Independent Research Analyst

Mamta Verma

DC India Research

DC India Research LLP (DCIR) is based out of Mumbai, India.

We specialize in providing customized, independent research across listed and unlisted companies in India across equities and credit including sectoral research. Our customers include India focussed PE funds, special situation funds, domestic AMCs, Wealth Advisory& PMS firms, Rating Agencies & Investment Advisors. 

The DCIR board consists of prominent names from the industry as well as CIO’s of Hedge funds.

Equity Bottom-Up

Amara Raja Energy & Mobility / Equity Bottom-Up

Risk-reward favourable, improving profitability profile, formidable position in Indian storage batteries, debt-free BS &amp; strong mgt. pedigreeQ3-FY18 Performance Summary –<ol>
<li>Topline came in at Rs. 15.5bn in q3-FY18, 17% YoY growth – led by healthy growth in volume across auto OEM and auto after market segments. Industrial segment too witnessed healthy traction in the UPS segment as well as significant improvement in telecom battery business. On sequential basis, topline grew at 9% in q3-FY18.</li>
<li>EBITDA…</li>
</ol>

Risk-reward favourable, improving profitability profile, formidable position in Indian storage batteries, debt-free BS &amp; strong mgt. pedigreeQ3-FY18 Performance Summary –
Topline came in at Rs. 15.5bn in q3-FY18, 17% YoY growth – led by healthy growth in volume across auto OEM and auto after market segments. Industrial segment too witnessed healthy traction in the UPS segment as well as significant improvement in telecom battery business. On sequential basis, topline grew at 9% in q3-FY18.
EBITDA…


Amara Raja: In-Line Q3-Fy18 Results. Maintain Investment Thesis

Asia Ex Japan; Technology and Consumption.

Rohinee Sharma

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Gravita is a  company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate vaporing? But it is literally what Gravita India Ltd does - Waste Recycling!  Twenty-five years ago the company took its first step with recycling of Lead ( 84% of revenues and 93% of EBIT -FY18E  ) and over the last few years added Aluminium and PET Recycling.The company's present size (market cap: US$150M) is no deterrent to its aspiration to become the largest recycler in the world by 2023. Our analysis does not give us reasons to doubt that they are executing well. The company generates very healthy ROEs of 28% and 31% ( FY18E &amp; FY19E, vs 22.5% FY17), has impressive sales and profit growth estimates in the range of 44 % and 61% for FY18 ( 45% and 43% for FY19E). Who said you can’t make money from trash ?!

Gravita is a  company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate vaporing? But it is literally what Gravita India Ltd does - Waste Recycling!  Twenty-five years ago the company took its first step with recycling of Lead ( 84% of revenues and 93% of EBIT -FY18E  ) and over the last few years added Aluminium and PET Recycling.The company's present size (market cap: US$150M) is no deterrent to its aspiration to become the largest recycler in the world by 2023. Our analysis does not give us reasons to doubt that they are executing well. The company generates very healthy ROEs of 28% and 31% ( FY18E &amp; FY19E, vs 22.5% FY17), has impressive sales and profit growth estimates in the range of 44 % and 61% for FY18 ( 45% and 43% for FY19E). Who said you can’t make money from trash ?!

From Trash To Cash: A Sustainable Recycling Theme

<ul><li>
Background - Amara Raja (FY17 Topline Rs. 53bn &amp; Mkt. Cap $2.3bn) is the second largest player after Exide (FY17 Topline Rs. 76bn &amp; Mkt. Cap $3.0bn) in the Indian organized battery market. It commenced operations in 1991, to manufacture batteries for industrial segments - telecom, UPS backup, railways and power utility sectors. Subsequently, in early 2000 the company forayed into manufacturing of automotive batteries with technological tie-up with the global battery major Johnson Controls Inc…</li></ul>


Background - Amara Raja (FY17 Topline Rs. 53bn &amp; Mkt. Cap $2.3bn) is the second largest player after Exide (FY17 Topline Rs. 76bn &amp; Mkt. Cap $3.0bn) in the Indian organized battery market. It commenced operations in 1991, to manufacture batteries for industrial segments - telecom, UPS backup, railways and power utility sectors. Subsequently, in early 2000 the company forayed into manufacturing of automotive batteries with technological tie-up with the global battery major Johnson Controls Inc…

Amara Raja: Impg Profitability, Formidable Position in Storage Batteries, Healthy BS Risk Reward Fav

India

Amara Raja Energy & Mobility is a technology-led provider of energy and mobility solutions, and one of India's largest manufacturers of lead-acid and lithium battery technologies. The company serves automotive, industrial, and emerging new-energy applications, including Li-ion cells, battery packs, and charging solutions for electric vehicles and telecom infrastructure. Headquartered in Tirupati, Andhra Pradesh, India, the company was founded in 1985.

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Amara Raja Energy & Mobility (ARENM IN)

Amara Raja: In-Line Q3-Fy18 Results. Maintain Investment Thesis

Risk-reward favourable, improving profitability profile, formidable position in Indian storage batteries, debt-free BS & strong mgt....

DC India Research

From Trash To Cash: A Sustainable Recycling Theme

Gravita is a company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate...

Rohinee Sharma

Amara Raja: Impg Profitability, Formidable Position in Storage Batteries, Healthy BS Risk Reward Fav

Background - Amara Raja (FY17 Topline Rs. 53bn & Mkt. Cap $2.3bn) is the second largest player after Exide (FY17 Topline Rs. 76bn & Mkt....

DC India Research

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