2010 | Dalal Street

Equity Research

Kotak Mahindra Bank- Review

September 13, 20102 min read

Kotak looks set for ~40% loan growth in the medium term, given its small base and deposit traction. We see its niche franchises keeping NIMs > 5%, with operating leverage the other major earnings driver. Comparisons with the histories of India’s three biggest private sector banks also indicate an inflection point.

The signs are that the worst is probably over for flow businesses. It’s unlikely to be the game-changer, but the positive surprise could act as a near-term catalyst. Kotak’s integrated bank-broking approach, we believe, gives it a competitive edge on customer (more…)

Economy, Markets and Macro Views

What are Indians Doing With Their Savings ?

September 11, 2010September 11, 20102 min read

Data from a large FII suggests that Households have essentially shifted out of low yielding bank deposits, fixed income funds in 2010, and put their cash into a variety of higher yielding assets. Indians have been buying small savings schemes (up 200%), property
(+144%), gold (+90%), equities (up seven fold albeit from a low base), and new insurance schemes (+37%) in the first half of 2010 compared to the same period in 2009.

Risk appetite seems quite good if the increase in flows (more…)

Economy, Markets and Macro Views

Indians Obsessed with Gold Despite Lower Long Term Returns

September 8, 2010April 18, 20201 min read

Indian’s Obsession towards Gold has increased in the past 5 years despite rising prices. Data suggests that demand for Gold has been secular and is not linked to either inflation or alternative investment opportunities.

IN the last 4 years, Gold has performed largely in line with Sensex and has delivered a better risk-adjusted-return, suggesting that the relationship could endure for some time to come. (more…)

Equity Research

Jocil Ltd – Low P/E Stock with Investment Grade

September 7, 20102 min read

Jocil Ltd (JOCIL) was incorporated in 1978 by the Jaylakshmi group of companies. The product portfolio of JOCIL includes Stearic Acid Flakes, Crude/Distilled/Hydrogenated fatty acids, Soap Noodles, Toilet Soap, Refined Glycerine, Industrial Oxygen and Pitch (By product). It is also involved in power generation and distribution. The installed capacities for various products are as under.

JOCIL is an old and established player (since 1978) in the soaps and its raw materials market. It manufactures Fatty Acids, Soap Noodles and Toilet Soap on job work basis for reputed customers. The products manufactured are marketed directly from the factory (more…)

Equity Research

Shape Your Portfolio with Talwalkars – IIFL

September 7, 20101 min read

The wellness industry covers a large number of services including personal health counseling, fitness, beauty services and others.
Within this, fitness segment viz gyms market size is estimated at US$113mn and is growing at a healthy pace. Fitness industry should benefit from several structural positives prevalent in the domestic market.

Talwalkars Better Value Fitness (TBVF) is amongst the largest fitness chains in the country operating 66 health clubs (including (more…)

Economy, Markets and Macro Views

Indian IT – No Danger for Now – Goldman Sachs

September 7, 20102 min read

Goldman Sachs Analysts have set a new theme of China being a threat to the Indian IT Services industry. As for any meaningful competitive threat to Indian IT from Asian countries, China is potentially the most threatening in our view. But there are material
challenges for Chinese companies to accomplish this. Goldman came to the view that anecdotal evidence is exaggerated and a meaningful challenge to Indian IT’s global market share might not occur till 2015. We project the Indian IT sector to continue to grow (more…)

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