My portfolio changes since last update:
I have added
TITAN - True Brand Factory!
Jewellery:
Brands: Tanishq - Zoya - Mia - CaratLane together still only 6% market share → growth opportunity.
This Year so far opened 27 Stores projected to end with 35-37 Stores in Fy22. Fy23 pipeline of opening 35-40 Stores. All brands together already more than 500 stores, could hit 600-700 Store in 2 - 3 years.
Eyecare
In the last 9 months added 125 stores - largest expansion ever done in Eyecare division.
Quot in Concall “It has taken us 15 years to reach 700 stores - the 16th year will take us to 1000 stores!”
One more growth engine is distribution channel thru which they reach to 7000-8000 multibrand outlets. Earlier used to only distribute sunglasses, now also distribute frames. Lot of revamp done in this channel to reach out to 20-30,000 mom and pop shops deep and wide across the country.
Watch - Brands: Favre-Leuba, Xylys, Nebula, Titan, Zoop, Fastrack, Sonata.
In Q3fy22 itself opened 35 new stores; 29 stores being renovated.
On the one hand they are doing Regionalization strategy and gaining market share in South and West and going deep into “Bharat” - the UP, Bihar, Orissa etc and on the other hand trying to go international targeting NRIs in Americas Europe Middle East Gulf etc.
LTI - Let’s Solve
I had sold L&T and I am deploying the proceeds slowly into LTTS and LTI.
LTI is 6th Largest Indian IT services company led by Sanjay Jalona - he was the EVP & Global Head of High-Tech, Manufacturing and Engineering Services business at Infosys. I am not a techie but visualize that - Digital transformation, Hyperscalers cloud services, ER&D etc will keep our Indian IT guys very very busy for at least 3-4 years. Technology is continuously evolving and some new opportunities will always be there in future.
Jubilant Foodworks
I was looking for an exposure in fast growing QSR segment. I Studied Devyani, Westlife, Burger King, Sapphire etc. I could not understand the arrangement w.r.t. KFC & Pizzahut between Devyani & Sapphire. I could not decide who is better - McD or Burger King. In the middle of this confusion there comes Jubilant and Launches POPEYES. Frankly I never heard of this brand but came to understand that they are similar to KFC, but initial reviews are excellent.
In Q3 they opened 75 new Domino’s - Highest ever by any Domino’s Franchisee in any market in a quarter and crossed milestone of 1500 Stores. When it comes to delivery, they are much better than cash burning Zomato. My only worry is CG issue like payment of brand loyalty etc.
Sona Comstar
I have been listening to Vivek Vikram Singh Concalls and Interviews and very impressed. He is Young and Inspite of success, very down to earth kind and not arrogant. I feel Sona is a gold standard in EV AutoAnc and can stand up to any global company in Quality. I was looking for Investing in EV opportunity. I have been looking at HeroMoto and TataMoto and EV charging opportunity with Tata power etc. I Even had holding in FIEM also. Finally felt if I invest in Sona, I will have enough of EV:)
Jash Engineering
Inspiration - excellent thread in Valuepickr .
Thanks to @Uzair_Fahmi and @GARP_niveshak
A typical small family business now run by a 3rd gen guy - who worked very hard and built it slowly. Very impressed by Prateek Patel Sir who reminds me of Bhai Gurusharan Singh of RACL Geartech.
Mirza & IDFC the holdCo.
My first try at Special Situation opportunity via demerger on the one hand and Merger on the other:). Again, the discussion in VP helped. Since this is my first attempt at Special Situations investing, I have not taken a big bet.
I have Sold
Tata Elxsi. Sold about 30% holding and booked almost 3x profit. I am very sure to Invest this entire amount back here if price corrects about 20-25% from my sell price.
Sold remaining holding in HDFC. Gained about 18% profit (My first tranche of selling yielded 50% profit)
Pidilite (Booked 75% profit). Wanted to have either Asian Paint or Pidilite. Asian Paint is easier to track because of lesser number of SKU’s.
Prince Pipes (profit 15%). Reason for buying Prince was - it catching up with Astral valuation. In current situation, it’s reverse i.e. Astral coming down rather than Prince going up. I will bet on Astral Itself.
JB Chem & Pharma (Profit 38%). Pharma Business is far more complex than I thought. I have decided It’s going to be only DIVI’s and LAURUS for me. I would have sold Indoco too but that would have resulted in loss. So, will hold on for some time till it crossed my buy level.
Bajaj Finserv (profit 52%). Proceeds I am slowly investing in Bajaj Finance as and when prices correcting.
Neogen Chemicals (profit 48%). Too many chemical companies in portfolio. May buy it back if valuation comforts.
FIEM (Profit 40%). It was a bet on EV. But now I have decided only to Invest in Sona Coms for EV opportunity. I will not look anywhere else.
Oberoi Realty (No profit No loss). Have no reason to give for selling. This sector is out of my bandwidth.
Metropolis (profit 4%). Somewhat disappointed with Q3 results. I Will concentrate on Dr. Lal. It is better to bet on leader. Easier to track and Easier to allocate more money.
Exited Sequent and booked 15% LOSS. Thesis of unique business of animal healthcare did not work out for me.
Neuland (booked 33% loss). Maximum loss in terms of %ge in my Investing journey so far.
My Portfolio As on 16/2/22
Scrip and Holding% on CMP
TCS : 6.4% : Added @ every fall - to participate in buyback. Based on acceptance, adjust allocation.
TATAELXSI : 3.7% : Reduced. Will buy back on correction.
LTI : 1.3% : Recent acquisition - will increase.
LTTS : 2.8% : Added little @ fall - will increase.
PERSISTENT : 3.8% : Added - Not sure of adding more.
MASTEK : 3.6% : No change - Wait and watch.
KOTAKBANK : 1.5% : Had sold 40% holding @ 64% profit. Will add more if price drop.
BAJFINANCE : 6% : Added - will increase to max 9% weight.
IDFC : 1% : Sp. Situation play. Will add at every fall.
IDFCFIRSTB: 1.2% : Increase via IDFC HoldCo.
ASIANPAINT : 2.6% : No change. Will increase.
ASTRAL : 2.6% : Added. Will increase to 9% eventually.
KAJARIACER : No change. Target 6% weightage.
ACRYSIL : 2% : Added. Target 6% weightage.
DIVISLAB : 5.4%: Added. Target 9% weightage.
LAURUSLABS : 5.5% : Added heavily in recent fall at around 450/- Pause for a while.
INDOCO : 0.5% : No change. Exit at an opportune time.
LALPATHLAB : 3% : Added. A switch from Metropolis to Dr. Lal. Target 9% weightage.
HCG : 0.4% : No change. Studying Narayana and Apollo also. May Increase or switch.
PIIND : 2.6% : No change. Confused w.r.t pharma entry. Probably exit.
SRF : 5.2% : Added. will Increase upto 6%.
DEEPAKNTR : 5.1% : Added little. Wait and watch.
NAVINFLUOR : 3.6% : Added. Increase to 6% then to 9%. Valuation Concern.
TITAN : 1.8% : New entry. Will take it to 9% weightage eventually by SIP.
JUBLFOOD : 1.9% : New entry. Target 6%. If Bhartias throw googly - exit.
TATACONSUM : 2.2% : No change. Not sure to increase or exit.
CAMS : 2.4% : Added. Will take it to 6% but slowly. I Trust on Mutual Fund Sector.
CDSL : 3.5% : No Change. Target 6%. Waiting for correction.
ANGELONE : 3.1% : Added. Target 6%. Build conviction over a period of time.
SAREGAMA : 3.5% : Added. Target 6% - May be 9%. Track it closely.
IEX : 2.3% : No change. It’s just there in my portfolio.
PRAJIND : 0.7% : No change. Target 3%. Waiting if Praj Matrix plays out.
SONACOMS : 1% : New entry. Take it to 9% by SIP over a period.
RACLGEAR : 2.7% : Added. Target 6% slowly.
JASH : 1.4% : New Kid. Study. Increase over a period of time if convinced.
MIRZAINT : 1.7% : Thanks @sahil_vi - Demerger theme. Increase. Be wary of corporate governance.
MOSTN100 ETF : 1.3% : US stock exposure. Keep on Invest by SIP mode.
I really appreciate suggestions or review. Thanks.
. This Income Tax portal controversy has been bothering me for some time. Now someone has alleged corruption charges. I am sure it’s just an allegation but fearful what if it takes a political turn. Also I am very disappointed that a company of the stature of Infosys cannot solve this problem for months - what about reputation?
