Cairn India reported a 12.5% rise in net profit for the third quarter driven by higher crude oil realizations and forex gains. Production is expected to increase with the ramp-up of new fields. While the stock has outperformed recently, the company is forecast to benefit from its low-cost assets as oil prices remain favorable. Analysts maintain a buy rating and price target of Rs. 415 based on Cairn's ability to increase production and realize higher prices in the current macroeconomic environment.
Marathon Oil Corporation reported financial results for the first quarter of 2007, with net income of $717 million compared to $784 million in the same period of 2006. Earnings per share were $2.07 compared to $2.13 the prior year. Segment income totaled $749 million, down from $792 million in 2006. Exploration and production income decreased to $385 million due to lower natural gas prices and volumes. Refining and marketing income increased to $345 million on higher gasoline margins. Construction continued on major projects and the company increased its dividend.
ARC Resources - December 2012 Investor PresentationARC Resources
ARC Resources presented their investor presentation for December 2012. The presentation highlights ARC's focus on oil and liquids-rich gas plays, with their 2013 capital budget allocating 91% to drilling and infrastructure for these plays. ARC forecasts production growth in 2013 while maintaining their $0.10 per month dividend. Their strategic focus is on operational excellence in their key resource plays to create long-term value for investors.
JK Tyre reported net sales growth of 23% year-over-year for the quarter, but profit was below expectations due to a substantial increase in raw material costs. Raw material prices increased significantly both quarter-over-quarter and year-over-year, squeezing operating margins. The company has plans to expand capacity across segments to capitalize on demand growth and offset rising input costs, with most new capacity coming online in 2011-2012.
Hexion Chemicals held a conference on March 25, 2008 to discuss its financial results and outlook. The presentation contained forward-looking statements and non-GAAP financial measures with reconciliations provided. Hexion achieved strong revenue and earnings growth in 2007 driven by diversification across segments, geographies, and end markets. Management expects volatility in raw material costs to continue into 2008 and remains focused on productivity initiatives, synergies, and strategic acquisitions to fuel further growth.
The document summarizes CSX's third quarter 2006 earnings presentation. It reports that CSX had record third quarter revenues of $2.4 billion, up 14% from the previous year. Surface transportation operating income increased 31% to $489 million. Comparable earnings per share increased 50% to $0.54, excluding insurance recoveries and tax benefits. CSX also initiated a $500 million share buyback program and expects to deliver over $300 million in free cash flow for 2006. Overall, CSX's core strategies are sustaining solid momentum and financial performance.
ARC Resources - February 2013 Investor PresentationARC Resources
ARC Resources provides an investor presentation detailing its oil and gas reserves, production growth, and financial performance. Some key points include:
- ARC's proved plus probable reserves totaled 607 million barrels of oil equivalent as of December 31, 2012.
- Between 2012 and 1997, ARC grew its proved plus probable reserves at a compound annual growth rate of 18%.
- ARC replaced over 200% of its 2012 production at a finding and development cost of $9.34 per barrel of oil equivalent.
ARC Resources - January 2013 Investor PresentationARC Resources
This document is an investor presentation from ARC Resources that contains forward-looking statements regarding ARC's projections, expectations, and beliefs relating to future production, reserves, exploration and development plans. It notes key metrics like current production of 92,800 boed, reserves of 572 mmboe, and an annualized dividend yield of 18%. It also outlines ARC's focus on oil and liquids-rich gas development in its core areas and production growth from areas like the Montney formation, while maintaining capital discipline and delivering returns to investors.
TRW Automotive Holdings Corp. reported second quarter 2006 financial results with sales of $3.5 billion, a 3% increase over the prior year. Net earnings were $91 million or $0.88 per share, compared to adjusted prior year earnings of $75 million or $0.73 per share. For the first half of 2006, sales increased 4.1% to $6.9 billion and net earnings were $138 million or $1.34 per share, compared to adjusted prior year earnings of $125 million or $1.23 per share. The company revised its full year 2006 guidance upward.
Marathon Oil Corporation reported financial results for the first quarter of 2007, with net income of $717 million compared to $784 million in the same period of 2006. Earnings per share were $2.07 compared to $2.13 the prior year. Segment income totaled $749 million, down from $792 million in 2006. Exploration and production income decreased to $385 million due to lower natural gas prices and volumes. Refining and marketing income increased to $345 million on higher gasoline margins. Construction continued on major projects and the company increased its dividend.
ARC Resources - December 2012 Investor PresentationARC Resources
ARC Resources presented their investor presentation for December 2012. The presentation highlights ARC's focus on oil and liquids-rich gas plays, with their 2013 capital budget allocating 91% to drilling and infrastructure for these plays. ARC forecasts production growth in 2013 while maintaining their $0.10 per month dividend. Their strategic focus is on operational excellence in their key resource plays to create long-term value for investors.
JK Tyre reported net sales growth of 23% year-over-year for the quarter, but profit was below expectations due to a substantial increase in raw material costs. Raw material prices increased significantly both quarter-over-quarter and year-over-year, squeezing operating margins. The company has plans to expand capacity across segments to capitalize on demand growth and offset rising input costs, with most new capacity coming online in 2011-2012.
Hexion Chemicals held a conference on March 25, 2008 to discuss its financial results and outlook. The presentation contained forward-looking statements and non-GAAP financial measures with reconciliations provided. Hexion achieved strong revenue and earnings growth in 2007 driven by diversification across segments, geographies, and end markets. Management expects volatility in raw material costs to continue into 2008 and remains focused on productivity initiatives, synergies, and strategic acquisitions to fuel further growth.
The document summarizes CSX's third quarter 2006 earnings presentation. It reports that CSX had record third quarter revenues of $2.4 billion, up 14% from the previous year. Surface transportation operating income increased 31% to $489 million. Comparable earnings per share increased 50% to $0.54, excluding insurance recoveries and tax benefits. CSX also initiated a $500 million share buyback program and expects to deliver over $300 million in free cash flow for 2006. Overall, CSX's core strategies are sustaining solid momentum and financial performance.
ARC Resources - February 2013 Investor PresentationARC Resources
ARC Resources provides an investor presentation detailing its oil and gas reserves, production growth, and financial performance. Some key points include:
- ARC's proved plus probable reserves totaled 607 million barrels of oil equivalent as of December 31, 2012.
- Between 2012 and 1997, ARC grew its proved plus probable reserves at a compound annual growth rate of 18%.
- ARC replaced over 200% of its 2012 production at a finding and development cost of $9.34 per barrel of oil equivalent.
ARC Resources - January 2013 Investor PresentationARC Resources
This document is an investor presentation from ARC Resources that contains forward-looking statements regarding ARC's projections, expectations, and beliefs relating to future production, reserves, exploration and development plans. It notes key metrics like current production of 92,800 boed, reserves of 572 mmboe, and an annualized dividend yield of 18%. It also outlines ARC's focus on oil and liquids-rich gas development in its core areas and production growth from areas like the Montney formation, while maintaining capital discipline and delivering returns to investors.
TRW Automotive Holdings Corp. reported second quarter 2006 financial results with sales of $3.5 billion, a 3% increase over the prior year. Net earnings were $91 million or $0.88 per share, compared to adjusted prior year earnings of $75 million or $0.73 per share. For the first half of 2006, sales increased 4.1% to $6.9 billion and net earnings were $138 million or $1.34 per share, compared to adjusted prior year earnings of $125 million or $1.23 per share. The company revised its full year 2006 guidance upward.
Raytheon reported strong financial results for the fourth quarter and full year of 2007. Quarterly sales increased 8% to $6 billion and income from continuing operations was up 84% to $634 million. For the full year, sales rose 8% to $21.3 billion while income from continuing operations grew 43% to $1.7 billion. Raytheon also increased its bookings guidance for 2008 based on record backlog of $36.6 billion in the fourth quarter.
GAIL reported strong financial results for the 1st quarter of FY2011. Revenues grew 17.8% year-over-year to Rs. 7,096 crore, exceeding estimates, driven by growth in the natural gas transmission, trading and LPG segments. Operating profit margin expanded 252 basis points to 20.2% due to higher volumes, tariffs and margins across segments, with the exception of petrochemicals. Net profit increased 35.2% to Rs. 887 crore, in line with estimates, as a result of the revenue and margin growth. The company maintained its strong performance across key business segments.
L&T reported strong quarterly results that beat market expectations, with revenue growth of 32% and net profit growth of 94% over the previous quarter. However, annual order inflows declined 12% for the first time since 2008, missing guidance. While international markets like the Middle East offer growth opportunities, high inflation and a slowing domestic economy may pressure margins going forward. The analyst maintains a neutral outlook on L&T until further developments emerge.
Raytheon reported strong financial results for the first quarter of 2006. Key highlights included earnings per share increasing 49% to $0.64, record backlog of $34.7 billion, and increased full-year guidance for EPS and operating cash flow. Segment results were positive across all business units. For the full year, Raytheon increased EPS guidance to $2.55-$2.65 and operating cash flow guidance to $1.9-$2.1 billion.
ONGC reported higher than expected results for the fourth quarter of fiscal year 2010 driven by increased net realizations and other operating income. Earnings before interest, taxes, depreciation, and amortization were above estimates due to higher other income. Depreciation costs were also higher than expected. The company maintained an accumulate rating and target price of Rs1,233 based on the positive impact of increased gas prices and potential for further reforms in the oil and gas sector.
Container Corporation of India (Concor) reported modest 1.6% year-over-year decline in revenue for 2QFY2011 due to shutdown at JNPT port and prolonged monsoon dragging down performance. EBITDA margins of 27.7% were higher than expected due to moderate decline in exim segment. The company maintained its 12% annual volume growth guidance for the exim segment for FY2011, which will be challenging given 1HFY2011 growth. A proposed hike in haulage charges by Indian Railways effective October 1st was postponed by one month which could impact profitability in 2HFY2011 if most of the increase is passed on to customers.
Cadila Healthcare reported strong results for the second quarter of fiscal year 2011. Net sales increased 21.2% year-over-year to 1,106 crore, ahead of analyst estimates, driven by growth in the domestic formulation, US, and Brazil businesses. Operating profit margin expanded to 21.2% compared to 18.9% in the prior year quarter, due to a favorable product mix and lower selling, general, and administrative expenses. Net profit grew 29.5% to 171 crore. For fiscal year 2011, the company reiterated its guidance of 27-28% revenue growth to 4,300-4,600 crore and a 100 basis point improvement in operating profit margin.
1) ONGC reported lower than expected results for the first quarter of fiscal year 2011 due to lower crude oil and natural gas production as well as a decline in net realizations.
2) Total operating income declined 8.7% year-over-year to Rs. 13,823 crore, while net profit declined 24.5% to Rs. 3,661 crore.
3) While performance is expected to improve going forward due to fuel price reforms, the analyst maintains an "Accumulate" rating on ONGC shares due to limited downside risk and potential for further reforms in the oil sector.
Thermax reported strong results for the 1st quarter of fiscal year 2011, with revenues increasing 45% year-over-year to Rs. 790 crore, in line with estimates. Profit grew 42% to Rs. 66.1 crore. The order backlog stood at a healthy Rs. 6,984 crore, providing strong revenue visibility. While input costs rose faster than sales, compressing margins, the company has good growth prospects in power generation and its recent forays into utility boilers and new technologies. The analyst maintains a Neutral rating on Thermax shares based on the strong order backlog and growth opportunities, but also on valuation of around 26 times estimated earnings for fiscal year 2011.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
This document summarizes Brasil EcoDiesel's 1Q09 earnings presentation. Key highlights include:
- Sales volumes of 18,400 cubic meters of biodiesel, lower than expected due to working capital restrictions.
- Net revenue of R$42.6 million and gross income of R$3.6 million, with an 8.5% margin.
- General and administrative expenses declined 13% year-over-year. However, high financial expenses and lower sales volumes led to a net loss of R$27.4 million.
Bharat Forge (BFL) reported a 92.8% year-over-year growth in standalone net sales for the fourth quarter of fiscal year 2010, exceeding expectations. Operating margins improved substantially to 22.8% due to lower raw material costs and operating leverage. BFL recorded a net profit of Rs. 61.3 crore for the quarter, above estimates. At the consolidated level, BFL reported a 46.7% year-over-year increase in revenues for the fourth quarter and completed the process of restructuring its global subsidiaries.
The document provides a summary of AES Corporation's 2006 financial review and 2007 outlook. In 2006, AES achieved record levels of revenue, gross margin, and net cash from operating activities. They also continued growth through completing construction of three power plants totaling 1,446 MW of capacity and acquiring 73 MW of wind generation. For 2007, AES expects continued growth through six new power projects totaling 1,915 MW of capacity under construction.
The document provides an analysis of Dabur India Ltd by an investment advisor, recommending it as a buy. Some key points:
- Dabur India Ltd is India's largest FMCG and ayurvedic products company with leading brands like Dabur Amla and Vatika.
- It has restructured its pharmaceutical business to separate it from its core FMCG business to provide greater focus to each.
- The company has a presence in 25 countries and is looking to expand further in markets like the Middle East.
- For Q4 2004, Dabur reported a net profit of Rs. 431.4 million with an EPS of Rs. 1.51.
- The advisor
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
The annual report summarizes Advance Auto Parts' strong financial results for 2004. Some key points:
- 2004 was another record year, with sales reaching $3.77 billion and comparable operating income growing 38.8% to $328.8 million.
- The company executed well on customer-focused initiatives and took advantage of the strong automotive industry.
- Advance Auto Parts operates over 2,650 stores across 39 states and territories, with over 37,000 employees.
- Leadership is committed to continued growth and improving operating margins through initiatives like new store openings and supply chain efficiencies.
CBS reported strong financial results for Q4 2006 and full year 2006. Q4 operating income increased 14% and net earnings from continuing operations increased 44% compared to the prior year. For the full year, operating income increased 5% and net earnings from continuing operations increased 16%. Television, Outdoor, and Publishing saw increased revenues and profits, while Radio declined. CBS expects continued growth in the long term through expanding its existing businesses and capitalizing on digital opportunities.
Este documento enfatiza la importancia de cerrar capítulos en la vida y seguir adelante. Aconseja dejar ir momentos del pasado como trabajos terminados, relaciones concluidas o amistades acabadas en lugar de aferrarse a ellos con resentimiento o preguntándose por qué sucedieron. Recomienda soltar el pasado, pasar la página y vivir el presente en lugar de esperar que personas u oportunidades del pasado regresen.
1. Global volumes of Jaguar Land Rover (JLR) continued to grow significantly in March 2012 and are expected to grow 26% in fiscal year 2013 to around 398,000 units due to strong demand for recently launched models.
2. JLR has increased production capacity at some plants to 410,000 units by adding a third shift and has a strong pipeline of new product launches over the next 5 years.
3. The analyst values Tata Motors using a sum-of-the-parts valuation approach and sets a revised target price of Rs. 338 per share based on expected growth in JLR volumes and new product launches.
Este documento apresenta uma palestra sobre Hadoop para programadores Java. A palestra inclui uma introdução à plataforma Hadoop, as APIs core do Hadoop, como montar um ambiente Hadoop localmente e um estudo de caso sobre processamento de dados com Hadoop. A palestra também discute limitações da plataforma Hadoop e abstrações para lidar com essas limitações.
Raytheon reported strong financial results for the fourth quarter and full year of 2007. Quarterly sales increased 8% to $6 billion and income from continuing operations was up 84% to $634 million. For the full year, sales rose 8% to $21.3 billion while income from continuing operations grew 43% to $1.7 billion. Raytheon also increased its bookings guidance for 2008 based on record backlog of $36.6 billion in the fourth quarter.
GAIL reported strong financial results for the 1st quarter of FY2011. Revenues grew 17.8% year-over-year to Rs. 7,096 crore, exceeding estimates, driven by growth in the natural gas transmission, trading and LPG segments. Operating profit margin expanded 252 basis points to 20.2% due to higher volumes, tariffs and margins across segments, with the exception of petrochemicals. Net profit increased 35.2% to Rs. 887 crore, in line with estimates, as a result of the revenue and margin growth. The company maintained its strong performance across key business segments.
L&T reported strong quarterly results that beat market expectations, with revenue growth of 32% and net profit growth of 94% over the previous quarter. However, annual order inflows declined 12% for the first time since 2008, missing guidance. While international markets like the Middle East offer growth opportunities, high inflation and a slowing domestic economy may pressure margins going forward. The analyst maintains a neutral outlook on L&T until further developments emerge.
Raytheon reported strong financial results for the first quarter of 2006. Key highlights included earnings per share increasing 49% to $0.64, record backlog of $34.7 billion, and increased full-year guidance for EPS and operating cash flow. Segment results were positive across all business units. For the full year, Raytheon increased EPS guidance to $2.55-$2.65 and operating cash flow guidance to $1.9-$2.1 billion.
ONGC reported higher than expected results for the fourth quarter of fiscal year 2010 driven by increased net realizations and other operating income. Earnings before interest, taxes, depreciation, and amortization were above estimates due to higher other income. Depreciation costs were also higher than expected. The company maintained an accumulate rating and target price of Rs1,233 based on the positive impact of increased gas prices and potential for further reforms in the oil and gas sector.
Container Corporation of India (Concor) reported modest 1.6% year-over-year decline in revenue for 2QFY2011 due to shutdown at JNPT port and prolonged monsoon dragging down performance. EBITDA margins of 27.7% were higher than expected due to moderate decline in exim segment. The company maintained its 12% annual volume growth guidance for the exim segment for FY2011, which will be challenging given 1HFY2011 growth. A proposed hike in haulage charges by Indian Railways effective October 1st was postponed by one month which could impact profitability in 2HFY2011 if most of the increase is passed on to customers.
Cadila Healthcare reported strong results for the second quarter of fiscal year 2011. Net sales increased 21.2% year-over-year to 1,106 crore, ahead of analyst estimates, driven by growth in the domestic formulation, US, and Brazil businesses. Operating profit margin expanded to 21.2% compared to 18.9% in the prior year quarter, due to a favorable product mix and lower selling, general, and administrative expenses. Net profit grew 29.5% to 171 crore. For fiscal year 2011, the company reiterated its guidance of 27-28% revenue growth to 4,300-4,600 crore and a 100 basis point improvement in operating profit margin.
1) ONGC reported lower than expected results for the first quarter of fiscal year 2011 due to lower crude oil and natural gas production as well as a decline in net realizations.
2) Total operating income declined 8.7% year-over-year to Rs. 13,823 crore, while net profit declined 24.5% to Rs. 3,661 crore.
3) While performance is expected to improve going forward due to fuel price reforms, the analyst maintains an "Accumulate" rating on ONGC shares due to limited downside risk and potential for further reforms in the oil sector.
Thermax reported strong results for the 1st quarter of fiscal year 2011, with revenues increasing 45% year-over-year to Rs. 790 crore, in line with estimates. Profit grew 42% to Rs. 66.1 crore. The order backlog stood at a healthy Rs. 6,984 crore, providing strong revenue visibility. While input costs rose faster than sales, compressing margins, the company has good growth prospects in power generation and its recent forays into utility boilers and new technologies. The analyst maintains a Neutral rating on Thermax shares based on the strong order backlog and growth opportunities, but also on valuation of around 26 times estimated earnings for fiscal year 2011.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
This document summarizes Brasil EcoDiesel's 1Q09 earnings presentation. Key highlights include:
- Sales volumes of 18,400 cubic meters of biodiesel, lower than expected due to working capital restrictions.
- Net revenue of R$42.6 million and gross income of R$3.6 million, with an 8.5% margin.
- General and administrative expenses declined 13% year-over-year. However, high financial expenses and lower sales volumes led to a net loss of R$27.4 million.
Bharat Forge (BFL) reported a 92.8% year-over-year growth in standalone net sales for the fourth quarter of fiscal year 2010, exceeding expectations. Operating margins improved substantially to 22.8% due to lower raw material costs and operating leverage. BFL recorded a net profit of Rs. 61.3 crore for the quarter, above estimates. At the consolidated level, BFL reported a 46.7% year-over-year increase in revenues for the fourth quarter and completed the process of restructuring its global subsidiaries.
The document provides a summary of AES Corporation's 2006 financial review and 2007 outlook. In 2006, AES achieved record levels of revenue, gross margin, and net cash from operating activities. They also continued growth through completing construction of three power plants totaling 1,446 MW of capacity and acquiring 73 MW of wind generation. For 2007, AES expects continued growth through six new power projects totaling 1,915 MW of capacity under construction.
The document provides an analysis of Dabur India Ltd by an investment advisor, recommending it as a buy. Some key points:
- Dabur India Ltd is India's largest FMCG and ayurvedic products company with leading brands like Dabur Amla and Vatika.
- It has restructured its pharmaceutical business to separate it from its core FMCG business to provide greater focus to each.
- The company has a presence in 25 countries and is looking to expand further in markets like the Middle East.
- For Q4 2004, Dabur reported a net profit of Rs. 431.4 million with an EPS of Rs. 1.51.
- The advisor
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
The annual report summarizes Advance Auto Parts' strong financial results for 2004. Some key points:
- 2004 was another record year, with sales reaching $3.77 billion and comparable operating income growing 38.8% to $328.8 million.
- The company executed well on customer-focused initiatives and took advantage of the strong automotive industry.
- Advance Auto Parts operates over 2,650 stores across 39 states and territories, with over 37,000 employees.
- Leadership is committed to continued growth and improving operating margins through initiatives like new store openings and supply chain efficiencies.
CBS reported strong financial results for Q4 2006 and full year 2006. Q4 operating income increased 14% and net earnings from continuing operations increased 44% compared to the prior year. For the full year, operating income increased 5% and net earnings from continuing operations increased 16%. Television, Outdoor, and Publishing saw increased revenues and profits, while Radio declined. CBS expects continued growth in the long term through expanding its existing businesses and capitalizing on digital opportunities.
Este documento enfatiza la importancia de cerrar capítulos en la vida y seguir adelante. Aconseja dejar ir momentos del pasado como trabajos terminados, relaciones concluidas o amistades acabadas en lugar de aferrarse a ellos con resentimiento o preguntándose por qué sucedieron. Recomienda soltar el pasado, pasar la página y vivir el presente en lugar de esperar que personas u oportunidades del pasado regresen.
1. Global volumes of Jaguar Land Rover (JLR) continued to grow significantly in March 2012 and are expected to grow 26% in fiscal year 2013 to around 398,000 units due to strong demand for recently launched models.
2. JLR has increased production capacity at some plants to 410,000 units by adding a third shift and has a strong pipeline of new product launches over the next 5 years.
3. The analyst values Tata Motors using a sum-of-the-parts valuation approach and sets a revised target price of Rs. 338 per share based on expected growth in JLR volumes and new product launches.
Este documento apresenta uma palestra sobre Hadoop para programadores Java. A palestra inclui uma introdução à plataforma Hadoop, as APIs core do Hadoop, como montar um ambiente Hadoop localmente e um estudo de caso sobre processamento de dados com Hadoop. A palestra também discute limitações da plataforma Hadoop e abstrações para lidar com essas limitações.
O documento apresenta Hadoop, uma plataforma de armazenamento e processamento de grandes volumes de dados. Apresenta as motivações para Hadoop, como a necessidade de analisar dados não estruturados e em grande volume. Resume a história do Hadoop, seu ecossistema e conceitos-chave como MapReduce. Demonstra um exemplo simples de job MapReduce.
Vivimed Labs is initiating coverage as a buy recommendation with a target price of Rs. 468 per share. At the current market price of Rs. 343, the stock is trading at earnings multiples of 6.0-5.5x for FY13-FY14, representing upside of 36% over 24 months. Vivimed has a diversified portfolio of specialty chemicals and pharmaceuticals and will benefit from expected growth in these industries. Recent acquisitions will also help fuel revenue growth through expanded market reach and synergies. However, mounting debt remains a risk.
This quarterly report provides data and analysis on tourism trends for the Sunshine Coast region of Australia. It finds that while consumer confidence and domestic travel in Australia are rebounding, travel to the Sunshine Coast has softened in recent years. In particular, the report notes a decline in overnight visitors from Sydney and preference from core family market segments. Congestion on the main highway to the region is identified as a barrier deterring some potential visitors. Inbound travel is also down but the Sunshine Coast has gained market share for certain international markets like the UK. Overall the report aims to give stakeholders a concise update on the performance of the tourism industry in the Sunshine Coast.
This document initiates coverage on Cairn India Limited stock with an "Accumulate" rating and 18-month price target of Rs 324. It believes the stock's current price of Rs 287.1 reflects negatives and offers upside of 12.7%. However, increased royalty and cess payments will impact earnings in FY2012 and FY2013. The document also notes that oil supply remains constrained while demand increases, supporting higher long-term oil prices, which would benefit Cairn India.
The quarterly report provides an overview of tourism trends for the Sunshine Coast region of Australia. Consumer confidence and outbound travel from Australia have stabilized after declines due to the global economic slowdown. Inbound travel to the region has also softened but the Sunshine Coast has gained market share from key countries. Domestic overnight visits to the region have grown strongly but share has declined recently. Tourism contributes significantly to the Sunshine Coast economy, generating $1.5 billion and supporting over 40,000 jobs.
- OCL India Ltd is an Indian cement manufacturer that is well positioned to benefit from increased infrastructure development in East India under the new government.
- OCL recently expanded its cement grinding capacity to 6.7 MTPA, which is expected to drive revenue growth of 26% annually through FY16 as utilization increases.
- The company has operating efficiencies from a captive power plant, limestone reserves, and coal linkages that have enabled margins comparable to industry leaders. The analyst initiates coverage with a buy recommendation and target price implying 91% upside.
At the CMP of Rs 33, the stock is trading at an Adj P/BV of 1.3x and 1.1x for FY15E and FY16E, respectively. With the new government stepping-up reforms and making efforts to remove the bottlenecks in the economy, we expect the economic growth to pick up going forward. Consequently, we expect the strong growth momentum seen in SIB over past few years to continue. We expect advances and deposits to grow at a CAGR of ~19% each over the forecasted period of FY14-16E.
With business further expected to grow at CAGR of 19.5% over FY14-16E; NIMs remaining stable at ~3.0% and cost-to-income ratio improving to ~45% (currently ~50%), we expect a robust PAT growth of 22.6% CAGR over FY14-16E to Rs 763 crore.
Asset quality of SIB has improved in FY14 with GNPA and Net NPA standing at 1.2% and 0.8% in FY14 against 1.4% and 0.8% in FY13, respectively (which compares favourably with peers).
On the capital adequacy front, SIB is comfortably placed to support the future business needs of the bank over the period FY14-16E. The management has stated that it does not require any Tier-I capital funding during the current year. However, it plans to raise Tier-II capital of Rs 200 crore in FY15 to fund future growth.
Wockhardt posted a net loss of Rs 191.6 crore for Q4FY12 due to exceptional items such as derivative liabilities and goodwill impairment. Excluding exceptional items, net profit grew 57% YoY to Rs 261.6 crore. Net sales grew 32.2% YoY to Rs 1,241.4 crore. The brokerage expects the company to benefit from its product portfolio and focus on high margin products, projecting a revenue CAGR of 14.8% over FY12-FY14. However, it has lowered earnings estimates for FY13-FY14 to factor in higher taxes and the potential delay of a nutrition business sale. The stock currently trades at attractive valu
GAIL India reported strong financial results for the fourth quarter of fiscal year 2010, with net profits increasing 44.6% over the same period last year to Rs911 crore, exceeding analyst estimates. Operational performance was positive across most business segments due to higher volumes and sales. While natural gas transmission revenues and petrochemical sales grew substantially year-over-year, a lower-than-expected subsidy provision contributed significantly to the increased bottom line. The analyst maintains a 'Buy' recommendation on GAIL India based on expectations of further growth potential from expanding transmission operations and potential subsidy reforms.
Reliance Industries reported lower-than-expected quarterly results, with profits impacted by lower-than-expected refining margins. Revenue grew 120.7% year-over-year primarily due to higher refining revenues, but margins were lower than estimates. While volume growth was strong, profitability was hurt by refining margins of $7.5/bbl compared to an estimated $8.5/bbl. The analyst maintains a buy rating due to expectations for margin improvement and inorganic growth opportunities.
Cairn India reported a quarterly net profit of Rs281cr for 1QFY2011, an increase of 519.3% over the previous year. Revenue grew 310.1% to Rs841cr due to higher production and realisations from the Mangala oil fields. Operating margins expanded significantly to 77% from 64.5% last year due to lower production costs. However, net profit was lower than estimates due to higher financing costs and lower other income. While production and revenues grew strongly year-over-year, costs were also higher than expected, leading to profits below analyst forecasts.
Dishman Pharmaceuticals reported subdued quarterly results, with net sales down 15.2% and operating margins down 350 basis points due to higher material costs. Recurring net profit declined 72.1% for the quarter. However, for fiscal year 2011 the company has guided for 20% revenue growth and operating margins of 25%.
Reliance Industries reported lower-than-expected earnings for 1QFY2011. While net operating income rose 86.7% year-over-year due to growth in refining revenues, EBITDA was below estimates due to lower petrochemical sales volumes and refining margins. Net profit grew 32.3% year-over-year, meeting estimates. The analyst maintains a 'Buy' rating based on the company's growth outlook and believes it is undervalued relative to its peers.
Rallis India reported a 14.7% increase in revenue to Rs. 368 crore for the second quarter of FY2011, which was below Angel Research's estimate. EBITDA margin was 24.3%, higher than estimated due to lower other expenses. Net profit increased 28.4% to Rs. 59 crore, in line with estimates. Domestic sales grew 18% by volume due to good monsoons. Management expects the domestic agrochemical industry to grow 12-15% for the quarter. Rallis maintained its FY2011-12 estimates of 21% sales and 36% profit CAGR. The stock trades at 15x estimated FY2012 EPS.
Hindalco reported financial results for the first quarter of fiscal year 2011. Net revenue increased 32.9% year-over-year to Rs. 5,146 crore, driven by higher aluminum and copper volumes and prices. EBITDA grew 9.9% to Rs. 832 crore while net profit increased 11.2% to Rs. 534 crore. Hindalco is expanding aluminum production capacity significantly over the next few years, which is expected to drive further revenue and profit growth. The analyst maintains a Buy recommendation on Hindalco shares.
Rallis India reported a 14% increase in sales and 151% increase in profits for the fourth quarter of fiscal year 2010, in line with analyst estimates. Strong demand from farmers during the Rabi season and a 1000 basis point expansion in operating margins from 10% to 20% drove results. For the full fiscal year, Rallis saw a path-breaking performance with net sales growth of 5.2% and profit growth of 45.9% despite a drought in India and lower export prices for commodities. Going forward, analysts expect continued strong growth over the next few years supported by high agro-commodity prices and the upcoming commissioning of a new export facility.
IGL reported a 27.7% year-over-year increase in net profit to Rs51.5cr for the fourth quarter of FY2010, which was lower than expected due to lower gross gas margins and slower CNG volume growth quarter-over-quarter. Operating margins expanded by 75 basis points year-over-year to 32.6% due to revenue growth and recovery of overdrawl charges. However, concerns remain regarding the sustainability of high margins given IGL's reliance on subsidized gas prices. The analyst recommends reducing exposure to the stock and sets a target price of Rs210.
Container Corporation of India's (Concor) 1QFY2011 results were below expectations due to lower lead distances and terminal charges pulling down Exim performance. Revenue grew 0.9% year-over-year to Rs. 916 crore, below estimates, with Exim revenue falling 0.6% due to lower realizations and rent. Modest Exim volume growth of 7.8% despite robust port growth indicates losing market share to private players. EBITDA margin of 27% beat estimates but profit fell 3.7% to Rs. 194 crore due to Exim weakness. Management expects new railway policies to benefit Concor from FY2012 but no revenue impact in FY2011. The report maintains
Graphite India reported a 66% year-over-year increase in 4QFY2010 sales, in line with estimates. Full year FY2010 sales fell 10.1%, lower than expected, due to lower production at the company's German facility. However, operating margins increased to a strong 29.4% for FY2010 due to higher realizations. Going forward, the company is well positioned for growth due to increasing demand from the steel industry and its capacity expansion plans. The report maintains a "Buy" recommendation on the stock based on its attractive valuation and growth outlook.
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
Gateway Distriparks reported quarterly results that were marginally below estimates. Revenue growth was driven by a 24.2% year-over-year increase in the higher-margin Rail business. However, CFS revenues fell 9.2% due to a fire. Profits increased significantly due to tax write backs. While funds from Blackstone were slightly delayed, management expects funds in the next quarter and for Rail to break even on profits this fiscal year. Falling market share at a key container terminal remains a concern.
Reliance Industries reported strong financial results for the 1st quarter of fiscal year 2012, with record refining throughput and margin recovery driving increased turnover, profits, and EPS compared to the same quarter last year. A key highlight was a new rich gas and condensate discovery in an exploration block on India's east coast.
Anant Raj Industries' (ARIL) 4QFY2010 results were below expectations due to a delay in launching a premium residential project. Rental income grew 10.6% but profit fell 53.9% quarter-over-quarter. The analyst downgraded earnings estimates for FY2011-FY2012 to account for the delayed project launch. However, ARIL has a strong development pipeline and the analyst maintains a Buy rating due to ARIL's low-cost land bank and strong balance sheet.
GIPCL posted a 23.1% year-over-year increase in net profit to Rs36cr for the fourth quarter of fiscal year 2010, in line with estimates. The growth was aided by a 15.5% decline in fuel costs due to increased gas availability and lower interest and tax expenses. While net sales declined 12.4% to Rs254cr, operating profit fell 13.3% to Rs62cr. The company maintained its expansion plans and guidance. At a share price of Rs110, GIPCL is trading at an attractive valuation compared to its peers.
Hindustan Zinc reported lower than expected quarterly results, with net revenue of Rs1,951cr and net profit of Rs891cr, both below estimates. Revenue grew 29% year-over-year due to higher metal prices but fell 22% quarter-over-quarter due to lower production from mines and maintenance work. Margins expanded modestly to 52.4% as increased costs offset the revenue growth. The analyst maintains a Buy rating based on expansion projects and potential takeover of remaining government shares.
Tata Motors reported strong results for the fourth quarter of fiscal year 2010. Consolidated net sales were up 84.6% year-over-year to Rs. 28,978 crore, driven by higher other income and improved performance at subsidiaries like Jaguar Land Rover. Operating profit was Rs. 3,135 crore compared to an operating loss in the prior year. Net profit increased significantly to Rs. 2,228 crore from Rs. 316 crore in 4QFY2009, benefiting from cost cutting measures and higher other income. The results were above expectations due to the company's aggressive cost reductions and good turnaround at key subsidiaries.
Orchid Chemicals reported subdued 4QFY2010 results with net sales of Rs285.7cr, up 19.1% but below expectations. The company reported an operating loss of Rs407.2cr due to one-time write-offs of Rs390cr. Excluding write-offs, the operating loss was Rs17.2cr. The company announced a special dividend of Rs10/share. For FY2011, Orchid expects net sales of Rs1,472cr, an 84% increase year-over-year, and operating margins of 20%. However, the brokerage expects lower sales and margins for FY2011 compared to the company's guidance and maintains a Neutral rating on
Similar to Cairn india ltd q3 fy12 result update (20)
Burger King represents a unique opportunity to own equity of the second largest QSR branded franchise in the world's fastest going market India.
Learn how Burger King is ramping up to emerge as the fastest-growing food chain. given its fiery pace, global brand, and strong execution we believe that it presents an opportunity for multi-bagger value creation.
In this webinar, we explore how any business should be analyzed to evaluate its true value. And this is the exact process taught in the Mastercourse in Equity Research and Valuation https://wa.me/message/6ALEXA634QLGK1
For the webinar replay https://youtu.be/_WX7t5fRdrM
The Mastercourse is conducted bu Vinit Bolinjkar who has 29 years of experience investing and trading
This presentation was done by Yash Bhansali & Varun Bisen both students of the School of Market Studies' Mastercourse in Equity Research & Valuation. It is a realtime demonstration of the skills that you will acquire once you finish the course.
The Mastercourse in Equity Research & Valuation has enabled both Yash and Varun to prepare and present a financial model on Varun Beverages Ltd with forecasting and calculation of intrinsic value using DCF Valuation methodology absolutely independently.
Normally a research analyst takes two years to "officially" be termed as a sector specialist. However, under the able guidance of Vinit Bolinjkar who has 28 years of market experience your process of learning the ropes of equity research, financial modeling, and forecasting goes much faster.
In fact, he virtually guarantees that after 4 months of the internship (following the two months of online learning) you will be able t easily forecast 80% of the market and be as good as any analyst on Dalal Street with two years of work experience.
This presentation was done by Stuti Dang & Kirti Gumber both students of the School of Market Studies' Mastercourse in Equity Research & Valuation.
The Mastercourse in Equity Research & Valuation has enabled both Stuti and Kirti to prepare and present a financial model on Voltas Ltd with forecasting and calculation of intrinsic value using DCF Valuation methodology absolutely independently.
Normally a research analyst takes two years to "officially" be termed as a sector specialist. However, under the able guidance of Vinit Bolinjkar who has 28 years of market experience your process of learning the ropes of equity research, financial modeling, and forecasting goes much faster.
In fact, he virtually guarantees that after 4 months of the internship (following the two months of online learning) you will be able t easily forecast 80% of the market and be as good as any analyst on Dalal Street with two years of work experience.
So what are you waiting for? JOIN NOW https://wa.me/919730836363
This is the outcome of what a student learns in the Mastercourse in Equity Research & Valuation that is organized by the School of Market Studies.
After two months of intense training, we have a 4-month internship. During the first month of internship Varsha Bezzam, a student made this absolutely detailed presentation on HUL.
This include
leadership analysis,
industry study
MOATS for HUL
Business outlook & strategy
Financial modeling
Equity Valuation using price earning method and DCF valuation
Peer comparison
Get LinkedIn₹ : LinkedIn Mastery for Job Search, Lead Gen & Sales, and Personal Branding online course is set to be launched on June 8.
Helping you master LinkedIn for your job search, personal branding & zero cost leads 4 B2B sales
Get Linkedin Podcast: Srinivasan Iyengar, COO Nippon Life on using LinkedIn for Job Search, Sales & Personal Branding https://bit.ly/3cn1e2a
#CoronaVirus update:
#AskVinit
The only solution for preventing its spread is ISOLATION.
Work from home should be encouraged.
All public places of congregation for social & cultural activities must be stopped
Infected areas must be locked down
Government & corporate leaders should act decisively to promote best practices for the same
For every death, there are potential 800 people infected.
The fatality is higher than that of H1N1, SARS & MERS
We should adopt the Taiwan model which despite being so close to China is not impacted.
The concept of economic moats was first made popular by Warren Buffett. In actuality, a moat is a water body around a wonderful castle that helps prevent being raided by enemies. The attractiveness of the castle would have lured enemies to attack. In a similar way, the superior returns of a business venture would invariably attract competition.
To protect your business you would have to build significant competitive advantages that would help secure it.
Branding
Superior product offering
Great distribution
Size of operation
Scalability
Management quality
Technology adoption
IPR / patents / copyrights
are some of the factors which help to build a moat. And several of these together help to broaden and deepen the moat.
Businesses without moats are waiting to get raided. And we must watch the economic moats with a hawks eye to ensure that they are not being eroded. Especially in today’s times, when disruptive forces erode competitive advantages, we must ensure that it is enduring.
However, it is not easy to understand whether the moat is eroding or not. Cause the effect of no moat or an eroding moat will show up much later in the deteriorating financial performance of the business. Hence the time to engage in a “moat checkup and review” is when the business is at its peak.
Quick & easy system for finding stocks with multibagger potential
If you were asked to find a multibagger from the listed universe of stocks you would obviously get bogged down. The sheer effort of having to go through each of the 5000 stocks and deciding on its multibagger potential would be, to put it mildly, overwhelming! And I guarantee that you would reach nowhere!
Yet there has to be a better way of doing this. So why not invert the whole process and de-select stocks that that do meet the requirements of being investment grade. What you are left with is purely stocks that you would invest in. Next, we apply the proprietary tools to understand whether a stock can be a multibagger. At India Investors Club we refer to this process as the Criteria of Elimination in Stock Picking
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
In comparison to the less than ordinary and unimaginative budgetary proposals of yester years, Modi’s maiden budget comes as a welcome change from the norm. The proposals and reforms suggested in the Union Budget 2014-15 are ground breaking, specific with a good measure of thought & common sense and vastly catered for holistic growth of the economy.
The challenging circumstances of a slowing economy, soaring energy prices, inflation, fiscal and current account deficits do not provide adequate leeway to maneuver and hit the path of high growth. Yet the Budget provides a comprehensive plan and directional footprint towards overcoming these hurdles to sustainable growth of 7-8% over the next few years along with providing macro economic stability, lowered inflation, realistic fiscal health targeting and a manageable current account deficit.
The Finance Minister while presenting the budget takes cognizance of the fact that decisive action to fuel growth without populism is the need of the hour. And that resources for developmental expenditure cannot be raised at the cost of burdening the future generations with the legacy of debt. He goes on to emphasize the need to mobilize resources through both tax and non-tax revenues to feed the aspirational developmental expenditure.
In order to achieve this objective the Modi Government has taken head on the various issues plaguing the Indian economy and come out with imaginative and yet very practical and implementable reforms and measures.
Most commodities futures have been in a narrow trading range for quite a while now. However with volatility returning many have started to show signs of movement In this blog post we look at the commodities which hold promise. Corn, copper and soyabean are clear shorts while silver is on the verge of a break down. Gold though in a sideways consolidation could be a short term sell. Meanwhile crude oil and natural gas are hitting strong overhead resistances and could over the next few days put in some pullback. Platinum is still undecisive, sugar is a stock to watch for a buying opportunity and palladium is one lone metal which seems headed higher.
The budget document discusses the Union Budget 2013-14 which aims to return the Indian economy to high growth while maintaining fiscal discipline. Key points include containing the fiscal deficit to 5.2% of GDP for the current year and pegging it at 4.8% for 2013-14. The FM has taken a balanced approach through various initiatives to promote manufacturing, infrastructure, and capital markets while also introducing innovative revenue measures and keeping expenditure in check. However, uncertainty around GAAR could negatively impact foreign investment inflows which are important to bridge the current account deficit.
The Indian Pharmaceutical sector has been on a roll ever since the global economy picked itself up post the 2007 mayhem. Given the strong fundamentals of the Indian Pharmaceutical industry and the global opportunity due to the patent cliff in the western world, listed pharmaceutical stocks have responded well and rallied substantially. While the international opportunities have been good for the bottom line, pharmaceutical stocks with a larger or significant share of the domestic pharma market have come in for a rude shock as the implementation of the new pricing policy outline of the NPPA can sharply erode profitability. As the policy elements are still not clear, it would be premature to judge how individual companies would be affected.
With a view to having a mid journey outlook on expected price performance of pharmaceutical stocks, we decided to conduct a study of the major pharmaceutical stocks using technical analysis and analyse which stocks offer the best opportunity both from a long and short point of view. The exhaustive analysis was done on 29 of the major stocks, the details of which one can obtained from the slideshow.
The analysis was done using weekly chart data to get a more longer term picture and some of the results we found were quite contrary to general market expectation; yet others were quite revealing of exciting investment opportunities. We could have easily summed up our analysis and provided an instant listing of our analysis and recommendations for the benefit of our blog readers, but we thought it more appropriate that the reader “visualize” our analysis as “one picture is worth more than a thousand words.”
Technical analysis is a great science for stock price forecasting, but the overall investment decision can be more solid if backed by hard core fundamental study. In part 2 of the Indian Pharmaceutical Outlook, we would be providing extremely high quality fundamental evaluation on the fortunes of these very 29 stocks so that our faithful blog readers can make investment decisions based on comprehensive analysis.
As with all the content on this blog, the report will be provided FREE. However in order to make a point of the exclusivity of the content, we request blog readers to send us an email so that we could deliver it directly in your email inbox. This we request so that we could obtain your feedback on the same report so that we can improve on the content. We would also like to solicit your opinion on the type of content that readers find interesting so that future blog posts could be based more on reader interest rather than just what we think you should read.
Gujarat Mineral Development Corporation Ltd. is initiating coverage with a buy recommendation and a target price of Rs. 255. The company is expected to see revenues and earnings grow at a CAGR of 27.1% and 23.7% through FY2014 due to increased lignite volumes, price hikes, and growth in its bauxite business. While its power business has faced issues, the analysts expect a turnaround by FY2014. At the current market price of Rs. 187, the stock is trading at attractive valuations and expected to provide upside of around 36% over 18 months.
Divi's Laboratories Ltd is initiated as a "BUY" recommendation with a target price of Rs. 1287, representing a potential upside of 35%. Divi's is a leading player in the generic APIs and CRAMS spaces and will benefit from increased outsourcing and patent expiries. The company has established relationships with top innovators and a strong pipeline of products. Revenues are expected to grow at a CAGR of 25.2% through FY2014 driven by mature API products and new product approvals. Margins will be maintained through efficient capacity expansion and control of spare capacity. At the target price, Divi's would trade at a justified premium to peers given its high margins, growth, cash
We initiate coverage on Petronet LNG Limited(Petronet) as a BUY with a Price Objective of Rs 151 (target PE of 11x
FY2013) over a period of 15-18 months. At CMP of Rs 132.1, the stock is trading at 13.6x and 9.6x its estimated earnings
for FY2012E & FY2013E representing a potential upside of ~13.6%. Petronet LNG is majorly engaged in the business of
LNG procurement, transportation and regasification. Burgeoning natural gas demand supply mismatch in the country
makes it inevitable that the additional demand would be met by imported LNG. Petronet LNG, with its Kochi terminal set
to commission in Q4FY12 and expansion at its Dahej terminal, is all set to benefit from the current scenario. In addition,
diversification plans into the power segment add further value to the company. We expect revenue & earnings growth of
26.1% & 36.5% CAGR respectively over the next three years.
Favourable natural gas demand and supply to augur well for PLNG
On the back of growing consumption, demand for natural gas is expected to
grow at a faster rate of 16.3% (5 year CAGR) to 381 mmscmd compared to
supply which is expected to grow at a 5 year CAGR of 6.8% to 202.9 mmscmd.
This burgeoning demand supply gap is expected to be met through LNG
imports and Petronet LNG with its expanded capacity is well placed to garner a
major portion of this incremental demand. We expect the revenues of Petronet
LNG to grow at a CAGR of 26.1% to Rs 21343.7 crore over the forecast
period.
Kochi terminal & Dahej expansion to drive volume growth
The USD 850 mn Kochi LNG terminal of 2.5 MMTPA capacity is expected to
commission in Q4FY12 which would be later expanded to 5.0 MMTPA by the
end of FY13. Kochi terminal can help serve the Southern market where the
landed cost of domestic gas is higher. The Dahej expansion to 12.5 MMTPA is
expected to commence by FY13 with an additional jetty at Dahej at a cost of
~USD 980 million. Both these projects are to funded in a 70:30 Debt to Equity
ratio. We expect the LNG volumes to grow from the 7.6 MMTPA in FY10 to
10.4 MMTPA in FY13.
LNG pricing not a major concern
Although the LNG pricing is linked to JCC, over the forecast period we do not
expect significant cost increases as there is a fixed formula for pricing the
sourced LNG. Also, with the company having back to back off-take
agreements, we do not foresee any risk in passing on any of the increased
costs. While the recent nuclear
We initiate coverage on Mahindra & Mahindra Ltd (M&M) as a BUY with a Price Objective of `975. At CMP of `727, the stock is trading at 16.2x and 14.1x its estimated earnings for FY13 & FY14 respectively, representing a potential upside of ~34% over a period of 15 months. UV sales (XUV500 and Xylo) and LCVs (Maximmo, Genio and Gio) are expected to be the key drivers of growth, while the tractor business is expected to weather the cyclical downturn and experience moderate traction. In addition the tangible benefits of the Ssangyong acquisition would be felt over the medium term as the joint R&D efforts and new product launches materialize. We forecast revenues and earnings to grow at a CAGR of 15.6% and 10.7% to `40,062.3 and `3,169.7 crore, respectively over FY12-14.
XUV 500 and refurbished Xylo to sustain volume growth in the UV segment
After having witnessed a CAGR of 23% over FY09-12, M&M UV sales are expected to moderate going ahead on account of new launches by competitors, rising fuel prices and higher interest rates. We expect M&M UV sales to post a CAGR of 13.2% over FY12-14 to ~2,60,000 units led by capacity ramp up of XUV 500 and strong demand for its existing products.
Weathering the cyclical downturn in tractor sales
The tractor industry being cyclical in nature has been witnessing a downturn since November 2011, after posting robust growth in the preceding two years. We expect this moderation in growth to continue in the near term led by a host of new capacity additions which will affect pricing power, expectation of an unfavorable monsoon and rising interest rates, which would affect serviceability of tractor loans. However, favorable factors like increasing budgetary allocation towards the rural sector, rising non-farm usage, higher MSP among others are likely to partially offset the downturn. While CMIE expects the volumes to grow by 8% for the entire industry, we are less optimistic and expect much lower growth of ~6%. However, southern India which is under penetrated is expected to grow much faster than the industry growth. On the back drop of its new facility of 1,00,000 units p.a. being commissioned at Zaheerabad in Karnataka, we expect M&M the market leader to grow faster than the industry.
We expect M&M (market leader with a share of ~40%) to post a CAGR of 7.5% over FY12-14 to reach ~2,72,000 units by FY14 and consequently revenues from this segment are expected to reach ~`11,500 crore by FY14 (CAGR of 8.6%). However, we expect significant pressure on margins led by higher raw material costs and lack of pricing power given the large capacity expansions across the industry.
LCV growth momentum to continue
Despite being a late entrant in the commercial vehicles (CV) market, M&M has carved for itself an enviable market share of ~30% in a relatively short span of time. Although the growth in the LCV markets is expected to tone down to a CAGR of 14% (from a 3 year CAGR of 32.9% over FY09-11), we expect M&M to outperform th
We initiate coverage on Wockhardt Limited (Wockhardt) as a BUY with a
Price Objective of ` 978 (target 10.0x FY14 P/E). At CMP of ` 565 the stock
is trading at 3.4x and 5.8x its estimated earnings for FY2013E & FY2014E
representing a potential upside of ~73% over a period of 18 months. With
the contingent liability concerns addressed and bulk of FCCBs already
repaid, the sale of nutrition business will lead to a substantial increase in
cash which could be used to draw down debt or pursue organic / inorganic
grow opportunities. Further its portfolio of high margin niche products and
impressive FTF launches should provide for strong growth in revenues
(12.3% FY11-14 CAGR) to ` 5311.2 crore and earnings (123.6% FY11-14
CAGR) of ` 97.8 /share by FY14.
During the period 2003 through 2008, Wockhardt has traded mostly in line
with the 1 Year forward PE multiple of its peers viz: Sun Pharma, Cipla,
Lupin and Glenmark. However, post its derivative losses, Wockhardt’s EPS
turned negative. Now that the balance sheet is all cleaned up and all
contingent liabilities addressed, we expect that going forward, Wockhardt
will catch up with its peers leading to a substantial re-rating of the stock.
The document initiates coverage on Tata Motors as a buy, with a target price of Rs. 262 per share, representing an upside of 22.4% from the current market price of Rs. 214. Strong growth from JLR brands, expected recovery in commercial vehicle sales, and better performance of Tata's diesel passenger vehicles are expected to drive consolidated revenues and earnings over FY12-13. JLR volumes are forecast to grow at a CAGR of 17.1% through new product launches and expansion in international markets like China, while commercial vehicle sales are expected to benefit from an interest rate cycle reversal.
More from Vinit Bolinjkar LION bolinjkar.vinit@gmail.com (20)
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. Quarterly Result Update
Cairn India Ltd.
Strong performance, Positive triggers to drive future growth
Outlook Recommendation (Rs)
CMP 346
Current macro- economic situation favours our bullish stance on crude oil, Cairn India post the completion of Rating BUY
Cairn Vedanta deal seems the best candidate in the Indian E&P story to benefit from it. With reducing light-
heavy spreads and strong petroleum product prices, the realizations for the Cairn crude have jumped and are at Index Details
8.3% discount to the Brent compared to 10-15% previously. In light of current oil embargo, refinery shutdowns Sensex 17,077
across the globe, we expect the spreads to remain at current levels thus benefiting Cairn India. Nifty 5,158
Industry E&P
Further, with Bhagyam field commencing production and Aishwarya slated to commence production in H2CY12 ,
we expect Cairn volumes to spurt up. In addition the company commitment to ramp up production to 2,40,000 Scrip Details
bopd by FY13 further enhances the value proposition. However, Cairn has outperformed the Nifty index by 20.4% Mkt Cap (Rs cr) 65,803
in the past 3 months, thus we expect the stock move side-ways in the near term. However, we reaffirm our bullish Eq Shares O/s (Cr) 190
stance on Cairn with a revised price objective of Rs 415. At a CMP of Rs. 346, the stock is trading at a ~19.9% Avg Vol (Lakhs) 2.1
discount to its net asset value at an average Brent oil price of $108 per barrel. 52 Week H/L 372/250
Dividend Yield (%) 0
Key Takeaways Face Value (Rs) 10
Forex gain to the tune of Rs 301.5 crore and lower effective tax rate helped Cairn India (Cairn) post 12.5 %
Latest shareholding pattern (%)
yoy growth in net profit to Rs.2261.9 crore v/s Rs 2010.1 crore reported in the previous corresponding
quarter. The net revenues reported for the quarter post profit petroleum and royalty expense stood flat at Rs Promoters 59
Indian Institutions 6
3096.8 crore on qoq basis but rose significantly by 16.8% on a yoy basis.
FII’s 6
Public 8
During the quarter, Mangala Field continued to produce at the current rate of 1,25,000 bopd, with the Total 100
management continuing to pursue higher offtake of 1,50,000 bopd. However, with light- heavy differentials
narrowing to $ 3.23 / bbl due to weak Naphtha cracks (- $ 9.9/bbl) and strong fuel oils, the company’s crude Stock performance (%)
realisation jumped to $100.3/bbl for RJ crude, a discount of 8.3% to Brent v/s average discount of 10-15% to 1m 3m 6m
Brent. Cairn 11.4 21.0 8.3
Nifty 8.8 0.6 -8.9
Bhagyam field commenced production in January 2012. The present reservoir and facilities will help the BSE – Oil 4.4 -5.9 -9.9
company gradual ramp to currently approved plateau rate of 40,000 bopd by March end. The company plans
to exit FY12, with RJ field producing at the rate of 1,75,000 bopd. Development work is on progress for the
Aishwarya Field with the company expecting to start producing by H2CY12. Management seems to be
th
Wednesday, 25 Jan, 2012
.
2. Quarterly Result Update
committed to ramp the production from the MBA fields to 2,40,000 bopd by 2013. EOR activities at the MBA
field continues to progress at an expected rate with encouraging results. However, with the current pipeline
capacity of 175,000 bopd, the company would require further investments or would have to rationalize
production.
Exploration charge for the quarter was at Rs 176.3 crore, much higher than Rs 38.9 crore reported in
previous quarter majorly on account of plugged and abandoned well in Sri Lanka. Resultantly, EBITDA (Excl.
OI) for the quarter stood at Rs 2369.2 crore v/s Rs 2541.8 crore, down by 6.8% yoy. However, other income
of Rs 112.4 crore and foreign exchange gain on account of depreciating rupee (Rs 53.21) at Rs 301.5 crore
helped the company post better profits. Lower interest and effective tax rate further helped uplift profit
numbers.
Cairn has guided for $1.0 - $1.25 billion for FY13 which would cover majority of investments including
investments pertaining to ramp up of production in the MBA field, pipeline capacity expansion, investments in
Barmer field, other satellite fields in RJ Block, EOR as well as exploratory activities in other blocks. Cairn
India has commenced exploratory activities in 3 blocks in KG D6 Basin. Cairn Lanka has completed the first
phase of the exploration campaign in Sri Lanka and are planning to enter the second phase. Net Cash at the
end of the quarter stood at Rs 6460.2 crore, slightly lower on the back payment of debentures and other
liabilities.
th
Wednesday, 25 Jan, 2012
8. Quarterly Result Update
Ventura Securities Limited
Corporate Office: C-112/116, Bldg No. 1, Kailash Industrial Complex, Park Site, Vikhroli (W), Mumbai – 400079
This report is neither an offer nor a solicitation to purchase or sell securities. The information and views expressed herein are believed to be reliable, but no
responsibility (or liability) is accepted for errors of fact or opinion. Writers and contributors may be trading in or have positions in the securities mentioned in their
articles. Neither Ventura Securities Limited nor any of the contributors accepts any liability arising out of the above information/articles. Reproduction in whole or
in part without written permission is prohibited. This report is for private circulation.
th
Wednesday, 25 Jan, 2012