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Sabyasachi Paul

Analyst

Eastern Financiers Ltd

Bulls Eye

Sabyasachi Paul

23 Aug 2016
Sabyasachi Paul

14 Jul 2016
Sabyasachi Paul

14 Jul 2016
Sabyasachi Paul

27 Sep 2016
Sabyasachi Paul

16 Jul 2016
Sabyasachi Paul

23 Aug 2016
Sabyasachi Paul

27 Sep 2016
Sabyasachi Paul

23 Aug 2016
Sabyasachi Paul

02 Nov 2016
Sabyasachi Paul

02 Nov 2016
Sabyasachi Paul

15 Mar 2017
Sabyasachi Paul

05 Apr 2017
Sabyasachi Paul

27 Jan 2017
Sabyasachi Paul

05 May 2017
Sabyasachi Paul

05 May 2017
Sabyasachi Paul

28 Aug 2018
Sabyasachi Paul

06 Sep 2018
Sabyasachi Paul

06 Sep 2018
Sabyasachi Paul

27 Aug 2019

Sabyasachi Paul

Investment Style:

Experienced Indian Equity Research Professional with over 9 years experience.Currently handles the equity research desk of Eastern Financiers Ltd, Kolkata.

Linkedin:

Research Reports :

Mishra Dhatu Nigam Target: Rs 282.00
25 Feb 20

MIDHANI - Mini ratn...

Mishra Dhatu Nigam Limited (MIDHANI) is one of the leading manufacturers of special steels, super alloys and only manufacturer of titanium alloys in India. These are high value products which cater to niche end user segments such as defence, space and power. It has emerged as a ‘National Centre for Excellence’ in advanced metallurgical production of special metals and super alloys in India. With the growth of its business and operations, MIDHANI has achieved the status of a Mini Ratna, Category-I company in 2009. Cyclicality of MIDHANI is distinctly lower than global peers. The Company maintains operating margins in excess of 25% & net margins above 20%, return ratios of 18-20%. The stock has moved up significantly over the last week. We rate the Company at 22xFY21E EPS & recommend Accumulate on dips with a target price of Rs.282/sh.

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Eastern Financiers Ltd

Aegis Chemicals Inds. . Target: Rs 239.00
05 Dec 19

Aegis Logistics- Tr...

Aegis Logistics Ltd is a leader in oil and gas logistics. The services provided by the company include sourcing of product, storage and port operations, arranging road and pipeline movement, shipping, and integrated supply chain management. The Company also charges its customers for using various other facilities like jetty operations, loading and unloading. Aegis also imports, markets, and distributes bulk propane and liquid petroleum gas to various industrial customers in steel, ceramics, glass, and pharmaceutical sectors. We value the Company at 20x FY21E EPS and recommend a BUY on the stock with a price target of Rs.239/sh.

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Eastern Financiers Ltd

Affle India Target: Rs 2000.00
21 Nov 19

Affle India Ltd- On...

Affle(India) Ltd (Affle), founded in 2006, is an ad tech company that helps advertisers drive user acquisition, improve engagement and increase the frequency of transactions through mobile advertising using its proprietary consumer platform. Its services include: 1) new user acquisition (user acquisition, engagement and transactions) through mobile advertising, 2) retargeting existing users to complete transactions and 3) offering an online-to-offline platform to convert online user engagement into store walk-ins. Key investors include Microsoft, D2C, Itochu, Bennett Coleman & Co. Ltd. & Centurion. Affle launched its IPO end of July & got listed on the exchanges on 8th August 2019.

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Eastern Financiers Ltd

MOLDTKPAC Target: Rs 340.00
30 Jul 19

Mold-Tek Packaging-...

Established in 1986, Mold-Tek Packaging Limited (MTPL) is the leader in rigid plastic packaging in India. It is involved in the manufacturing of injection molded containers for lubricants, paints, food and other products. MTPL has seven processing plants and three stock points spread across India to ensure faster supplies. It has a huge injection molding capacity of around 20000 TPA. As a pioneer and innovator of pail packaging in India, MTPL has introduced spouts and In-Mold spout concepts for the paint and lube pails. With in-house manufacturing capability in place, they are not dependent on imports. The management’s guidance of 20% blended volume growth for FY20E owing to new plants operations and incremental sales volume contribution from FMCG segment support our investment argument. We value the Company at 20x FY21 expected EPS of Rs.16.97/sh and recommend a BUY on the stocks with a price target of Rs.340/sh.

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Eastern Financiers Ltd

RITES Target: Rs 384.00
22 Jul 19

RITES Ltd - On the ...

RITES Ltd, incorporated in 1974, is a Miniratna (category–I) schedule ‘A’ public sector enterprise. It is a leading player in the transport consultancy and engineering sector in India with diversified services and geographical reach under one roof. RITES has an experience of over 44 years and have undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East. RITES is the only export arm of Indian Railways for providing rolling stock overseas. We value RITES at 12x FY21E EPS given the growth prospects on the back of strong order book (~3x FY19 revenue), consistent financial performance, comprehensive range of services in its offering and recommend a BUY with a target price of Rs. 384/sh.

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Eastern Financiers Ltd

Vesuvius India Target: Rs 1564.00
24 May 19

Vesuvius India Ltd ...

Vesuvius India Ltd (VIL) is part of the Vesuvius Group of UK, a world leader in the molten metal flow engineering. Vesuvius, UK, holds 56% of VIL’s share capital. In India, VIL is the largest player in the steel flow control segment in the refractory industry with market share of about 50% and overall market share of about 12% in refractories. With the increasing steel industry capacities, & major steel plants coming out of CDR, Vesuvius would be a major beneficiary on account of its brand value and preference to others in the early stage of implementation. In the light of its increasing prospects and better margins, we recommend a BUY, with a target price of Rs.1,564, based on 25X CY20E EPS.

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Eastern Financiers Ltd

Gujarat Gas Target: Rs 183.00
26 Mar 19

Gujarat Gas Ltd - C...

Gujarat Gas Limited (GGL) was formed in FY15 by amalgamating Gujarat Gas Company Ltd. and GSPC Gas Ltd. The new entity has emerged as India's largest city gas distribution (CGD) player with a total sales volume of 6.2mmscmd and presence spread across 24 districts in Gujarat, Maharashtra and Union Territory of Dadra Nagar Haveli. It has a network of 15000 km-long gas pipeline and 291 compressed natural gas (CNG) stations constituting 25% of all CNG stations in the country. Within promoters- GSPL holds 54% and Gujarat Govt holds 6.5% in the company. We believe the Company will benefit from competitive liquefied natural gas (LNG) prices over fuel oil (FO) and reducing LNG price gap over imported coal, resulting in a rise in long-term EBITDA/scm margin GGL, is well poised to double its sales by FY23/24 and log 15% p.a EBIDTA growth thereof. Investors would consider the macro opportunity vs. near-term valuations. We recommend a BUY on the stock with a price target of Rs.183/sh.

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Eastern Financiers Ltd

Phillips Carbon Black Target: Rs 324.00
19 Sep 18

Phillips Carbon Bla...

Phillips Carbon Black Ltd (PCBL), part of the RP-Sanjiv Goenka Group, is the largest manufacturer and supplier of carbon black in India catering to the needs of elastomer, plastic, paints and ink manufacturing industries. The major market for carbon black is tyre industry. They also manufacture special black for non-rubber applications. PCBL has capability & flexibility to produce any ASTM grade. Besides ASTM grades, PCBL also manufactures customized product specific to a customer.

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Eastern Financiers Ltd

Privi Speciality Target: Rs 532.00
07 Sep 18

Fairchem Speciality...

Fairchem Speciality Limited (FSL), a Fairfax investment company, is an exclusive formation of specialty chemicals company from the merger of Adi Finechem Ltd (manufacturer of oleochemicals and nutraceuticals) and Privi Organics India Ltd (manufacturer of aroma chemicals). The combined entity caters to various industries ranging from printing inks, paints, adhesives & paper coatings, flavors & fragrance, pharmaceuticals, and FMCG. Going forward, we believe FSL should fetch premium valuations on account of strong industry tailwinds, robust volume growth due to increase in manufacturing capacity and improvement in operating margins. We recommend a BUY on the Company with a price target of Rs.532/sh (25x FY20 expected EPS of Rs.21.27/sh)

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Eastern Financiers Ltd

Meghmani Org Target: Rs 153.00
24 Aug 18

Meghmani Organics L...

Meghmani Organics Ltd. (MOL) is an India-based chemical company with varied business interests. It has three business segments namely pigment, agrochemicals and basic chemicals. MOL has presence in more than 75 countries, serving over 400 customers across all three business segments. It has a distribution network with subsidiaries in USA, Indonesia, Dubai, Europe, a representative office in China and warehouses in Turkey, Russia, USA and Uruguay. It also has seven manufacturing facilities in India MOL will continue to benefit from its integrated agrochemicals operation, sequential recovery in pigments and profitable growth in chemicals. Given the steady long‐term improvement in its operating efficiency led by the by‐product beneficiation projects (CMS and hydrogen peroxide) and caustic soda expansion, we recommend a BUY on MOL with a target price of Rs 153/sh ( 15x FY20 E EPS of Rs.10.22/sh).

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Eastern Financiers Ltd

Garware-Wall Rop Target: Rs 1225.00
28 Jun 18

Garware Wall Ropes ...

Garware Wall Ropes Ltd (GWRL) is engaged in the manufacturing of ropes, twines and cordage, nettings, multi-filament yarns, and geotechnical nets and fabrics of nets and net-related products. It provides innovative and application focused solutions to diversified applications across fishing, aquaculture, agriculture, sports, and other segments. The fisheries segment is the biggest contributor to overall revenue (~25%), followed by ropes (~23-25%) and aquaculture (~20%). Sports nets, geosynthetics, defence and agri nets, albeit small, are the relatively fast-growing segments led by rising penetration both in export and domestic markets. GWRL looks attractive currently given its strong technical textiles capabilities, minimal debt and consistent returns on equity as well as capital employed. We value the Company at 20x FY20 expected EPS of Rs.61.19/sh and recommend a BUY on the stock with a price target of Rs.1225/sh.

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Eastern Financiers Ltd

NRB Bearings Target: Rs 195.00
30 May 18

NRB Bearings Ltd - ...

NRB Bearings (NRB) was the first company to manufacture needle roller bearings in India. For over 40 years, NRB has been the pioneer and leader in the bearing technology space. It is a recognized leader and the largest manufacturer of needle roller bearings in India, with ~70% segmental market share. With 65% revenue coming in from domestic OEMs, NRB is expected to be a key beneficiary of robust growth in the automobile sector. We are especially positive about the 2 wheeler segment (30% revenue contribution) in view of improving rural economic conditions. We expect the current performance of the Company to sustain over the next few years & recommend a BUY on the stock with a target price of Rs.195/sh (18x FY20 EPS).

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Eastern Financiers Ltd

Greaves Cotton Target: Rs 180.00
23 May 18

Greaves Cotton Ltd ...

Greaves Cotton Ltd (GCL) is a diversified engineering company engaged in the manufacturing of diesel and petrol engines, gen-sets, agro equipment, aero engines, lightweight engine and construction equipment. The Company owns eleven manufacturing units located in the states of Maharashtra and Tamil Nadu. It has 10,000 touch points and 1,500 dealers across India & 25 distributors in the international market. GCL has healthy return ratios, strong balance sheet, and leadership position in 3W engine manufacturing, attractive dividend payout and reasonable valuations. We recommend a BUY with a price target of Rs.180/sh.

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Eastern Financiers Ltd

Alphageo Target: Rs 1200.00
02 May 18

Alphageo (India) Li...

Alphageo (India) Limited (Alphageo) is the largest private onshore integrated seismic service provider in India. Incorporated in 1987, the Company's globally benchmarked competence comprises acquisition, processing and interpretation of seismic data for oil exploration. Alphageo offers topographic surveys with GPS and Real Time Kinematic (RTK) positioning; tape transcription; digitization of hard copies of maps, seismic sections, and well logs into CGM, SEGY, and LAS formats; and third party quality checking for acquisition and processing. Alphageo is expected to benefit the maximum out of increasing initiatives towards exploratory activities by the government as it has presence in every stage of the production cycle of crude oil. It is the only domestic player with relevant experience in each stage currently & it has the ability to handle difficult terrains. With rising crude oil prices we feel there will be some buoyancy in crude related capex & thus we are positive on the prospects of Alphageo over the next few years. We recommend a BUY with a target price of Rs.1200/sh.

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Eastern Financiers Ltd

KNR Construct Target: Rs 393.00
26 Apr 18

KNR Construction Lt...

KNR Construction Ltd (KNR), incorporated in 1995, possesses strong expertise in executing EPC projects. KNR which is primarily focused on the roads and highways segment has strong track record in timely and successful execution of projects across India and has secured repeat orders on continuous basis. It is one of best managed road constructor with light balance sheet, low working capital and one of the highest RoCE among peers. Given the strong pipeline of projects in the near future, we remain upbeat on the KNR’s medium-term business prospects. We like KNR for its robust execution track record, driven by backward integration, strong balance sheet and consistent operating margins (15-17%). We value KNR on an SOTP basis: Rs.333 for standalone EPC business (18x FY20E EPS of Rs.18.49 and 1x BV on investments of Rs.60/sh – BOT/HAM projects). Recommend BUY with a target price of Rs.393/sh.

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Eastern Financiers Ltd