Dhiren Personal Portfolio

Stock Opportunities
21

Small update on portfolio before going into earning season
I have halved my invested amount in Hang seng bees & added some in other positions and around majority retained in cash for further deployment.
After earnings and concall current positions might sell or add into based on my expectations regarding certain metrics or triggers.
To summarize i have simple process of taking long term gains and short term capital losses as I believe in cutting them soon.

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22

MATRIMONY.pdf (481.1 KB)
Recently presented idea on VP Mumbai meet. Hope it adds value or is worthy to go through.

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Instrument % Avg. cost
APTUS 1.41% 305.75
AWHCL 3.23% 303.35
BIRET 5.35% 257.1
CARERATING 1.29% 559.71
DHARMAJ 0.85% 263.97
FLAIR 1.61% 204.91
HDFCBANK 2.06% 1485.92
HNGSNGBEES 4.54% 280.7
INDIAMART 8.94% 2148.76
KKCL 1.05% 455.56
KOTAKBANK 5.20% 1607.31
KSCL 9.31% 838.5
LAOPALA 2.37% 205.26
LINC 2.06% 103.82
MAHSCOOTER 4.44% 9610.5
MANORG-BE 1.35% 585
MATRIMONY 11.75% 507.9
MUFTI 4.60% 142.17
NATHBIOGEN 4.68% 183.9
ORIENTBELL 1.16% 251.44
SGFIN 2.37% 341.57
SGMART 2.45% 331.07
VAIBHAVGBL 11.04% 223.07
VSTIND 4.40% 271.82
Cash Balance

I was lucky to have allocated to mosted of them before the rally wont know if i would probably going to future.

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Views on the new allocations:

  1. Aptus- Small tracking position in HFC space where it is dominant in geograhpy and niche it operates, best in class return as well as asset ratios. Further stock has delivered fundamentally but not performed price wise. May allocate further once conviction gets built in.

  2. Dharmaj- Agro cycle is turning up for good, prices maybe at bottom and company went through huge capex which is yet to get utilized making it pure operating leverage and capital cycle play. Still figuring the value chain out its just starting position may dump or allocate further.

  3. Dreamfolks- Business is dominant in niche it operates i.e. airport lounge access service, however it is going through sectoral headwind plus there maybe no pricing power but it is being addressed from diversification of services, bringing in new employees (capex for digital company), new clients apart from banks, and also trying to crack the international markets as well. It is also starter position and may build further or selloff based on evolution of thesis.

  4. MANORG- have to see how the bhimseni new capex and B2C foray pans out depending on which scaling of position will take place or it will be sold off.

  5. NATH BIO GENE- Net net ben graham style bet in the hybrid seed segment where i expect the segment to have good year due to good seeds production, better rains and better mix of products i.e. more high margin products as compared to only cotton where prices are controlled by government.

  6. Orient bell- Tiles are going through consolidation whereby many weak hands are getting folded, exports have good chance to revive putting ease to the pricing pressure and dumping by the morbi guys & company has clean balance sheet along with most of capex done to achieve turnover of around 1000 crores so operating leverage can kick in too. Still need to see how and when exports pickup and pricing pressure eases.

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25

Exited Dreamfolks due to structural issues which I ignored as it was fixable but now also services remains poor and with customers like ICICI, Axis and Mastercard potentially moving away seemingly cheap valuation will appear cheaper but poor business performance if these issues remain structural will make the business expensive to own over period of time. Exited amount is retained in cash to deploy wherever and whenever opportunities arise.

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26

I had a similar thesis with Dreamfolks. Looks like a very interesting company when you look at it for the first time, but there are too many issues going on. I feel, in simple terms, the main one is a lack of MOAT. The company needs some structural changes.

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