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Capital

More from Vishnu Kapadia

Thread on IDFC first Bank 🧵

Market cap: 37,087 crores
Revenues: 15,968 crores
P/E: 82
P/B: 2.42
ROE: 2.95%

Here we go 👇

1/25

Unique evolution,

On getting a license, it was created out of a demerger of infrastructure financing business followed by the merger of erstwhile Capital First;

Stress build-up and franchise investment resulted in a weak Return profile during the transition phase;

2/25

After merger of Capital First, with Mr. V. Vaidyanathan at the helm, management is focused on building a high-yielding retail banking franchise (average retail yield at >15%);

Infrastructure loans to be completely run down, selective lending in non-infra corporate segment:

3/25

Of the wholesale exposure, infra book has been almost halved since merger to Rs108bn and will be further rationalized to a very negligible proportion in 3-5 years;

4/25

Remarkable transition in asset and liability profile post the merger:

After having rolled out a 5-year strategic roadmap towards targeted RoA and RoE of 1.4-1.6% and 13-15% respectively, it has made significant strides on most operating parameters:-

5/25

Vishnu Kapadia
@Mjkfinvestment

Thread on Astec Lifesciences Ltd 🧵

Market cap: 1996.7 crores.
Revenues: 522.61 crores.
P/E: 27.62
P/B: 7.0
ROCE: 20.44%
ROE: 21.24%

Here we go👇

ASTEL is a niche chemical company focused on triazole fungicides & on proprietary off-patent products in the CRAMS segment;

1/25

New products in the herbicides segment should drive growth in the CRAMS space.

Leader in triazole fungicides:

Tebuconazole and Propiconazole currently form a major part of ASTEL’s enterprise business while it is capable of venturing into newer products given strong

2/25

technical knowledge in triazole chemistry.

Newer mixtures/geographies to drive growth in Enterprise business:

Triazole fungicides have been losing market share over the years as new products (SDHI fungicides) have proved to be a replacement;

3/25

However, with a few SDHI (succinate dehydrogenase inhibitors) products facing resistance in some geographies and given strong forecasts for this segment, triazole fungicides are likely to benefit–albeit in a limited way–from their inclusion in a

4/25

mixture of products (with some SDHIs).

ASTEL is setting up a new herbicide plant To diversify its product concentration from the triazole fungicide segment.

New R&D Centre to aid diversification:

Would help develop new processes into various chemistries like fluorine;

5/25

Vishnu Kapadia
@MJKinvestments

Notes from recent meet with the management of United Spirits: (Source MOFSL) 🧵

Market cap: 61,300 crores
Revenues: 8821 crores
P/E: 88.4
P/S: 6.82
P/B: 14.2
ROE: 9.49%
ROCE: 13.3%

@dmuthuk

1/n

📈Demand recovery on track:

👉Around 70% of outlets were operational till mid- Aug’21.

👉While the recovery in on-trade channels has been good, night/weekend curfews and restricted timings are affecting sales, with last orders being accepted at 8-9pm in select geographies.

2/n

👉Muted global travel has acted as a tailwind rather than a headwind as it led to duty-free demand converting to duty paid. The management is focusing on the modern off-trade channel to cater to this demand. It activated 2,000 outlets for Scotch over the last one year.

3/n

📈Focus on the margin accretive Scotch portfolio:

👉Black Dog is now available in 3-5 markets.

👉The relaunched Signature, which was present only in West Bengal, Haryana, and Telangana, will be present in 70% of the country over the next 2-3 months.

4/n

👉The Scotch portfolio is hugely gross profit accretive. The cash conversion cycle is also better at 75-90 days v/s 120-130 days for the overall portfolio.

👉RoCE is highly accretive for bottled in origin (BIO) Scotch.

5/n

Vishnu Kapadia
@MJKinvestments

As part of our comparative analysis series, this month we covered two Engineering R&D companies.

Link to our presentation on, Tata Elxsi versus LTTS.

https://t.co/nsRLGpbt6L

Presentation only for educational purpose and should not be seen as an investment recommendation.

Vishnu Kapadia
@MJKinvestments

Deepak Nitrite Client Base,
(Source 50th Annual Report 2020-2021)

More from Bookstoread

Mark Minervini
@markminervini

But if you want to read more... this is a list of some of my favorites... https://t.co/ee5JckNVdZ

The only two books you need to dramatically improve your trading! https://t.co/kooJFcrfsK pic.twitter.com/s8CsJUF3zt
— Mark Minervini (@markminervini) March 2, 2021

Rohit Katwal
@rohit_katwal

I highly recommend you read my book

Definitive Guide to Advanced Options Trading: A quantitative and no-nonsense approach to Option Selling for Income Generation

https://t.co/WP7IhccPQe

Small investment in knowledge can shorten the learning curve.
#TradingBook

$Lazy Turtle \U0001f422\U0001f422\U0001f422$

Lazy Turtle 🐢🐢🐢...
@Milind4profits

Two diverse sciences ...spirituality and investing ..its a magic when I apply one to enable other ...

😊😊😊😊

Professor
@DillikiBiili

Good Books for learning Price Action.

First two are good enough, if you want to really go in depth then go for 3rd one by Al Brooks later (Its only for serious and committed learners, as its too detailed and would tire out a casual reader). https://t.co/2Vgq5gCVXL

Book name plz
— \ufe0e (@12354368ys_g) March 4, 2022

Aditya Kondawar
@aditya_kondawar

All the books (all 34 of them) I read this year and a one-line review on them!

My last thread for 2020 🧵

#Books #Reading

Let's get started 👇

1/n

Alibaba - The house that Jack Ma Built

Rejected 10 times in Harvard, rejected in 30 jobs, first 2 businesses didn’t work out.

This book is extremely motivating as it tells how a man from humble beginnings built Alibaba into one of the largest internet companies

2/n

The Peaceful investor & Company Analysis Volumes 1, 2, 3, and 4 (covers 40 stocks in total) by @drvijaymalik

After reading these, you learn the fundamental analysis process completely!

@drvijaymalik is rightly called the Doctor of stocks, he is the best in fundamentals!

3/n

Ode To Geniuses

The book discusses philosophers and poets from the Renaissance era - Epictetus, Euclid, Horace, Nikola Tesla, and a few more

It's fascinating to note how they started out and the way they ended up in their respective fields to make a big mark!

4/n

Beyond the End

This is about unfinished masterpieces of art -This is also very interesting as the stories of incompletion and the artists behind them grip you completely!

Note - This book + the one before are private publications, they were gifted to me by @Sharad9Dubey

"I really want to break into Product Management"

make products.

"If only someone would tell me how I can get a startup to notice me."

Make Products.

"I guess it's impossible and I'll never break into the industry."

MAKE PRODUCTS.

Courtesy of @edbrisson's wonderful thread on breaking into comics – https://t.co/TgNblNSCBj – here is why the same applies to Product Management, too.

"I really want to break into comics"

make comics.

"If only someone would tell me how I can get an editor to notice me."

Make Comics.

"I guess it's impossible and I'll never break into the industry."

MAKE COMICS.
— Ed Brisson (@edbrisson) December 4, 2018

There is no better way of learning the craft of product, or proving your potential to employers, than just doing it.

You do not need anybody's permission. We don't have diplomas, nor doctorates. We can barely agree on a single standard of what a Product Manager is supposed to do.

But – there is at least one blindingly obvious industry consensus – a Product Manager makes Products.

And they don't need to be kept at the exact right temperature, given endless resource, or carefully protected in order to do this.

They find their own way.