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HDFC AMC FY21 Annual Report Takeaways

'We are the fiduciary to our customers – their interests clearly supersede'

Hit the 'retweet' & help us educate more investors

A thread 🧵👇

 1/ What has helped HDFC AMC to grow this large?

The Trust associated with the HDFC brand.

A one-stop shop for individuals, families, corporates, and institutions when it comes to their investments.

The most profitable Mutual Fund.
2/ Promoters continue to own 73.9% in the company:

52.7% by HDFC Ltd & 21.2% by Standard Life investments.
3/ Numbers that matter

Rev up 3%
76% EBITDA margin
Pat up 5%
AUM up 24% to 3.95 Cr (43% Equity, 39% Debt, 16% Liquid) | PMS & big accounts at 9.7K Cr
53 lakh investors
1254 employees
Digital transactions: 82% of total
13.7% market share in MAAUM & 12.6% in total AUM
4/ Product Portfolio

In Equity, will increase the diversity in their investment style & approach: have faced the brunt of underperformance in the past | 24 schemes

Debt schemes were able to tide through the tough phase of defaults by a large NBFC & HFC, COVID-19 | 68 schemes
5/ Distribution (the 2nd most imp factor after trust)

Increasing service centers (ISCs) & distribution partners

69% of the AUM comes from the Top 5 cities:
Potential to ramp up in the next 100s of cities. This is also due to higher ticket size/person in the bigger cities.
6/ From the desk of the Chairman (Mr. Parekh)

- Explains why 🇮🇳's economy will get back on its growth trajectory
- MF industry reached an ATH of 30lk Cr in AUM: still underpenetrated in terms of AUM/GDP & AUM/deposits
- FPIs being the potential whale clients for Indian AMCs.
7/ From the desk of the new CEO (Mr. Munot)

- 1 in 4 investors in 🇮🇳 is invested with HDFC AMC
- Launched Dividend yield fund & Banking ETF during FY21
- To cover sector/specific themes, international markets, and passive strategies in the next few quarters

His Background 👇
8/ Digitisation is the key: it's important real estate

Multiple initiatives to reach clients: App to WhatsApp chatbot to online portals, E-KYC

The in-house platform caters to 60%+ of direct transactions, grew 21% | Mobile to web ratio now 1:2
9/ Marketing & ESG (a sophisticated form of marketing) Initiatives

- Targetting peeps from all walks of life to create a mindshare
- 1st and only one to date to launch a mutual fund dedicated to a social cause
- One of the youngest workforce with an avg age of 34 years
10/ Statistics to understand the Indian demographics better.

Healthy growth of mutual fund AUM in India: at 20% cagr for the last 5yrs.
11/ The biggest assets of an AMC: its employees:

Must be adequately paid in cash (up 5%) & Esops (Issued at a grant price of 2934/share: a 335 Cr Esop Policy)
12/ The Outlook for the Industry & strategy of HDFC AMC to capitalize on it

Need more clarity from Mr. Munot in the upcoming con calls.

A class company, nonetheless, in a massive growth industry.

End of Thread.
Have not been well versed with how the asset management industry works? No worries.

Key Terms in the industry explained 👇
HDFC AMC Q4FY21 results. https://t.co/BSwIzovqAx
Catch up on what happened last year 😃

'Business Model: funds are raised from investors in different schemes & invested by the company while taking a small cut for the service known as the expense ratio.'

HDFC AMC FY20 Annual Report Takeaways.
https://t.co/4VOdd427mD

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Real Estate Investment Trusts (REITs) Simplified.

A product that provides a fixed income that is better than FD +an upside like equity.

A Thread 🧵👇

1/ REITs are a vehicle to invest in income-producing real estate properties, managed by professionals.


2/ In India, we have REITs primarily focused on commercial real estate properties having 7-9% rental yields.

In listed REITs, Most of the completed properties are pre-leased to big companies.

Why no residential? As yields of 1-3% make them unattractive to investors.

3/ How do you get the benefit of such yield?

REITs have to distribute at least 90% of their taxable income to their shareholders.

All 3 listed REITs trade at 6-7% dividend yield (which is also tax-free)

4/ Moreover, 80% of REITs total value must come from completed & income-generating properties + it must avoid speculative land acquisitions.

What about debt then? There's a restriction there too.
Not more than 49% of the total equity.
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Automotive Ancillaries Business Model 🏎️ (RT if beneficial)

A Thread 🧵👇


1/ What is an Auto Ancillary?

Well, a modern car requires 10s of thousands of parts; the OEMs that produce these cars don't make most of the components in-house. That's where auto ancillaries come into the shot.

From Seats to locks to braking systems, we have them all.


2/ Sounds simple, right?

Not really, the supply chain management one has to deal with as an OEM is extraordinarily complex.

The technical know-how required in every part of the chain is unique; leading to focused players with high market share.


3/ Auto Ancillaries with 20%+ market share in India or 5%+ market share Globally (Src: @Tijori1)

See, normally market share consolidation is common with time; Why is it so?


4/ High capital requirements: What makes this a moat is also why this biz is gruesome.

You as an ancillary, do the development today, you put the capacity today (~take multiple years); then wait on the hope that OEMs are able to sell vehicles. Now, Imagine a recession.
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Laurus Labs FY21 Annual Report Takeaways 🔬

'Capex plans are already under way to increase capacity by 1.8x by 2022'

Hit the 'retweet' & help us educate more investors.

A Thread 🧵👇

1/ About the company:

Leadership position in generic APIs with a major focus on Antiretroviral drugs, Hepatitis C & Oncology drugs

FDF: Moved up the value chain in formulations

Synthesis (CDMO): KSMs, Intermediates & APIs to pharma innovators.

Bio: Recombinant products


2/ Strengths of the business:

Robust R&D & Process chemistry skills
Compliance that meets the most stringent regulatory expectations (USFDA, etc)
Long-standing relationships | Top 10 global pharma cos. catered

750+ scientists (R&D) | 61 DMFs | 27 ANDAs | 150 patents (292 filed)


3/ APIs: 54% of rev

- Leaders in various high-value & high-volume APIs.
- 4 high potent manufacturing facilities: 4186 KL, increasing capacity by 24% (Strong demand)
- ARV APIs were up 70% | Onco APIs up 25% | Other APIs up 56% (higher contract manufacturing orders from 🇪🇺)


4/ Formulations: 35% of rev

- Backwardly integrated: in house APIs
- Sales to LMIC, 🇺🇸 & 🇪🇺
- 27 ANDA filled: 9 approved+ 8 tentative.
- Capacity of 5 Billion units/yr, Increasing capacity by 100%
- Sales up 102% (growth across markets)
- Launched TLE 400 in the LMIC market
LAURUSLABS
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Sequent is down 60% from its highs. Let's understand how their business is faring (by @AnishA_Moonka )

A thread 🧵👇

1/ How do businesses happen? Do they just crop up the day when an entrepreneur thinks of it? Do they become bigger as the stock reaches new highs?

I guess, No. It takes time, It takes labor. Again, Will the ascension be smooth? Never.

The journey of Sequent in the last 5 yrs:


2/ Pre-FY15: Sequent was merely a commodity high volume low-value API player

Due to this intrapreneur's (Mr. Manish Gupta) efforts that we see Sequent as the only USFDA approved generic animal player from 🇮🇳

Behind the deals of Strides Agila plant & the Australian business.


3/ The transformation speaks volumes of how such a businessman thinks.

In 6yrs of existence, he has taken the unknown co. to be among the Top 20 in the world.

Now, he is taking a long shot to enter the Top 10 over the next decade (aka. Sequent 2.0); A tall task.

4/ If he is dreaming big & has executed in the past with industry tailwinds; the common question is why is the stock down by so much?

Probabilities: Investors went from a high probability of success to a low in months as multiple obstacles (short term?) hit the co.
SEQUENTINFO
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A Thread of our threads on the Business Analysis of specific companies 🧵👇

RT if this adds value to your investing journey.


1/ Chemcon: A specialty chemical company that is a globally dominant player in its molecules, most of which go into the Pharmaceutical industry & have a high criticality attached to


2/ Aegis Logistics: An oil & gas logistics company, with a stronghold on the LPG supply chain & riding the tailwinds of increased exports owning to weak domestic production. Their fight to grow much larger is on, short-term demand problems


3/ Varroc Engineering: An auto ancillary company that has propelled down under its own enterprising projects fueled by a ton of debt. Will the fortunes ever illuminate for this significant participant of the global automobile


4/ Jubilant Ingrevia: A specialty chemical company that has redefined backward integration as it begins from the basic chemicals to achieving complex vitamins & many more. Their fight to outgrow commoditized parts of the business goes
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CMP – 725.55 (27/6/2021)

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Fundamentals Sound & Technically Strong Upmove 🚀Candidate!

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1⃣ HDFC Life Insurance Company is a long-term life insurance provider offering individual and group insurance services.

#HDFCLife #TechnoFunda #Trading #Investing #StockMarket

2⃣

Company's products meet various customer needs such as Protection, Pension, Savings & Investment and Health, along with Children's and Women's Plan.

#HDFCLife #TechnoFunda #Trading #Investing #StockMarket

3⃣

🌟#HDFCLIFE Technical Analysis🌟

✅Towards end of November 2020 Stock gave #breakout from Inverted Head & Shoulder Pattern.

✅Soon expected to give breakout from Bullish Rectangle Pattern.

✅Technically Stock Should move up to 950 in medium term.

#HDFCLife #TechnoFunda


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📈Other Technical Triggers📈

✅Strong Momentum 👉:#Price above short, medium and long term moving averages.

✅Overbought by Money Flow Index (MFI)

✅Stock Price near 52 Week High

#HDFCLife #TechnoFunda #Trading #Investing #StockMarket
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HDFC Life - for safe traders it is now at bottom of the range for few points. However, a slow counter.

Must have portfolio stock for the long term. Rectangle consolidation after since long.
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Mega Thread: Jan-Jun 2021

26 Weeks, 26 Ideas, 26 Tweets

Days Gone 180. Efforts 360

CREDIT ACCESS GRAMEEN


SUVEN PHARMA


NIPPON LIFE INDIA ASSET MANAGEMENT


HEIDELBERG CEMENT INDIA
TATACHEMICALS , IEX , TATACONSUMER
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#Breakout Soon Candidates!

1) #SHOPERSTOP (D)
2) #FORTIS (D)
3) #TECHM (W)
4) #HDFCLIFE (W)

Keep on Radar :)
Potential Upside on Cards!

#Disclaimer:-I just shared view for only educational purpose.

@nishkumar1977 @RajarshitaS
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Investment Trigger #HDFCLIFE

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Mangottu Bhagavathi Temple
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#keralatemples 🚩

Mangottu Bhagavathi Temple is situated in Athipotta near Alathur of palakkad district. Devi is kshipraprasadi here and grants relief to those who worship with full faith.
Mookken Chathen, situated on the Northern 👇


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Love,that is not real,has no passion. Its fire turns into embers, it doesn’t not smell. The day, the night, the moon&year burn without sun, light, comfort&sleep.
Ömer Hayyam

#Reyyan #Miran #ReyMir #EbruŞahin #AkınAkınözü
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1
PRAISE
The praise in this episode goes foremost to Ebru because she portrayed Reyyan so realistically like a woman who truly lost her unborn child. I was in awe and pain watching her along the episode, all her breakdowns and tears were so real.
#Hercai

2
Of course also Akın took his part and did his part masterfully, but he rightfully was the one who stood aside in this specific episode that needed to be about Reyyan’s pain and thus concentrated on Ebru.
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And last but not least, if I say thank you to something that B gave us this year, then it’s to have Ali as our director. Also in this episode we saw the artistic eye behind every shot and I loved it.
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OVERALL COMMENT
I don’t know who wrote ep. 52 but ep. 53 was going strong once more on symbols: roses, stones, fire and trees were incorporated and especially the ReyMir dialogues were written very well. I truly loved every ReyMir scene.
So let's get into it.
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