Tejas Bansal

[Tejas Bansal @tejasbansal2002]

"This mega thread includes all the companies I've analyzed. I'll update it when I study a new company."

[Tejas Bansal @tejasbansal2002]

Top 20 Earning Upgrades/Downgrades in BSE-500 Index for FY24

Src - Kotak Institutional Equities

[Tejas Bansal @tejasbansal2002]

JSW Infrastructure

Operational update
Total cargo handled has crossed 100 MMT

#Jswinfra

[Tejas Bansal @tejasbansal2002]

There is absolute madness in some PSU Banks (not all)🚨
Warned at the Right Time

IOB: 81 --> 58
UCO: 70 --> 50

Finally Coming back to reality
Down 30% from the highs

Still P/B very high

#IOB #UCO #UCOBANK

[Tejas Bansal @tejasbansal2002]

There is absolute madness in some of PSU Banks (not all)🚨

IOB (CMP 81) - P/B: 9
UCO (CMP 70 ) - P/B: 5

Main Reason due to low float
Promoter Holding - 95 %+

For Relative Comparison
HDFC Bank - P/B: 2.5
SBIN - P/B: 1.5

#IOB #UCO #UCOBANK

[Tejas Bansal @tejasbansal2002]

Shankara Building Products - Attractive post recent correction

Trading at 20 x (PEG < 1)

Triggers:
- 20-25% Growth Guidance
- Re-rating
- Operating Leverage to play out

Ongoing Corporate Action - Demerger of Manufacturing Business
The demerger will take place within the next 1 year.

Now, as the building marketplace gets separately listed, return ratios will improve dramatically.

#shankara #shankarabuilding

[Tejas Bansal @tejasbansal2002]

Shankara Building Products - Demerger An Opportunity ?

Recently, there was a corporate action in Shankara Building where the board approved the demerger of its manufacturing business.
The demerger will take place within the next 1 year.

It is very positive news, the manufacturing business was a laggard.
It had a very poor ROCE - 5%.

I was interested in the Materials Marketplace business.
It is a very good step.
The building materials marketplace can get good valuations, hence a possibility of re-rating.

Management has reiterated and maintained the growth guidance of 20-25% and aims to increase EBITDA margins to 4-5% by increasing the non-steel mix.

The manufacturing business has EBITDA margins of just around 2% with ROCE of 5%, which was diluting the return ratio's

Now, as the building marketplace gets separately listed, return ratios will improve dramatically.
ROCE - 30%, ROCE - 25%

It is reasonably valued as of now at 23-24 P/E, trading at below 1 PEG.

A proxy for the real estate industry; now that the cycle for real estate has turned, all building materials and proxies will also do well.

Lot of triggers available:

- 20-25% growth
- Re-rating event
- Operating Leverage (Margin improvement)

The thesis might require 1-2 years to play out, but the risks look worth taking.

No reco, just shared my thought process.

#shankara #shankarabuilding

[Tejas Bansal @tejasbansal2002]

Some of the Hospitals are offering good value and available at reasonable valuations as compared to peers

They have corrected significantly post the Supreme Court order

Currently which can be studied

StocksEv/Ebitda
- HCG: 17
- NH: 22
- Yatharth: 17

#HCG #YATHARTH #NH

[Tejas Bansal @tejasbansal2002]

Hospitals look like a very interesting investment opportunity for several reasons

🔸There is significant underpenetration, and healthcare expenditure as a percentage of GDP is increasing steadily.
🔸The growth of medical tourism is also making a comeback and is expected to rise.
🔸Many few other factors like increased awareness, increase in lifestyle disease etc may also contribute to significant growth.
Hospitals are known for their stability and ability to generate high cash flows.

The gestation period of setting up a hospital is very high. It takes more than 2-3 years for a new hospital to break even, and aspiring to achieve an EBITDA margin of 20% may even take more than 6 years. This creates significant entry barriers, especially considering the high cost of real estate.

I have extensively researched hospitals in the midcap and small-cap sectors. All of them fall into the small-cap category, except for NH (Midcap).Alpha generation can be very high in the smallcap space.

Healthcare, as a long-term theme, is expected to perform well, and many of these hospitals are relatively small but have ambitious growth expansion plans with unique business models

One hospital specializes in oncology (HCG), another in childcare (Rainbow), and there are also multi & superspecialty hospitals (Yatharth) with very high growth rates in the past and promising expansion plans.
Valuations are reasonable to fair, with negligible debt-to-equity ratios among the hospitals I have covered.
I am invested in a few of these hospitals and have tracking positions in others, which I plan to increase gradually. I have attached all the relevant links for the hospitals I have covered.

Please Bookmark it for future reference and Retweet for wider reach

#NarayanaHrudayalaya (#NH) - Multispecialty and Super Specialty Hospital
https://t.co/Deo4Zl06RN

#Rainbow Children’s Hospital - Mother and Childcare Hospitals
https://t.co/PUXSlQo3XV

#Yatharth Hospital - Fastest Growing Super-Speciality hospital chain https://t.co/VMXOiuhjjN

#HCG Leader in Oncology Space
https://t.co/UldogVHqPl

#Artemis Medicare Services - Small Cap Super Speciality Hospital in Gurgaon
https://t.co/EpOTXW3SzL

[Tejas Bansal @tejasbansal2002]

Diagnostics Stocks are looking very attractive

3 Years Return are negative
Available post decent correction

Now Headwinds converting in Tailwinds🔥
- High Covid Base Behind
- Competitive intensity declining
- Non Covid Revenue, Double Digit Growth
- Price Hike

Outlook have been positive with competitive intensity declining

Revenue Growth YoY
Krsnaa Diagnostics: 34 %
Thyrocare: 5 %

Worst seems behind for Thyrocare, Q4 is generally a good quarter

#Thyrocare #KrsnaaDiagnostics

[Tejas Bansal @tejasbansal2002]

Is the Worst Over for Diagnostic Stocks?

Opportunity or Trap?

Major Diagnostic companies have reported the results.
Detailed Analysis.. 👇

Revenue Growth YoY
Krsnaa Diagnostics: 27 %
Dr Lal Pathlabs: 12.6 %
Thyrocare: 10 %
Metropolis: 2.7 %

KRSNAA
Krsnaa Diagnostics reported the highest ever Quarterly sales with Highest YoY growth of 27 % among the peers

Margins were in Pressure due to additional operational costs incurred for the newly established centres.
Margins to Improve as more centres matures.
Overall Positive commentary from the Management

DR LAL PATHLABS
Lal Pathlabs recorded Double Digit growth of 12.6 % YoY with solid Margin Expansion nearing 30 %
Core Business growth excluding Covid related revenue was 14.4 % YoY

Revenue were highest in the last 8 quarters.
Highest Revenue came at Q1FY21 at 607 Cr (Current 601 Cr) in which Covid Revenues contributed around 38 % now Covid contribution reduced to 2 %
Overall Outlook and Commentary remains strong from the Managment

THYROCARE
Thyrocare saw a double digit growth of 10 % with margins expanding on a YoY basis
Pathology Revenue was up 9 %
Radiology saw good growth of 20 % YoY
Highest Revenue recorded in the last 8 quarters, similar like Lal Pathlabs

METROPOLIS
Metropolis saw the lowest YoY growth of 2.7 % as compared to Peers growing at double digits.

Highest ever revenue recorded in the last 9 quarters, Covid contributed significantly then v/s now the covid contribution have reduced to below 2 %
Total covid related revenue was 5 Cr for the current Quarter

Core Business saw good growth of 13 %, it was majorly impacted due to PPP contracts which got ended and Covid Related Revenue declined significantly
Patient Volume growth was up 10 % YoY
Premium Wellness saw very High growth of 27 %.

If we look now at the diagnostics companies most have reported double digit growth and are near reporting the Highest ever Revenue

High Covid Base is gone and most probably in the next few quarters they are set to report Highest ever revenue

After immense pain from Sep 21 ,The stocks havent done much, I think the pain could be over or just a matter of time

We have already seen the stocks are consolidating and have formed a base and heading towards Stage 2 formation

Many companies are now back in the growth journey
I feel that 2024 can belong to diagnostic stocks

2020-2021 was a Dream run aided by Covid Tailwind
2022-2023 pain period, Covid become Headwind
2024-2025 - ??.. Outperform
I feel the stocks can surprise in 2024-25

Any Views @AdityaKhemka5 and @velumania Sir

All are my personal views and only for educational purposes

#Thyrocare #Metropolis #Lalpathlabs #Krsnaa

[Tejas Bansal @tejasbansal2002]

Many #SmallCaps have now started to look attractive after a good correction✅

Time for accumulation.....

Many stocks that have the potential to grow > 20% are available below 1 times PEG

Ignore all the hyped-up and momentum stocks

Always follow a basket approach in small caps and maintain a well-diversified portfolio consisting of various sectors

Always look for
"20% Revenue and Profit growth, 20% ROE, PEG ratio below 1, negligible debt, High Promoter Holding and Market Leadership"

#StockMarket #stockmarketcrash

[Tejas Bansal @tejasbansal2002]

Huge Sell Off in all stocks owned by the Dubai Based Operator Tibrewala

Caution Ahead, Be careful in dealing in such stocks 🙏

Even SEBI Chairperson said Today

Manipulation in the SME segment

[Tejas Bansal @tejasbansal2002]

Dubai Based Operator Tibrewala laundering the proceeds from the Mahadev Online Book Betting app

The MOB betting app is a syndicate facilitating illegal betting websites and money laundering through a complex network of benami bank accounts

It's time to be cautious in SME's and Microcaps

13 Entities that have been frozen:

1. Ability Games Pvt Ltd
2. Ability Smartech Pvt Ltd
3. Ability Ventures Pvt Ltd
4. Brilliant Investment Consultants Pvt Ltd
5. Dicovery Buildcon Pvt Ltd
6. Forest Vincom Pvt Ltd
7. Sawarnbhumi Vanijya Pvt Ltd
8. Dream Achievers Consultancy
9. Ecotek General Trading LLC
10. Zenith Multi Trading DMCC
11. Plus Commodities DMCC
12. Caterfield Commodities DMCC
13. JE Impex DMCC

Value of Holdings exceed 600 Cr

Zenith Multi Trading held
Shares - Balu Forge, Pritika Auto, Servo Tech Engineering, Gensol etc

Ecotek held
Shares - Toyam Sports, OK Play, Algoquant Fintech, Balu Forge, Trescon Ltd and Salasar Techno Engineering etc

Carterfield held
Shares - Hazoor Multi Projects, Balu Forge

Sawarnbhumi Vanijya held
Shares - LKP Finance, North Eastern Carrying Corporation, Integra Essentia, Vikas Ecotech, Tiger Logistics.

[Tejas Bansal @tejasbansal2002]

Adani Enterprise

- T3 of Chaudhary Charan Singh International Airport, inaugurated by PM today

- Total Cost Rs 2,400 Cr.

- T3 will cater to domestic and international flights

- Phase I will cater 8 million passengers per annum

- Phase 2 will enhance the handling capacity to 13 million passengers per annum.

Adani Airport Holdings 100 % subsidiary of Adani Enterprises

Total Portfolio of 8 Airports
- Ahmedabad
- Lucknow
- Mangaluru
- Jaipur
- Guwahati
- Thiruvananthapuram
- Mumbai International Airport
- Navi Mumbai International Airport

#ADANIENT #Adani

[Tejas Bansal @tejasbansal2002]

Motilal Oswal View on Hospitals
Reiterate BUY Max Healthcare, Medanta, Apollo Hospitals

Hospital stocks have already corrected by 10-20% over the past week following an order from the Supreme Court of India.

- The ongoing proceedings in the apex court of India have raised concerns regarding the pricing of healthcare services for patients.

- While addressing the social landscape of healthcare access is crucial, one must also consider the economic viability of operating the medical facilities.

- Implementation of technological advancements for better treatment also requires additional investments.

- Applying CGHS rates across offerings would weaken the investment prospects in healthcare facilities.

- Low Healthcare Penetration
The healthcare spend by governments as a percentage of GDP remains low (3% in FY20).
Bed density (15 beds per 10,000 populations)

- Waiting for further clarity on this matter.

[Tejas Bansal @tejasbansal2002]

Hospitals with Higher APROB will be impacted the most

Max already down over 13 % in 2 days

APROB
Max - 75k
Apollo - 57k
Fortis - 60k
Medanta - 60k

#Max #Apollo #Fortis #medanta

[Tejas Bansal @tejasbansal2002]

Tata Group companies that hold stakes in Tata Sons:

- Tata Motors: 3%
- Tata Chemicals: 3%
- Tata Power: 2%
- Indian Hotels: 1%

Currently, there is a lot of uncertainty regarding the IPO.

Tata Sons holds listed investments worth 16 Lakh Cr + Unlisted Investments could be worth up to 1 Lakh Cr.

If listed, the market cap of Tata Sons could be in the range of 8-11 Lakh Cr depending upon the HoldCo discount.

#Tatasons #Tatachemicals #Tatamotors #Tatapower

[Tejas Bansal @tejasbansal2002]

Tata Chemicals current market cap is already 33,500 Cr, markets have already discounted the news of Tata Sons' IPO.

If there is any extension in the IPO deadline, there will be a correction in the stock price.

The core Soda Ash business is facing headwinds, and realizations have been impacted due to overcapacities.

Any fresh positions must be avoided due to a lot of uncertainty.

#tatasons #tatachemicals

[Tejas Bansal @tejasbansal2002]

Article Link
https://t.co/NGZgySDeFi

[Tejas Bansal @tejasbansal2002]

Dubai Based Operator Tibrewala laundering the proceeds from the Mahadev Online Book Betting app

The MOB betting app is a syndicate facilitating illegal betting websites and money laundering through a complex network of benami bank accounts

It's time to be cautious in SME's and Microcaps

13 Entities that have been frozen:

1. Ability Games Pvt Ltd
2. Ability Smartech Pvt Ltd
3. Ability Ventures Pvt Ltd
4. Brilliant Investment Consultants Pvt Ltd
5. Dicovery Buildcon Pvt Ltd
6. Forest Vincom Pvt Ltd
7. Sawarnbhumi Vanijya Pvt Ltd
8. Dream Achievers Consultancy
9. Ecotek General Trading LLC
10. Zenith Multi Trading DMCC
11. Plus Commodities DMCC
12. Caterfield Commodities DMCC
13. JE Impex DMCC

Value of Holdings exceed 600 Cr

Zenith Multi Trading held
Shares - Balu Forge, Pritika Auto, Servo Tech Engineering, Gensol etc

Ecotek held
Shares - Toyam Sports, OK Play, Algoquant Fintech, Balu Forge, Trescon Ltd and Salasar Techno Engineering etc

Carterfield held
Shares - Hazoor Multi Projects, Balu Forge

Sawarnbhumi Vanijya held
Shares - LKP Finance, North Eastern Carrying Corporation, Integra Essentia, Vikas Ecotech, Tiger Logistics.

[Tejas Bansal @tejasbansal2002]

Tata Investment Corporation

Clarification: No discussions for investment in any semi-conductor manufacturing or operating activity of the plant.

Still up 5 %

#TataInvestment #Tata

[Tejas Bansal @tejasbansal2002]

What's happening in some of the holding companies? 🤔

They are getting re-rated

Now, Tata Investment Corp is trading at a premium (from trading at a >50% discount to the assets it held).

Holding companies are supposed to trade at a significant discount to the assets they hold; now, it's commanding a premium😅

#tata #tatainvestment

[Tejas Bansal @tejasbansal2002]

Adani Ports 33 % Growth YoY

- In Feb 24, APSEZ handled 35.4 MMT of total cargo

- In 11 months of FY24, APSEZ has already handled 382 MMT of cargo, well on track to surpass the 400 MMT mark

- Growth in logistics segment with YTD rail volumes of 542,000 TEUs (+21% YoY)

#AdaniPorts #APSEZ

[Tejas Bansal @tejasbansal2002]

Adani Ports
Results- Superb🔥
Massive Operating Leverage

Financials Q3FY24
-Volumes up 44 % YoY at 108.6 MMT
-Revenue up 45 % YoY at 6920 Cr
-EBITDA up 59 % YoY at 4293 Cr
-PAT up 65 % YoY at 2208 Cr🔥

Will easily surpass guidance
Net Debt/EBITDA improved to 2.5

APSEZ achieved its highest-ever quarterly cargo volume of 108.6 MMT

Overall cargo volume was ~311 MMT in 9M (+23% YoY)

EBITDA margin of domestic port business improved by 203 bps to ~72% in 9M FY24 vs ~70%

ALL recorded its highest ever rail cargo volumes - 437,081 TEUs (up 22% YoY)
GPWIS volumes at 14.21 MMT (up 46% YoY)

#ADANIPORTS #adaniports

[Tejas Bansal @tejasbansal2002]

Mar23 Investments it held

[Tejas Bansal @tejasbansal2002]

What's happening in some of the holding companies? 🤔

They are getting re-rated

Now, Tata Investment Corp is trading at a premium (from trading at a >50% discount to the assets it held).

Holding companies are supposed to trade at a significant discount to the assets they hold; now, it's commanding a premium😅

#tata #tatainvestment

[Tejas Bansal @tejasbansal2002]

AngelOne - Wealth Management Vertical Update

AngelOne is assembling its A-team for its wealth management business

#AngelOne

[Tejas Bansal @tejasbansal2002]

Hospitals with Higher APROB will be impacted the most

Max already down over 13 % in 2 days

APROB
Max - 75k
Apollo - 57k
Fortis - 60k
Medanta - 60k

#Max #Apollo #Fortis #medanta

[Tejas Bansal @tejasbansal2002]

Supreme Court Directs Central Government to set standard procedure rates

Higher Impact on Hospitals with Higher APROB (> 70,000)

Lower APROB < 30,000 will be less impacted

If CGHS rate applied, profits of private hospitals will be impacted

Max, Medanta down 6-8 %

https://t.co/zM3br9f41F