--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
Continue reading on Examiner.com Little Monsters: Crypts & Critters -
Learning Opportunities & Conclusion - National RPG | Examiner.com
http://www.examiner.com/rpg-in-national/little-monsters-crypts-critters-advanced-play-learning-opportunities#ixzz1Nn9yyCsy
--
You received this message because you are subscribed to the Google Groups "CAR-PGa: The Committee for the Advancement of Role-Playing Games" group.
To post to this group, send email to car-pga@googlegroups.com.
To unsubscribe from this group, send email to car-pga+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-pga?hl=en.
Jeff Woodall pointed me in the direction of these two videos about a
Dungeon Master named David and his all-female group of players. The
original, "Yes, Girls Play D&D" was made for a school project, and
was aimed at people who know very little about the hobby. The second,
"Yes, Girls (Still) Play D&D," is sort of an update on the group, how
they have developed as players, and how they are dealing with the
challenge of balancing game time and real life.
It's always great to see any group of roleplayers having a good time
at a session - but even better when it's a stereotype-buster, like
this group is. (And I love the idea of a party of musicians named
after classical composers, and will totally be stealing it for a
future campaign.)
The sound on both of these videos is a bit low, so you may want to dig
out your headphones. (Be forewarned that there is a little bit of
salty language in both of these videos, so please watch with
discretion around younger gamers.)
http://www.youtube.com/watch?v=7Hom_uboIJA
http://www.youtube.com/watch?v=GejuzuLgpbU
--
You received this message because you are subscribed to the Google Groups "CAR-PGa: The Committee for the Advancement of Role-Playing Games" group.
To post to this group, send email to car-pga@googlegroups.com.
To unsubscribe from this group, send email to car-pga+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-pga?hl=en.
http://www.examiner.com/rpg-in-national/interview-with-sean-patrick-fannon-of-drivethrurpg
--
You received this message because you are subscribed to the Google Groups "CAR-PGa: The Committee for the Advancement of Role-Playing Games" group.
To post to this group, send email to car-pga@googlegroups.com.
To unsubscribe from this group, send email to car-pga+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-pga?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
hot lip kiss videos
http://allvideosforyouth.blogspot.com/2010/08/hot-lip-kiss-videos.html
super hot lip kiss
http://allvideosforyouth.blogspot.com/2010/08/super-hot-lip-kiss.html
jobs
http://alljobsaywhere.blogspot.com/
games
GAME 1
http://freeonlingamesplay.blogspot.com/2010/08/game-1.html
GAME 2
http://freeonlingamesplay.blogspot.com/2010/08/game-2.html
mobile
mobile games free download
http://mobileallinforation.blogspot.com/2010/08/mobile-games-free-download.html
mobile ringtones free download
http://mobileallinforation.blogspot.com/2010/08/mobile-ringtones-free-download.html
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
Art/Paintings, Amazing, Celebrties, Pakistani
Celebrties, Indian Celebrities, Cars, Funny, Islamic, Motorbike,
Natural, World Hotels, Computer, Fantasy,
Flowers, Food, Games, Love, Sports,
http://hakeeqat.blogspot.com/
http://hakeeqat.blogspot.com/
http://hakeeqat.blogspot.com/
http://hakeeqat.blogspot.com/
Big Reality
http://itdunia1.blogspot.com
http://itdunia1.blogspot.com
http://itdunia1.blogspot.com
World Largest & Latest Telecommunication & IT News & views, IT
Articles, Daily Updates available here.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
Lately, I've been doing some research for the next Escapist video,
"How Roleplaying Games Got a Bad Reputation," and going through some
old anti-gaming books and videos. My oldest daughter Aylish caught me
doing this, and told me how frustrated it made her to see people
trying to feed others their own paranoid ignorance.
I gave her the good news - that for the most part, you don't see these
sorts of things happening as often these days, and when someone does
write a book or get on television trying to warn everyone away from
the imagined evils of RPGs, they're usually dismissed as raving kooks.
Then, just yesterday, I received an email from an Escapist reader who
sent me a link to a post on the roleplaying forum RPGnet (http://
forum.rpg.net/showthread.php?574737-So-my-mom-took-away-my-D-amp-D-
books-today-because-of-Heroes-of-Shadow ), with a story that could
have easily come from the mid eighties:
"So my mom took away my D&D books today because of Heroes of Shadow.
I'd bought both Heroes of Shadow and Paizo's Inner Sea Guide and had
both of them on my desk (well I was flipping through the ISG) and my
mom came in and asked how my day went. I told her it went great I
finally got the two books I'd been waiting for.
So she starts flipping through my Heroes of Shadow and suddenly sees
stuff like Soul Sacrifice and Shadow Sponsorship and things like that
in big scary letters and she just freaks out. She starts yelling at me
about how D&D is satanic and that I've been lying to her all along
about it.
She took all of my d&d books and put them in a cardboard box out front
for anyone to take =( It was gone this morning. That was over a 1000
dollars gone. I know WotC has no interest in turning our souls over to
Satan (afterall they wouldn't see any profit in it, so why bother?)
but couldn't they have hidden the darker themes of the book deeper
inside it or something? I'm sorry. I know it's not WotC's fault. I'm
just mad and looking for a target."
It's just another reminder of why this site and the CAR-PGa are here.
Sadly, this is one of those situations that is hard to reconcile. I
used to get emails about it so frequently that I addressed it in the
Basic Gaming FAQ (http://www.theescapist.com/
basic_gaming_faq.htm#soul ), with the best advice I could possibly
offer in cases like these. In a nutshell: respect the wishes of your
parents, arm yourself with the facts, try to explain your case as
rationally and calmly as possible, and accept their decision no matter
what it is.
It feels sort of strange to still be handing out this advice, because
it's so hard to imagine too many remnants of the Satanic Panic era
still lingering around 30 years later. But that's not the only reason
it feels strange. As I write this, I'm preparing a Vampire: The
Masquerade session for Aylish and her friends Miranda and Jerry, and
looking forward to spending some quality time with intelligent,
creative kids, telling stories and exercising our imaginations.
It's strange to think of that as something that I should be so afraid
of.
--
You received this message because you are subscribed to the Google Groups "CAR-PGa: The Committee for the Advancement of Role-Playing Games" group.
To post to this group, send email to car-pga@googlegroups.com.
To unsubscribe from this group, send email to car-pga+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-pga?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
CMP: 42; Target: 90
COMPANY DESCRIPTION:-
Kamanwala Housing Construction Limited (KHCL) constructs, sells,
finances and develops commercial and residential buildings, is a
company with a 25- year track record. It's based at Mumbai, the
commercial capital of India. The construction sector has shown
mercurial growth.
The company launched its public issue in March 1986 through which Rs.
18mn were raised.
From the low cost housing project housing projects it started out
with, the company has now transitioned to executing prestigious
projects of high quality in prime location. The projects that the
company has planned to execute in the future are characterized by
larger areas being taken up for development than has been the case in
the past. The company has now changed its name to Kamanwala Housing
Construction Limited, to reflect the focus on its core activity,
construction.
Demand in this sector is driven by the increasing level of
urbanization, the above-average economic growth in India, the thrust
on infrastructure, rapid expansion in the retail sector, the
accelerating demand for office space, and the ever-widening demand for
residential properties. Apart from this, increasing foreign and mutual
fund investment in this sector is bringing in large capital inflows,
thus catalysing growth.
It has consolidated its position and established itself. The
foundations for taking off into a higher scale of operations been
laid.
DETAILS OF FUTURE PROJECTS:-
Kamanwala have 12 ongoing projects spread across the prime location of
Mumbai like central and western Mumbai -Bandra Kurla Complex, Andheri,
Santa Cruz, Malad and Versova.
It owns the famous Filmistan studio in partnership and has been in
news recently that it is selling the land for a whooping amount of Rs.
600 cr. Kamanwala completed a commercial project "Pinnacle Corporate
Park" at Mumbai's most developing commercial hub Bandra Kurla Complex.
Kamanwala's Savoy Residence, a residential project of 60000 sq ft. in
Santacruz West has been completed. Work at Savoy chambers, a
commercial project of 67000 sq.ft in Santacruz West is completed.
Kamanwala is constructing 5 towers residential project in Malad
West .They are developing SRA project at Mahim. Kamanwala owns 125000
sq ft of land in Oshiwara area. They are soon starting with
development of 35 acres of land in Hyderabad. Kamanwala holds huge
land in Noida and Turbhe as well.
Thus it diversified across projects, segments and locations. It will
continue to identify and implement projects which underline our
vision: Quality and Value to the Customer. It is this vision which
will help KHCL into an exponential growth trajectory, and fulfill the
aspirations of all the stakeholders. Following this the EPS for
2012-13 is expected at Rs.60 indicative of high growth.
INDUSTRY OVERVIEW:-
Background:-
The estimated size of real estate and construction in India is Rs.14bn
(RS.67480 cr) growing at annual pace of 33%.
At around the same time, banks started giving housing finance to
retail consumers at attractive rates (7% - 10%). This resulted in
growth of 40% p.a. in the housing during the last five years.
The above two factors have been particularly beneficial for the
construction sector as 80% of the real estate developed is residential
space.
Growth drivers:-
Increasing level of urbanization. Above average economic growth-a
burgeoning population , a pool of highly skilled workers integration
with the world economy , and increasing domestic and foreign
investments are all expected to propel real GDP by at least 5% in the
next decade.
Owing to a booming economy and healthy GDP growth, Indian real estate
industry has been expanding at an exponential rate. Favorable
demographics, rising purchasing power, availability of cheap finance,
professionalism in real estate and reforms initiated by the government
are some of the major drivers of this spectacular growth. According to
industry estimates, the real estate industry in India has been growing
at 33 per cent CAGR (compound annual growth rate) and could be a $50
billion industry in the next four years. The upturn straddles all the
major sectors of the industry such as commercial, residential, retail,
industrial, hospitality and healthcare.
In residential sector there is housing shortage of 19.4 million units
out of which 6.7 million are in urban India.
According to a report 'Emerging trends in Real Estate in Asia Pacific
2011', released by PricewaterhouseCoopers (PwC) and Urban Land
Institute (ULI), India is the most viable investment destination in
real estate. The report, which provides an outlook on Asia-Pacific
real estate investment and development trends, points out that India,
in particular Mumbai and Delhi, are good real estate investment
options for 2011. Residential properties maintain their growth
momentum and hence are viewed as more promising than other sectors
INVESTMENT HIGHLIGHTS:-
Kamanwala Housing Construction Limited (KHCL) is a Mumbai based
listed Real Estate and Construction Company with a track record of
making profits. The company has more than 25 years of standing in the
industry.
The company has been delivering value and quality to its customers.
The organization structure is lean and efficient.
High and sustainable growth forecast for real estate and
construction sector with all demanded drivers expected to grow
unimpaired in the fore seeable future.
Begin economical and interest rate environment has given a fillip to
buyer confidence and the appetite for residential projects.
KHCL has executed 18 projects with a saleable area of about one
million sq.ft. Valued at about Rs.120 Crores.
The company is in the process of reducing its debt. It cleared debt
of more than Rs.50 cr in FY2010.
The projects currently being implemented are located in prime areas
of Mumbai, the commercial capital of India. The construction and
design are futuristic, incorporating. Both aesthetics as well as
functionality.
The ample land bank insulates the company from an increase in land
prices for the projects that are in the pipeline.
KHCL has drawn up a growth model that is de-risked through
diversification across segments, projects and locations. There is a
shortfall in both residential as well as commercial properties in
Mumbai, where most of the company's projects are located.
The company is therefore well positioned to take advantage of the
industry growth potential, having laid the foundations for taking off
into a higher scale of operations.
As the new projects are executed, steep growth in revenue can be
expected, which in turn would result in an expansion in profitability
margins.
The Projects that have being implemented as well as those that are in
the pipeline, add up to a land bank of about 20.62 lacs sq.ft.
Kamanwala also has huge land in Noida.
VALUATION:-
KHCL is expected to register robust growth in revenues and earnings
going forward. They are also reducing their debt and aim to be a debt
free company soon.The stock has succumbed to the market.With a strong
project pipeline to drive revenue and earnings growth, the stock has
potential to deliver handsome returns to the investors over a period
of next one year. Investors can enter into the stock at current level,
which is very attractive and should enable investors to earn a healthy
return on their investment. Considering all the aspects, we target
Kamanwala to reach 90 level in 6 months.
RISK FACTOR & MARGIN OF SAFETY:-
As regards the margin of safety concern it is considered in the
following point:-
a) Company acquires only non agriculture land.
b) BMC/local authority plan approved for particular development of
land.
c) Land should be in a metropolitan city and the area is heavily
populated and the demand for sale immediately.
d) Sale:
(a) 50% sale take place immediately within three to
six months
(b) balance 50% within a year.
By all the facts as mentioned above the following are benefits to
the company:-
Less cost of interest to the company.
No litigation of finance to the company.
Less involvement of finance to the company.
Quality control and immediate sale to be taken place. Housing
development activity depends on development of basic infrastructures.
Now the government also looking forward to the housing industry as a
core sector it is encouraging and initiating to develop the
infrastructure roads, bridges and flyovers which is the necessity for
the metropolitans cities to develop at a international level. So
housing industry having very least risk factors however, its having a
very bright future upto 25 years in India.
Disclaimer: - This document has been prepared by Smart Profit (Stock &
Derivatives consultancy) and is meant for sole use by the recipient
and not for circulation. This document is not to be reported or copied
or made available to others. It should not be considered to be taken
as an offer to sell or a solicitation to buy any security. The
information contained herein is from sources believed reliable. We do
not represent that it is accurate or complete and it should not be
relied upon as such. We may have from time to time positions or
options on, and buy and sell securities referred to herein. We may
from time to time solicit from, or perform investment banking, or
other services for, any company mentioned in this document
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "CAR-PGa: The Committee for the Advancement of Role-Playing Games" group.
To post to this group, send email to car-pga@googlegroups.com.
To unsubscribe from this group, send email to car-pga+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-pga?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
* No Investment. No Joining Fees.
* SignUp Bonus $ 5
* 100% Free to Join.
* Home based Part time Online Jobs.
For further detail
Register this link
http://www.earnbyforex.com/index.php?id=33294993
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
Food mothers day gifts
Great food mothers day gifts come from the heart and are tailored to Mom's tastes... and often the best foods are those that you make at home with simple ingredients and deliver on her special day.
When it comes to making food gifts for Mothers Day, personal touches are something most moms always enjoy. And when you do it yourself, you can control any elements Mom likes or doesn't like, such as spiciness, sweetness, salt content, etc. Not to mention, you can show how much you appreciate her by the effort you put into this gesture.
The recipes and ideas for food-themed Mothers Day gifts below are great! But you'll find more ideas for Mothers Day at:
--
The reason it has taken so long to complete it is that I've spent so
much time debating what should go into it, and how long it should be.
At present, I have a pretty good amount of information compacted into
three pages, and I'm fairly happy with the way it is organized.
But as always, I'm open to suggestions. Before I go public with it,
I'd like some other people to have a look and tell me what they think.
A link to the PDF is below. If you think I've missed something that
really should be included, email me at RPGadvocate@gmail.com Thanks!
http://www.theescapist.com/RPGfactchecker.pdf
--
You received this message because you are subscribed to the Google Groups "CAR-PGa: The Committee for the Advancement of Role-Playing Games" group.
To post to this group, send email to car-pga@googlegroups.com.
To unsubscribe from this group, send email to car-pga+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-pga?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
Lupin can turn out to be a major winner with the recent Japanese
crisis by tapping the opportunity. The Japanese subsidiary Kyowa
pharma to see rise sale of CNS drugs and anti-infective grew by 16% to
Rs. 1,727 Mn during Q3, FY 2010-11 which has 200 brands and adds 11%
-12 % revenue to the company. Kyowa also plans to launch atleast 4 – 5
products every year.
Lupin remains the 5th largest Generic player in the U.S. in terms of
prescriptions (IMS Health). Lupin emerged as the market leader (No. 1
by market share) in 13 out of 29 generic products in
the U.S. and 28 out of these 29 generic products rank in the Top 3
positions by market share
Pharma Major, Lupin Ltd. reported a top-line growth of 17% and net
profit growth of 39% for the third quarter, FY 2010-11.
Key Financial & Performance Highlights
• Net sales grew by 17% to Rs. 14,672 million during Q3, FY 2010-11,
up from Rs. 12,554 million (Q3, FY 09-10)
• Net profits grew by 39% to Rs. 2,240 million during Q3, FY 2010-11,
as compared to Rs 1,606 Mn. (Q3 FY 09-10)
• Earnings before Interest, Tax, Depreciation and Amortization
(EBITDA) grew by 15% to Rs. 3,007 Mn. during Q3, FY 2010-11, from Rs.
2,619 Mn. (Q3 FY 09-10).
Lupin is investing Rs.450 cr on capacity expansion, ramping up sales
force and launching new products.
The company has already expanded its reach from 890 medical
representatives 3 years back to 3,500 at present and is looking to
hire more employees this fiscal in India.
Lupin has got a rich pipeline for various geographies. They have close
to about 145 filing for America as of now; and there could be a few
more by the end of this fiscal targeting annual revenue of $3 billion,
three times that of the revenue in 2010.
Intact growth in FY 2011-12 in the sector due to 1) Visibility
increase in launches in US. 2) OCs launch from Sep 2012E.3) Minimal
threat of generic competition to Suprax.
We believe the recent fall in stock is a good opportunity point as
long term drivers are intact.
We recommend 'BUY' on the stock at CMP 430 with a target price of Rs.
510... Valuing it at 20x FY2012E earnings.
BUY RURAL ELECTRIFICATION CORPORATION LIMITED (REC)
CMP : 240; Target : 300
REC, under Ministry of Power, was incorporated on July 25, 1969 under
the Companies Act 1956. REC a listed Public Sector Enterprise
Government of India with a net worth of Rs. 11,080 Crore as on
31.03.10.
REC provides loan assistance to SEBs/State Power Utilities for
investments in rural electrification schemes through its Corporate
Office located at New Delhi and 17 field units (Project Offices),
which are located in most of the States.
The company has been rated among the top 500 Global Financial Services
brands for 2010 by UK-based plc Brand Finance. REC is also among the
Forbes Global 2000 companies for 2010.
REC registered robust growth in all key parameters during FY10 with
operating income increased to 65.49 bn a growth of 38% from 47.57bn in
FY09.
For the quarter ended December 2010, strong loan growth drove REC's
net interest income (NII) by 36 per cent year-on-year, which, coupled
with net interest margin (NIM) expansion, enabled its net profit to
post a handsome growth of 40 per cent.
While loan growth in the December quarter was healthy, at 21 per cent
on a yearly basis to Rs 75,744 crore
We have a 'BUY' rating on the stock at CMP of 240 due to REC's robust
long-term business outlook and valuations considering compounded
earnings growth of 25 per cent and average return on equity (RoE) of
22 per cent over 2011-12.
BUY AREVA T&D
CMP : 265 ; Target : 440
India Ltd, the Indian subsidiary of AREVA France SA, engages in the
design and manufacture of equipment, systems, and services for
transmission and distribution of electricity in India.
Areva managed to retain its leadership position for the third year has
posted a net profit of Rs. 88.08 crore in Dec 2010 quarter, an
increase of 30% Y-o-Y. Net sales rose to Rs.1327 cr in Dec quarter
compare to Rs.1150 cr in previous year's quarter.
Eight new factories were built at three locations: Vadodora in
Gujarat, and Hosur and Padappai in Chennai in Tamilnadu.
The comply of Areva T&D India's business at global level by the
Consortium of Alstom-Schneider continues to fortify on the stock.
Although the signs of recovery are emerging, the stock is currently
trading at lower valuations that contradict the fundamental.
Building on the strong operating performance with relatively low
interest and depreciation cost as proportion to sales and lower tax
incidence, we expect company to register CAGR of 13.5% respectively.
We expect the stock perform dominant in earning at CMP 265 with a
target price of 440.
BUY SYNDICATE BANK
CMP : 110 ; Target : 160
Syndicate Bank was established in 1925 spanning over 80 years of
pioneering expertise, the Bank has created for itself a solid customer
base comprising customers of two or three generations.
Syndicate Bank recorded 57% increase in its operating profit for the
nine months ended December 2010. The operating profit was Rs2078 crore
for the period ended December 2010 as against Rs1321 crore recorded
during the corresponding period of the previous - year.
Net Interest Income increased from Rs1880 crores for the nine months
ended December 2009 to Rs3222 crore for December 2010 registering
growth of 71%.
The Global Business of the Bank was at Rs.2, 25,910 crore as on
31.12.2010 as against Rs1, 91,619 crores as on 31.12.2009 registering
a growth of 18%.
Syndicate loan books expected to grow by 20%. Thus the stock looks
attractive investment opportunity.
Since its 52 week high of Rs 164 has been declining in a well defined
channel lows and highs. At its current low of Rs 110, the stock has
underperformed Sensex & Bankex & the close to its book level.
The stock is cheap at 1.4x estimated FY12 book value. Thus studying
all the aspect we recommend a strong BUY with the target of 160.
BUY KAMANWALA HOUSING CONSTRUCTION
CMP : 40 ; Target : 90
Kamanwala Housing Construction Limited (KHCL), a company with a 25-
year track record, based at Mumbai is into construction and
development of commercial and residential buildings.
It owns the famous Filmistan studio in partnership and has been in
news recently that it is selling the land for a whooping amount of Rs.
600 cr. Kamanwala completed a commercial project "Pinnacle Corporate
Park" at Mumbai's most developing commercial hub Bandra Kurla Complex.
Kamanwala's Savoy Residence, a residential project of 60000 sq ft. in
Santacruz West has been completed. Work at Savoy chambers, a
commercial project of 67000 sq.ft in Santacruz West is completed.
Kamanwala is constructing 5 towers residential project in Malad
West .They are developing SRA project at Mahim. Kamanwala owns 125000
sq ft of land in Oshiwara area. They are soon starting with
development of 35 acres of land in Hyderabad. Kamanwala holds huge
land in Noida and Turbhe as well.
With total land asset of more than Rs.1000 cr, market is severely
undervalued at 40 with market capital of Rs.55 cr.
Considering the zeroing of debt the company has undertaken, completion
of its various projects and its land bank, we recommend a STRONG BUY
on Kamanwala with it more than doubling to 90 in 9 months.
BUY NEYVELI LIGNITE CORPORATION LIMITED (NLC)
CMP : 107 ; Target : 150
NLC is a government-owned lignite mining Indian company, which is
wholly owned by the Union Government (49%) and administered via coal
ministry. It is recently announced as "Navratna" by Government of
India in April 2011. NLC Neyveli spreads over an area of around 54
square km, comprising Neyveli Township and temporary colonies around
32 blocks. The company runs the biggest open-pit lignite mines in
India and mines around 24 million tonnes of lignite annually for fuel,
with an installed capacity of 2490 MW of electricity per annum.
NLC now elaborated its project to Rajasthan also in mining as well as
thermal stations, 3 big mines also supplies a huge amount of sweet
water to Chennai. The Tamil Nadu electricity board has a JV with the
Neyveli Lignite Cooperation (NLC) for two projects – A 1000-MW coal-
based project at Tuticorin in southy Tamil Nadu at the cost of Rs 4000
crore and the Jayamkondam lignite power project at a cost of Rs 5000
crore for 1000 – MW power plant.The company has also planned to
develop clean coal technologies like extraction of coal bed methane
(CBM) and Underground coal gasification for which several steps have
been taken.
Neyveli Lignite is an open-cast mechanized lignite mine. The Company
has 50 percent joint venture with Tamil Nadu Electricity Board.
Recently, the company announced its plans to invest about $8.2 billion
on power generation and mining capacity augmentation by 2017. The plan
also includes development of power projects using other fuel feed. Of
the proposed investment, $2.04 billion has already been spent on
ongoing projects.
Strong expansion & diversification plans to explore coal-based, wind
and solar power generation projects will add on strength to the
cashbook.
BUY FIRSTSOURCE SOLUTION LTD
CMP : 20 ; Target : 40
Formerly known as ICICI OneSource, incorporated in 2001, Firstsource
Solutions Limited provides a range of business process outsourcing
services.
It offers business process management services to the banking,
financial services and insurance (BFSI); telecommunications and media;
and healthcare industries. Firstsource has a "rightshore" delivery
model with operations in India, U.S., UK and Philippines.
INVESTMENT VIEW:-
Firstsource Recognized with Top Honors at the International Quality
and Productivity Council (IQPC) Conference
Leadership position in the healthcare industry
About 40% of the revenue comes from its healthcare vertical catering
mainly to US markets
Divestment of Stake
ICICI bank is likely to reduce its stake in FSL from 19.4% to 5%;
ICICI bank is looking to sell it at 5% premium to the market price.
Stable relationships with existing clients
The Company works with more than 1000 clients. 7 of the top 10 clients
have grown during the quarter.
Foreign Exchange Hedges
Outstanding FX hedge sat $ 31million and £ 35million for USD and GBP
respectively.
Employee Strength
26,668 (as of 31st Dec, 2010) added 1,759 employees in this quarter.
FSL gave net sales of Rs.182.96 cr in December 2010 quarter compare to
Rs.175 cr in previous year.
Inspite of Q3 being a seasonally weaker Quarter, Strong performance
both on revenues and profitability. We recommend a Buy on FSL at CMP
20 with a target price of 40 within 9 months.
BUY HOTEL LEELA
CMP : 40 ; Target : 60
India's fifth-biggest luxury hotel chain founded in 1957. Leela Group
is engaged in the business of ready-made garments and luxury hotels
and resorts.
Hotel Leelaventure, plans to raise funds through divest as much as
14.95% stake through a fresh issue of shares to unnamed investor(s)
and besides monetise its land bank by selling non-core assets
including a major portion of a commercial office space next to its
hotel in Chennai. It expects to generate about Rs 950 crore from such
sale of land and joint development, which would be used for reducing
its debt. The other decision to sell a stake will bring around Rs 270
crore ($60 million) additionally as cash into the firm, according to
estimates based on current market price. The strategic or financial
investor will pick just a tad less than 15% stake that would trigger
an open offer...
India is one of the fastest growing tourist markets in the world
inherently rooted concept of hospitality in form of "Ätithi Devo
bhava" . At present, your Company operates six hotels at the locations
viz. Mumbai, Bangalore, Goa, Kovalam, Udaipur and Gurgaon comprising
1523 guest rooms and 90 serviced apartments.
Hotel Leela is expected to commence to aided by addition of 260 rooms
in Delhi and 332 rooms in Chennai properties.
With an ever increasing demand in tourism business synergizing with
growth plans of Leela, we recommend a BUY at current level of 40 with
target of 60.
SELL BAJAJ AUTO
CMP : 1300; Target : 1100
BAL, the 2nd largest manufacturer of two-wheelers in India, reported
less growth compared to its peers, with production constraints,
diminishing brand image and market acceptance, coupled with
detoriating quality & inability to achieve target sale, the stock
looks struggling.
Two wheeler auto industry is going through a turmoil with declining
demand reasoned because of increasing interest rate & restrained
financial availability. Supply of two wheelers is on an increase with
players like Honda, Hero Honda, TVS, M&M expanding their capacities.
Bajaj is to be most affected with this gap in demand and supply as its
brand preference has fallen from 2nd position to 5th position in
market.
Bajaj reported sale of 322235 two wheeler units, which includes export
of 158422 units in April 2011 month. Last year in same month, Bajaj
saw sale of 276095 units with export of 113911. This implies that the
domestic sale of Bajaj remained stagnant with around 163000 units over
the year showing no growth. Hero Honda, market leader in two wheeler,
showed growth of whooping 40% in domestic market in the same time
frame. Hero Honda is venturing into exports as well.
With Government withdrawing DEPB benefit scheme for exporters, Bajaj
auto will face severe problems in terms of their export profit. Rajiv
Bajaj, MD, Bajaj Auto, stated his concern regarding the fall in export
to take place due to withdrawing of DEPB scheme and increasing
competition from China market in exports. He also shard his worry
about further slowdown expected in two wheelers.
With increase in competition, fall in demand, pressure rising due to
high input cost, tightening of export policies, Bajaj Auto is losing
grounds from domestic as well as export market. We recommend a STRONG
SELL on Bajaj Auto with target of 1100.
DISCLAIMER:- Smart Profit has taken due care and caution in
compilation of data for its reports. The market view and investment
tips expressed on Smart Profit are in no way a guarantee either
express or implied. However, Smart Profit does not guarantee the
accuracy, adequacy or completeness of any information and is not
responsible for any errors or omissions or for the results obtained
from the use of such information.
SUMAN JAIN
(CEO)
Email: sumanjain@smartprofit.in
Tel : 9820041126
ANKITA JAIN
(Director)
Email: ankita@smartprofit.in
Tel : 9819854402
DIPAK MANGELA
(Research Analyst)
Email: dipak.mangela@smartprofit.in
Tel : 9820260291
MANSINGH RAI
(Customer Care Executive)
Email: mansingh.rai@smartprofit.in
Tel : 9320907684
SHAILESH GOWDA
(Customer Care Executive)
Email: shailesh.gowda@smartprofit.in
Tel : 9967394114
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--
You received this message because you are subscribed to the Google Groups "Car Dealership looking for medium-term investor" group.
To post to this group, send email to car-dealership@googlegroups.com.
To unsubscribe from this group, send email to car-dealership+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/car-dealership?hl=en.
--