Alpa Laboratories Limited IPO Message Board (Page 2)

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paresh shah
18. paresh shah  Jul 12, 2007 22:45
any premium !
Vikram
17. Vikram  Jul 12, 2007 21:04
Alpa Laboratories Ltd (PHARMA) - Report from Anand Rathi Research

Shareholding Pattern
_____________________

Shareholding             |      Pre Issue(%)|       Post Issue(%)
-------------------------------------------------------------
Promoters & promoter group |      89       |      50
Others                    |       11       |      6
Public                    |       0       |      44
-------------------------------------------------------------


Key Strengths
_____________
1. Registrations for exports : ALL has over 41 products registered for exports which currently contribute to the revenues. The also have about 120 products to be registered in the immediate pipeline. Better margins from exports coupled with increasing share of exports augur well for ALL.

2. Diversified business structure: ALL’s revenues are well diversified across the 4 business divisions. 30% of their revenues came from CRAMs division which has a buoyant market in India. Veterinary division generates higher margins compared to other divisions. The export contributed to 12% of their sales in FY07.

3.Revenues are spread across large number of customers: The concentration of customers has been reducing steadily over the
past . The contribution of top ten customers has come down to 16% of the turnover in FY07 from 60% in FY03.


Concerns
________
1. High Raw material cost: ALL’s raw material cost as a % of sales has historically been around 80-83% of their sales. This is significantly higher compared to its peers with the same being at 60-65%. The company has posted low margins in the past on the back of exorbitant raw material cost.

2. Lacklusture financial growth in the past: ALL’s net sales for FY07 grew by 44% as against an 89% growth in FY06. Even the PAT growth was lower at 55% for FY07 as compared to 177% in FY06. The growth as well as the margins are very low compared to its industry peers.

3. Capacity expansions to add value in FY09 or FY10: The capacity expansions are scheduled to be completed by FY09. The commercial production might further take a few more months and any delay in the schedule might lead to cost overruns and
thereby significantly hamper the growth.


Valuation
_________
At the upper band of Rs68, ALL is valued at a PE of 23X its FY07 earnings and P/BV of about 3X. We believe, this is a high valuation compared to its established peers. On the back of high valuation coupled with low margins, mainly on account of exorbitant rawmaterial cost (83% of sales), we are NEUTRAL on this issue.
Hima Sagar
16. Hima Sagar  Jul 12, 2007 09:48
Hi all,
Any body from Indore district, Madhya Pradesh???
Please tell me about this Alpa Laboratories Limited

Is it good or bad
NIKUNJ THAKKAR
15. NIKUNJ THAKKAR  Jul 11, 2007 14:23
can anybody tell me about this ipo ,,,,,,,,,,,,,,
Chirag
14. Chirag  Jul 9, 2007 15:47
How is the company's performance????????????/
Simplex, Alpa pharma
Gopi
13. Gopi  Jul 7, 2007 16:20
It's suicidal to invest in such a kind of IPO'S.Why we should take blind risk on this type of scripts. Fundamentally strong IPO's are there in the race like a) IVRCL B)L@T Infotech C)Central Bank of India D)Power Grid corporation of India E)Coal India to name the few

It's worthy to invest our hard earned money in these IPO's y's, which definetely will benefit us .
pravin
12. pravin  Jul 6, 2007 17:00
who says that alpa is a loss making firm?
the rhp shows a sustained growth in profit in last 5 years...except it dipped in 03-04.
please explain if i am technically wrong
Narendra Joshi
11. Narendra Joshi  Jul 6, 2007 00:58
Alpa is entering first time in capital market, so the name is populer or not, question not aris, but it is making loss from last three years, why should invest in loss making company when there is a line of IPOs, Credit rating is also not available, Market of the company is also not sure. I thik it is POOR IPO. Dont invest in it, we have no time to wait for very long time. grey market premius may be more. but arter listing ?? what will be there, when price bend is x 6.2 times.
dd
10. dd  Jul 5, 2007 17:02
Do not invest in the companies - where you never heard their name in your life....even if they work for big companies.....invest only in reputed companies...IF YOU LOVE YOUR MONEY
Kanak Mudgal
9. Kanak Mudgal  Jul 4, 2007 23:42
Ritu mam why u r recommending Sterling Holiday, any turnaround story. Pl suggest....
dave
8. dave  Jul 4, 2007 23:40
gray market premium is not important ,if correction happened then it is not followed this premium but longer term alpa lab is best (not good) ipo.must suscribe
Sanjay Baheti
7. Sanjay Baheti  Jul 4, 2007 22:12
Hi Rajat,
This is not Alpha Pharma. This is Alpa Pharma. The name is similar but not the company. So watch out
sham
6. sham  Jul 4, 2007 18:41
what is the market lot for this IPO
Sharad
5. Sharad  Jul 4, 2007 13:22
good for investment pupose
RAJAT
4. RAJAT  Jul 4, 2007 13:21
Alpha is known Pharma company such as Cipla, Zydus Cadila, Lupin, Glenmark, Genom Biotech, Jenburkt, etc.
gapoo
3. gapoo  Jul 3, 2007 15:33
hai all kyon hdil mea lagaya yaa nahi please inform me whether it will list on premium or not my broker say it will definitely list on premium but i feel market trend will decide the listing i presume tab tak trend clear hoo chuka hooga, aur listing bhi pata chal jayagi
umesh
2. umesh  Jul 3, 2007 15:07
alpa ipo is for long time or shor time investment.
Tejas
1. Tejas  Jul 2, 2007 20:40
grey market premium Rs.22
very good ipo same as vishal ipo







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