@AdityaKhemka5 I think we may not reach double digit in counting. Not more than 4-5 would be my guess. One of which is a top holding in Aditya's portfolio. :)
The private hospital space in India has long way to go, we are only getting started...
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This thread is for investors or those who are interested in CDSL as an investment. Often the central reason quoted for an investment here is the gush of FCF the business produces and some float money also to boot. But this argument ignores a central problem as well. (1/11)
I completely agree that CDSL is a business that produces ample amount of Free Cash. So, it begs the question: "What are they doing with all that cash?" Generally, firms can utilize the cash on their books in 4 ways: Dividends, Acquisitions, Capex/Investments and Buybacks. (2/11)
CDSL does have a Dividend Payout Ratio of ~35-40%. But Dividends are the least efficient way of utilizing cash, due to the Triple Taxation on Dividends. More
Handled well, Inorganic Growth is so lucrative that some companies build their business models around acquisitions (Say, MSSL or Cyient). However, CDSL literally CAN'T be one such company. Read 7 (c) of the below regulatory document to know more:
https://t.co/071lwnnwJ4
(4/11)
CDSL can also reinvest cash into their own business, like most companies do. But CDSL (And most Exchanges) have little need for Capex/Reinvestment. CDSL's IPO came in at Rs. 523.99 Crores. Two years in, the Cash and Investments on their books stands at Rs. 650 Crores. (5/11)
I completely agree that CDSL is a business that produces ample amount of Free Cash. So, it begs the question: "What are they doing with all that cash?" Generally, firms can utilize the cash on their books in 4 ways: Dividends, Acquisitions, Capex/Investments and Buybacks. (2/11)
CDSL does have a Dividend Payout Ratio of ~35-40%. But Dividends are the least efficient way of utilizing cash, due to the Triple Taxation on Dividends. More
Handled well, Inorganic Growth is so lucrative that some companies build their business models around acquisitions (Say, MSSL or Cyient). However, CDSL literally CAN'T be one such company. Read 7 (c) of the below regulatory document to know more:
https://t.co/071lwnnwJ4
(4/11)
CDSL can also reinvest cash into their own business, like most companies do. But CDSL (And most Exchanges) have little need for Capex/Reinvestment. CDSL's IPO came in at Rs. 523.99 Crores. Two years in, the Cash and Investments on their books stands at Rs. 650 Crores. (5/11)
1/ A orders chips. Supplier says "supply is getting tight." A triples order to store them in a warehouse. Supplier tells other customers supply is even tighter. They order extra chips. Quickly there are more chips in warehouses than toilet paper in garages during the pandemic.
2/ Intel's Gelsinger: "I don’t expect the chip industry is back to a healthy supply-demand situation until ’23. For a variety of industries, I think it’s still getting worse before it gets better.”
Are chips in warehouses the prime cause of the shortage? No. Demand is higher.
3/ "Software eating the world" means rising demand for chips.
I'm skeptical that this increase in chip demand is "transitory."
Fabs and backhoes don't increase with Moore's law. https://t.co/m7ZreQTzow
4/ If you invert Nathan's 1st Law:
Software can't expand faster than the chips and memory that enables its magic.
Broadcom's CEO believes chip production is a mature industry that will return to lower growth. I disagree in the medium term at least.
2/ Intel's Gelsinger: "I don’t expect the chip industry is back to a healthy supply-demand situation until ’23. For a variety of industries, I think it’s still getting worse before it gets better.”
Are chips in warehouses the prime cause of the shortage? No. Demand is higher.
3/ "Software eating the world" means rising demand for chips.
I'm skeptical that this increase in chip demand is "transitory."
Fabs and backhoes don't increase with Moore's law. https://t.co/m7ZreQTzow
4/ If you invert Nathan's 1st Law:
Software can't expand faster than the chips and memory that enables its magic.
Broadcom's CEO believes chip production is a mature industry that will return to lower growth. I disagree in the medium term at least.
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@EricTopol @NBA @StephenKissler @yhgrad B.1.1.7 reveals clearly that SARS-CoV-2 is reverting to its original pre-outbreak condition, i.e. adapted to transgenic hACE2 mice (either Baric's BALB/c ones or others used at WIV labs during chimeric bat coronavirus experiments aimed at developing a pan betacoronavirus vaccine)
@NBA @StephenKissler @yhgrad 1. From Day 1, SARS-COV-2 was very well adapted to humans .....and transgenic hACE2 Mice
@NBA @StephenKissler @yhgrad 2. High Probability of serial passaging in Transgenic Mice expressing hACE2 in genesis of SARS-COV-2
@NBA @StephenKissler @yhgrad B.1.1.7 has an unusually large number of genetic changes, ... found to date in mouse-adapted SARS-CoV2 and is also seen in ferret infections.
https://t.co/9Z4oJmkcKj
@NBA @StephenKissler @yhgrad We adapted a clinical isolate of SARS-CoV-2 by serial passaging in the ... Thus, this mouse-adapted strain and associated challenge model should be ... (B) SARS-CoV-2 genomic RNA loads in mouse lung homogenates at P0 to P6.
https://t.co/I90OOCJg7o
@NBA @StephenKissler @yhgrad 1. From Day 1, SARS-COV-2 was very well adapted to humans .....and transgenic hACE2 Mice
1. From Day 1, SARS-COV-2 was very well adapted to humans .....and transgenic hACE2 Mice
— Billy Bostickson \U0001f3f4\U0001f441&\U0001f441 \U0001f193 (@BillyBostickson) January 30, 2021
"we generated a mouse model expressing hACE2 by using CRISPR/Cas9 knockin technology. In comparison with wild-type C57BL/6 mice, both young & aged hACE2 mice sustained high viral loads... pic.twitter.com/j94XtSkscj
@NBA @StephenKissler @yhgrad 2. High Probability of serial passaging in Transgenic Mice expressing hACE2 in genesis of SARS-COV-2
1. High Probability of serial passaging in Transgenic Mice expressing hACE2 in genesis of SARS-COV-2!
— Billy Bostickson \U0001f3f4\U0001f441&\U0001f441 \U0001f193 (@BillyBostickson) January 2, 2021
2 papers:
Human\u2013viral molecular mimicryhttps://t.co/irfH0Zgrve
Molecular Mimicryhttps://t.co/yLQoUtfS6s https://t.co/lsCv2iMEQz
@NBA @StephenKissler @yhgrad B.1.1.7 has an unusually large number of genetic changes, ... found to date in mouse-adapted SARS-CoV2 and is also seen in ferret infections.
https://t.co/9Z4oJmkcKj
@NBA @StephenKissler @yhgrad We adapted a clinical isolate of SARS-CoV-2 by serial passaging in the ... Thus, this mouse-adapted strain and associated challenge model should be ... (B) SARS-CoV-2 genomic RNA loads in mouse lung homogenates at P0 to P6.
https://t.co/I90OOCJg7o