Dear Pranav,
I hope you wont mind if I share this letter with the
entire google group along with my reply on the same.
First good to hear that someone benefited from the trade.Kindly
remember booking part profits at every level in weekly trades is at
everyones interest.
Now coming to the Long term folio.I have got emails almost a dozen
a day in recent times about people worried with 40-45% notional losses in
there folio.
When markets were at peak levels we saw 200-300% rise in any
investors folio. Try and stick to the quality in folio.
we dont have any recommendations on WWIL .We have Re-initiated a Buy call
on Il&fs investment managers.
Results were announced on 22nd and I personally believe that at cmp this
co.. is a better investment then a FD of 6%-7%
It has announced a divd of rs 7 per share on an expanded equity base ( 1:2
Bonus issue 1 share for every 2)
previous year divd was 5.50 rs per share on old equity base.
(divd is doubled)
co.. is an amc and manages a number of funds
its nt a stock market co,, and is a private equity chap.
this is a note from one of our previous reports of the same co..
stock made a High of 440. before correcting.
This is an old report. do Note the first report on Il&Fs investment managers
was from the table of TSR.
TEAM STOCKRESEARCHERS
Hidden values research team.
17th September 2007
For any query contact [email protected]
--------------------------------------------------------------------------------------------------------------------------------------
*Stock covered: IL&FS Investment Managers**. BUY*
* *
BSE: 511208 |
* NSE: IVC | *
*ISIN: INE050B01015*
*Current Price 188.10*
Target Price 245,320.
INVESTMENT RATIONALES:
* *
*[image: *] Buying the future pe giant.*
*The India growth story continues to attract pedigreed investors and*
*it is estimated that the year 2007 may see private equity investments
crossing the US$ 10 billion mark. While the*
*Significant increase in private equity investments over the last two years
is driven by the huge growth capital requirements*
*of the country, intense competition is set to emerge among private equity
players. Identifying and then nurturing portfolio*
*companies will be the key differentiator and we believe that il&fs will
hold the key here as it has one of the best professional management and the
backing of the 2 billion$ parent il&fs.*
* *
*The company raised US$ 525 million IL&FS India Realty Fund (IIRF) in the
first quarter of the financial year 2006, with*
*participation from marquee international investors and it firmly placed
it in a leadership position in the Indian pe market.*
* *
* [image: *] Diversifying in other geographies*
*Its partnerships with global players which saw the companies presence
expand beyond Indian shores*
*Starting with the South Asian and the Middle East North African region, It
will leverage its fund management expertise to*
*expand on a global scale by establishing linkages with strong regional and
trans-national institutions*
*The companies revenues have grown at 67% p.a. for the last 2 years*
*while Profit before tax has grown at 79% p.a. during the same*
*period. Large sized successor funds and global partnerships*
*would be a cornerstone to maintaining this pace*
* *
*[image: *] Increase in fee based income*
* *
* *
*The company has a unique business model and is the pe arm of home grown
institutional giant il&fs. The companys income keeps on increasing as the
assets under management increases, which could scale up the earnings growth
substantially in the current year, and the robust outlook for private equity
investments in India. The immense growth prospects justify the steep
valuations.*
*[image: *] Launch of 2 one billion$ funds.*
* *
*The management is all set to launch two 1 billion$ funds which will
increase the A.U.M and the fee income proportionately. We believe it’s the
best time to enter the stock for long-term gains. The stock has been a
consistent performer and we believe is all set to enter the exponential
phase.*
* *
* LFS Managers' total assets under management have more than trebled, from
approximately Rs 1,300 crore to Rs 4,300 crore in the last one year. This
means the company would earn much higher income in the financial year
2007.We expect this to swell to 10000 cr by FY08. Going by the assets under
management, which have grown at a healthy compounded rate of 37 per cent
over the last 10 years .The company figures among the top three Indian
private equity firms. ILFS Managers have caught on to investment themes at
the right time and have a good track record of exits. We believe the stock
is all set to go for the giant leap going forward.*
*[image: *] VALUATIONS:*
*The company historically has traded at a pe band of 30+. The current
valuation discounts the FY07 earnings by 27 times. With the future growth
prospect the stock looks highly attractive at cmp. We believe our targets
are highly achievable in coming months. We will request traders to keep it
in the long-term accounts as the stock has historically given 85% stock
price return per annum in last three years.*
*RATING SYSTEM*
BUY = Expected to outperform the BSE Sensex by 15% or more over a 12 months’
time frame.
MO = Market Outperformer - Expected to outperform the BSE Sensex by 10% or
more over a 12 months’ time frame.
MP = Market Performer - Expected to be a neutral performer relative to the
BSE Sensex over a 12 months’ time frame.
MU = Market Underperformer - Expected to underperform the BSE Sensex by 10%
or more over a 12 months’ time frame.
SELL = Expected to underperform the BSE Sensex by 15% or more over a 12
months’ time frame
---------- Forwarded message ----------
From: Pranav Joshi <jp
Date: Thu, Apr 23, 2009 at 6:29 PM
Subject: Grasim Call
To: contact <[email protected]>
Dear Sir ,
Actually I could not track market this whole week. But fortunately put
very small amount in Grasim yesterday.
I was amused to see that I got the shares y'day at 1565. I could not
log in even once today , but just now saw it has reached 1729.
Your figures were perfect.
I could not sell the shares today, should I sell that tomorrow , even
if that does not trade above 1700(as once it has reached 1729 level
and closed about 1702).
Please do me a favour to mention the positional calls provided by you
ILFS and WWIL - what the turnaround time so I can proportionately
arrange some money.
Since I am starting the secondary mkt activity on regular basis I will
keep bothering you, please bear with me .
Thanks a lot for bringing some confidance in me on share market.
I have invested in share mkt thro primary mkt in last 3 - 4 yrs, but
at present at a loss 0f about 40%, would you please guide me if I send
you the scrip name, purchase date,price n qty so that I can free the
money, if there is no chance of turnaround and utilize here.
regards,
Pranav
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