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Alembic Pharmaceuticals is in the business of development, manufacturing, and marketing of Pharmaceuticals products i.e. Formulations and Active Pharmaceutical Ingredients. The company has 3 R&D and 5 manufacturing facilities.
AGL is engaged in City Gas Distribution (CGD) business and supplies natural gas to domestic, commercial, industrial and vehicle users.
Aavas Financiers is primarily engaged in the business of providing housing loan to customers belonging to low and middle income segment in semi-urban and rural areas. It has presence across 13 states with Rajasthan, Maharashtra and Gujarat being key states of operations.
J.B. Chemicals and Pharmaceuticals Limited, a KKR owned company, is one of the leading domestic pharmaceutical companies. The companies brands Metrogyl (amoebicides) and Nicardia (calcium channel blocker) featured in top 130 brands in unit terms, while Rantac and Cilacar featured in top 100 brands in value terms. The company's international formulation business has a direct presence in Russia, South Africa and has relationships with distributors in US, Asia, Africa & Latin America.
Suven Pharma is in the business of Contract development & manufacturing organisation (CDMO), catering to the needs of global Pharma Innovators largely for the Ingredients.
Fiem Industries (FIEM), one of the leading Indian manufacturers of automotive lighting & signalling equipment is largely focused on 2-wheeler (2W) industry with HMSI, TVS Motor, Suzuki, Yamaha, Royal Enfield, Ola Electric as its major clients. The comapny also supplies rear view mirrors and plastic parts to these OEMs.
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
Vesuvius India
|
4,564
|
5,740
|
26%
|
|
Sequent Scientific
|
130
|
275
|
115%
|
|
Saksoft
|
147
|
335
|
128%
|
|
Ritco Logistics
|
256
|
760
|
197%
|
|
Polyplex Corp
|
1,190
|
2,300
|
93%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
Aurinpro solutions
|
1,440
|
2,020
|
40.3%
|
|
Netweb technologies
|
1,842
|
2,450
|
33.0%
|
|
Anup engineering
|
2,778
|
3,725
|
34.1%
|
|
Praj industries
|
509
|
630
|
23.8%
|
|
Clean science
|
1,462
|
1,560
|
6.7%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
KSB Limited
|
3,830
|
4,165
|
8.7%
|
|
SW Solar Ltd
|
522
|
800
|
53.3%
|
|
Goldiam International
|
172
|
225
|
30.8%
|
|
Pricol Ltd
|
388
|
465
|
19.8%
|
|
Fiem Industries
|
1,138
|
1,450
|
27.4%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
Entero Healthcare
|
1,041
|
1,515
|
45.5%
|
|
Landmark Cars
|
729
|
985
|
35.1%
|
|
R Systems International
|
529
|
555
|
4.9%
|
|
Fiem Industries
|
1,290
|
1,580
|
22.5%
|
|
SJVN Ltd
|
131
|
135
|
3.1%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
ESAB India
|
6,179
|
7,470
|
20.9%
|
|
Godawari power & Ispat Ltd
|
1,111
|
1,240
|
11.6%
|
|
Krystal Integrated services
|
727
|
1,230
|
69.2%
|
|
R Systems
|
479
|
555
|
15.9%
|
|
SJS enterprises
|
1,005
|
1,190
|
18.4%
|
|
SW solar Ltd
|
617
|
750
|
21.6%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
Clean Science & Technology Ltd.
|
1,425
|
1,750
|
23%
|
|
ESAB India
|
5,908
|
7,470
|
26%
|
|
R Systems
|
466
|
555
|
19%
|
|
Rashi Peripherals
|
396
|
560
|
41%
|
|
Ritco Logistics
|
399
|
760
|
91%
|
|
polyplex Corp
|
1,293
|
2,464
|
91%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
Wonderla Holidays
|
428
|
550
|
28.5%
|
|
Equitas SFB
|
67
|
84
|
25.4%
|
|
Ratnamani metals & tubes
|
1,975
|
2,480
|
25.6%
|
|
LaOpala
|
339
|
570
|
68.1%
|
|
Safari Industries
|
2,049
|
2,620
|
27.9%
|
|
Fiem Industries
|
1,564
|
2,100
|
34.3%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
Timken India
|
3,411
|
3,950
|
15.8%
|
|
IFGL refractories
|
348
|
480
|
37.9%
|
|
Hindware home innovation
|
529
|
555
|
4.9%
|
|
Landmark cars
|
710
|
910
|
28.2%
|
|
CreditAcess Grameen
|
1,252
|
1,600
|
27.8%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
CanFin homes
|
764
|
1,000
|
30.9%
|
|
Kirloskar Ferrous Ind
|
480
|
560
|
16.7%
|
|
Kirloskar Pneumatic
|
660
|
800
|
21.2%
|
|
Landmark Cars
|
783
|
910
|
16.2%
|
|
Linc Ltd
|
769
|
990
|
28.7%
|
|
Triveni engineering
|
379
|
460
|
21.4%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
Fiem Industries
|
2,089
|
2,550
|
22.1%
|
|
Landmark cars
|
831
|
950
|
14.3%
|
|
Manappuram Finance
|
172
|
220
|
27.9%
|
|
SJVN Limited
|
91
|
125
|
37.4%
|
|
Venus pipes
|
1,401
|
1,710
|
22.1%
|
|
Wonderla Holidays
|
846
|
1,000
|
18.2%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
Sundaram Finance
|
2,263
|
2,480
|
9.6%
|
|
LaOpala
|
338
|
516
|
52.7%
|
|
Safari Industries
|
1,659
|
1,850
|
11.5%
|
|
Kirloskar Ferrous Ind
|
267
|
335
|
25.5%
|
|
Fiem Industries
|
1,449
|
1,690
|
16.6%
|
| Name of the company | CMP | TP | Upside |
|---|---|---|---|
|
Home First Finance
|
730
|
1,070
|
46.6%
|
|
Timken India
|
3,105
|
4,180
|
34.6%
|
|
Ethos Ltd
|
1,019
|
1,400
|
37.4%
|
|
VIP Industries
|
670
|
790
|
17.9%
|
|
Manappuram Finance
|
116
|
160
|
37.9%
|
What captured our attention
While the gems and jewellery space was going through its own set of challenges (in the backdrop of fall out of major jewellery players) we looked into Goldiam Int. given its technology expertise and product offering (lab-grown diamonds), the client market (100% export), superior balance sheet with net cash position, history of dividend payouts and buy-backs. Aspects like superior board, management too held meaningful importance.
Valuation Discrepancy Insights
At a market cap of ~Rs 12bn at time of initiation, Goldiam International was under-researched and under-valued given its growth potential and the promising US market opportunity.
Monarch Networth's Value-Added Contribution
Being the first one to cover the stock, we were able to market the story in a more effective and timely manner. Our comprehensive report including periodic channel checks / study of competitors provided comfort to our investors. Since our coverage initiation, the company's stock price has turned 2.7x, a testament to our insights and ability to pick up stocks at right time.
What captured our attention
Revenge travel was gaining prominence post the COVID pandemic. With tourism having hit the bottom, we were confident that Wonderla Holidays will gain momentum as economy opens and themes like amusement / water park play through. We choose Wonderla Holidays given its industry leading margins, debt-free balance sheet, ability to generate cash flows, EBIDTA/OCF conversion and management pedigree.
Valuation Discrepancy Insights
Wonderla Holidays was grossly undervalued given its existence capacity, new initiatives towards enhancing its visibility and upcoming parks.
Monarch Networth's Value-Added Contribution
We were amongst the early one’s to initiate coverage on the stock in Feb-2023. We marketed the stock very aggressively to funds that saw the DII holding increase by more than 5% in a very short time. Market participants started accepting our thesis. Since our coverage initiation, the company's stock price has generated 1.5x, a testament to our insights and support.
What captured our attention
We liked FIEM due to its strong technology expertise and complete backward integration leading to best in industry margins along with an expanding client base in EV. Additionally, FIEM’s continuous drive for business expansion especially on the 4W lighting business bolstered our conviction.
Valuation Discrepancy Insights
FIEM was undervalued in comparison to its business expansion plans, thereby driving our re-rating thesis.
Monarch Networth's Value-Added Contribution
We take extreme pride in being the first and sole broker to initiate coverage on FIEM Industries. Our detailed and insightful report offered a compelling investment thesis, while providing clients a detailed perspective of the management and the company. Since initiating the coverage for FIEM, It’s stock price has sky-rocketed 2.5x, a clear testament to the value of our insights and the support we provide. With in-depth analysis and regular updates, we have become the go-to resource for our clients, ensuring they are always informed and empowered to make the right decisions.
What captured our attention
Alembic Pharma emerged as a standout with the nation's highest R&D investment in the pharmaceutical sector. Their robust product pipeline drove an impressive 40% year-on-year expansion in the US market from FY15-20. Additionally, substantial investments in complex generics (INR30bn) reinforced its dominant market position.
Valuation Discrepancy Insights
At the outset, the company traded at a modest 13x PE (FY22E) compared to peers at over 18x. The consensus failed to grasp the potential of US supply shortages and the impact of increased capital expenditure.
Monarch Networth's Value-Added Contribution
We distinguish ourselves as one of the select brokers covering Alembic Pharma. Our clients benefitted from privileged access to senior management, facilitating informed investment decisions.
What captured our attention
Their dedication to self-reliance and their impressive international clientele, including BMW, Volkswagen, and Mercedes, showcased a shared commitment to excellence and innovation, making them a compelling partner for Monarch Networth Capital Limited.
Valuation Discrepancy Insights
We initiated coverage on the stock when it was trading at throw away valuations of 9.9x forward PE (FY22E) compared to its peers at 15x+. Market participants grossly missed out on the export opportunity in the PVC space given its niche product offerings and the long-standing relationships with various OEMs.
Monarch Networth's Value-Added Contribution
We distinguish ourselves as one of the only brokers covering Mayur Uniquoters. We analyzed its global peers, improved corporate visibility for our HNI / institutional investors, and created wealth for the stakeholders.
What captured our attention
Kirloskar Ferrous Industries stood out in the market, consistently surpassing its peers due to a solid mix of volume expansion and cost savings which can structurally improve its margins and provide multi-year growth prospects. All of this was largely pursued by internal accruals implying a strong balance sheet and solid cash flow generation.
Valuation Discrepancy Insights
Despite trading at single-digit multiples, Kirloskar Ferrous was poised for a significant increase in return ratios and reduction in commodity part of the business which in turn resulted in valuation re-rating.
Monarch Networth's Value-Added Contribution
We proudly led the way as the first and sole broker covering Kirloskar Ferrous Industries. Our comprehensive report offered fresh perspectives on business restructuring, future profitability and granted clients privileged access to senior management. Since our coverage initiation, the company's stock price has turned 4x, a testament to our insights and support.
Connect with Monarch Networth Capital Limited
For inquiries or assistance related to our financial services, feel free to reach out to our dedicated team.
We are committed to providing prompt and reliable support. You can write to us at
reachus@mnclgroup.com
Your financial success is our priority, and we look forward to assisting you in your journey.
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| Sr.no | Particulars | Remarks |
|---|---|---|
| 1 | Name Of Compliance Officer | Nikhil Bhupendrakumar Parikh |
| 2 | Educational qualification | BSc hons (Phy) , CNE , CNA , MBA |
| 3 | Past Experience | 16 Years before joining Monarch on 06/04/2017 |
| 4 | Certification (NISM-Series-III A) | Provided |
| 5 | Date of Expiry of Certificate | 10-04-2026 |
| 6 | Date of Renewal of Certificate | 28-03-2023 |
| 7 | Half-yearly trainings Provided or Not | Yes |
| 8 | Date of Appointment | 15-05-2017 |
| 9 | Approval from BOD/Partners for Appointment | 28-04-2017 |
| 10 | Last date of previous compliance officer | 14-05-2017 |
| 11 | Duration for which office was vacant | None |
| 12 | Intimation of change to Exchange Sent or not | Yes |
| 13 | List of Allotted Trading Terminals - For Compliance Officer & its Team | None |
