In today’s briefing:
- PVRINOX IN: Tactical Bet – Strong Content Pipeline Can Translate to near Term Outperformance
- Uco Bank Vs. Indian Overseas Bank: Quant-Driven Pair Trade with Fundamental Edge
- Kolte Patil: FY25 Was Tough But FY26 Is Poised To Be Strong
PVRINOX IN: Tactical Bet – Strong Content Pipeline Can Translate to near Term Outperformance
- FY25 was Indian boxoffice’s worst performance ever (ex-covid). FY26 has started strong with multiple hits and June-Dec lineup boasts multiple action-oriented and sequel movies; genres that are witnessing high occupancy.
- Company has strengthened its balance sheet post ‘INOX’ acquisition despite the revenue slump. fixed cost/screen is flat vs FY20 at 2cr while average ticket prices have grown at 5% CAGR
- Comfortable entry level valuation (10.5x TTM EBITDA vs global peers CNK/AMC at 12/35x) supported by improved operational execution position the stock as a near term re-rating candidate.
Uco Bank Vs. Indian Overseas Bank: Quant-Driven Pair Trade with Fundamental Edge
- Context: The Indian Overseas Bank (IOB IN) vs. UCO Bank (UCO IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
- Highlights: Going long UCO Bank (UCO IN) and short Indian Overseas Bank (IOB IN) based on statistical mean reversion, with UCO Bank supported by cheaper valuations.
- Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.
Kolte Patil: FY25 Was Tough But FY26 Is Poised To Be Strong
- FY25 was a tough year for Kolte Patil due to delay in new launches which led to lower than expected pre-sales. FY25 pre-sales growth was flat YoY vs 20%+ guided.
- Business development activity was also underwhelming at INR 4000cr vs INR 8000cr guided. This has been due to delays, suggesting that FY26 will be better led by spillover.
- In terms of execution, 2 Million Square Feet (MSF) was delivered in FY25 leading to revenue of INR 1764cr, up 27% YoY, and EBITDA of 227cr, up 252% YoY.
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