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11. bangalore king  Dec 1, 2016 10:54:34 PM IST Reply

Lauras Labs Ltd IPO

For FY 2016, Laurus Labs had basic earnings per share (EPS) of INR20.86 while diluted EPS stood at INR13.48 on a consolidated basis. The price band of INR426 – 428 per share values the company at a PE ratio of 31.6 – 31.75. These are rich valuations considering sub-30 figures for listed peers like Aurobindo Pharma and Divis Laboratories.
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11.1. ShareView  Dec 2, 2016 11:02:52 AM IST

Lauras Labs Ltd IPO

Dear Experts ,
w.r.t P/E , This point is remarkable.
Divis Lab is trading @ 29 p/e &
Auropharma trading @ 22 p/e
Co. specified in the ''basis of issue price''

No doubt Issue is good for listing gain
But does it justify for long term ?

We would be grateful for your reply
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10. bangalore king  Nov 28, 2016 8:18:11 PM IST Reply

Sheela Foam Ltd IPO

Anchor allocation -

https://www.nseindia.com/content/ipo/ANCHOR_SFL.zip
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9. bangalore king  Nov 26, 2016 11:25:12 PM IST Reply

Sheela Foam Ltd IPO

original share price for the main promoter Sheela Gautam
is just 3 paisa per share, for Rahul Gautam it is 12 paisa and for selling shareholders
it is just 33 paisa per share, while offer price is Rs730.
- Before filling DRHP, the promoters have issued bonus shares in ratio of 2:1.
- In the resolution passed on May 31, 2016, the face value of the share has been
brought down to Rs 5 from Rs10. If they had not done so the IPO offer price could
have been Rs1460, so they have tried to misguide the investors even before filling
DRHP.
- Before entering into the market the net profit has surged 146% in FY2016. While
the income growth has come down from 11.23 in FY2015 to 9.20% in FY2016. So
it creates doubts about authenticity of the figures.
- Raw material accounts for 50-60% in the company''s income. It used to get benefit
of rockbottom prices in last few years. So the current margins are low but difficult
to maintain.
- The sales is under pressure due to demonetization. After Poor Listing of Varun
Beverages and Flop show of Green Signal Bio Pharma, will the investors ready to
take risk?
- The experts in the market expect the IPO to get listed at discount and also indicated
that deal is done with QIB and HNI investors so they are list bothered about
retail investors. So the main question is that Is the issue worth subscribing?
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9.1. dpcdsl  Nov 26, 2016 11:56:28 PM IST

Sheela Foam Ltd IPO

Good analysis.
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9.2. jigaReligare  Nov 27, 2016 7:50:07 AM IST

Sheela Foam Ltd IPO

thanks for info
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8. bangalore king  Nov 21, 2016 12:05:15 AM IST Reply

Sheela Foam Ltd IPO

Shareholders can subscribe to the rights issue of Karnataka Bank, the price for which has been fixed at ₹70 per share. Open until November 21, the issue of shares will be done in the ratio of 1:2 — one rights share for every two held by the shareholders.

Though the bank has seen sluggish growth in loans over the last two to three years and has also had to deal with rising bad loans, prospects over the long run appear sanguine.

The price of the rights issue is at a huge discount to the current market price of ₹121 (ex-rights). If the price holds up, there is scope for immediate gains. But that’s only the icing on the cake.

For long-term investors, the bank’s earnings trajectory and growth prospects should be the deciding factor for subscribing to the rights issue.

In this regard, the bank’s strong regional presence, conscious decision to cut back on corporate credit, increased focus on retail loans and stable margins augur well for its earnings outlook over the next two to three years. At 0.7 times the one-year forward book, the stock trades in line with its three-and five-year average.

Compared to other regional banks such as South Indian Bank (0.7 times) and Federal Bank (1.4 times), the stock is attractively priced. Pick-up in earnings on account of easing asset quality pressure and improving credit growth can see the stock re-rate over the next two to three years.
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8.1. RAJA HINDUSTANI  Nov 22, 2016 7:15:04 PM IST

Sheela Foam Ltd IPO

But Why have they Extended ? Is it under subscribed ??
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7. bangalore king  Nov 8, 2016 3:48:31 PM IST Reply

GreenSignal Bio Pharma Ltd IPO

2 products, 2 customers !!!

FY16 sales: Rs 20.39 crore, equity capital: 38.37 crore

The company posted an inconsistent top line, with losses for FY 2012 to FY 2015 largely due to ongoing investments and inability to win key tenders as also reduced orders from Cadila Healthcare.

For the June 2016 quarter, the company reported net sales of Rs 10.15 crore with the OPM of 40.3% resulted in an OP of Rs 4.09 crore. Interest costs stood at Rs 0.66 crore and depreciation at Rs 1.19 crore. After providing total tax of Rs 0.79 crore, PAT for the June 2016 quarter stood at Rs 2.94 crore. EPS for the June 2016 quarter is not annualized due to the seasonality of business.

For FY 2016, the net sales were up by 211% to Rs 20.39 crore. The OPM stood at 42.6% as compared to 27.6% for FY 2015, thus leading to a 380% increase in OP to Rs 8.69 crore. Interest costs stood at Rs 0.66 crore down by 9% and depreciation was up by 3% to Rs 1.19 crore. After providing total tax of Rs 1.63 crore, PAT for FY 2016 stood at Rs 5.31 crore. On equity share capital of Rs 38.37 crore of face value of Rs 10 each, EPS for FY 2016 works out to Rs 1.4. At a higher price band of Rs 80 per equity share, the scrip is offered at P/E multiple of 57.8.
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7.1. Khemka  Nov 9, 2016 10:28:24 AM IST
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6. bangalore king  Nov 3, 2016 1:02:57 AM IST Reply

PNB Housing Finance Ltd IPO

While you were busy with PNB Housing IPO, PNB Gilts saw 74% spike in 30 days

NEW DELHI: Shares of PNB Gilts, a subsidiary of state-run PNB and the only listed primary dealer of government securities, are on a high these days.

While the successful initial public offering (IPO) from PNB’s housing arm PNB Housing Finance have had a ruboff on the scrip, the PNB subsidiary has gained traction on strong quarterly numbers. September quarter sales and profit numbers of PNB Gilts were highest since December 2008. The onset of a low-interest rate cycle has also livened up the counter.

“PNB Gilts has a trading book of almost Rs 4,500 crore and on a 10 basis points fall in government securities rate, it tends to make significant gains. Besides this, the company’s book value is almost at Rs 45. This is the only one of a very few financial services stocks that are available below book value,” said Ashish Maheshwari, Director, Blue Ocean Strategic Advisors.

Data showed PNB Gilts’ net sales stood at Rs 175.25 crore for September quarter, which was highest since it posted Rs 195.58 crore sales for the third quarter of FY09. Profit for the quarter stood at Rs 70.14 crore, which too was the second highest since then.

On a year-on-year basis, sales and profit were up 36.74 per cent and 183 per cent, respectively, data available with corporate database Capitaline suggested. The stock has gone up 44 per cent since the company reported its September quarter numbers on October 26, and 74 per cent in last one month.

PNB held 74.07 per cent stake in the financial firm as of September 30.

“Looking at the lower interest rate cycle, which I expect to continue this year, I am expecting the company to report an EPS of approximately Rs 10 per share. The stock is still available at a PE multiple of less than 4, which is one of the cheapest in the industry. This is a good buy at this price. I am expecting a price target of Rs 70 on the stock over the next six to nine months,” Maheshwari told ETNow in an interview.
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6.1. Haar Jeet  Nov 3, 2016 1:37:51 AM IST

PNB Housing Finance Ltd IPO

War situation is there dear
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5. bangalore king  Oct 28, 2016 3:22:00 PM IST Reply

Varun Beverages Ltd IPO

AT 2 20 pm

QIB 4.22
HNI .25
RET .58
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4. bangalore king  Oct 25, 2016 6:13:08 PM IST Reply

Varun Beverages Ltd IPO

PE of 93 ?

For the six6 months ended June 2016, consolidated net sales stood at Rs 2529.70 crore up by 13% YoY. The OPM stood at 23.9% and OP at Rs 604.20 crore up by 24%. Interest cost was higher by 25% to Rs 111.20 crore and depreciation was higher by 30% to Rs 189.50 crore on YoY basis. After providing total tax of Rs 99.70 crore, consolidated PAT for half year ended June’16 stood at Rs 209.80 crore up by 19% on YoY basis. Sales of the PepsiCo beverages are generally significantly higher in the summer months of April through June and considerably lower during the winter months of December through February. Hence, the first half is the peak season and the first half financials cannot be annualised.

The company’s financial track record before CY 2015 is not encouraging. For CY 2015, consolidated net sales were up by 36% to Rs 3394.10 crore. The OPM was up by 330 bps to 18.7%, leading to a 65% increase in OP to Rs 634.10 crore. Interest costs stood at Rs 168.80 crore down by 9% and depreciation was up by 51% to Rs 317.40 crore. After providing total tax of Rs 76.60 crore and minority interest of Rs 1.50 crore, consolidated PAT for the 12 months ended December 2015 stood at Rs 87.10 crore. On a fully diluted equity share capital of Rs 18.20 crore of face value of Rs 10 each, EPS for CY 2015 works out to Rs 4.8. At higher price band of Rs 445 per equity share, the scrip is offered at P/E multiple of 92.9.

from CM
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3. bangalore king  Oct 21, 2016 6:57:04 PM IST Reply

PNB Housing Finance Ltd IPO

Thumps up from Capital market

Valuation

PNB Housing Finance''s EPS for FY2016 on post-issue equity works out to Rs 19.78. At the lower price band of Rs 750 per equity share of Rs 10 face value P/E works out to 37.9 times of FY2016 EPS of Rs 19.78 (on post-IPO equity). At the upper band of Rs 775 per equity share, P/E works out to 39.2 times of FY2016 EPS of Rs 19.78 (on post-IPO equity).

The book value of PNB Housing Finance is Rs 176.52 as of June 2016. Post-issue, the book value works out to Rs 313.95 per share at the lower band of issue price of 750 and Rs 316.39 per share at the upper band of issue price of Rs 775. The adjusted book value, net of net non-performing assets, at the upper band of issue price of Rs 775 works out to Rs 312.9 per share.

P/BV (post-issue) for PNB Housing Finance works out to 2.45 times and P/Adj BV at 2.48 times at the upper price band. Among the comparable peers, Gruh Finance is trading at P/BV of 13.7 times, Can Fin Homes is trading at P/BV of 5.3 times, Repco Home Finance is trading at P/BV of 4.9 times, HDFC is trading at P/BV of 4.0 times, Indiabulls Housing Finance is trading at P/BV of 3.4 times, LIC Housing Finance is trading at P/BV of 3.2 times and Dewan Housing Finance is trading at P/BV of 1.9 times. All BVs are as of June 2016.

At the price band of Rs 775 per share, PNB Housing Finance is offered at a P/E of 39.2 times (FY 2016 EPS on post-issue equity). Among the comparable peers, Gruh Finance trades at P/E (on EPS for FY2016) of 50.5 times, Repco Home Finance at 31.7, Can Fin Homes at 31.1, HDFC at 21.1, LIC Housing Finance at 18.4, Indiabulls Housing Finance at 18.4 and Dewan Housing Finance at 11.9.
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3.1. M.S.Narayana  Oct 21, 2016 9:53:35 PM IST

PNB Housing Finance Ltd IPO

Capital Market has given the high ratings to the following recent IPOs
a) L&T infotech 48
b) L&T Tech services 49
c) ICICI pru ins 49
All the three have been listed below issue price and still struggling to cross issue price

Now Capital Market has assigned rating of 49 to PNB housing finance.
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2. bangalore king  Oct 20, 2016 6:15:36 PM IST Reply

PNB Housing Finance Ltd IPO

At a price band of INR 750-775, the issue is priced at 4.6x
FY16 P/B (and at 2.5x adjusted for IPO funds) which is attractive
given its track record of growth, stable return ratios and robust outlook
on the housing finance industry. Management conducted restructuring
of entire business which began in FY11 and concluded in FY16, resulting
into significant improvement of the business. The outcome was a robust
62% loan book CAGR over FY12-16. Though the company''s ROE is
lower (at 17.6%) than the industry peers (22.4%) however growth in
AUM has been significantly higher (62% vs 20-25% for industry).
Valuation is at a reasonable discount to its peers, when considered on
the post issue book value.
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1. bangalore king  Oct 20, 2016 1:13:47 AM IST Reply

PNB Housing Finance Ltd IPO

SME power !

Data showed shares of Vidli Restaurants, run by Mumbai-based Kamat group, has climbed 700 per cent over offer price. At present, the scrip trades at Rs 96 apiece against an offer price of Rs 10 a share. The stock got listed on February 15 this calendar.

Umiya Tubes, which is engaged in manufacturing of stainless steel decorative tubes and industrial pipes, has surged 413.40 per cent to Rs 53.65 apiece over its April 1 offer price of Rs 10. The stock got listed on April 1.
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12.1. DURAISWAMY  Oct 20, 2016 8:54:18 AM IST

PNB Housing Finance Ltd IPO

PLEASE TALK ABOUT THE DOWNSIDERS TOO.
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