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Tuesday, October 5, 2010
Re: delhistockclub Dev Credit Bank-The stock should quote at Rs 200 in a year from now
| greeeat report thanks FEEL FREE TO CONTACT : VISHAL MINDA 9968703568 --- On Tue, 5/10/10, Maverick <rajivhanda@yahoo.com> wrote:
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delhistockclub Zylog Systems-BUY with a target of Rs 780
Zylog Systems: Exuding Promise
Zylog Systems, incorporated in '97, is a Chennai-based diversified IT solutions provider. The stock has shown good movement in past one year owing to good results and business fundamentals. Its topline is expected to double in FY11E owing to a expanding client base due to a big ticket acquisition (Brainhunter, a Canadian company).
The company has also diversified into eGovernance and rural WiFi businesses, and is profitable in both, notwithstanding the rising competition. Major growth has come from IT solutions, the core business of the company. In Q1FY11, its revenue more than doubled sequentially, majorly due to Brainhunter, a Canadian IT services company that Zylog acquired in FY10. Significant cash reserve and having net-debt on its books enables Zylog to become risk taking and look for more acquisitions.
The company has 65%-35% distribution of workforce on onsite: offshore locations, thus differentiating itself from other Indian IT services companies, which have more resources at offshore. One reason of this is that Zylog is more focused on staffing and application building projects, and has less maintenance projects.
• Revenue in FY10 have been `9,799.4 mn, from `7,510.4 mn in FY09. Revenue in Q1FY11 has been `4,633.9 mn, up 118% from Q4FY10 revenue of `2,118.4 mn. We believe FY11E revenue can clock a growth of ~100% from FY10 levels, and rise to `18,778 mn.
• EBITDA margin has improved from 9.7% in FY09 to 15.6% in FY10, but Net Margin has reduced from 11.1% to 10.5%, due to higher tax rate (12.5% to 21.2%).
• EPS has improved from `50.88 in FY09 to `62.30 in FY10. Our analysis shows that EPS can further grow to ~`92 in FY11E and ~`121.66 in FY12E.
• The company has cash reserve of `2,835.5 million. Considering the debt of `2,000 million on books, net cash is `835.5 million, thus making Zylog a zero net-debt company.
We value Zylog stock at 8.5x its FY11E EPS of `92 to arrive at March-11 target price of `782, signifying a potential upside of 44%.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
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Monday, October 4, 2010
delhistockclub Bombay: Real Estate, Realtors Back In Favour (Anand Rathi)
Mumbai Property - The old order changeth, yielding place to new
Mumbai-based developers would continue witnessing high profits over the next 3-5 years given: i) low ready-inventory in the market, ii) high demand, iii) lower land cost vs high margins, iv) low execution due to regulations. Given the city's unique geography and dense population (in slum areas, chawls), acquisitions via the rehabilitation/redevelopment mode will give access to prime land at low cost, with the older construction giving way to large areas for new projects (higher FSI). Although we expect slight correction in the next 3-4 months, we believe inflation-adjusted prices would remain stable in the long term(4-5 years). We have an Overweight stance on the sector.
n Land limited, area unlimited. Due to its tight geography, Mumbai market has limited land; however, its old constructions viz. slums, chawls, cessed buildings are opening up for redevelopment (higher FSI) via slum rehab schemes (SRS) and urban renewal schemes (URS), thereby freeing up land for organised development. Such projects involve lower (and deferred) acquisition costs, leading to higher profits for developers.
n Residential demand high. With an estimated 1.2% population CAGR over the next decade, demand would remain strong owing to Mumbai continuing to attract commercial activity and, hence, high immigration, for which +300m sqft of residential space will be required. Although we do not expect a major price correction, we believe prices will soften on account of affordability concerns in the near-term. Inflation-adjusted stable prices over the next few years are likely to lead to volumes, given healthy economic growth. We are positive on central suburbs and Bandra (E) and expect them to outperform vis-Ã -vis other micro-markets.
n Stock ideas. We favour HDIL (on execution & location skills) and Ackruti City (on niche developments). We initiate coverage with Buy on DB Realty, Orbit Corp, Peninsula Land and Sunteck Realty.
n Risks. i) Economic slowdown ii) Regulatory risks iii) De-coupling of MMR from Mumbai City
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
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delhistockclub Blackstone Asia Buys It's Way Into Development Credit Bank
DCB vaults to 52-week high on foreign fund buying
Development Credit Bank spurted 4.85% to Rs 61.65 at 09:18 IST on BSE after a foreign private equity firm acquired a 0.56% stake in the private sector bank on Monday, 4 October 2010.
Blackstone Asia Advisors Llc bought 11.28 lakh shares at an average price of Rs 58.88 per share of Development Credit Bank (DCB) in a bulk deal on the NSE.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
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delhistockclub Dev Credit Bank-The stock should quote at Rs 200 in a year from now
Development Credit Bank-Seriously, Under-Valued?This stock should be worth Rs 200 per share in a year from now.
The industrial big-wigs have been making a bee-line to the RBI offices in search of a Banking licence. Such is the perceived value of a licence that Hire Purchase/Lease Finance companies like Shriram Transport, Sundaram Finance, Mannapuram, Moongipa and Bajaj Auto Finance have seen a run-up in their stocks just on the belief that they will get a Banking licence.
On the flip side we have DCB-at Rs 6400 crore in deposits-a private sector bank right in front of our eyes which is worth just Rs 1200 crore at today's market price. The Bank has got 80 CBS branches and runs a market cap of Rs 1200 crore, while Kotak with 250 branches carries a market cap of Rs 37000 crore, and IndusInd with 250 branches carries a market cap of Rs 13000 crore.
A. If this yardstick is used for DCB-the bank should be worth at least 4160 crore or nearly three times today's CMP of Rs 61.
B.What stands in-between market outperformance for DCB? The basics-first...
Emerging Private Sector bank with a balance sheet size of
approximately Rs. 6400 crores.
Network of 80 state-of-the-art branches, with access to more
than 18,000* ATMs spread across the states of Maharashtra, Gujarat, Andhra
Pradesh, Karnataka, New Delhi, Goa, Tamil Nadu, Haryana, West Bengal, Rajasthan,
Union Territories of Daman & Diu and Dadra & Nagar Haveli.
Dedicated staff of over 1800.
The recently launched Initial Public Offering enjoyed a
phenomenal success, being oversubscribed 35 times
C. Can the management team effect a turnaround? Already on the way...
Mr. Murali M. Natrajan – Managing Director & Chief
Executive Officer (CEO)
Prior to joining DCB, Mr. Natrajan served as the Global Head
for SME banking in Standard Chartered Bank. He was responsible for providing
strategic context and business development capabilities to drive a distinctive
and consistent business model across 27 markets in Asia, Africa and the Middle
East. Mr. Natrajan joined Standard Chartered Bank, India to head the Mortgage
& Auto Business. In November 2004, he was promoted as Head of Consumer
Banking for India & Nepal overseeing business that include Mortgages, Wealth
Management, Branches, ATMs, Credit Cards, Personal Loans and SME.
A Fellow Member of the Institute of Chartered Accountants of India, Mr
Natrajan started his career with American Express TRS in India where he worked
for 5 years in Business Planning, Finance and Operations. In 1989, he joined
Citibank where he spent 14 years in various disciplines such as Operations,
Credit, Finance, Product Management and Business Management of Consumer Banking.
Prior to joining Standard Chartered Bank in October 2002, he had successful
stints as Cards Business Director in Citibank India, Hong Kong and
Indonesia.
Mr. Anoop Prabhakar – Head – Corporate Banking
Mr. Prabhakar is an M Sc (Physics) from Delhi University and
comes with 32 years of in-depth banking experience in Corporate & Retail
Banking, Business Process Re-engineering, Stressed Assets Recovery and
International Banking which also includes an international assignment of 3 years
in the UK. In his last role, he was working as General Manager – Local Head
Office (Chennai) at State Bank of India and was responsible for management of an
extensive network of branches across Tamil Nadu and Pondicherry.
Mr. Bharat Sampat – Chief Financial Officer (CFO)
Chartered Accountant and Cost Accountant alongwith a Post Graduate Degree in
Law, Mr. Sampat has over 24 years of experience in senior
positions with reputed organizations such as ABN Amro Bank, ANZ Grindlays Bank,
Standard Chartered Bank, Hoechst India and Larsen & Toubro. He has worked in
diverse industries such as manufacturing, banking, finance and shared services
with oversight for financial accounting, financial control and reporting, and
management accounting both in India and abroad.
Mr. Praveen Kutty – Head – Retail & SME Banking
Mr. Kutty brings with him around 16 years of banking
experience. He has worked with Citibank's Indian and international operations
where he successfully managed multiple consumer banking businesses including
Credit Cards, Personal Loans, Home Loans, Branch Banking and Wealth Management.
As Area Director for Bangalore for Consumer Banking, he was instrumental in
scaling up the remote banking Suvidha experiment into a highly profitable
customer proposition. Prior to joining DCB, he was the Area Director for
Citibank's NRI Business in North America. Mr. Kutty holds a B.Com and an MBA
degree.
Mr. R. Venkattesh – Head – Operations, Technology &
HR
Mr. Venkattesh holds a B.Com. degree and is an MBA in
Personnel Management. Prior to joining the Bank, he was with Standard Chartered
Bank as Head, Human Resources - Countries. He has over 18 years of experience in
the areas of Human Resource Management and Mergers and Acquisitions.
Mr. Rajesh Verma – Head – Treasury
Mr. Verma comes with 29 years of experience within Banking
& Investment Banking in State Bank of India. His rich experience spans
across the various functions of Treasury, Credit, Loan Syndications, Project
Finance, Investment Banking, General Administrations and IT Project Management
in India and UK. In his last role, he was working as a Deputy General Manager,
Global Market Department for SBI in Mumbai.
Mr. Ravi Kumar - Chief Internal Auditor
Mr. Ravi has over 15 years of rich experience in a career
that spans national as well as international roles. Prior to DCB, he spent seven
years with the Samba Financial Group (previously Citibank) and four year with
Ernst & Young at Riyadh. In his last role, he was Chief Financial Officer
with Samba Financial Group, Qatar. Ravi is a Chartered accountant and a
Certified Information Systems Auditor as well. He has managed and led several
audits across various functions and domains. He brings with him an in-depth
understanding of the banking domain and its nuances. In this role he is focused
on strengthening the audit function in the Bank and taking it to the next level.
D. Who owns the Bank?
DCB made a Preferential
Allotment of Rs.280 crores at a price of Rs.105 per share to a group of pedigree
investors, namely:
Al Bateen Investment Company, LLP, Abu Dhabi, UAE
Tata Capital Limited, Mumbai, India
Tata Investment Corporation Limited, Mumbai, India
DCB Investments Limited, Mauritius
GRA Finance Corporation Limited, Mauritius (Lehman Brothers)
India Capital Opportunities 1 Limited, Mauritius (Mark Faber).
Pursuant to this capital raising, DCB's Share Capital has increased to Rs.
174 crores and the Net Worth now stands at Rs.575 crores as opposed to the
regulatory minimum of Rs.300 crores.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice.
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delhistockclub Glodyne Technoserve-Asia's Best Under A $ 1 Bn Entity
Glodyne Technoserve-technology-led social initiatives in the areas of NREGS, Financial Inclusion, empowerment of the unorganized workforce
(BSE: 532672; NSE: GLODYNE)
Glodyne Technoserve Limited is a leading Technology IMS Company that has built rich experience in the geographies it serves while constantly exceeding delivery expectations of its customers. Glodyne leverages its comprehensive India and North America services footprint with a well established and well proven bouquet of Managed Infrastructure Services offerings along with ITIL best-practice frameworks, tools and methodologies to improve availability and efficiency of its customer's IT assets.
Glodyne has been implementing large technology-led social initiatives in the areas of NREGS, Financial Inclusion, empowerment of the unorganized workforce, etc. Glodyne with its experience, expertise and strong IPRs has acquired a leadership position in this space. Glodyne's success is attributed to its unique business model, a focused approach and the strength of its people.
Glodyne has recently received the 'Maharashtra IT Award 2010' for outstanding contribution to the state, and has been a consistent winner of Deloitte Technology Fast India and Asia Pacific 2009,2008,2007 and 2005 Programs. It was ranked 5th in the Business Today 500 (BT 500) - India's Most Valuable Companies list in the 10yrs profit performance category.
Forbes Accolade
Glodyne Technoserve Limited, a leading player in technology infrastructure management services (Technology IMS), has been chosen as one of the best under a billion dollar companies in Asia Pacific.
The 'Best Under A Billion' 2010 list is chosen from nearly 13,000 publicly-listed Asia Pacific companies with actively traded shares and having sales in the range of USD 5 million-USD 1 billion.
Commenting on the recognition, Mr. Annand Sarnaaik, CMD, Glodyne Technoserve Limited said, "We are honored to receive this recognition from Forbes. In the past year, as in several before that, we have been focused on delivering the maximum value to all our clients, partners and stakeholders. It is their faith in us that is propelling us forward at an accelerating pace. I thank all of them and the entire Glodyne family which is progressing ever forward, unified by the vision of becoming one of the world's best companies. It is a moment of immense satisfaction for all of us, to savor and then continue unabated along our determined path."
The selection of the best 200 companies is based on earnings growth, sales growth, and shareholders' return on equity in the past 12 months and over three years.
Thirty nine Indian companies have made it to Asia's 'Best under a Billion' 2010 list of companies compiled by the Forbes magazine.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
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