[image: PPFAS] <http://www.ppfas.com/> *31st January 2009* *Inside this
report...*
Parag's Views: Understanding Predictable
Surprises<#11f2caf5f7f58335_11f2cabfb9b0de9d_pv>
Changing Asset Allocation Due to Current Market Scenario
<#11f2caf5f7f58335_11f2cabfb9b0de9d_aset>
Exide Industries Ltd.: Initiating
Coverage<#11f2caf5f7f58335_11f2cabfb9b0de9d_exide>
ICRA Ltd.: Q309 Result Update <#11f2caf5f7f58335_11f2cabfb9b0de9d_icra>
Godrej Consumer Products Ltd.: Q309 Result
Update<#11f2caf5f7f58335_11f2cabfb9b0de9d_god>
Wyeth Ltd.: Q309 Result Update <#11f2caf5f7f58335_11f2cabfb9b0de9d_wyeth>
*Parag's Views: Understanding Predictable Surprises* *Surprises are
mostly of two types :*
• Un Predictable - Beyond our Control
• Predictable - Within Our Control
Lets take some examples to understand Predictable Surprises:
SMOKING: The primary consequence is current Pleasure, however, secondary
consequence, we know that SMOKING is harmful to health? However people smoke
and end up falling sick. This is a Predictable Surprise.
more...<http://www.ppfas.com/research/ereports/week/310109/index.php#pv>
*Changing Asset Allocation Due to Current Market Scenario * Kavitha Menon
| [email protected]
Mutual Funds are launching Asset allocation schemes, which encourage sips
over long periods of time in both equities and debt. The asset allocation is
fixed with either 50 % equity 50 % debt or lesser exposure to equities and
more to debt.
These schemes do have a great advantage if you intend to SIP in the same. It
helps you buy more of equity mutual fund units when markets are subdued and
less in the same when the markets are high. The advantage is same as that of
a regular SIP in a diversified equity fund plus the advantage of allocation
funds to debt as well. A very good idea for the risk adverse investor
looking for regular savings. However for a one-time investment the risk
return profile will be similar to balanced funds.
more...<http://www.ppfas.com/research/ereports/week/310109/index.php#aset>
*Exide Industries Ltd.: Initiating Coverage* Anuj Anandwala |
[email protected]
*Riding the Growth Wave*
Exide Industries Ltd. (EIL), we believe, is one of the few domestic
companies that are favorably positioned to ride the growth wave of both
domestic consumption as well as investments. The company plays the
consumption story through its exposure to the automotive batteries space
where it is a runaway leader, commanding 75-80% market share in the original
equipment manufacturers (OEM) space (all segments put together) and 55-60%
market share in the branded replacement market.
*Multi sectoral exposure – a natural hedge*
Unique position and spread over a large no. of sectors viz., auto (OEM +
Replacement market) and industrial (submarine + telecom + power + railways)
augurs well for EIL's future plan of action. This multi sectoral exposure
provides the company a natural hedge against any contraction if any, in a
few sectors of our economy. This gives the management, confidence to face
the emerging challenges with cautious optimism.
more...<http://www.ppfas.com/research/ereports/week/310109/index.php#exide>
*ICRA Ltd.: Q309 Result Update* Jigar Valia | [email protected]
ICRA Limited has delivered better than expected results for the quarter. The
quarterly results show a sequential drop of 5% in topline & 7.5% in PAT.
However on Y-Y basis there is a 33% topline growth & a 34% earnings growth.
more... <http://www.ppfas.com/research/ereports/week/310109/index.php#icra>
*Godrej Consumer Products Ltd.: Q309 Result Update* Deepti Singh |
[email protected]
*Mixed performance:*
On a Y-Y basis, sales revenue increased by 25% to Rs. 3421.4 mn from Rs.
2727.5 mn. Profit after Tax (PAT) at Rs. 400.6 mn as compared to Rs. 430.2
mn has declined by 6.88%. GCPL has thus continued the trend of posting
impressive topline growth but an unresponsive bottomline growth. OPM and
EBITDA margins contracted by 671bps and 682bps on account of higher cost
(palm oil) inventory and forward contracts.
The Board has declared dividend at the rate of Re.1per share for Q3FY09.
This constitues a total payment of Rs. 2.50 per share (250% on FV of Re.1)
for FY09.
more...<http://www.ppfas.com/research/ereports/week/310109/index.php#god>
*Wyeth Ltd.: Q309 Result Update* Hiren Samani | [email protected]
Wyeth Ltd. announced a Q-o-Q decline of 11% & 38.5% in its top-line &
bottom-line respectively, for the quarter ended December 2008. With an
increase in Advertising & Sales Promotion of more than 52%, the company saw
a decline in Operating Profits by almost 40% Q-o-Q. With this, the
bottom-line decreased by 38.5% from Rs. 338.3 Mn. in Q2FY09 to Rs. 207.9 Mn.
in Q3FY09. But this lackluster performance is not something new for the
Pharmaceutical industry. Every year, the sector has seen a decline in
Revenues for the quarter ended December.
However, on a Y-o-Y comparison, Wyeth reported decent set of numbers for the
quarter ended 31st December 2008.
more...<http://www.ppfas.com/research/ereports/week/310109/index.php#wyeth>
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If you have a query please email us at [email protected]. We would be
glad to answer any queries with regard to this report.
If for any reason you want to come out of our mailing list, click
unsubscribe <[email protected]?subject=unsubscribe>. *Parag Parikh
Financial Advisory Services Limited*
130/132, Great Western Building, 1st Floor, S.B.S. Marg, Near Lion Gate,
Fort, Mumbai - 400 001 INDIA.
Tel : 91 22 2284 6555 Fax : 91 22 2284 6553
--
Regards,
Anuj Anandwala
Analyst I Investment Research
Parag Parikh Financial Advisory Services Ltd.
Tel: 022 2284 6555
URL: www.ppfas.com
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