STOCK WATCH
At the time where most of the its peer companies are finding it difficult to maintain the topline as well as margin, Asian Granito (52.00) came out with flying color for the June qtr. Due to commencement of production at wall tile unit, its sales zoomed up 70% to Rs 73 cr and NP shot up to Rs 9 cr posting an EPS of more than Rs 4 for the single quarter on a standalone basis. Company is one of the largest producers of vitrified tiles in India under the brand name “Asian Tiles”. Recently, it has expanded its vitrified tile capacity to 16,000 sq mtr from 14,000 sq mtr tiles per day and also started new wall tile plant having a capacity of 9,300 sq mtr per day. Besides, its 100% subsidiary Asian Tile Ltd which is getting merged with itself, is into the business of manufacturing ceramic floor tiles with a capacity of 7,000 sq mtr per day. So on a consolidated basis, company is estimated to register a turnover of Rs 350 cr and PAT of Rs 32 cr for FY09. This works out to an EPS of Rs 15 on equity of Rs 21 cr. Even a average PE ratio of 5x times scrip can appreciate 50% in a year
Prime Property (60.00) is a small real estate developer based in Mumbai which boasts of constructing landmark residential and commercial buildings for high end customers in Mumbai. Prime Avenue, Prime Centre, Prime Beach & Prime Plaza are few of its popular residential & commercial development at prime area like Santacruz(W) & Vile Parle(W) in Mumbai. Presently, company is focusing to complete its two ongoing projects in Mumbai namely “Prime Down Town Mall” - a 270,000 sq ft luxurious composite Mall with multiplexes and “Prime Tech Park” which is 90,000 sq ft commercial building. Besides these, company has started construction work for two more shopping malls called “Prime Square” - 70,000 sq ft mall in Goregaon Mumbai and “Prime Pune Mall” - gigantic 430,000 sq ft state-of-the-art mall with anchor shop, multiplex, food court, entertainment area and a hotel in Pune. For FY08 it clocked an EPS of Rs 16 and declared a dividend of Rs 1.50. It announced excellent results for the June’08 quarter and considering company’s current project in hand and that too at prime locations it may report total revenue of Rs 150 cr and net profit of Rs 40 cr for FY09 i.e. EPS of Rs 20 on current equity. Only aggressive investors are advised to buy at current levels.
PBA Infrastructure (60.00) is engaged in execution of civil engineering projects and specializes in construction of highways, dams, runways and heavy RCC structures, bridges and other infrastructure projects of various govt bodies. It is executing projects from Kashmir to Kanyakumari and has taken up new works like toll collection and quarrying to augment its income. For FY08 it posted an EPS of Rs 11 with 30% rise in sales as well as PAT to Rs 371 cr and 14.60 respectively. However for the June quarter it reported de-growth as revenue fell by 15% to Rs 84.50 cr and profit decreased by 30% to Rs 3.35 cr. But, company has been regularly bagging new orders and its current order book position is quite impressive at around Rs 700 cr. Two days back it bagged a huge road construction order to the tune of Rs 122 cr from the Muncipal Corporation Pune. Fundamentally, company is having a huge debt of 170 cr due to which its interest cost is very high. Hence to fund its working capital requirement and reduce the high cost debt, company is contemplating to make pref allotment of 30 lac warrants to promoter and promoter group. Meanwhile for FY09 it is estimated to clock a turnover of Rs 425 cr and PAT of Rs 17 cr. This translates into EPS of Rs 13 on current equity of Rs 13.50 cr. A good bet for medium term.
Associated Alcohols & Breweries (45.00) is one of the largest distilleries in India with presence in every aspect of the value chain from potable alcohol, country liquor, ENA, grain spirit (extra fine grade, triple distilled), rectified spirit, IMFL to bottling scotch whisky. Notably, company markets its own brands, as well as manufactures and bottles IMFL and Scotch whisky for many Indian and international companies. Apart from being the leader in Madhya Pradesh, company boasts of having strong portfolio of popular brands such as Red & White, James McGill & Bombay Special in Whisky, London Bridge in Gin and Jamaican Magic in Rum. For FY08 its sales increased by 50% to Rs 120 cr and PAT zoomed up 140% to Rs 5.60 cr posting an EPS of Rs 8 on current equity of Rs 6.80 cr. To increase its market share, company is the midst of expanding its capacity to 65 million litres from 42 million litres by setting up a multi-pressure ENA plant along with 2MW bio-gas fuelled cogeneration captive power plant. Hence it may clock a turnover of Rs 150 and profit of Rs 7 cr which translates into EPS of Rs 7 on fully diluted equity of Rs 10 cr. Despite promoter concern and risk of further equity dilution, scrip can bought be declines for reasonable return within a year.
Prime Property (60.00) is a small real estate developer based in Mumbai which boasts of constructing landmark residential and commercial buildings for high end customers in Mumbai. Prime Avenue, Prime Centre, Prime Beach & Prime Plaza are few of its popular residential & commercial development at prime area like Santacruz(W) & Vile Parle(W) in Mumbai. Presently, company is focusing to complete its two ongoing projects in Mumbai namely “Prime Down Town Mall” - a 270,000 sq ft luxurious composite Mall with multiplexes and “Prime Tech Park” which is 90,000 sq ft commercial building. Besides these, company has started construction work for two more shopping malls called “Prime Square” - 70,000 sq ft mall in Goregaon Mumbai and “Prime Pune Mall” - gigantic 430,000 sq ft state-of-the-art mall with anchor shop, multiplex, food court, entertainment area and a hotel in Pune. For FY08 it clocked an EPS of Rs 16 and declared a dividend of Rs 1.50. It announced excellent results for the June’08 quarter and considering company’s current project in hand and that too at prime locations it may report total revenue of Rs 150 cr and net profit of Rs 40 cr for FY09 i.e. EPS of Rs 20 on current equity. Only aggressive investors are advised to buy at current levels.
PBA Infrastructure (60.00) is engaged in execution of civil engineering projects and specializes in construction of highways, dams, runways and heavy RCC structures, bridges and other infrastructure projects of various govt bodies. It is executing projects from Kashmir to Kanyakumari and has taken up new works like toll collection and quarrying to augment its income. For FY08 it posted an EPS of Rs 11 with 30% rise in sales as well as PAT to Rs 371 cr and 14.60 respectively. However for the June quarter it reported de-growth as revenue fell by 15% to Rs 84.50 cr and profit decreased by 30% to Rs 3.35 cr. But, company has been regularly bagging new orders and its current order book position is quite impressive at around Rs 700 cr. Two days back it bagged a huge road construction order to the tune of Rs 122 cr from the Muncipal Corporation Pune. Fundamentally, company is having a huge debt of 170 cr due to which its interest cost is very high. Hence to fund its working capital requirement and reduce the high cost debt, company is contemplating to make pref allotment of 30 lac warrants to promoter and promoter group. Meanwhile for FY09 it is estimated to clock a turnover of Rs 425 cr and PAT of Rs 17 cr. This translates into EPS of Rs 13 on current equity of Rs 13.50 cr. A good bet for medium term.
Associated Alcohols & Breweries (45.00) is one of the largest distilleries in India with presence in every aspect of the value chain from potable alcohol, country liquor, ENA, grain spirit (extra fine grade, triple distilled), rectified spirit, IMFL to bottling scotch whisky. Notably, company markets its own brands, as well as manufactures and bottles IMFL and Scotch whisky for many Indian and international companies. Apart from being the leader in Madhya Pradesh, company boasts of having strong portfolio of popular brands such as Red & White, James McGill & Bombay Special in Whisky, London Bridge in Gin and Jamaican Magic in Rum. For FY08 its sales increased by 50% to Rs 120 cr and PAT zoomed up 140% to Rs 5.60 cr posting an EPS of Rs 8 on current equity of Rs 6.80 cr. To increase its market share, company is the midst of expanding its capacity to 65 million litres from 42 million litres by setting up a multi-pressure ENA plant along with 2MW bio-gas fuelled cogeneration captive power plant. Hence it may clock a turnover of Rs 150 and profit of Rs 7 cr which translates into EPS of Rs 7 on fully diluted equity of Rs 10 cr. Despite promoter concern and risk of further equity dilution, scrip can bought be declines for reasonable return within a year.
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