Mayur Uniquoters - wah kya stock hai?


(Shashi) #521

These are rough notes I made
Mayur Uniquoters Concall updates:-

Current capacity 2.45mm capacity
5th line is running on three shifts now
6th line will produce around .5 to .6 mm/month will be operational from December 2014 onwards
Trial production on 6th line to start this month
The company is considering setting up 7th line depending on the future demand(which is strong)
The focus is on exports. They want to double amount of exports in next 3 years. Also, they want to get into PU
Raw material consumption has gone down by 1.63% compared to sales
Impact of raw material softening and cotton prices softening:-
The prices of polyester yarn is softening. We generally carry 30 days inventory. Price is fixed based on inventory. When the prices of the crude goes down we will provide benefit to customers, but it will benefit the company also.
Any new customers added?
Chrysler sales has increased by around 8%. We have two programs coming up with them. The first will start in the first quarter of next year and other in the fourth quarter of FY 2016. We have employed people to explore new markets.

Domestic OEM we have got orders from Ford, GM, MNM. The focus is on high quality and prices are near to what we get from exports.

The fifth line is under full production. It will take around one year for full production in the sixth line as there is shortage of manpower.

From mid Nov to March good sales are expected
The plant is running on 95% capacity
The company is expecting good growth as the economy picks up.
PU production will be a greenfield project
Break up of Sales
Exports as % of revenues:-
OEM 16%
General is 5%
Domestic business:-
50-55% Footwear Sales
18-20% Auto OEM
6-8% Furnishing, leather goods (Now focus on this segment) Tied up with two distributors based from delhi and Hyderabad

During monsoon demand is low.
The proposal has been submitted to Raj Gov for the PU plant. The company is very positive about the plant.

CMP 424.65
PE 29
The company is likely to grow its profits at the rate of 30-35% from next quarter onwards. The opportunity size is large and management is capable of delivering.
They said during the concall that in future they will plan in such a way that they do not have capacity constraint.
At CMP stock looks interesting as the downside could be very limited and the company can surprise on upsides. I think the stock can double from here in 2-3 years. The kicker is expansion in margins.
Disclosure invested and adding at CMP


(Muthukumar) #522

Hi,

Please share the Annual Reports FY2014 if already available. They’ve announced Q2 FY15 results but not able to see the annual report for last year some how.

http://www.bseindia.com/stock-share-price/stockreach_annualreports.aspx?scripcode=522249&expandable=0

Thanks.

-Muthu


(Ashish) #523

Please register on Researchbytes.com and get Annual report copy from

http://www.researchbytes.com/Mayur-Uniquoters-Limited-M0213.htm


(Punit) #524

Reportjunction is paid site. You can get it for free from the exchange website. Here you go

http://www.nse-india.com/corporates/corporateHome.html?id=shldinfo_annual_reports&radio_btn=company&param=MAYURUNIQ


(Kamal Das) #525

DSP Blackrock bought 2.5 L shares of Mayur at 428 each in BSE and NSE (total 5L shares) as per bulk trade reports. DSP will now own around 2.5% of shares. This is first major MF to own significant shares of mayur.


(Steve J Bayer) #526

I bought into this stock with the conviction that the PU sector can double its intrinsic value.

I hesitated initially due to PU manufacturing being banned in the USA due to pollution issues. A quick google brought up no published pollution issues with manufacturing PU in India. Are there pollution concerns with PU production in India? Is MU being environmentally responsible with how they produce PU?


#527

Steve -

There are hardly any big PU players in India. It is very fragmented sector. It remains to be seen how much of an issue pollution shall be. Mayur will become a relatively large player when their PU plant is on steam. They’ve NOT started to produce PU till date only CPVC. In fact, I don’t think they neither have necessary approvals in place as yet nor started on the construction of the plant. (I welcome to be corrected on the facts.)

Regarding being environmentally responsible, I’ve no idea. They have a proposal pending under Govt. of Rajastan for using treating sewage water and using it for their lines (more so because water is scarce in Rajastan) and into other social activities like adopting a village, providing skills to youngsters (skilled workers availability is an issue for them), providing support to Swacch bharat mission.


(Steve J Bayer) #528

@Ashwin, thank you for clarifying that Mayur is yet to start PU production. I was aware that Mayur is a producer of synthetic leather materials but I wasn’t sure of the exact materials.


(Rishit) #529

Looks like PU Manufacturing is in High Demand with Market Size of 2.50 Tonnes.

âBPCL is in talks with MPL to float a joint venture in which a few foreign companies are expected to participate to set up the project. The project will be Indiaâs single-largest polyurethane (PU) manufacturing plant,â

The plant will provide revenues to the tune of around Rs 4,000 crore to the government in terms of taxes and will also help strengthen the highly fragmented PU industry in India by utilizing its economies of scale.

For More on it :


(Bhaskar Bora) #530

Thnkx Vivek Gautam, I am in love with Mayur Uniquoter for last three years, Its numbers are magical, great dividends and consistent improvement of ROE, ROCE. In the long run it is going to create massive wealth for us


(Aman Vij) #531

Does anyone have thesoftcopyoflatest annual report? If yes can you please upload it somewhere and share the link

Searched on company’s site and also on nse,bse and oddly it is not available


(Aman Vij) #532

thesoftcopyoflatest

Found the link in one of the above posts Somehow missed it before


(gururaj) #533

Rokrdude , here is the latest annual report :http://www.aceanalyser.com/ar/AR2014/122249_201403.pdf


#534

Crude prices have fallen to ~USD 50 from ~USD 100 in the last 4 months

Raw material constitute approx 70% of sales for Mayur

Most of the raw material is linked to crude…

Are we going to see a BIG spurt in margin?


(sta) #535

whyistheroceandroeconstantlyfalling over the years.rocehasdroppedfrom 60to 35(fy16e) over 4years.

thefy16eisfromthefollowingreport

http://rakesh-jhunjhunwala.in/stock_research/wp-content/uploads/Edelweiss_Midcap_Marvels.pdf


(Rakesh Chandak) #536

Motilal oswal realeased report on Mayur today. stock at all time high.


(AMN) #537

Promoter holding has come down from 74.96% on 31-12-2013to 66.42% on 31-12-2014. During the same period FIIs have increased from 2.18% to 6.91% and DIIs from 2.18% to 4.88%. The stock is becoming well discovered, though still far from saturation point.


(Dinesh Verma) #538

Here is the link related to the motilal recommendation from economic times.

http://economictimes.indiatimes.com/markets/stocks/news/top-five-stocks-which-could-become-next-multibaggers/articleshow/46052408.cms


(Dinesh Verma) #539

Hi,

Does someone have any updates about the qtrly conference call.

Please share

Thanks,


(Prashant Kulkarni) #540

Dinesh,I think, conference call happened on 16th and recording is available in researchbytes.com