I would love to be part of this initiative. plz count me in.
As mentioned above,
- please whatsapp any of the admins-this thread will not be actively monitored
- To attend the first meet, please register above in the meetup link(this contains location and draft agenda) and http://www.meetup.com/Valuepickr-Mumbai-meetup-for-Value-Investing/events/233931806/ and make a contribution of Rs 200 to defray expenses here (refundable if surplus)
It was a great execution of the planned efforts today. The value we get from such sessions is enormous. I thank each one for making this happen.
can anyone pls brief us on what was discussed in the meeting? I’ll join from the next meet onwards.
In the meet, The discussion is on : Cupid (Business model, Pros, cons, challenges)
Suven life science (Business model, Pros, cons, challenges)
Sharda chrop (Business model, Pros, cons, challenges)
App value pickr introdction, there investin style
Next meetup plan etc
The maiden Valuepickr-Mumbai meet kicked off on Sunday 11 Sep 2016 at Somaiya Polytechnic, Vidyavihar. Defying the lure of a Sunday siesta, 45 valuepickrs converged at Somaiya, with extreme enthusiasm-around 50% reached well ahead of time, and the event started on time. It kicked off with a brief introduction of those attending, we had a mix of engineers, commerce graduates, MBAs, FRMs(often those with ALL of them) with diverse work experiences across sectors (nuclear power,shipping, investment banking, exporting, manufacturing, healthcare) and functions ( finance, research, sales, operations, investor relations). The introductions were quite witty eg ‘I become an investor when the stock went down’ and provided some laughs.
The presentations then started
Paints-Samir Gharpure @samirvg The presentation focused on the industry and key segments/companies. Discussion included difference between decorative and industrial paints(profit margins, pricing power, distribution, competitive edges) and growth drivers(real estate, painting cycles coming to 5-6yrs instead of 10yrs) and trends(do it yourself). Attention also emerged on Akzo Nobel very high 10yr ROCE, and on Shalimar Paints.
**Suven Life Science- @krishari This PPT used the business model canvas to explain the business model of an Indian innovator. A small piece of a big pie when grows can make the stock a multibagger-also virtuous effects of a reinforcing business model came into play-when speciality chemical business is awarded as a tie in to the CRAMs/IP business. Interesting discussion also on company as a 20P/E play with a free call option on the innovative molecules. Also, owner earnings may be depressed due to the company conservatively recording R&D expenses instead of capitalizing them. Key events to double revenues in 3yrs would be new orders and phase 2 approvals.
Cupid-Varun Rajwade @varunrajwade Contraceptives are not a very easy thing to explain(just ask any parent who gave the ‘birds and the bees’ talk. Varun managed to explain about the leading market player in female contraceptives, and why it would grow. The PPT kept everyone engaged and resulted in questions on market adoption, social trends(once used then continue to use), risk of government businesss(clarified that mainly NGOs/global organizations), capacity(male and female condoms use different lines). it is a credit to the maturity of the audience that there were no sniggers or red faces Points also came up on spotting inflection point(change in segment revenue and margins due to male/female condoms mix), and B2C business.
Sharda Cropchem- @Yogesh_s This company was described as the ‘Caplin Point’ of crop protection. The presentation focused on reasons for entry barrier(registrations being company specific, need to execute well on asset light model). Certain governance concerns were raised on IPR not being in company name as flagged during the IPO, and their not excelling in any specific thing, rather seemingly a generalist.
HPCL/Balmer Lawrie @sekhar Chandrashekar PSUs are usually unloved and the PPT focussed on 2 which may benefit from key tailwinds. In HPCL’s case, stock selected due to cheap valuations on P/E ratio etc, while it would be increase in transport due to smart cities/deregulation. Balwer Lawrie is an interested example of profits margins depressed on revenues inflated by low margin transport business, however under IND-AS, with transition to net revenue reporting, the overall margins should go up with decrease in revenue. This is also a GST play due to the logistics business contributing to its profits.
The following presentations were prepared but could not be presented due to time constraints
How to read Annual Reports-@andy161161VP Steps to Read Annual Report.pdf (672.4 KB)
Technology in Value investing(as presented in FLAME)-Varun Goenka
Flame VG ppt.pdf (1.2 MB)
The meet saw extensive participation from all and sundry, and participants actively sharing industry views/experiences/insights-for example, no relation between crude oil prices and Gross refining margins, scuttlebutt of HPCL & Cupid, IPR issues in Shardha cropchem, viewing a company as a call option eg Suven, tests for too good to be true companies(Op cash flow<<PAT for a long time, receivables days), and questions(If this is so good why only 70% capacity utilization, what will make it transform). The preparation by presentors was quite apparent with most questions getting answered with facts and numbers without need to refer/‘get back’. This shows the extent of passion and interest by those with full time jobs. Kudos to Chandrashekar for finding a good venue at short notice, and to all for attending and participating with interest
The meet concluded with the planning of the next one-we would have this on Oct 8(Sat) or Oct 9(Sun)-same venue=>max 50 people. Format would around 4hrs with 1 sector PPT/discussion, 2-3 company presentations of 40min-1hr each, and 1 PPT on value investing techniques/‘How to’. We will open registrations some time next week once the agenda is finalized. The person moderating the meet will decide on fee(and refund policy if any), agenda, curation of content and presentation timelines, and selection of participants if response exceeds venue size.
Sharda Cropchem.pdf (43.9 KB)
Cupid_Valupickr_Mumbai 10092016.pdf (565.4 KB)
Paints - VP meet.pptx (1.0 MB)
Two Promising PSUs.pdf (292.4 KB)
ShardaCropchem-Presentation.pdf (305.2 KB)
Suven.pptx (594.4 KB)
Nice summary Anandh.
One request- If you can send following presentations which could not be done due to Time constraint.
How to read Annual Reports-@andy161161
Technology in Value investing(as presented in FLAME)-Varun Goenka
Thanks & regards
Can you share the presentations with us.
It would be very helpful
We are holding the 2nd meeting on Oct 9,2016(Sunday).
NO walkins due to space constraints. Prior registration below
Also please whatsapp the Admins(scroll up for their contacts) with a brief intro about yourself asking to be added. This page is no longer actively monitored
Tried to access the link, but its not working
As folks who have taken the initiative for organising ValuePickr Mumbai off-line meet-ups, we hope you have noticed the important communication on subject
Please confirm that you have taken the first step. Renaming the WhatsApp group to not use ValuePickr (words, logo,byline)
Please create a closed (invitation only) Google doc/Excel ASAP (if not already existing) and share that with folks here (after updating already existing user contact details) so this thread is not vulnerable to spammers. But new members can continue to join the initiative.
All members who have posted in this thread-
1.Please ensure your contact details are updated with above folks, and then self-edit your posts to say something about yourself, interest areas, professional or domain expertise and anything else you may want to add (ignore, if already done), but most importantly make sure you delete your contact details floating around for spammers.
2.Please comply with this house-keeping request latest by 1st Oct, 2016 and help us keep VP a clean uncluttered, value-additive space
It is in this groups interest that group members identities and profiles are well established to help increase your TRUST CIRCLES. Newer members have an incentive to reach out naturally to folks one resonates with, and create a self-reinforcing loop.
Seeking everyone’s co-operation. Non-complying member posts will get automatically deleted from 2nd October, 2016
Hi Anandh, The link was accessible few days back but not today, can you please confirm if registration is still open.
We have renamed the group and meeting preferences can be entered in the link below
To protect your privacy, the above group does NOT have email id/phone number. So to get details on the next event (usually 2nd Sunday of each month, please watch this space) or join
https://groups.google.com/forum/#!forum/valueinvestormumbai This forms a database for me to send alerts
The second meeting of the Mumbai members took place last Sunday at the same venue. The topics were
**Sector Presentation - Insurance Sector by Jatinder Agarwal @jatinderagarwal this took around 45min with a well expounded presentation explaining the insurance sector from a businessman’s perspective. Terms like EV, NBP, VNBP etc were quite clear at the end of it and left people asking for more. The detailed PPT will be posted after updation with the ICICI Prudentilal valuation piece.
**Company Presentation - Nesco by Chintan Shah (45 Mins including q & a) @xplorechintan Nesco is a company known to most people who have travelled on the Western Express highway, with its iconic visage. The company is best known for its exhibition centre and use of surplus land by building and leasing out IT parks. There was a heated discussion on whether to value it as a landbank, or as rental yield basis(like REIT), and the discussion threw up different facets of the business including new income streams(food service), management integrity, dividend payout, as also real estate market impact(Reliance BKC convention centre, metro, Sunteck project) Nesco (1).pptx (629.7 KB)
**Company Presentation - Capital First by Sanjay Kumar Sharma (30 mins including q & a)-@sharrmasks The presentation helped people better relate to a NBFC under transformation by an intelligent fanatic with skin in the game. While people differed on the extent of bad loans (or not) of the portfolio, the business understanding was abundantly covered here Capital Fisrt Buffett Framework.ppt (1.0 MB)
**Educational Session - Technology in Value investing(as presented in FLAME)- Varun Goenka (45 mins including q & a)@varungoenkaThis presentation was quite good however owing to SEBI guidelines is not enclosed here.
The next meeting registration now open. Please register below. (limited seats available). We already have 55 participants & expect a great experience again
Venue is Andheri East Mumbai.
If the registration gets over and you wish to attend, please message me on the Valuepickr site with your email id. I will let you know if seats open up.
To get details of next meetup, please join the group below. You will get an email for the next event.
The Capital First PPT is not downloadable. Can you please re-upload it again.
Can able to download now. Thanks.
Thanks for taking the initiative to organize this
Great initiative…though I’m unable to participate in Nov’16 program, hope to be part in Dec’16 program. All the best!