CP | Dalal Street

Reliance Petroleum Bubble – Book Profits

November 5, 20071 min read

Reliance Petroleum implies an asset value of $4,129/complex-bpd – 2.4x those of its US-peers and a 50-70% premium to even the most expensive refinery new-build quotes in the market ($2,500). While such a premium recognizes its superior earnings potential because of lower capital costs and taxes, even on earnings-based multiples RPL appears fully priced relative to its peergroup at 10.9x P/CE and tax-benefit-adjusted 9.9 EV/Ebitda calculated on FY10 estimate.

CLSA in its research report said, RPL trades at a further 20-50% (more…)

Equity Research

Shoppers Stop – Lackluster Quarter

November 5, 20072 min read

Shopper’s Stop (SSL) has reported revenue growth of 38% at Rs2.77bn, EBITDA of Rs134m and PAT of Rs2.3m (decline from Rs80m in Q2FY07). Growth in the business is driven by 200,000 sq. ft. of retail space added since April 2007 and 19% growth in like to like stores. New store addition, addition of new formats [Arelia and Clinque] and service tax on rentals have dragged the profitability in the business with EBITDA margins dipping from 8% in Q2FY07 to 4.8% in Q2FY08.

SSL has added less than 400,000 sq. ft. of retail space in the last two years, as against Pantaloon Retail, which has added 4m sq. ft. SSL has lined up plans to add 8-10 Shopper’s Stop annually over the next four years and also reach 35 Hypercity (more…)

Breaking Corporate India Earnings News

Unity Infra + Kamath Hotels Joint Venture

November 5, 20071 min read

Unity Infraprojects has announced that Kamath Hotels India have been inducted in the joint venture for operating of the hotels and the company has formed the SPV Company in which the Unity Realty and Developers. Wholly owned subsidiary of the company, Kamath Hotels (India) and BSEL Infrastructure Realty holds shares equally.

The company further informed that the wholly owned subsidiary of the company, Unity Realty & Developers, Kamath Hotels (India) and BSEL Infrastructure Realty have agreed to dilute their stakes in the said SPV from 33.33% each to 17% each with 49% stake being offered to Clear Water Capital Partners (Cyprus). The projects is a fast track project to be completed before beginning of 3rd commonwealth youth games 2008, at Shiv Chhatrapati Sports complex, Balewadi, Pune.

Equity Research

Add Pidilite to Strengthen Your Folio – HDFC

November 4, 20072 min read

Pidilite Industries Ltd (PIL) has been a pioneer and market leader in the field of consumer and speciality chemicals in India. Its brand Fevicol, Steelgrip, Acron, Dr.Fixit, Fevitite and M-seal are some of the most trusted brands in India.

PIL expanded the Adhesives and sealants range by introducing marble glue and wood (more…)

Economy, Markets and Macro Views

Strong Occupancy at Kamat Hotels – BUY

November 4, 20072 min read

Kamat Hotel posted surprising results for the quarter ended Sep 30, 2007 with 377% growth in bottomline. Topline saw a growth of 54% to 33 crore as against 21 crore last year. Kamat Hotel posted excellent numbers in a limp quarter for hospitality sector due to high occupancy rates in its Mumbai hotels and was able to keep average room rates(ARR) for the quarter above previous full year average approx by Rs 1000 on the back of firm demand. Company was also able to improve its operating margins by 488 basis points by improving on other operating costs by 276 bps and controlling employee cost by 173 bps.

Kamat Hotel was able post a 54% increase in topline at (more…)

Economy, Markets and Macro Views

Vinati Organics Small Cap Recommendations

November 3, 20072 min read

Here is a few small cap recommendations being made on the fundamentals as well as growth prospects of companies with good management and which are quoting at decent PE multiples.

Vinati Organics:
Vinati Organics Ltd (VOL) has been operating in the chemical manufacturing industry since 1992 and has successfully implemented technology available to only few in the world. VOL primarily produces IBB (Iso Butyl Benzene) and ATBS (2-Acrylamido 2 Methylpropanesulfonic Acid). Its manufacturing facilities are located at Mahad and Lote Parshuram, Maharashtra.

In Q2FY08, VOL has reported net sales of Rs. 37.21 vs Rs. 18.67, (more…)

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