Krishna Institute of Medical Sciences Limited

 

Krishna Institute of Medical Sciences Limited is one of the largest corporate healthcare groups in South India specially in AP and Telangana. It provides multi-disciplinary integrated healthcare services, with a focus on primary secondary, tertiary care and quaternary healthcare. Company operates 9 multi-specialty hospitals under the “KIMS Hospitals” brand, with an aggregate bed capacity of 3,064, including over 2,500 operational beds as of March 31, 2021. Positives: (a) Company having a good track record of retaining high quality doctors, consultants and medical support staff. (b) Company having negative Debt/Equity ratio, which is one of the lowest ratios among the peers. (c) Company having very high ROCE of 24% in FY2021 along with one of the highest EBITDA growth in the last 3 years. Investment concerns: (a) Business highly dependent on our healthcare professionals, including doctors that company engage on a consultancy basis, business and financial results could be impacted if it is unable to retain healthcare professionals. (b) Company dependence on their flagship hospital at Secunderabad in Telangana is at 33% any geopolitical changes can impact the company business. (c) Upcoming expansion plans in Bangalore & Chennai will require a lot of fresh capitals and both are very competitive markets. Outlook & Valuation: Based on FY-2021PE of 31.2x and EV/EBITDA of 17.8x at upper band of the IPO price and are slightly better than the peers’ companies. Similarly, company having one of the best ROE & ROCE of 23.8% and 24.8% respectively. Company having a very healthy balance sheet with negative Net Debt/ Equity. We expect the upcoming expansion plan in Bangalore & Chennai can be funded through internal accruals and minimum amount of debt. We are assigning a “SUBSCRIBE” recommendation to the issue. 

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SONA BLW PRECISION FORGING LIMITED

Sona BLW Precision Forgings (Sona Comstar), a technology and innovation driven company, derives ~40% of its revenues from high growth areas like Battery Electric Vehicles (BEV) and Hybrid Vehicles. It is among the top 10 players globally for differential bevel gears and for starter motors for the PV segment. It had 5% market share for differential bevel gears, 3% for starter motors and 8.7% for BEV differential assemblies. They have a diversified customer base across the globe with 75% of their income (sale of goods, FY21) coming from end-use in overseas markets. Positives: (a) One of the leading manufacturers and suppliers to global EV markets (b) One of the leading global companies and gaining market share, diversified across key automotive geographies, products, vehicle segments and customers (c) Strong research and development and technological capabilities in both hardware and software development (d) Strong business development with customer centric approach. (e) Consistent financial performance with industry leading metrics. Investment concerns: (a) Business is dependent on the performance of the automotive sector globally, including key markets such as US, Europe, India, and China. (b) Negative publicity about the brand, or inability to protect any of the IPs, including misappropriation, infringement could impact the business. (c) Business largely depends upon the top ten customers and the loss of such customers or a significant reduction in purchases by such customers will have a significantly adverse impact on the business. Outlook & Valuation: Sona Comstar is present in the right areas and can be a major beneficiary of shift in focus of Global OEM’s towards EVs over the next decade. As per industry reports, Sona Comstar is among handful of companies in the world with strong motor and driveline capabilities. We believe that the company can maintain strong growth rates from its current base given higher salience of revenues from BEVs vs. industry. Ramp-up of business by select Global OEMs with EV offerings provides evidence while increasing avg. realization per vehicle (ICE vs. BEV) would drive top-line growth. The upper end of ` 291 implies FY21 P/E of ~75.2x which is in line with other Indian Auto Component companies that have lower top-line growth, margins and return ratios vs. Sona Comstar. Hence, we recommend “SUBSCRIBE” on the Issue.

SONA BLW PRECISION FORGING LIMITED
Offer period Bid/Offer Opens On: Monday, 14th June, 2021
Bid/Offer Closes On: Wednesday, 16th June, 2021
Issue Details Fresh Issue of Equity Shares aggregating up to Rs. 300 Cr.
Offer for sale of Equity Shares aggregating up to Rs. 5250 Cr.
Issue Size(in Crore) Rs. 5550 Cr.
Price Band Rs. 285 - 291
Bid Lot 51 shares and in multiple thereof
QIB 50% of the net offer ( Rs. 4,162.50 Cr.) 
NIB 15% of the net offer (Rs. 833.50 Cr.)
Retail 10% of the net offer(Rs. 555 Cr.)

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Shyam Metalics and Energy Limited

 

Shyam Metalics and Energy Limited (SMEL) is a leading integrated metal producing company based in India with a focus on long steel products and is one of the largest ferro alloys producer in terms of installed capacity. It has geographical advantages, is present across the value chain and has ability to alter its product mix. SMEL’s installed capacity stands at 5.71 MTPA and has captive power plants with installed capacity of 227 MW which the company intends to expand to 11.6 MTPA and 357 MW, respectively over FY21E-25E. Positives: (a) Integrated operations across the steel value chain (b) Strategically located manufacturing plants supported by robust infrastructure resulting in cost and time efficiencies (c) Diversified product mix with strong focus on value added products, such as, ferro alloys, association with reputed customers and robust distribution network (d) Strong financial performance and credit Investment concerns: (a) Loss of any of suppliers or a failure by suppliers to deliver some of primary raw materials may impact business adversely. (b) Business depends on stable and reliable logistics and transportation infrastructure. (c) The demand and pricing in the steel industry is volatile and are sensitive to the cyclical nature of the industries it serves. (d) The COVID-19 pandemic and resulting deterioration of general economic conditions has impacted the business and results of operations. Outlook & Valuation: The steel sector is experiencing tailwinds on account of rising infrastructure spends by major economies. Domestically, prospects are looking up which is driving the capacity addition frenzy with high likelihood of demand outstripping supply. SMEL, with its operational efficiencies stands to benefit as it will be nearly doubling its capacities which are slated to come onstream FY23E onwards, if not earlier. At 9.2x TTM EV/EBITDA, valuations are optically high but volume + realization growth and improving EBITDA/tonne (higher value added contribution) are resulting in reasonable FY23E EV/EBITDA. Hence, we recommend “SUBSCRIBE” on the Issue. 

Offer period Bid/Offer Opens On: Monday, 14th June, 2021

Bid/Offer Closes On: Wednesday, 16th June, 2021

Issue Details Fresh Issue of Equity Shares aggregating up to Rs. 657 Cr.

Offer for sale of Equity Shares aggregating up to Rs.252 Cr.

Issue Size(in Crore) Rs. 909 Cr.

Price Band Rs. 303 - 306

Bid Lot 45 shares and in multiple thereof

Employee Reservation Up to 300,000 Equity Shares (Approx. Rs. 9 Cr.)

QIB 50% of the net offer (Rs. 450 Cr.) 

NIB 15% of the net offer ( Rs. 135 Cr.)

Retail 35% of the net offer(Rs. 315 Cr.)

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AXIS GLOBAL INNOVATION FUND OF FUND

Axis Global Innovation Fund of Fund is an open-ended fund of fund scheme investing in Schroder International Selection Fund Global Disruption. The scheme will invest in the Schroders ISF Fund Global Disruption which invests in in innovative global companies that are redefining their industries or are successfully adapting to the change.

Indian investors can invest in Axis Global Innovation FoF, which in turn, will invest in Schroder International Selection Fund Global Disruption. In other words, Indian investors will be able to invest in the latter indirectly via Axis MF.

The fund is ideal for investors seeking capital appreciation over the long term with a 5-year investment horizon.

1. The minimum initial investment (purchase/switch-in) amount during the NFO period and on an ongoing basis would be ₹5,000 and in multiples of ₹1/- thereafter.
2. For additional Purchase, the minimum amount would be ₹1,000 and in multiples of ₹1/- thereafter.
3. Investors looking for SIP, can start with a minimum SIP of ₹1,000/- and in multiples of ₹1/- per month There is no maximum investment amount during the NFO period or thereafter

You can open free account in Angel bee using below link and start investing in mutual Funds

https://mf.angelbee.in/MF/LinkRequest/U1RMSA==-QkVFTlhU-U1RMSA==

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Tata Dividend Yield Fund

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https://mf.angelbee.in/MF/LinkRequest/U1RMSA==-QkVFTlhU-U1RMSA==

NFO OPENS: 3rd May 2021 ∙ NFO CLOSES: 17 May 2021

Investment Objective: The investment objective is to provide capital appreciation and/or dividend distribution by predominantly investing in a well-diversified portfolio of equity and equity related instruments of dividend yielding companies. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The scheme does not assure or guarantee any returns.

Type of scheme: An open-ended equity scheme predominantly investing in dividend yielding stocks.

Min. Investment Amount:  Rs. 5,000/- and in multiple of Re.1/- thereafter

                                            Additional Investment: Rs 1,000/- and in multiple of Re 1/- thereafter

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ICICI Prudential Healthcare ETF

Why Invest in ICICI Prudential Healthcare ETF?

Provides exposure to Indian healthcare companies With growing technological and medical advancement, the healthcare sector offers profound opportunities The scale of our healthcare facilities can be notched up to meet size of our demographics hence creating potential for growth

 

IPO - PowerGrid Infrastructure Investment Trust

 

Investment Rationale:

• Positives:
  (1) The assets were awarded under the Tariff Based Competitive Bidding mechanism on a build-own-operate-maintain basis with a long-term Transmission Service Agreement of 35 years.
  (2) Sustainable revenue and cash flow as transmission charges being contracted for 35 years result in minimal price risk arising from transmission charge resetting.
  (3) Sponsor company’s share in India’s cumulative inter-regional power transfer capacity was more than 85%.
• Investment concerns:
  (1) Initial portfolio assets have already registered more than 99% of availability which provides limited scope for growth in revenue in near future.
  (2) InvIT having a very high net debt of ₹4,945 crores and debt to equity ratio of 3.36 times as on 31st December 2020
  (3) Looking at the distressed balance sheet of Discoms InvIT receivables may increase in near future and create pressure on the InvIT balance sheet.
• Outlook & Valuation:
  InvIT net debt of ₹4,945 including debt of SPVs and Net Debt/EBIDTA of 4.0 times in FY2020 which is on the higher side. We expect very limited capital appreciation in near future for the InvIT. InvIT yield will be around 8% in FY2022, which is better than the other fixed income. However, we expect muted growth going forward as all assets in the InvIT portfolio are mature assets. As we are neutral on the outlook for the industry as well as the company, we would recommend to “NEUTRAL” to the issue.

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