Cartica Capital have bought around 558000 shares of Page Industries at Rs 5,673.
They have acquired this from HDFC mutual fund(hdfc equity and prudence) and the promoters(Genomals) through a block deal on 17th Feb.
Cartica Capital aquired another 2,80,000 shares (2.51%) on 13.03.2014.
Total holding of Cartica in Page as on date is 7.51%.
http://www.bseindia.com/corporates/anncomp.aspx?scripcode=532827&type1=1
This whole thread of Page inds at VP is an object lesson on How to Look at the Bigger picture without bothering too much about
1). valuations (esp when growth is almost assured)
2). Promoter selling in small quantities doesnt affect overall picture.
3). Statistics and DCF based calculations usually scare you away from good investments.
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Absolutely agree with you on all the three points. Valuations are assigned by markets for consistency in performance and scope of opportunity.
I feel Symphony, Astral and Kaveri is gradually getting recognized and
their valuations are headed higher from here.
**+1 for Hitesh Patelās post at at Wednesday 21:16 **
Hi, Any specific reason for drop in the price apart from High valuations?
)- Sridhar
Its good that its taking a breather. A 15% drop after such a rise is normal (Just that we are not used to it in case of PAGE). I guess its a good buying opportunity.
Disc: PAGE forms 35% of my portfolio
Technically, itās at 100 day ema levels. Lets see if this level holds. It consolidated around 5600 levels earlier this year as well. Plus, its at the 61.8 retracement levels from Sep lows to March highs. CCI is at -290 while %R inidcator shows an upward trend. See attached image for details.
@Hitesh: I always admire how you constantly second guess yourself. Just for my added learning a few questions from my side:
1). Do you still own Page? (Significantly?)
2). If one metric proves to be useless in a certain instance (DCF valuations, P/E valuations) - it needs to be replaced by something else. Do you believe based on market opportunity size, one could safely buy Page at these prices? i.e., The principal is safe after a 10 year time horizon.
Itād be good if you could elaborate more on this. I certainly would not buy, because itās just not my type of play (yet - since I donāt get it); But there are folks blindly loading up to 35% of portfolio and might want some good heeded advice from you.
Thanks,
-Prasanna
Those with huge allocation to Page did not load up blindly and certainly not at this price. I will share my personal example. I bought Page at PE of 30 3 years back. Itās stayed at 30-45% of my portfolio for all these years. I have made 4 bagger so far and will continue to hold high allocation.
Though wonāt personally buy or advice anybody to load up at this valuation. Please understand that its HOLD for existing investors. Same as Mayur and Astral where new investors might not buy but existing ones continue to hold tightly.
Company published share holding pattern as on March 31,2014ā¦promoters are continuing their selling. why promoters of page industries are selling their shares from long?
The correction looks to be getting over. The 5600 level held true. CCI is heading towards -100 from below. Good for those who accumulated this during the correction.
1 Like
The stock looks interesting to me. Although not available in historic low valuations but factoring in FY 14 EPS of 140 and then 25 % growth as per previous annual results. The stock is available at PE of 33 FY15 factoring in EPS of 175. Have added to my position.
P.S Results on 29th May
Is page forming a head and shoulder pattern, the pattern is not yet complete as it is still to touch the neckline. The reason why I ask, between 10 - 12 March 2014, it already had a downside movement, so can this be considered a valid H&S Pattern?
Sujit.
Excellent results by the company once again (the party continues)
| Q4FY14 | Q4FY13 | %Growth | |
| Sales | 283 | 211 | 34.29% |
| EBITDA | 60 | 38 | 56.23% |
| PAT | 35 | 24 | 48.81% |
| EPS | 31 | 21 | 48.82% |
| EBITDA Margin | 21.14% | 18.17% | 297 bps |
| NP Margin | 11.13% | 10.05% | 109 bps |
On a y-o-y basis, sales increased by 35.52% while PAT increased by 36.66 in FY14. Company has declared a final dividend of Rs.16 per share.
Ankit,
Thecompanyhas declared final dividend of Rs 16/- and first interim dividend of Rs 16/-. Does this mean that a total dividend of Rs 32/- has been declared for those holding the shares on record date?
Yes Ramesh.
Even I got confused in that. When will the company pay the first divided? Will they pay after declaring first quarter results or with the final dividend?
Yes Ramesh.
I think last year, they had paid on different dates. But letās wait for the record date to be announced by company.
final dividend needs AGM approval and since there is lot of gap between 3rd interim and AGM, they give 1st interim of next year now. so we get first interim div and then final div after AGM and then 2nd, 3rd interimā¦
page wants to keep the investors happy with regular flow of dividends