09
Gold is where money was rushing when all other investment assets
worldwide were losing value during Nov08-Feb09. Gold rose 40% from 11500 to
16000 during this period. The sharp rise was followed by a correction from
16000 in mid-Feb09 to 14000 in mid-Apr09. Gold has since been in a narrow range
of 14000-14900. We are of the view that Gold is likely to break-out of this
three and a half months long range soon and resume its long term uptrend.
An End to INR/USD Bull
Run INR: Now bet on a long bear run (INR 51.29/USD) 22 Nov 08
The mad scramble for USD from FIIs seems to be over post near vertical
fall in stock indices in Oct-08. It’s early to call whether stock indices have
witnessed selling climax leading to an end to the bear market. However, the
weight of the technical evidence suggests that the Bull Run that began in
INR/USD in Jan 2008 (from INR 39.28/USD) has run its course and has most
probably ended at the high of INR 53.76/USD on 27 Oct 08. We expect INR/USD to
go to 48 and then to 43.
Chowgule
Steamships Buy Rs.49 Jun08
On the back of unprecedented boom in dry bulk shipping, Chowgule
Steamships Ltd (CSL), a ship owning company, performed spectacularly well in
FY08 and will repeat the feat in FY09 based on already entered into charter
agreements. The cash-rich company is in a position to capitalize on available
& emerging opportunities with seeds of long term growth already planted.
Despite an almost assured spectacular 66% PAT growth in FY09E, the company is
currently available at mere 1.3x FY09E EPS and an unbelievable 80% discount to
NAV. As ships are highly liquid and have a ready market, NAV is the most
appropriate valuation method.
Ankur Drugs is set to become one of the largest Indian contract
manufacturers of pharmaceutical formulations. It is expanding rapidly by
creating huge capacities and by merging a group company engaged in the same
business. It intends to capitalise on
Voltas Ltd DCF Value (1-yr out) Rs.95 Apr-07
Voltas Ltd, post
painful restructuring, is now capitalising on construction boom driven mainly
by services sectors and tourism in India & Middle East. It is set to
capitalise on strong growth opportunities in Electro-Mechanical engineering
projects, engineering & capital equipments, and air-conditioning &
refrigeration products. Besides strong growth in its businesses, other factors
driving its earnings growth will be margin expansion, turn-around in cooling
products business and further unlocking of value in real estate holdings.
Confidence
Petroleum India Ltd Buy Rs.4 Nov-06
Confidence Petroleum
India Ltd is in three related lines of business – bottling of LPG cylinders,
manufacturing of gas cylinders, and marketing of LPG. All these business
segments are expected to contribute significant growth and profits in FY07
& FY08. Besides, the company is working on a CNG cylinder manufacturing
plant and this will be a significant growth driver from FY09 onwards. Revenues
& PAT are likely to see exponential growth going forward.
Glodyne
Technoserve Ltd (formerly Paradyne Infotech Ltd) Buy Rs.66
(Rs.20 x-ca) Nov-06
Glodyne
Technoserve Ltd (formerly Paradyne Infotech Ltd) is a rapidly growing company
in the space of software products & services and technology infrastructure
management. It is set to capitalize on strong growth opportunity in HR &
Banking software products, offshore & domestic software services,
e-governance projects, and IT infrastructure management services through both
organic and inorganic initiatives in domestic as well as global markets.
NESCO
Ltd Update Rs.1335 (Rs.334 x-ca) Jan-06
NESCO
Ltd Buy Rs.758 (Rs.189
x-ca) Dec-05
NESCO Ltd, a company
with trailing adjusted net profit of Rs.129mn, is in the business of realty. It
licenses out office space and runs an exhibition-cum-convention centre on its
65-acre (2.83mn sq. ft.) estate in Mumbai. It also manufactures surface
preparation & forging equipments. All its business segments are witnessing
rising business. It’s expanding in both the segments of realty, getting into
catering (a related diversification), and also forward integrating into
organising exhibitions & trade fairs.
Prajay Engineers Syndicate Ltd Buy
Rs.73 Dec-05
Prajay Engineers
Syndicate Ltd (PESL), a Hyderabad-based construction & hospitality company
with trailing net profit of Rs.123mn, is rapidly expanding both constructions
and hospitality businesses to cater to buoyant market in these businesses. It’s
launching a number of housing projects in FY07, about half of which will have
100% income tax deduction. It will also construct a 3-star hotel, a 5-star
hotel, and a golf course in FY06-FY07 and these will contribute to revenues
& profits from FY08 onwards.
Nava
Bharat Ferro Alloys Ltd Update Dec-04
Aro Granite Industries
Ltd Buy Rs.48 Nov-04
Gujarat NRE Coke Ltd Buy
Rs.66 (Rs.8.25 x-ca) Sep-04
Tata Metaliks Ltd Buy
Rs.105 Aug-04
Torrent Cables
Ltd Buy Rs.60 Apr-04
Phillips
Carbon Black Update Feb-04
Mercator
Lines Ltd Buy Rs.158 (Rs.6.32 XS XB) Oct-03
Ester
Industries Update Oct-03
Phillips Carbon
Black Ltd Buy Rs.44 Sep-03
Ester
Industries Ltd Buy Rs.15 Sep-03
Lupin
Ltd Buy Rs.196 (Rs.20 x-ca) May-03
Heritage Foods
Ltd Buy Rs.48
May-03 Part-I Part II
Part III
x-ca =
adjusted for corporate actions like bonus, splits, rights, etc.