Final review of Portfolio, ‘Bottom fishing in 2012’

———————————————————————————

Date: 28-Nov-12

JainMatrix Investments launched this portfolio in Jan 2012, when we published the report ‘Bottom fishing in 2012’. To read this now, click on LINK. This is the final review of this portfolio.

In Jan, we said, ‘A bottom is in place, and the price reversal has started‘; there is ‘a change in sentiment‘ and ‘a coordinated rise ’in the share prices. We suggested a portfolio of nine stocks for preferably SIP investment.

Today, Ten months later, lets check this portfolio for investor gains – how has it performed?

Performance

 Company

Report  Jan 17th

Review Feb 20th Gain/ Loss % Review  27th Nov Gain/ Loss % Sector Mkt Cap k Crores

Find out more?

Titan Industries

185

232 25 303 64 Consumer L – 27

LINK

Yes Bank

285

364 28 434 52 Bank L – 16

LINK

KEC International

49.1

61 24 63 28 Power M – 1.6

LINK

Hanung Toys & Textiles

128

140.6 10 164 28 Consumer S – 0.4

LINK

BGR Energy Systems

229

339 48 268 17 Power M – 1.9

LINK

Binani Industries

121

124.1 2.5 129 7 Cement+ S – 0.4
Diamond Power Infra

111

138 24 109 -2 Power S – 0.4
Adani Port & SEZ

135

150.5 12 130 -4 Ports, SEZ L – 26

LINK

IRB Infrastructures

153

208 36 126 -17 Infra M – 4.2

LINK

Average

 

  23.2   19.2  

 

 
NIFTY

4,967

5,564 12 5,727 15
Sensex

16,466

18,289 11 18,842

14

CNX Midcap

6,764

7,925 17.2 7,948 17

k – ‘000

BSE Small Cap

6,290

7,116 13.1 7,183 14

M-midcap

Observations & Learnings:

  • The portfolio’s absolute appreciation since Jan is an avg. gain of 19.2%!! It has outperformed all indices!!
  • Investment by SIP fashion from Jan’12, gives absolute gains of 11.1% so far, annualized to 13.3%.
  • Supporting this portfolio are research reports with Links included in above table.
  • Consumer and Banking sectors have emerged as better performers, while Power and Infra are weaker.

Suggestions and Risks:

  • This portfolio will appreciate, but invest in each stock with a minimum one year perspective.
  • This is an aggressive portfolio, so do not invest in only 1-2 stocks. Invest monthly in a SIP form.
  • Past performance is no indication of future results. In fact leadership in this portfolio has changed often.

New Model Portfolio (Mid Cap)

  • While we continue to be optimistic of the prospects of this portfolio, this will be the final such report.
  • A new Model Portfolio (Mid-Cap) is being created that will reflect the changing trends in this market. To access this, and other valuable research, readers need to sign up with JainMatrix Investments as a Paid Subscriber, see LINK.

Disclaimer:

These reports and documents are prepared by JainMatrix Investments Ltd. They are not to be copied, reused or made available to others without prior permissions; for any questions contact the director of JainMatrix Investments at punit.jain@jainmatrix.com. Also see: https://jainmatrix.wordpress.com/disclaimer/

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Hanung Toys – A Splashy Opportunity

_____________________________________________________________

Date: November 15, 2012                              

CMP: Rs 159                                     

Small Cap – Mkt Cap 399 crores

Hanung Toys & Textiles is a manufacturer / exporter of quality soft toys and home furnishings. With integrated facilities, an excellent clutch of customers and good brands, it has the ingredients for a great growth story.

But its been a volatile stock in the 6 years since the IPO. Is this a good time to invest in this stock?

To read this valuable report, you need to subscribe to JainMatrix Investments.

On this link, check the details and Subscribe to this website to receive valuable reports directly delivered to your Inbox.

This is an update of my report in Oct’11Hanung Toys – Look for the Rebound

Disclaimer

These reports and documents are prepared by JainMatrix Investments Ltd. They are not to be copied, reused or made available to others without prior permission of JainMatrix Investments. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com

Also see: https://jainmatrix.wordpress.com/disclaimer/

October report on ‘Bottom fishing in 2012’

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Date: 3-Oct-12

In Jan 2012, JainMatrix Investments published the report ‘Bottom fishing in 2012’. To read this now, click on LINK

The report indicated that: ‘A bottom is in place, and the price reversal has started‘; there is ‘a change in sentiment‘ and ‘a coordinated rise ’in the share prices. It suggested a portfolio of nine stocks for preferably SIP investment. They are Mid/ Small Caps with potential.

Nine months later, we will review this portfolio for investor gains – how has it performed?

Company

Report

Jan 17th

Review Feb 20th Gain/ Loss % Review

3rd Oct

Abs. Gain/ Loss % Sector Mkt Cap k Crores Find out more?
KEC International 49.1 61 24 72 47 Power M – 1.8 LINK
Yes Bank 285 364 28 398 40 Bank L – 14 LINK
Titan Industries 185 232 25 258 40 Consumer L – 23 LINK
BGR Energy Systems 229 339 48 279 22 Power M – 2.0 LINK
Binani Industries 121 124.1 2.5 132 9 Cement+ S – 0.4
Diamond Power Infra 111 138 24 119 7 Power S – 0.4
IRB Infrastructures 153 208 36 156 2 Infra M – 5.2 LINK
Hanung Toys & Textiles 128 140.6 10 124 -3 Consumer S – 0.3 LINK
Adani Port & SEZ 135 150.5 12 128 -5 Ports, SEZ L – 26 LINK
Average 23.2 17.5
NIFTY 4,967 5,564 12 5,722 15
Sensex 16,466 18,289 11 18,858 14
CNX Midcap 6,764 7,925 17.2 7,952 17.5 k – ‘000
BSE Small Cap 6,290 7,116 13.1 7,161 14 M-midcap

Observations:

  • Definitely the portfolio is up since Jan, and on average the shares have gained 17.5%!! It has outperformed all indices except the CNX Midcap, and is on par with this.
  • Investment in a SIP fashion from Jan’12, would give absolute gains of 10.4% so far, annualized to 16%.
  • Supporting this portfolio are new research reports for Adani Port and Yes Bank, included in above table.
  • The recent upturn in indices has helped as we bought earlier at lower levels. We continue to be optimistic of the prospects of this portfolio.

Suggestions and Risks:

  • This portfolio will appreciate, but invest with a minimum one year perspective.
  • This is an aggressive portfolio. Do not put all your eggs in one basket. Invest monthly in a SIP form.
  • Past performance is no indication of future results.

Additionally:

  • Some research reports are only available to Subscribers. Join up to receive actionable, high quality insights and recommendation for Equity investments. Boost your returns.
  • Spread the cheer. Share this letter with friends and fellow investors; invite them to also subscribe.
  • To subscribe, use this Signup Form CLICK or enter your email on the top right of this page.

Disclaimer:

These reports and documents are prepared by JainMatrix Investments Ltd. They are not to be copied, reused or made available to others without prior permissions; for any questions contact the director of JainMatrix Investments at punit.jain@jainmatrix.com. Also see: https://jainmatrix.wordpress.com/disclaimer/

‘Bottom Fishing in 2012’ Review of Portfolio – April’12

Date: April 18, 2012

In Jan this year, JainMatrix Investments published a report, ‘Bottom fishing in 2012’ …… To read this now, click on LINK

  • The report indicated that: ‘A bottom is in place, and the price reversal has started‘; there is ‘a change in sentiment‘, and ‘a coordinated rise’ in the share prices.
  • A lot has happened since then, including a crude oil price rise, a Union Budget, and even a lowering of Interest Rates by RBI !!

Lets review the suggested portfolio at the three months milestone – how has it performed?

 Company

Reported 

Jan 17th

Review Feb 20th

Gain/ Loss %

Review

Apr 18th

Gain/ Loss %

Sector

Mkt Cap k Crores

Find out more?

BGR Energy Systems

229

339

48

358

42

Power

M – 2.6

LINK

KEC International

49.1

61

24

63.8

30

Power

S – 1.6

LINK

IRB Infrastructures

153

208

36

198

30

Infra

M – 6.6

Yes Bank

285

364

28

370

30

Bank

L – 13

LINK

Titan Industries

185

232

25

240

27

Consumer

L – 21.3

LINK

Hanung Toys & Textiles

128

140.6

10

147

15

Consumer

S – 0.4

LINK

Binani Industries

121

124.1

2.5

122

1

Cement +

S – 0.4

Diamond Power Infra

111

138

24

110

-1

Power

S – 0.4

Adani Port & SEZ (Mundra)

135

150.5

12

130

-4

Ports, SEZ

L – 26

LINK

Average

 

 

23.2

 

20.6

 

 

 

NIFTY

4,967

5,564

12

5,300

7

Sensex

16,466

18,289

11

17,392

6

CNX Midcap

6,764

7,925

17.2

7,700

14

k – ‘000

BSE Small Cap

6,290

7,116

13.1

6,914

10

M-midcap

Observations:

  • Definitely the portfolio is down compared to Feb evaluation. Even so, since Jan, it has gained 20.6%!!
  • It has outperformed even the best of these Indices, CNX Midcap by over 6%!!
  • There are several changes in the ranking of individual stocks.
  • Note the added Link to the Report on IRB Infrastructure, added in this period.

Based on the above, we strongly suggest:

  • This portfolio will appreciate. Invest but with a minimum one year perspective.
  • Subscribe to reports from JainMatrix Investments. Receive actionable, high quality insights and recommendation for Equity investments. Boost your returns.
  • This is an aggressive portfolio. Do not put all your eggs in one basket. Invest monthly in a SIP form.

Note:

  • Past performance is no indication of future results.
  • Spread the cheer. Share this letter with friends and fellow investors; invite them to also subscribe.
  • To Subscribe, use this Signup Form CLICK
  • Check back on the website www.jainmatrix.com for updates.

Do you find this site useful? You can:

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  6. Add your comments/ queries below

Disclaimers:

Disclosure: It is safe to assume that if the JainMatrix website recommends a stock, the researcher has already invested in it.

These reports and documents have been prepared by JainMatrix Investments Ltd. They are not to be copied, reused or made available to others without prior permission of JainMatrix Investments. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com

Also see: https://jainmatrix.wordpress.com/disclaimer/

Bottom fishing in 2012 ……

————————————————————————————————————————————

JainMatrix Investments has published a review of this portfolio, please click  on the link  October Review

Article Published  January 17th 2012

A Happy New Year to you!                                                             January 17th 2012

In my first post of 2012, I’d like to mull over a very basic question. There are a number of fundamentally good companies, firms in good sectors that are showing QoQ growth and profits, with upside potential and great order booked numbers. I’d like to invest in such firms.

But my worry has been that along with the Sensex, these firms have seen their share price falling week after week. The question is:  How much can a good company fall? More importantly, when can we be sure that the share price fall is complete, a bottom is in place, and the reversal has started?

If we can answer this for a few companies, it can be a great investing opportunity. I suggest the following 9 firms as turnaround candidates.

1.      Hanung Toys & Textiles: CMP 128.

  • This mid sized consumer products firm has 75% revenues from exports. Its share has jumped by 67% in the last 1 month, on high volumes.
  • My fundamental analysis indicates it’s a buy. In my report called Hanung – Look for the rebound, I had predicted such a reversal. Here’s a link to the report
  • Here is a one month view of this stock:
JainMatrix Investments, Hanung Toys

Hanung Toys – One month view (click to enlarge)

  • But the two-year view of the stock shows the extent of fall. The converse of this is that this share has a long climb before it, to even reach past highs.
JainMatrix Investments, Hanung Toys

Hanung Toys – Two year view. Click to Enlarge

2.      KEC International. CMP 49.1

Background:

  • KEC is a power transmission EPC firm owned by the RP Goenka group
  • It has increased EPS 30% CAGR for 5 years, and over 50% of the revenues from international projects.
  • A recent US acquisition in the transmission towers – SAE Towers – gives it 30% growth in balance sheet and a foothold in the America geography
  • Overall margins have been steady at 10% for the last 4 years
  • Recent small but synergistic diversifications in India give it an entry into Power Systems and Cables, and new verticals like Railways, Telecom and Water.

Situation:

  • In the last 4 weeks, the share has gained 53%, again on good volumes.
  • Here are the details, in a one month view:
JainMatrix Investments, KEC International

KEC International – One month view

  • Here is a two-year view of the stock that shows the extent of the fall. One of the issues is poor sentiments in the Power sector. However, for KEC, the fall is overdone.
JainMatrix Investing, KEC International

KEC International – Two year view

3.      BGR Energy Systems CMP 229

  • It is a leading power generation EPC firm. A detailed analysis is available on the link
  • The stock is up 35% in the last 2 weeks
JainMatrix Investments, BGR Energy Systems

BGR Energy Systems – One month view

The fall in the last two years has been massive, as we can see:

JainMatrix Investing, BGR Energy Systems

BGR Energy Systems – Two year view

4.      Diamond Power Infrastructure – CMP 111

  • This Gujarat based small cap is an integrated power sector player into Cables, transmission towers, transformers and conductors
  • It has aggressively expanded capacities, and maintains a higher proportion of in house manufacture in its EPC projects.
  • In the last month, the share has risen 51% from its low.
JainMatrix Investments, Diamond Power Infrastructure

Diamond Power Infrastructure – One month view

  • If you see the two-year chart, the extent of the fall is obvious. Again this is partly due to a poor perception of the Power sector combined with the fall of the Sensex. The fall is overdone, and the stock should bounce back.
JainMatrix Investments, Diamond Power Infrastructure

Diamond Power Infrastructure – Two year view

5.      Titan Industries, CMP 185

  • It is the Tata group company that owns the Titan and Tanishq brands
  • It is a large Cap, consumer-oriented firm with a big retail presence. A detailed analysis is available at link
  • The share is up 21% in the last one month, as we can see:
JainMatrix Investing, Titan Industries

Titan – One month view

  • The one-year view of Titan shows that it has fallen sharply in this period. It surely has some catching up to do.
JainMatrix Investments, Titan Industries

Titan – One year view

6.      Mundra / Adani Port and SEZ, CMP 135

  •  This Port and SEZ major is part of Adani group. It is an infrastructure stock.
  • A detailed report is available on Link
  • A recent development in this stock was the acquisition of Abbot Point Port in Australia. This was seen as an expensive acquisition, and this was one reason for the recent fall
  • This share is up by 25% from a recent one month low, as we can see:
JainMatrix Investing, Mundra / Adani Port and SEZ

Mundra Port – One month view

  • The high for Mundra/ Adani was 184.5 in mid 2009 and the share is now 36% lower than this in spite of the recent rise:
JainMatrix Investments, Mundra / Adani Port and SEZ

Mundra Port – Two year view

7.      IRB Infrastructure – CMP 153

  • This is a leading Roads Developer and Operator in India.
  • It is on a rapid growth path even in the current slow environment. It has a very good portfolio of projects, many of which are operational / toll roads, giving it a predictable and visible cash flow. It has restricted new business bids to larger and more lucrative road projects, where it has competitive advantages. Order Booked are around 10,000 crores.
  • In the medium term, the IRB stock has been suffering from a sentiment driven fall. In the last few weeks, however, it has recovered 24% from a low of 123.5 to the current 152 level
JainMatrix Investments, IRB Infrastructure

IRB Infrastructure Developers – One month view

Over a 2-year period, we can see that the stock has fallen significantly, and this should reverse in a falling interest rate scenario.

JainMatrix Investments, IRB Infrastructure

IRB Infrastructure – Two year view

8.      Binani Industries – Cement and metals manufacturer. CMP 121

  • It is a holding company with interests in Cement, Zinc, Glass Fiber, composites, etc.
  • However, the significant valuable asset is Binani Cement, which was recently merged into the holding company. This itself has a turnover of 2000 crores, and had a market cap of 1600 crores (before merger).
  • Other assets are not significant loss making entities. As of now, Binani Industries has a market cap of just 360 crores. The stock is under valued.
  • The share price has rebounded by 39% from recent lows.
JainMatrix Investments, Binani Industries

Binani Industries – One month view

The 2-year picture of Binani Industries shows the spike in 2011 around the time of the merger with Binani Cement, and a subsequent fall.

JainMatrix Investments, Binani Industries

Binani Industries – Two year view

9.      Yes Bank, CMP 285

  • It is a leading private sector bankA detailed analysis of this stock is available on the link
  • The share has shot up in the last month by 24% from a recent low.
JainMatrix Investments, Yes Bank

Yes Bank – One month view

  • The two-year view of the stock indicates that the current price is significantly below the highs, even though business performance is steady.
JainMatrix Investments, Yes Bank

Yes Bank – Two year view

Risks:

  • A close look at any of the 2-year charts of these shares indicates that there are several 20-40% bounces on the way down. There is a small probability that this too is just a bounce. However, several factors build my confidence that this is more than just a small reversal.
  1. We have indications (see article) that the interest rate cycle has peaked in India; that the Inflation too has peaked. So this could be a sign of economic improvements.
  2. The INR has weakened considerably. This can be a booster to export oriented firms.
  3. The coordinated fashion in which above nine firms (and others in the market) have risen indicates a change in sentiment, and perhaps lowering of investment negativity.
  4. At the beginning of the New Year, many investors, especially foreign, open their books and make fresh investments.
  • Investment in turnaround companies is inherently a higher risk approach, but with potentially higher returns. Take this approach only if you have a high-risk appetite.
  • One view of the above stocks can be that the best is already past, and the resurgence in the last month is unlikely to be repeated. My view is that at this stage fresh investments in these stocks are less risky than a month ago; the reversal is more likely to be sustained, and most of these stocks have a long way to rise before they are back at their highs, even though on valuation parameters, many should be near their all time highs.
  • It is possible that an external negative event takes place that makes share prices fall below these recent lows. However at this juncture, this looks like a small probability event.
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Disclaimer:

These reports and documents have been prepared by JainMatrix Investments Ltd. They are not to be copied, reused or made available to others without prior permission of JainMatrix Investments. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com

Also see: https://jainmatrix.wordpress.com/disclaimer/

Hanung Toys and Textiles – Look for the rebound

  • Date: October 24, 2011
  • CMP: Rs 109; Small Cap
  • Advice: High Risk, High Gain stock at attractive entry point
  • Target: 9 month – 200; 24 month – 290

Hanung Toys and Textiles is a small but fast growing manufacturer of textile furnishings and toys. The business performance has been robust. A series of news disappointments has depressed prices. But today it is an attractive contrarian pick.

Hanung – Description and Profile

  • HANUNG Toys & Textiles Ltd is a niche player in Soft Toys, Decorative Cushions & Children’s Room Furnishings. Turnover is Rs 1160 crores (last 4 quarters). The Market Cap is Rs 274 crores.
  • The revenue breakup by category is 65% textile furnishing and 35% soft toys.
  • The CMD of HTTL, Mr. Ashok Kumar Bansal, is a Chartered Accountant who started this company in the 80s.
  • The financial management of this company appears to be conservative and understated; while the business plans are aggressive.
  • HTTL had exports of 75% of sales. See Sales break-up by geography in Fig 1.
Hanung Toys Textiles, JainMatrix Investments

Fig 1 - Hanung - Sales by Geo (click to enlarge)

  • The key facilities consist of toys manufacturing facility, home furnishing production facility and textile processing facility, 3 located in Noida and one in Uttaranchal. The toys manufacturing unit is established in the Noida SEZ wherein the benefits of duty free imports and single window clearance for imports/exports are available.
  • Internationally, products made by HTTL are available on the shelves of Bloomingdales, William-Sonoma Group, Macy’s, JC Penney, Target Stores, Home Depot, Wal-Mart, Anna’s Linens, Ikea, Homebase, Argos, etc
  • In India, HTTL owns ‘Play-n-Pets’ and ‘Muskan’ brands in stuffed toys and ‘Splash’ in Home Furnishings. They have more than 100 distributors for the stuffed toys across the country, including multi-brand outlets like Lifestyle, Shopper’s Stop, Westside, Big Bazar (Pantaloon group), Pyramid, Globus, Landmark, etc. Its ‘Splash’ range of home furnishings is available at 600 stores across the country.
  • The current order book is estimated at Rs 1500-1900 crore, which is about 1.5 years of Sales.
  • Shareholding pattern is: Promoters 65%; FIIs 1%; Bodies Corporate 12 %; Individuals – retail 19%; Other 3%
  • HTTL exports are positioned in the Mid-Market range, making the business less sensitive to Chinese exports.
  • Business potential is very high. In toys, the demand is large in current markets. Quality and price matter here. Competition is mostly from China. In home furnishings, the demand, particularly abroad is very high.
  • In effect, the addressable market for HTTL is 100s of times its current Sales.

Stock evaluation, performance and returns

  • The IPO in Sept 2005 was 8.6 times oversubscribed. Pricing was at Rs 95
  • HTTL has been paying Dividend for last 4 years, which increased from 15% to 20% of late.
  • The price has fallen from Nov 2010 highs of 410, to a CMP today of 109. The volatility is high, see fig 2.
Hanung Toys; JainMatrix Investments

Fig 2 – HTTL stock price – shows high volatility

  • Sales and Profit have however grown very steadily (Fig 3)
  • Sales have grown at 42% CAGR over the last 5 years
  • Profits have grown faster at 44% in this period
Hanung Toys; JainMatrix Investments

Fig 3 - Quarterly income and profits have, however grown steadily. (click to enlarge)

Price Action and Events

  • Price of HTTL peaked in Oct 2010, and then dropped sharply. There was some negative news and bad publicity:
  1. The high interest rates regime has taken a toll on HTTL. Costs have risen, as there is debt on the books of Rs 1000 crores. Debt equity ratio currently is 1.74
  2. Overall the Sensex fell sharply. The Small Cap shares fell faster than large cap shares. HTTL due to it’s volatile nature suffered even more.
  3. A GDR plan – to raise capital and fund growth plans – was dropped due to low share prices.
  4. Textiles sector has not done very well in the last year. Cotton prices have risen sharply.
  • However, HTTL has made several smart moves that are improving prospects
  1. In March 2011, HTTL acquired a controlling stake in the US-based Cody Direct Corp. This firm deals in marketing and distribution of home furnishings. This acquisition will not contribute to topline, but to profitability and operating margins, as some of the middlemen will be removed from the sales cycle.
  2. Plans are on to ramp up capacity, and also a backward integration by setting up spinning plants. A capex plan for the next 2-3 years is in place of Rs 720 crores. This will be raised from cash from operations as well as loans from banks.
  3. The firm is rationalizing interest costs by switching over from the existing Indian Rupee loans to ECB (European Central Bank) or similar, where they can save 3-4% of interest.
  • Another near term trigger is the recent appreciation in the US$ – INR rates. This will boost USD earnings for HTTL, and should reflect in quarterly earnings for Q3 and Q4.

Graphics:

  • The Price and PE graph Fig 4 – shows that valuations are bottoming out and are near all time lows of 2008.
  • The Price and EPS graph Fig 5 – shows that EPS is at all time highs.
  • Put together, we can see that this is a very attractive time to enter the stock as a long-term investor.
Hanung Toys; JainMatrix Investments

Fig 4 - Price and PE Graph (click to enlarge)

Valuations and Financial metrics

  • EPS (adjusted) growth has been 44% CAGR over the last 5 years. The EPS quarterly graph (fig 4) shows a steady rise. This is a small but stable company in a good market that is establishing base and will achieve critical mass of size, brand and reach over the next 5 years.
  • PEG is at 0.05 – indicates underpriced status, a very good investment opportunity
  • RoE is at around 17-20% – healthy statistic.
  • Price/Book is 0.54, this is very attractive.
  • Management has projected 20% revenue growth for the next 2 years.
Hanung Toys; JainMatrix Investments

Fig 5 - Price and EPS Graph (click to enlarge)

Opinion, Outlook and Recommendation

  • This is a volatile small cap stock. There has been a large fall in share price since Oct 2010, by 75%. There is of course a possibility that this falling trend will continue.
  • However, business performance has been excellent. After this recent fall, HTTL now has a PE of 2.26. This is an opportunity for investors to average down their cost of holdings, or enter afresh.
  • The stock may be waiting for a trigger to reverse the price downtrend. Once this happens, the upside is high.
  • Our projection is a Rs 200 price level in 9 months (Aug 2012) and a Rs 290 price level in 24 months (Nov 2013).
  • Retail investors with a risk appetite can start a systematic investment (monthly) at current levels.
Hanung Toys; JainMatrix Investments

Fig 6 - Price Projections (click to enlarge)

Risks:

  • Small size; it is a volatile stock. It falls hard in poor sentiment periods and rises rapidly in good.
  • Current price fall may continue for an unpredictable period, till investor sentiment recovers.
  • Being a small firm, can be affected badly by a single accident, strike or untoward incident
  • Recent GDR was cancelled due to unfavorable market conditions, causing a further fall in price
  • Debt equity is rising, and is at 1.74 as of now.

 Notes

  • Check back on the website www.jainmatrix.com for updates.
  • Like my posts on Facebook
  • Do you find this site useful? Please comment below. You can also subscribe for my posts by filling the ‘Sign me up’ box on top right of this page.

Disclaimer:

These reports and documents have been prepared by JainMatrix Investments Ltd. They are not to be copied, reused or made available to others without prior permission of JainMatrix Investments. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com

Also see: https://jainmatrix.wordpress.com/disclaimer/