Aarti Drugs Limited (ADL), incorporated in 1984 is part of Rs 3,000 crore Aarti Group of
Industries and is engaged in manufacturing and sale of Active pharmaceutical ingredients
(APIs), advanced intermediates and specialty chemicals. ADL manufactures drugs in
therapeutic segments such as anti-arthritis, anti-fungal, antibiotics, anti-diabetic, sedatives,
anti-depressant, anti-diarrhea and anti-inflammatory.
In Aarti Drugs we get a bulk drugs manufacturer with steady growth across the years,
continuously improving performance on various financial parameters, good dividend
yield of more than 5% and low valuations of 5 times earnings and EV/EBIT of 5.28.
Besides, what instills further confidence in the stock is the fact that promoters of the
company have been continuously increasing their stake with regular purchases from open
market. Two years back promoters had 54.83% stake in the company and the same now
stands increased to 59.65%.
Dynemic Products is India’s leading manufacturer and exporter of complete range of Food colours, Lake colours, Blended colours, & US-FDA certified FD&C colours & Dye Intermediates.
Aarti Drugs (ADL) is a part of well known Aarti group of industries. The Company is engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs), Pharma Intermediates, Specialty Chemicals and also manufactures formulations through its wholly-owned subsidiary- Pinnacle Life Science Private Limited.
The company has a long standing track record in the bulk drugs industry and has been supplying products to demanding domestic and international customers.
Promoted by Mr. Venkat Jasti, Suven is one of the very few companies in India focused on new drug discovery on its own and in partnership with several innovator companies.
The Hyderabad based company basically focuses on CRAMS (contract research and manufacturing services) and assists global innovators in drug development by supplying intermediates for relevant new chemical entities (NCEs) during the clinical phase of drug development. The projects undertaken by the Company include process research, custom synthesis and intermediate manufacturing.
We are looking at Suven from long term investment perspective as drug discovery in itself is a very long cycle. As explained in the business section below, we believe movement of only few projects of the company to higher phases or to commercialization phase can result in substantial increase in sales of the company. Also, while new drug discovery has very low probability of success, more so in the case of CNS, we believe there can be good upside if the company’s SUVN-502 is able to successfully move to Phase III of clinical trials
Symphony is the leading company in India in the air-coolers business and commands ~50% market share in the organized segment.
We like companies that have leadership position or are amongst top 3 in their respective industries as it is reflective of the quality of management, their ability to outgrow competition and with leadership position the companies also get advantages of scale, brand recognition, etc.
Consider this, while the company commands 50% market share, it accounts for ~70% of the profitability of the industry. Thus, as mentioned above, the company clearly has the advantage of scale and brand recognition enabling it to generate much higher profitability than its competitors.
Besides, the company is debt free with surplus cash to the tune of 150 crores (invested in various debt schemes) and only 80-90 crores has been employed in the core business with return in excess of 95% on the capital employed.
Promoted by Chaman Lal Setia, Vijay Setia and Rajeev Setia, Chaman Lal Setia Exports Limited (CLSE) was incorporated as a partnership firm in 1975, under the name Chaman Lal & Sons. In 1995, it went public under its present name to finance the expansion and modernisation of the units.
CLSE is engaged in the business of milling and processing of basmati rice. The company has a paddy unit in Karnal (Haryana) and Amritsar (Punjab) with a rice processing capacity (including both milling and sorting) of 14 tonnes per hour. The company also has a rice grading and sorting facility in Delhi.
We like the company on several fronts, though at the same time one will have to be watchful of risks/concerns as discussed in the risks/concerns section below.
As far as positives are concerned we like the way the operating performance of the company has shaped up over the years, company’s increasing focus on exports, increasing focus on improving the share of branded sales under “Maharani” brand, induction of third generation promoters, high promoter holding, well managed working capital and lastly the valuations.
Dynemic Products is India’s leading manufacturer and exporter of complete range of Food colours, Lake colours, Blended colours, & US-FDA certified FD&C colours & Dye Intermediates.
Aarti Drugs (ADL) is a part of well known Aarti group of industries. The Company is engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs), Pharma Intermediates, Specialty Chemicals and also manufactures formulations through its wholly-owned subsidiary- Pinnacle Life Science Private Limited.
The company has a long standing track record in the bulk drugs industry and has been supplying products to demanding domestic and international customers.
Promoted by Mr. Venkat Jasti, Suven is one of the very few companies in India focused on new drug discovery on its own and in partnership with several innovator companies.
The Hyderabad based company basically focuses on CRAMS (contract research and manufacturing services) and assists global innovators in drug development by supplying intermediates for relevant new chemical entities (NCEs) during the clinical phase of drug development. The projects undertaken by the Company include process research, custom synthesis and intermediate manufacturing.
We are looking at Suven from long term investment perspective as drug discovery in itself is a very long cycle. As explained in the business section below, we believe movement of only few projects of the company to higher phases or to commercialization phase can result in substantial increase in sales of the company. Also, while new drug discovery has very low probability of success, more so in the case of CNS, we believe there can be good upside if the company’s SUVN-502 is able to successfully move to Phase III of clinical trials
Symphony is the leading company in India in the air-coolers business and commands ~50% market share in the organized segment.
We like companies that have leadership position or are amongst top 3 in their respective industries as it is reflective of the quality of management, their ability to outgrow competition and with leadership position the companies also get advantages of scale, brand recognition, etc.
Consider this, while the company commands 50% market share, it accounts for ~70% of the profitability of the industry. Thus, as mentioned above, the company clearly has the advantage of scale and brand recognition enabling it to generate much higher profitability than its competitors.
Besides, the company is debt free with surplus cash to the tune of 150 crores (invested in various debt schemes) and only 80-90 crores has been employed in the core business with return in excess of 95% on the capital employed.
Promoted by Chaman Lal Setia, Vijay Setia and Rajeev Setia, Chaman Lal Setia Exports Limited (CLSE) was incorporated as a partnership firm in 1975, under the name Chaman Lal & Sons. In 1995, it went public under its present name to finance the expansion and modernisation of the units.
CLSE is engaged in the business of milling and processing of basmati rice. The company has a paddy unit in Karnal (Haryana) and Amritsar (Punjab) with a rice processing capacity (including both milling and sorting) of 14 tonnes per hour. The company also has a rice grading and sorting facility in Delhi.
We like the company on several fronts, though at the same time one will have to be watchful of risks/concerns as discussed in the risks/concerns section below.
As far as positives are concerned we like the way the operating performance of the company has shaped up over the years, company’s increasing focus on exports, increasing focus on improving the share of branded sales under “Maharani” brand, induction of third generation promoters, high promoter holding, well managed working capital and lastly the valuations.
Prima Plastics, as the name suggests manufactures plastic moulded furniture (PMF). The company manufactures products ranging from chairs, baby chairs, dining tables, stools, teapoys, material handling products etc and competes with the likes of Nilkamal, Wimplast, and several unorganized players.
Till recently the company also had another business line of Aluminum Composite Panels (ACP), however the same was consistently reporting losses and in FY 15 the management
decided to close the same.
The company sells its products through a network of ~200 distributors and over 2000 dealers across India and operates manufacturing facilities in Daman and in Kerala. Besides
domestic sales, company also exports its products mainly to Africa, Middle-East and Central America.
Further, Prima Plastics also has a 50:50 joint venture (JV) in Cameroon, Africa by the name of Prima Dee-lite Plastics and the same manufactures PMF and HDPE Woven Sack Bags
for sale in Cameroon.
Established in 1991 and listed on BSE in 1993, Control Print Limited is one of India’s leading Industrial Coding & Marking Solutions provider and the only Indian manufacturer of Continuous Inkjet Printers (CIJ) and consumables under license of KBAMetronic
AG, Germany at its facility in Nalagarh, Himachal Pradesh.
Prior to Control Print’s tie-up with KBA-Metronic AG, it was one of the largest distributors of Videojet CIJ printers in India and Nepal.
Besides CIJ Printers, the company also manufactures Large Character Printers, Electrograph Digital Printers, Thermal Transfer Over printers (TTO), Hot Ink Coders and
their consumables in collaboration with respective technology leaders. The laser range of printers at Control Print is supported by MACSA Lasers. MACSA has over 90 years of experience and are market leaders for Laser Solutions internationally.
GIC Housing Finance Ltd (GICHF) was incorporated as ‘GIC Grih Vitta Limited’ on 12th December 1989. The name was changed to GICHF on 16th November 1993. It’s promoted by well known domestic re-insurer General Insurance Corporation (GIC) and is a well-known company in India’s Housing Finance market.
The Company was formed with the objective of entering into the field of direct lending to individuals and other corporate to accelerate the housing activities in India. The primary business of GICHF is granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes.
We like the company on account of its steady well managed growth in a growing market. The company has become slightly aggressive in terms of expansion into states other than Maharashtra and has been consistently adding new branches outside Maharashtra. The company also seems to have managed its loan book well and has made adequate provisions. GICHF is trying to reduce the share of bank borrowings and the same will help in reducing cost of funds with consequent improvement in net interest margins (NIM).
The sectors that are likely to benefit from GST will include Logistics, Consumer durable, Automobile, Multiplexes and Ply wood Industries.
We at Sublime Advisory have identified 5 stocks that would benefit from the passage of GST which would be potential game changers for these companies.
Can Fin Homes Ltd (NSE Code - CANFINHOME) - May'13 Katalyst Wealth Alpha reco...Katalyst Wealth
Housing Finance companies have played a very vital role in the last 10 odd years in helping individuals buy their dream homes. We believe, besides getting your houses financed, one can also consider starting investing at a young age in fundamentally strong, fast growing and reasonably valued companies from the Housing finance space so as to reduce the quantum and the tenure of your home loan at the time of buying your house.
HDFC, Gruh Finance, LIC Housing Finance are some of the very well known listed Housing Finance companies, however we would like to share details with you on another
Housing Finance stock i.e. Can Fin Homes Ltd (NSE Code – CANFINHOME) which until recently was growing at 7-8%, however the renewed focus from the management and the aggressive branch expansion promises better growth prospects for the next few years.
Can Fin Homes Ltd (NSE Code – CANFINHOME) – Promoted by Canara Bank (42.38% stake), Can Fin pre-dominantly offers loans for home purchase, home construction, home improvement/extension and site purchase as well as non-housing finance loans such as
Personal loans, Child education loans, etc. Housing loans constitute ~98% of the advances of the company.
Pharmaceuticals Industry Analysis with analysis of Top notch Companies in pharmaceuticals viz. Sun pharma, Lupin, Dr. Reddy's Laboratory, Cipla, Aurobindo Pharma to identify opportunity to invest in equity share of these companies.
Prima Plastics, as the name suggests manufactures plastic moulded furniture (PMF). The company manufactures products ranging from chairs, baby chairs, dining tables, stools, teapoys, material handling products etc and competes with the likes of Nilkamal, Wimplast, and several unorganized players.
Till recently the company also had another business line of Aluminum Composite Panels (ACP), however the same was consistently reporting losses and in FY 15 the management
decided to close the same.
The company sells its products through a network of ~200 distributors and over 2000 dealers across India and operates manufacturing facilities in Daman and in Kerala. Besides
domestic sales, company also exports its products mainly to Africa, Middle-East and Central America.
Further, Prima Plastics also has a 50:50 joint venture (JV) in Cameroon, Africa by the name of Prima Dee-lite Plastics and the same manufactures PMF and HDPE Woven Sack Bags
for sale in Cameroon.
Established in 1991 and listed on BSE in 1993, Control Print Limited is one of India’s leading Industrial Coding & Marking Solutions provider and the only Indian manufacturer of Continuous Inkjet Printers (CIJ) and consumables under license of KBAMetronic
AG, Germany at its facility in Nalagarh, Himachal Pradesh.
Prior to Control Print’s tie-up with KBA-Metronic AG, it was one of the largest distributors of Videojet CIJ printers in India and Nepal.
Besides CIJ Printers, the company also manufactures Large Character Printers, Electrograph Digital Printers, Thermal Transfer Over printers (TTO), Hot Ink Coders and
their consumables in collaboration with respective technology leaders. The laser range of printers at Control Print is supported by MACSA Lasers. MACSA has over 90 years of experience and are market leaders for Laser Solutions internationally.
GIC Housing Finance Ltd (GICHF) was incorporated as ‘GIC Grih Vitta Limited’ on 12th December 1989. The name was changed to GICHF on 16th November 1993. It’s promoted by well known domestic re-insurer General Insurance Corporation (GIC) and is a well-known company in India’s Housing Finance market.
The Company was formed with the objective of entering into the field of direct lending to individuals and other corporate to accelerate the housing activities in India. The primary business of GICHF is granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes.
We like the company on account of its steady well managed growth in a growing market. The company has become slightly aggressive in terms of expansion into states other than Maharashtra and has been consistently adding new branches outside Maharashtra. The company also seems to have managed its loan book well and has made adequate provisions. GICHF is trying to reduce the share of bank borrowings and the same will help in reducing cost of funds with consequent improvement in net interest margins (NIM).
The sectors that are likely to benefit from GST will include Logistics, Consumer durable, Automobile, Multiplexes and Ply wood Industries.
We at Sublime Advisory have identified 5 stocks that would benefit from the passage of GST which would be potential game changers for these companies.
Can Fin Homes Ltd (NSE Code - CANFINHOME) - May'13 Katalyst Wealth Alpha reco...Katalyst Wealth
Housing Finance companies have played a very vital role in the last 10 odd years in helping individuals buy their dream homes. We believe, besides getting your houses financed, one can also consider starting investing at a young age in fundamentally strong, fast growing and reasonably valued companies from the Housing finance space so as to reduce the quantum and the tenure of your home loan at the time of buying your house.
HDFC, Gruh Finance, LIC Housing Finance are some of the very well known listed Housing Finance companies, however we would like to share details with you on another
Housing Finance stock i.e. Can Fin Homes Ltd (NSE Code – CANFINHOME) which until recently was growing at 7-8%, however the renewed focus from the management and the aggressive branch expansion promises better growth prospects for the next few years.
Can Fin Homes Ltd (NSE Code – CANFINHOME) – Promoted by Canara Bank (42.38% stake), Can Fin pre-dominantly offers loans for home purchase, home construction, home improvement/extension and site purchase as well as non-housing finance loans such as
Personal loans, Child education loans, etc. Housing loans constitute ~98% of the advances of the company.
Pharmaceuticals Industry Analysis with analysis of Top notch Companies in pharmaceuticals viz. Sun pharma, Lupin, Dr. Reddy's Laboratory, Cipla, Aurobindo Pharma to identify opportunity to invest in equity share of these companies.
Research Report on Abbott India Ltd. on the basis of Company Profile, Management, Shareholding Pattern, SWOT Analysis, Competitive Analysis, and Way forward.
PRESENT SCENARIO OF INDIAN PHARMACEUTICAL INDUSTRY IN VIEW OF GLOBAL ...sridivyaannavarapu
THE INDIAN GOVERNMENT HAS STARTED TO ENCOURAGE THE GROWTH OF DRUG MANUFACTURING BY INDIAN COMPANIES IN THE EARLY 1960s. AT PRESENT THERE ARE MANY NUMBER OF PHARMACEUTICAL COMPANIES IN INDIA WITH MANY NOVEL DRUG INVENTORIES
Active Pharma Ingredients (API) - Global Market Estimated to Reach US$ 21.9 b...Ajjay Kumar Gupta
Active Pharma Ingredients (API) - Global Market Estimated to Reach US$ 21.9 billion by 2023: Investment Opportunity for Startups and Entrepreneurs, Medications, Drugs and Pharmaceuticals, Cephalexin Monohydrate, Ampicilin Trihydrate, Ibuprofen Manufacturing Plant, Detailed Project Report, Profile, Business Plan, Industry Trends, Market Research, Survey, Manufacturing Process, Machinery, Raw Materials, Feasibility Study, Investment Opportunities, Cost and Revenue, Plant Economics, Production Schedule, Working Capital Requirement, Plant Layout, Process Flow Sheet, Cost of Project, Projected Balance Sheets, Profitability Ratios, Break Even Analysis
Production of active pharmaceutical ingredients is a highly sophisticated and technically demanding process. The global active pharmaceutical ingredient market is surging due to the increased demand for pharmaceutical drugs, which in turn is driven by aging population, increasing prevalence of chronic diseases such as cancer, diabetes, cardiovascular, neurological and infectious diseases among others. The global Active Pharmaceutical Ingredient market for was valued at US$ 12.9 bn in 2014 and is estimated to reach US$ 21.9 billion by 2023 at a CAGR of 6.3% from 2015 to 2023.
See more
https://goo.gl/dwgi0H
https://goo.gl/qRJmnp
https://goo.gl/t2QFiI
Contact us:
Niir Project Consultancy Services
106-E, Kamla Nagar, Opp. Spark Mall,
New Delhi-110007, India.
Email: npcs.ei@gmail.com , info@entrepreneurindia.co
Tel: +91-11-23843955, 23845654, 23845886, 8800733955
Mobile: +91-9811043595
Website :
http://www.niir.org
http://www.entrepreneurindia.co
Tags
Active Pharmaceutical Ingredients Manufacturing, Active Pharmaceutical Ingredients, API Manufacture in India, API Manufacturing, Manufacturing of Active Pharmaceutical Ingredients, API Manufacturing Industry, API Manufacturing Plant, Active Pharmaceutical Ingredient Manufacture, Manufacture of Active Pharmaceutical Ingredients, Manufacturing of Active Pharmaceutical Ingredients, Active Pharmaceutical Ingredient Manufacturing Plant, Processing of Active Pharmaceutical Ingredient, Active Pharmaceutical Ingredients Plant, Preparation of Active Pharmaceutical Ingredients (API), Active Pharmaceutical Ingredients Industry, Production of Active Pharmaceutical Ingredients (API), Active Pharmaceutical Ingredients Manufacturing Unit, Plans to Set Up API (Active Pharmaceutical Ingredients) Manufacturing Project, Active Pharmaceutical Ingredient Manufacturing Process, Active Pharmaceutical Ingredients Production, Production Process of API, Active Pharmaceutical Ingredient (API) Production, API Manufacturing Process, Business Planning for Active Pharmaceutical Ingredients Manufacturing, Business Plan for Manufacturing Active Pharmaceutical Ingredient, Start Active Pharmaceutical Ingredient (API) Production Business, Plant for Production of Active Pharmaceutical Ingredient
A special situation refers to particular circumstances involving a security that would compel investors to buy the security based on the special situation, rather than the underlying fundamentals of the security. This type of investment is an attempt to profit from a potential rise in valuation that the special situation presents. There could be a near-term catalyst to quickly gain from the resolution of a special situation, or it could take many months or years.
Special situation investment opportunities can take many forms and involve multiple asset classes. Typical special situations can arise from spinoffs, tender offers, mergers and acquisitions, bankruptcy or distress, litigation, capital structure dislocations, activism, or just complexity that the market does not understand.
Orient Refractories manufactures a wide range of Refractory and Monolithic products for the iron and steel industry and its clients include large domestic integrated steel producers and mini steel plants such as Steel Authority of India, Mukund Steel, Tata Iron and Steel Company, RINL – Vizag, Sunflag Iron, Lloyd Steel, Usha Martin and the Jindal Group.
ORL got listed recently as it entered into a Scheme of Arrangement with Orient Abrasives Limited (OAL) and their respective shareholders for demerger of the refractory business of OAL into Orient Refractories Ltd. The demerger was carried out in Nov’11 and the stock got listed on 9th Mar’12.
Soon thereafter, there was a change in management and shareholding control in the company. In Mar’13, Mr. S G Rajgarhia and other ex-promoters of the company sold their 43.62% stake in the company to Dutch US Holding B.V. at Rs 43/- per share and the latter also acquired another 26% equity shares from public shareholders through open offer. As on date Dutch US Holding B.V. holds 69.62% equity in the company. It is important to note here that Dutch US Holding B.V. is promoted by RHI AG.
Century Plyboards is India’s leading wood-panel Company. It operates mainly in two segments: plywood and laminates. Plywood brings in ~76% of its revenues, laminates about 18%. Container Freight Stations (CFS) account for the remaining.
The company has six plywood manufacturing plants spread across the length and breadth of India and one in Myanmar. It is among the top-three laminate manufacturers with capacity of 4.8m sheets and it also has two container-freight stations at the Kolkata port.
Over the last 30 years the company has emerged as a dominant player in the decorative plywood industry with more than 25% share of the organised market worth 4,500 crores. Against the plyboard industry growth rate of 12% for the last 6 years, Century Plyboard has recorded 18% CAGR led by market share gains from the unorganised segment.
Century Ply has also established itself as one of the leading laminate brands in India (third-largest manufacturer in India after Greenply and Merino) and its laminate revenue recorded a 15% CAGR over FY09-14.
It’s important to note here that of the total plywood industry (15,000 crores +), the share of organized players is still 30%, though it has increased from 10% a decade back. As is being witnessed in other industries, the share of organized players is expected to inch up further from 30% and if GST is implemented then the gain in market share will be much faster. With strong entry barriers (Govt. licensing as a hedge against de-forestations and difficulty in sourcing raw material) the incumbent organized players like Century will be the key beneficiaries of the shift towards branded products.
In order to sustain the growth momentum, the company recently doubled its laminates capacity to 4.8m sheets and increased the plywood capacity to 210,000 CBM. It has also increased its dealer’s base from 1,106 in FY12 to 1,424 in FY14.
As per the management, they are experiencing good demand for their products and expect to sustain 25% + CAGR for the next few years and have in-fact set an ambitious target of 5000 crores revenue by 2020 (1,284 crores in FY 14).
AIA Engineering was incorporated in 1978 as Ahmedabad Induction Alloys Pvt. Ltd. In 1992 AIA Magotteaux Pvt. Ltd was formed as JV between Magotteaux (world’s largest player in high chrome mill internals (HCMI)) and AIA. In 2001 the JV ended and the company got renamed as AIA Engineering Ltd as AIA’s promoters bought the Magotteaux’s stake.
AIA is now the second largest high chrome mill internals producer in the world. It manufactures grinding media, liners and diaphragms which are collectively known as
Mill Internals. These are used in crushing and grinding operations in cement, power utility, and mining industries
Swaraj Engines (SEL) was set up by the Punjab government’s industrial development arm in 1986, in technical and financial collaboration with Kirloskar Oil Engines Ltd (KOEL). It was set up to manufacture diesel engines for sole supply for “Swaraj” brand of tractors
manufactured by Punjab Tractors (PTL). After several rounds of ownership changes, both PTL and Swaraj Engines are now controlled by India’s largest tractors company, Mahindra and Mahindra (M&M).
Swaraj Engines (SEL) manufactures 20-50 horsepower (HP) engines for “Swaraj” tractors division of Mahindra and Mahindra Ltd (M&M). Besides, it also supplies hi-tech engine components to SML Isuzu Ltd for assembly of commercial vehicle engines; however this division’s contribution to the turnover is very low at about 4-5%.
CARE is a Credit Rating, Research and Information Services company promoted in 1993 by major banks/financial institutions (FIs) in India.
CARE’s operations can be divided into two divisions: Credit Rating and Research & Information Services. It offers a wide range of rating and grading services across a diverse range of instruments and industries and also provides general and customized industry research reports on subscription basis; however CARE’s rating business accounts for more than 98% of its revenue and profits.
Despite starting four years after ICRA, CARE is now the second largest credit rating agency in India in terms of revenue.
Atul Auto is one of the leading manufacturers of 3 wheelers from the state of Gujarat. After attaining leadership position in Gujarat and Rajastha, the company is expanding its presence on pan-India basis
Opendatabay - Open Data Marketplace.pptxOpendatabay
Opendatabay.com unlocks the power of data for everyone. Open Data Marketplace fosters a collaborative hub for data enthusiasts to explore, share, and contribute to a vast collection of datasets.
First ever open hub for data enthusiasts to collaborate and innovate. A platform to explore, share, and contribute to a vast collection of datasets. Through robust quality control and innovative technologies like blockchain verification, opendatabay ensures the authenticity and reliability of datasets, empowering users to make data-driven decisions with confidence. Leverage cutting-edge AI technologies to enhance the data exploration, analysis, and discovery experience.
From intelligent search and recommendations to automated data productisation and quotation, Opendatabay AI-driven features streamline the data workflow. Finding the data you need shouldn't be a complex. Opendatabay simplifies the data acquisition process with an intuitive interface and robust search tools. Effortlessly explore, discover, and access the data you need, allowing you to focus on extracting valuable insights. Opendatabay breaks new ground with a dedicated, AI-generated, synthetic datasets.
Leverage these privacy-preserving datasets for training and testing AI models without compromising sensitive information. Opendatabay prioritizes transparency by providing detailed metadata, provenance information, and usage guidelines for each dataset, ensuring users have a comprehensive understanding of the data they're working with. By leveraging a powerful combination of distributed ledger technology and rigorous third-party audits Opendatabay ensures the authenticity and reliability of every dataset. Security is at the core of Opendatabay. Marketplace implements stringent security measures, including encryption, access controls, and regular vulnerability assessments, to safeguard your data and protect your privacy.
Show drafts
volume_up
Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
Data Centers - Striving Within A Narrow Range - Research Report - MCG - May 2...pchutichetpong
M Capital Group (“MCG”) expects to see demand and the changing evolution of supply, facilitated through institutional investment rotation out of offices and into work from home (“WFH”), while the ever-expanding need for data storage as global internet usage expands, with experts predicting 5.3 billion users by 2023. These market factors will be underpinned by technological changes, such as progressing cloud services and edge sites, allowing the industry to see strong expected annual growth of 13% over the next 4 years.
Whilst competitive headwinds remain, represented through the recent second bankruptcy filing of Sungard, which blames “COVID-19 and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation and reduction in demand for certain services”, the industry has seen key adjustments, where MCG believes that engineering cost management and technological innovation will be paramount to success.
MCG reports that the more favorable market conditions expected over the next few years, helped by the winding down of pandemic restrictions and a hybrid working environment will be driving market momentum forward. The continuous injection of capital by alternative investment firms, as well as the growing infrastructural investment from cloud service providers and social media companies, whose revenues are expected to grow over 3.6x larger by value in 2026, will likely help propel center provision and innovation. These factors paint a promising picture for the industry players that offset rising input costs and adapt to new technologies.
According to M Capital Group: “Specifically, the long-term cost-saving opportunities available from the rise of remote managing will likely aid value growth for the industry. Through margin optimization and further availability of capital for reinvestment, strong players will maintain their competitive foothold, while weaker players exit the market to balance supply and demand.”
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
Description:
Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
2. www.katalystwealth.com
Content Index
1. Company Snapshot
2. Aarti Drugs – Basic details
3. Overview of Indian Pharmaceutical industry
4. Indian API industry on high growth trajectory
5. Aarti Drugs – Performance snapshot
6. Valuations
7. Shareholding pattern
8. Dividend Policy
9. Risks & Concerns
4. www.katalystwealth.com
Dear Members,
In Aarti Drugs we get a bulk drugs manufacturer with steady growth across the years,
continuously improving performance on various financial parameters, good dividend
yield of more than 5% and low valuations of 5 times earnings and EV/EBIT of 5.28.
Besides, what instills further confidence in the stock is the fact that promoters of the
company have been continuously increasing their stake with regular purchases from open
market. Two years back promoters had 54.83% stake in the company and the same now
stands increased to 59.65%.
Aarti Drugs Ltd – Basic details
Aarti Drugs Limited (ADL), incorporated in 1984 is part of Rs 3,000 crore Aarti Group of
Industries and is engaged in manufacturing and sale of Active pharmaceutical ingredients
(APIs), advanced intermediates and specialty chemicals. ADL manufactures drugs in
therapeutic segments such as anti-arthritis, anti-fungal, antibiotics, anti-diabetic, sedatives,
anti-depressant, anti-diarrhea and anti-inflammatory.
Certified and cGMP compliant plants – With nearly three decades of manufacturing
experience and strength of nine manufacturing locations, ADL has today transformed into
multi-tonne, multi-location GMP complaint with the state of the art facilities. The
company’s 9 manufacturing units are spread across Tarapur, Maharashtra and Sarigam,
Gujarat. ADL’s facilities are cGMP approved with certifications like USFDA, WHO GMP,
EUGMP, TGA and ISO and are currently capable of making over 50 bulk actives, several
key intermediates/specialty chemicals.
ADL has two R&D centers; one is located at MIDC Industrial area, Tarapur and the other
at Turbhe, Navi Mumbai. The company’s R&D programmes are focused on improvement
of existing production processes by enhancing yields and reducing costs by optimization
of reaction parameters, reaction re-engineering and implementing cost effective routes of
synthesis.
5. www.katalystwealth.com
Further, ADL is also working on new APIs which are blockbuster molecules in their
respective therapeutic segments and are expected to go off-patent within next 5 years.
Low cost producer of APIs – In general, the cost of manufacturing is lower in China than
in India; however ADL has been able to keep its costs to minimum possible and
aggressively compete with Chinese competitors. Moreover, global players prefer Indian
manufacturers to Chinese due to documentation and quality issues. Furthermore, ADL
has customer audited and FDA approved facilities which give it an edge over competition
throughout the world.
ADL enjoys good brand name in the space of Antibiotic, Anti-diabetic, Anti-fungal, Anti-
diarrheal, Anti-inflammatory and Antihypertensive therapeutic segments due to its large
scale production capacities and thereby competitive prices for its customers.
As per the management, the company has already planned capital expenditure for
constructing new facilities, few of which will start giving production output in the coming
year and will cater to ever increasing Anti-diabetic segment.
Focus on regulated and semi-regulated markets – Exports amount to nearly 35-40% of
ADL’s sales and the company is constantly growing its presence in regulated markets by
offering series of products from its USFDA, TGA certified, as well as Japanese accredited
plants. With the focus being to access potential US generics business, ADL has already
commissioned and made operational its new multipurpose manufacturing facility strictly
designed and built in accordance with USFDA requirements.
ADL has fourteen USDMFs assigned and eight European COS approvals, which have
opened up opportunities in North American & European markets and the Company will
be filling around 20 DMF's (Drug Master File) with global regulatory authorities within
the next 2 years. This is expected to increase its presence in the profitable US market for
supply of API's to its generic customers/partners.
Besides the regulated markets of US and Europe, the company is also working on growing
its market share in semi-regulated markets of South East Asia and Latin America.
Recently, ADL also got cGMP certification from ANVISA of Brazilian authorities and
6. www.katalystwealth.com
COFEPRIS of Mexican authorities to cater to Latin American market in two of its major
products.
Within domestic market, ADL has a diversified client mix including customers like Cipla,
Dr Reddy’s Laboratories, Cadilla Healthcare, Ranbaxy Laboratories, Alembic, Unichem
Laboratories, Unimark Remedies, Glaxo Smithkline, Deepak Fertilizers & Petrochemicals
etc.
Growth plans – As per the management, the company’s R&D programs are currently
focused on new products amongst therapeutic categories such as Antipsychotic,
Antitussive, Antifungal, Antihypertensive, Anticonvulsant, Alcoholism treatment and
Anti-inflammatory. These products would be launched in a time-horizon of 2-4 years
depending upon patents. Company will continue to do R&D on APIs that are off patents
and will work on non-infringing synthesis routes.
The company recently expanded the capacities of its existing products in Anti-Biotic, Anti-
Diabetic, Anti-Fungal, and Anti-Diarrhea segments. This has given an impetus to sales
volumes and it is now planning to expand the capacity of its Cardio-protectant, anti-biotic,
anti-diabetic and lifestyle related drugs.
Overview of Indian Pharmaceutical industry
The Indian pharmaceutical industry ranks among the top five countries by volume
(production) and accounts for about 10% of global production. The market is primarily
driven by exports to regulated as well as semi-regulated markets. Currently, India exports
drugs to more than 200 countries and vaccines and biopharmaceutical products to about
151 countries. Rising use of generics, low cost of skilled manpower and innovation are
some of the main factors supporting exports growth while domestic market growth has
been driven by increased access to healthcare, improved infrastructure and greater
penetration of pharmaceutical companies into tier 1 cities and rural areas.
7. The products manufactured by the Indian pharmaceutical industry can be broadly
classified into bulk drugs (active pharmaceutical
Bulk drug is an active constituent with medicinal properties, which acts as basic raw
material for formulations. Formulations are specific dosage forms of a bulk drug or a
combination of bulk drugs.
Factors influencing growth of the industry
14th in the world by value of pharmaceutical products
manufacturing base and low-
pharma products and the industry continues to be on a growth trajectory
major factors that would drive growth in the industry are as follows:
The products manufactured by the Indian pharmaceutical industry can be broadly
bulk drugs (active pharmaceutical ingredients - API) and
Bulk drug is an active constituent with medicinal properties, which acts as basic raw
material for formulations. Formulations are specific dosage forms of a bulk drug or a
growth of the industry – The Indian pharmaceutical industry ranks
14th in the world by value of pharmaceutical products. With a well-established domestic
-cost skilled manpower, India is emerging as a global hub for
ts and the industry continues to be on a growth trajectory
major factors that would drive growth in the industry are as follows:
www.katalystwealth.com
The products manufactured by the Indian pharmaceutical industry can be broadly
and formulations.
Bulk drug is an active constituent with medicinal properties, which acts as basic raw
material for formulations. Formulations are specific dosage forms of a bulk drug or a
Indian pharmaceutical industry ranks
established domestic
cost skilled manpower, India is emerging as a global hub for
ts and the industry continues to be on a growth trajectory. Some of the
8. www.katalystwealth.com
Increase in domestic demand: More than half of India‘s population does not have access
to advanced medical services, as they usually depend on traditional medicine practices.
However, with increase in awareness levels, rising per capita income, change in lifestyle
due to urbanization and increase in literacy levels, demand for advanced medical
treatment is expected to rise. Moreover, growth in the middle class population would
further influence demand for pharmaceutical products.
Rise in outsourcing activities: Increase in the outsourcing business to India would also
drive growth of the Indian pharmaceutical industry. Some of the factors that are likely to
influence clinical data management and bio-statistics markets in India in the near future
include: 1) cost efficient research vis-à-vis other countries 2) highly-skilled labour base 3)
cheaper cost of skilled labour 4) presence in end-to-end solutions across the drug-
development spectrum and 5) robust growth in the IT industry.
Growth in healthcare financing products: Development in the Indian financial industry
has eased healthcare financing with introduction of products such as health insurance
policy, life insurance policy and cashless claims. This has resulted in increase in healthcare
spending, which in turn, has benefitted the pharmaceutical industry.
Demand in the generics market: Over the next few years prescription drugs worth about
USD 100 billion are expected to go off patent, mostly from the US. Prior experience of
Indian pharmaceutical companies in generic drugs would provide an edge to them.
Demand from emerging segments: Some of the emerging segments such as contract
research and development, bio-pharma, clinical trials, bio-generics, medical tourism and
pharma packaging are also expected to drive growth of the Indian pharmaceutical
industry.
Foreign trade in pharmaceutical products – As mentioned above, the Indian
pharmaceutical industry’s growth has been fuelled by exports. Its products are exported
to a large number of countries with a sizeable share in the advanced regulated markets of
the US and Western Europe. India currently exports drug intermediates, active
pharmaceutical ingredients, finished dosage formulations, bio-pharmaceuticals and
9. www.katalystwealth.com
clinical services to various parts of the world. The top five export destinations of Indian
pharmaceutical products are USA, Germany, Russia, UK and China.
India is the largest provider of generic medicines across the globe; India’s generic drugs
account for 20 per cent of global generic drug exports (in terms of volumes). In terms of
value, pharmaceutical products exports have increased at a CAGR of 26.1 per cent to USD
10.1 billion during FY06–13. During the same period, pharmaceutical products imports
rose at a CAGR of 25.4 per cent to USD 1.8 billion.
Indian API industry on high growth trajectory
Active pharmaceutical ingredients or APIs can be defined as the chemicals used to
manufacture pharmaceutical drugs. The active ingredient (AI) is the substance or
substances that are biologically active within the drug and is the specific component
responsible for the desired effect it has on the individual taking it.
Any drug or medication is composed of two components. The first is the API – which is
the central ingredient. The second is known as the excipient, which is the inactive
substance that serves as the vehicle for the API itself. If the drug is in a syrup form, then
the excipient is the liquid that has been used to make it as such.
10. www.katalystwealth.com
As per various research reports, Indian active pharmaceutical ingredient (API) industry is
now in an enviable position, striking while the iron is hot and is all set to corner $ 60
billion windfalls coming from the patent expiry of drugs. The companies are looking to
garner substantial gains from the regulated markets of the US and EU which are facing
increasing pricing pressures due to presence of low cost providers in developing markets,
spare capacity for large pharma companies and backward integration by certain generic
companies.
Patent expiry to drive growth – API manufacturers in India are likely to benefit as market
dynamics have undergone a major change. The patent expiry provides a significant
opportunity for supply of APIs to manufacturers of generic drugs. There are also
increased opportunities in outsourcing of bulk drugs by multinational pharmaceutical
companies.
The API sector in India stands to gain from the research-based processes, low cost
operations and availability of skilled manpower. The global economic slowdown has
increased the growth possibilities particularly for API from the emerging economies such
as India and China. The slowdown has restricted the growth of innovative sector in
developed economies such as the US and Europe, which has helped to fuel the growth in
India and China.
The role of Indian API manufacturers in the global pharmaceutical supply chain is
gradually evolving with increasing presence in synthesis and manufacture of late stage
intermediates and APIs. Traditionally, innovators have frequently opted to perform final
stages of API synthesis in-house or partner with specialized European suppliers while
outsourcing early stage intermediates to Indian manufacturers. However, in recent times,
the reputed track record of Indian companies in supplying quality products coupled with
complex synthesis capabilities has enabled increasing participation in supply of late stage
intermediates to innovator companies.
API Outsourcing – According to Deloitte report on Life Sciences Outlook ‘Optimism
tempered by reality in a new normal’, the companies are altering their business models as
they increasingly source APIs from low-cost locations globally.
11. www.katalystwealth.com
Today, the greatest concentrations of API manufacturers are located around Asia,
specifically in India and China. This has led to more and more companies to outsource
API manufacturing to such places, which has the main benefit of eliminating the need to
invest in highly expensive equipment and infrastructure – which on top of everything can
also be complicated to install and maintain. A good example can be found with
AstraZeneca, which manufactures 85% of its APIs but is currently in the process of
withdrawing from all API production in favor of outsourcing.
According to Boehringer Ingelheim, countries such as India and China which now supply
over 40% of APIs used in the US will double that figure to a whopping 80% in the next 10
years.
Cost efficiency and competency shall help India gain a large share of outsourcing –
India’s cost of production is nearly 60 per cent lower than that of the US and almost half of
that of Europe. Labour costs are 50–55 per cent cheaper than in Western countries and the
cost of setting up a production plant in India is 40 per cent lower than in Western
countries.
As far as competency is concerned, India has the largest number of USFDA-approved
manufacturing plants outside the US, more than 2,600 FDA-approved drug products, 546
USFDA-approved company sites and 857 companies holding market authorizations with
UKMHRA.
12. www.katalystwealth.com
API Industry raring to scale higher peaks – The API industry is now gearing up to scale
higher peaks of growth. There are efforts to develop novel APIs and in order to reach out
to newer horizons, Indian API industry is also opting for environmentally-friendly
production processes. There are several efforts to go green, reduce carbon footprint and
reduce electricity consumption and water. The companies have also measures in place to
decrease hazardous waste they produce. Research is on for improving the processes, bring
down waste from API synthesis by going in for fewer chemical reactions, disposing off
solvents and look for efficient means to improve to save and protect the environment.
There is also increased focus on the development of High Potency Active Pharmaceutical
Ingredient (HPAPI). In order to keep abreast with the changes, API manufacturers are
using various novel technologies to reduce the processing time as well as to yield more
production. The HPAPI compounds are highly effective due to the targeted therapy. The
market of North America is the largest and accounts for major share followed by Europe.
At the same time Asia is growing at a higher CAGR compared to North America &
Europe.
--------------------------------------------Left blank intentionally--------------------------------------
13. www.katalystwealth.com
Aarti Drugs – Performance Snapshot
Aarti Drugs has a decent operating performance track record for the past 6 years and for
the period before that. During the last few years there’s been a steady improvement in the
performance of the company on various financial parameters and if the company is able to
maintain the same, it will be good for the re-rating of the stock from current levels of 5
times earnings.
14. www.katalystwealth.com
There are some important points about the performance of Aarti Drugs and those are as
below:
The sales of the company have been growing at a steady pace of 20% on annualized
basis. For FY 14, the company is likely to close the year with 15% growth in sales at
~950 crores. There was 1 month loss of production at 3 units of the company in Oct-
Nov’13 due to notices by pollution control authority. The production has resumed
again at all the units.
In FY 11 and FY 12, the company spent heavily on capacity expansion and
expanded its gross and net block by 50% between Mar’10 and Mar’12. While it is
enjoying the fruits of capacity expansion now, during the two years its performance
got impacted from all corners. First, it could not utilize its assets properly and
suffered loss of production as the expansion was carried out in existing facilities.
Second, while the assets could not be utilized properly, operating expenses and
depreciation charges had already started increasing and lastly the company had
also taken debt to fund the expansion which resulted in higher interest outgo.
Despite dealing in bulk drugs where the competitive intensity is very high and
pricing power low, the gross margins of the company have been very steady in the
range of 31.3%-32.7%
The company has been steadily improving its performance on various parameters,
be it asset utilization, margin expansion, working capital intensity, debt equity
ratio, etc. The company is now generating more sales per unit of capital involved
(check Sales/total capital), operating margins have improved from 12% to around
15%, debt-equity ratio has improved from 2 to around 1.5 and the returns on capital
employed and the returns on equity have also improved to around 20%.
As will be seen in the “Shareholding pattern” section, what further complements
the improvement in performance of the company is the fact that promoters of the
company have been very actively increasing their stake through open market
purchases.
15. www.katalystwealth.com
Valuations
At around current price of 220-225 the stock is available at 5 times earnings and EV/EBIT
of 5.28 (here we are taking in EV/EBIT to factor in the effect of debt and interest
component). The stock offers good dividend yield of more than 5% and recently
promoters of the company also made purchases around current price of 210-220.
In the past the stock has traded at 7-8 times earnings, though for a short duration. We
believe, unless the company again embarks on a very high CAPEX path and there’s major
deterioration in debt equity ratio of the company from 1.5, the risk of de-rating in
valuations from current levels is very low.
At the same time, considering the continuous improvement in the quality of operations,
steady purchases by the promoters and the long term prospects of the API industry, we
believe there’s scope for re-rating of the stock to 8-10 times trailing earnings.
Shareholding pattern
Dec’13 Sep’13 Jun’13 May’13 Dec’12
Promoter and
Promoter Group
59.52% 58.51% 58.34% 57.43% 57.15%
India 59.52% 58.51% 58.34% 57.43% 57.15%
Foreign
Public 40.48% 41.49% 41.66% 42.57% 42.85%
Institutions -- 0.59% 0.63% 0.63% 0.63%
FII -- 0.59% 0.63% 0.63% 0.63%
DII -- -- -- -- --
Non-Institutions 40.48% 40.90% 41.03% 41.94% 42.22%
Bodies Corporate 1.47% 1.52% 1.37% 2.05% 2.57%
Custodians
Total 1,21,08,550 1,21,08,550 1,21,08,550 1,21,08,550 1,21,08,550
From a passive investor’s perspective it’s important for the ones running the company to
have high ownership as it aligns their interest in line with those of minority shareholders
16. www.katalystwealth.com
and in the case of Aarti Drugs the promoters own 59.65% equity stake (increased from
59.52% at the end of Dec’13) in the company.
As can be observed from the above illustration, despite already having high stake in the
company, promoters have been continuously making open market purchases.
We believe promoters increasing stake in their own company is almost always a positive.
As they are involved in day-to-day operations of the company, they are unlikely to make
purchases unless they are optimistic about the prospects of the company.
Dividend Policy
Dividend Payout ratio
Mar’08 Mar’09 Mar’10 Mar’11 Mar’12 Mar’13
Dividend
Payout ratio
16.12% 23.34% 22.65% 26.92% 28.02% 26.75%
The company has consistently been paying out ~25% of its profits in the form of dividends
and has an uninterrupted history of dividends since 2003.
Considering the outstanding debt on the books of the company, we believe that dividend
payout policy of the company is slightly liberal and dividend payout should be lower at
~10%.
For FY 14 the company has already paid dividend of Rs 7.5/- per share and we expect the
company to pay a final dividend of Rs 4.5/- per share. The dividend yield at around
current price is 5.45%
17. www.katalystwealth.com
Risks & Concerns
Though company has reduced debt equity ratio to around 1.5, absolute debt is still
high at around 340 crores. Increase in debt equity ratio from 1.5 can result in de-
rating of the stock.
In Sep’13 the company received a warning letter from USFDA for its manufacturing
site at Tarapur. The company has already submitted an initial response to USFDA in
this regard and has hired a US based FDA consultant to further enhance the quality
systems to avoid such things in future.
In the past the company has suffered loss of production due to environmental issues
and notices by Pollution control authority for shutting operations at some of its units.
18. www.katalystwealth.com
Disclaimer: Nothing published herein or on www.katalystwealth.com should be considered as personalized
investment advice. Although our employees may answer your general customer service questions, they are not
licensed under laws to address your particular investment situation. No communication by our employees to you
should be deemed as personalized investment advice.
It should be noted that the information contained herein is from publicly available data or other sources believed to
be reliable. Neither Katalyst Wealth, nor any person connected with it accepts any liability arising from the use of this
document. This document is prepared for assistance only and is not intended to be and must not be taken as the basis
for any investment decision. The investment discussed or views expressed may not be suitable for all investors. The
user assumes the entire risk of any use made of this information. The recipients of Katalyst Wealth material should
rely on their own investigations and take their own professional advice. Each recipient of Katalyst Wealth should make
such investigations as it deems necessary to arrive at an independent evaluation of an investment referred to in this
document (including the merits and risks involved), and should consult its own advisers to determine the merits and
risks of such an investment. Price and value of the investments referred to in this material may go up or down.