Monarch Networth Capital Limited Broker Research reports

ALPM's secret sauce remains its ability to scale with judicious capital allocation and ALPM IN 8.0 -1.2 -7.8 Daily Vol. (3M Avg.) execution prowess to capitalize on shortages and limited competition products. NIFTY st 3.5 1.1 14.4 *as on 1 November 2019; Source: Bloomberg, MNCL Research Moreover, domestic business, presently undergoing a strategic reset, should revert...

stream by Mar-2020 and has a revenue potential of Rs ~900-1000 mn on a capex of Rs Others ~150 mn. IFGL's second expansion would be in Vizag, which would entail a capex of Rs Source: BSE, *as on 29th July 2019 ~500 mn and would be done over 3 phases with a revenue potential of Rs ~2500-3000 mn. Vizag expansion would add new products, help IFGL service steel plants in the south, lower logistics costs and boost exports. Global subsidiaries well placed to deliver: IFGL's ~52% revenue comes from its global subsidiaries, with Monocon contributing 28%, EI ceramics contributing 15% and Hofmann adding 9% to the consolidated revenue. EI ceramics has been the best...

INDIA l Institutional Research l Consumer l July 29, 2019 Mayur Uniquoters l BUY l TP: 360 Playing in its own league, all set for a higher growth trajectory...

INDIA l Institutional Research l Automobile l June 6, 2019 Fiem Industries l BUY l TP: 620 Strong clientele, LED shift, BS-VI, new alliances to illuminate growth path Fiem Industries (FIEM), one of the leading Indian manufacturers of automotive lighting & signalling equipment and rear-view mirrors, is largely focused on 2wheeler (2W) industry with HMSI and TVS Motor as major clients. Notably, the company's ten-year sales CAGR is almost double of 2W industry volume CAGR. FIEM is all set to continue its growth momentum owing to the emergence of newer trends like the shift towards LED & increased focus on safety, BSVI implementation, its...

INDIA l Institutional Research l Automobile l June 6, 2019 Fiem Industries l BUY l TP: 620 Strong clientele, LED shift, BS-VI, new alliances to illuminate growth path Fiem Industries (FIEM), one of the leading Indian manufacturers of automotive lighting & signalling equipment and rear-view mirrors, is largely focused on 2wheeler (2W) industry with HMSI and TVS Motor as major clients. Notably, the company's ten-year sales CAGR is almost double of 2W industry volume CAGR. FIEM is all set to continue its growth momentum owing to the emergence of newer trends like the shift towards LED & increased focus on safety, BSVI implementation, its...

We interacted with Capri Global (Capri) management to get an update on their business, liquidity situation and growth opportunities. A diversified product portfolio and well-defined customer segments have enabled Capri to register a robust 45% CAGR in assets under management (AuM) over FY15-18. Management has guided for growth acceleration with greater thrust on asset quality. To that end, Capri has built in a strong credit structure across the entire value-chain that aids in containing delinquencies. Adequate liquidity on its balance sheet and strong capital position (CAR at 37%) augur well from growth perspective. We remain convinced about Capri's growth strategy and are factoring in 42%/35%/41% CAGR in AuM/revenue/ earnings over FY19-21E. Prudent capital...

We initiate coverage on Capri Global (CGCL) with a BUY and a target price of Rs165 (valued at 2x FY20E ABV). Backed by a proven track record of strong growth and profitable operations across key areas of presence - MSME, construction finance and housing portfolio, CGCL has re-drawn its growth strategy with an aim to cement its position further. We believe that the efforts aimed at strengthening the key pillars around these businesses - a) greater reliance on self-origination of loan portfolio, b) attain deeper penetration via enhanced branch reach and c) prudent capital consumption will yield positive outcome over FY18-21E. We expect CGCL to witness a) robust 47% CAGR in AuM, b) strong earnings profile...