India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

Himanshu is a SEBI registered independent equity research analyst (SEBI Reg No. INH200009944). He has 10+ years of experience in buy-side equity research through his stints at CRISIL and Miras investments.
At CRISIL, he has conducted deep analysis in multiple sectors ranging from consumer discretionary to pharma/ chemicals as well as consumer staples.
At Miras Investments, his role was to analyse late-stage investment opportunities in India focusing on Pre-IPO and IPOs.

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. Our bottom-up ideas range from IPO/QIPs to special situations; the underlying criteria is to identify market dislocations that can generate 20+% IRR with a reasonable safety margin.
As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Event-Driven

<ul>
<li>Dyes and pigments player Kiri Industries is set to realise $580mn post-taxes for its 37% stake in Singapore based DyStar Global; ~50% above its current marketcap of $370mn.</li>
<li>Adjusting for Debt repayment, we estimate that once proceeds have been recieived and pending warrants have been converted, cash in books will stand at INR ~600/share vs CMP: 570</li>
<li>The company's core dyes business, its 40% stake in Lonsen Kiri Chemicals India and its copper investments could be worth 300+share taking SOTP to ~900</li>
</ul>


Dyes and pigments player Kiri Industries is set to realise $580mn post-taxes for its 37% stake in Singapore based DyStar Global; ~50% above its current marketcap of $370mn.
Adjusting for Debt repayment, we estimate that once proceeds have been recieived and pending warrants have been converted, cash in books will stand at INR ~600/share vs CMP: 570
The company's core dyes business, its 40% stake in Lonsen Kiri Chemicals India and its copper investments could be worth 300+share taking SOTP to ~900


Kiri Industries (KIRI IN): Heads I Make 50%; Tails I Don’t Lose Much