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(Quarter Update)

Earnings Update

At Price: Rs 288

Target: Rs 600

Rajesh Exports: Weak Qtr, 7x P/E, Global Leader with Secula... -- Evaluate Research

Buy-rated Rajesh Exports [RJEX_IN; Rs. 84 billion and US$1.0 billion market cap] reported overall weak results for Q4 [ended March] as well as the full fiscal year. While revenues for Q4 substantially exceeded our published estimate, EPS was weaker than we expected. For Q4, revenues came in at Rs. 916 million, which was down 21% YoY, but up 40% QoQ - such has been the uncharacteristic variability in quarterly results for RJEX during the past year. The YoY revenue decline led to negative operating leverage, producing negative profits. We believe some year-end accounting adjustments and accruals, along with tax-related expenses, impacted the Q4 bottom line. With record demand for gold from Central Banks, RJEX’s Swiss-based Valcambi gold refining subsidiary continues to do well. Still, volatility in gold prices, global macro uncertainty, and timing of orders and shipments have led to variability of near-term earnings, in our opinion. More details on the quarter in our report.

More..

Report Date June 4, 2024

by ajeya patil

(Quarter Update)

Earnings Update

At Price: Rs 72

Target: Rs 95

Paisalo: +91% EPS on +39% Sales, Low NPA, 36% CAR, Raising... -- Evaluate Research

Buy-rated Paisalo Digital [PAISALO_IN; Rs. 55 bn & US$ 800 mn market cap] reported another strong set of results for Q4 [ended March], which helped to drive stellar +91% EPS for the full fiscal year 03/2024. For Q4, revenues [primarily interest income] increased +65% YoY and diluted EPS surged +72%. For the full fiscal year, revenues increased +39%, leading to the sharp earnings gain, driven by increased margins and positive operating leverage. Importantly, in addition to the strong income statement and balance sheet growth, internal operating metrics and the quality of earnings were impressive, with high capital adequacy and liquidity, and consistently low [almost negligible] NPA levels. Paisalo indicated that, “given the AUM growth momentum, robust portfolio metrics and scalability, we are confident about growth and portfolio metrics for FY 03/2025.”

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Report Date April 30, 2024

by ajeya patil

(Quarter Update)

Earnings Update

At Price: Rs 304

Target: Rs 700

Rajesh Exports: Weak Qtr, 5x P/E, Global Leader with Secula... -- Evaluate Research

Buy-rated Rajesh Exports [RJEX_IN; Rs. 89 billion and US$1.1 billion market cap] reported weak results, below our expectations, both in terms of revenues as well as profits, for the fiscal third quarter [ended December]. For the third quarter, revenues were down –31% YoY, but were up +72% sequentially QoQ. The steep revenue decline led to negative operating leverage, producing slightly positive earnings. Volatility in gold prices, global macro uncertainty, and timing of orders and shipments have led to variability of near-term earnings, in our opinion. More details on the quarter in our report.

More..

Report Date February 19, 2024

by ajeya patil

(Quarter Update)

Earnings Update

At Price: Rs 122

Target: Rs 175

Paisalo: +103% EPS on +40% AUM, Low NPA, 38% CAR, Raising T... -- Evaluate Research

Buy-rated Paisalo Digital [PAISALO_IN; Rs. 55 bn & US$ 660 mn market cap] reported exceptionally strong +103% YoY EPS growth for Q3 [ended December], which easily surpassed our expectations. Notably, growth has also accelerated, with the YoY jump for the Dec-end quarter surpassing the YoY rise of the Sept-end quarter, and the sequential growth was robust +19% QoQ despite being up against a tough comparison. Importantly, in addition to the strong income statement and balance sheet growth, internal operating metrics and the quality of earnings was impressive, with high capital adequacy and liquidity, and lower [almost negligible] NPA levels.

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Report Date February 2, 2024

by ajeya patil

(Quarter Update)

Earnings Update

At Price: Rs 78

Target: Rs 90

Paisalo: +97% EPS on +28% AUM, ROE Surges with Low NPA, 40... -- Evaluate Research

Buy-rated Paisalo Digital [PAISALO_IN; Rs. 78.00] reported extremely strong +97% YoY net income growth for Q2FY24, ended September, which was much stronger than our expectations, supported by stellar income statement and balance sheet growth, as well as healthy internal cost and NPA metrics.

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Report Date October 30, 2023

by ajeya patil

(Initiating Coverage)

Earnings Update

At Price: Rs 68

Target: Rs 90

Paisalo Digital: NEW BUY - Rapid EPS Growth, Co-Lending Opp... -- Evaluate Research

NEW BUY : Paisalo Digital Ltd. [PAISALO: NSE; Rs.30 billion/US$0.36 billion market cap], with 30 years of operating history, is a rapidly growing middle tier non-banking finance company which offers a range of low ticket-size loans and services in India. Despite Paisalo’s long track record, it is nonetheless still very early in its lifecycle with a long runway of growth ahead, and with a unique business model, strong well-established operations infrastructure, and a solid management team – we believe the firm is at an inflection point in terms of both stock price and earnings appreciation potential going forward. Paisalo has shown rapid EPS growth of +11% over the past 5 years, accelerating to a +25% CAGR over the 3 past years [fiscal years 3/2020 to 3/2023], which demonstrates increasing traction. The balance sheet has also expanded, with loan growth of +13% 3-year CAGR, which drove overall total asset growth of +11% CAGR over the trailing 3 years. All this while other metrics such as NPAs, leverage and capital adequacy were robust. The broad finance sector in India is a direct play on the overall macro story, and Paisalo is a direct beneficiary of the most rapidly accelerating segment – rural and small cities consumer growth. Further details in this report.

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Report Date October 11, 2023

by ajeya patil

(Initiating Coverage)

Earnings Update

At Price: Rs 600

Target: Rs 690

Onward Technologies: NEW BUY - Rapid Revenue & Net Profit G... -- Evaluate Research

NEW BUY: Onward Technologies [ONWARDTEC: NSE; Rs.13 billion/US$0.16 billion market cap] is a software outsourcing company specializing in Digital and Engineering Research & Development (ER&D) services. The company has global presence in North America & Europe, and state-of-the-art offshore delivery centres (ODC) in India, the company supports businesses in focused verticals of Industrial Equipment & Heavy Machinery, Transportation & Mobility and Healthcare & MedTech. With two decades of expertise in Mechanical Engineering capabilities, the company has augmented their prowess in two lines of business in Digital & Data Engineering and Electronics & Embedded Engineering for their customers. With a scalable outsourcing and offshore model across 6 countries, a fast-growing team of 2,646 employees, and long-term customer associations, the company accelerates innovation and maximizes returns on R&D investments for its customers.

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Report Date September 18, 2023

by ajeya patil

(Quarter Update)

Earnings Update

At Price: Rs 520

Target: Rs 1100

Rajesh Exports: Sales +73% YoY, EPS +14% YoY, Expect Margin... -- Evaluate Research

Rajesh Exports [RJEX_IN; Rs.153 billion/US$1.91 billion market cap; US$2.62 million total average daily value traded] reported stellar results, ahead of our expectations, both in terms of revenues as well as profits, for the fiscal first quarter [ended June]. The performance continues to beat expectations as growth in the previous quarter was also solid on a year-on-year basis. Revenue increased significantly by 73% YoY to Rs.857 bn as compared to Q1 FY 03/2023.

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Report Date August 17, 2023

by ajeya patil

(Initiating Coverage)

At Price: Rs 200

Target: Rs 300

PPAP Automotive - NEW BUY: Turnaround Story, 7x P/E, Rapid ... -- Evaluate Research

NEW BUY: PPAP Automotive [PPAP: NSE; Rs.2,973 million/US$37 million market cap] is an auto ancillary company specializing in sealing and tooling systems for passenger cars. The company's ability to maintain competitive advantage over its peers in Polymer Extrusion based Automotive Sealing Systems and Injection Molded products gives it an economic moat. Over the years, the firm continues to add technologically advanced and updated products to its range. In 2012, the company has ventured into EPDM Rubber based Automotive Sealing System by establishing a Joint Venture with its Technology Partner Tokai Kogyo Co.Ltd. - Japan. This gives it a near monopoly to deliver on revenue growth in sealing systems in India.

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Report Date July 10, 2023

by ajeya patil

(Quarter Update)

Earnings Update

At Price: Rs 550

Target: Rs 1100

Rajesh Exports: Record Sales +40% YoY, EPS +42% YoY, Expect... -- Evaluate Research

Rajesh Exports [RJEX_IN; Rs.163 billion/US$2.01 billion market cap; US$2.62 million total average daily value traded] reported stellar results, ahead of our expectations, both in terms of revenues as well as profits, for the fiscal fourth quarter [ended March]. The performance continues to beat expectations as growth in the previous quarter was also solid. Revenue increased significantly by 35% YoY to a record high level of Rs.1154 bn as compared to Q4 FY2022.

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Report Date June 1, 2023

by ajeya patil

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(Quarter Update) Earnings Update At Price: Rs 288 Target: Rs 600

Rajesh Exports: Weak Qtr, 7x P/E, Global Leader with Secula... -- Evaluate Research

(Quarter Update) Earnings Update At Price: Rs 72 Target: Rs 95

Paisalo: +91% EPS on +39% Sales, Low NPA, 36% CAR, Raising... -- Evaluate Research

(Quarter Update) Earnings Update At Price: Rs 304 Target: Rs 700

Rajesh Exports: Weak Qtr, 5x P/E, Global Leader with Secula... -- Evaluate Research

(Quarter Update) Earnings Update At Price: Rs 122 Target: Rs 175

Paisalo: +103% EPS on +40% AUM, Low NPA, 38% CAR, Raising T... -- Evaluate Research

(Quarter Update) Earnings Update At Price: Rs 78 Target: Rs 90

Paisalo: +97% EPS on +28% AUM, ROE Surges with Low NPA, 40... -- Evaluate Research

(Initiating Coverage) Earnings Update At Price: Rs 68 Target: Rs 90

Paisalo Digital: NEW BUY - Rapid EPS Growth, Co-Lending Opp... -- Evaluate Research

(Initiating Coverage) Earnings Update At Price: Rs 600 Target: Rs 690

Onward Technologies: NEW BUY - Rapid Revenue & Net Profit G... -- Evaluate Research

(Quarter Update) Earnings Update At Price: Rs 520 Target: Rs 1100

Rajesh Exports: Sales +73% YoY, EPS +14% YoY, Expect Margin... -- Evaluate Research

(Initiating Coverage) At Price: Rs 200 Target: Rs 300

PPAP Automotive - NEW BUY: Turnaround Story, 7x P/E, Rapid ... -- Evaluate Research

(Quarter Update) Earnings Update At Price: Rs 550 Target: Rs 1100

Rajesh Exports: Record Sales +40% YoY, EPS +42% YoY, Expect... -- Evaluate Research

(Quarter Update)

Earnings Update

At Price: Rs 288

Target: Rs 600

(Quarter Update)

Earnings Update

At Price: Rs 72

Target: Rs 95

(Quarter Update)

Earnings Update

At Price: Rs 304

Target: Rs 700

(Quarter Update)

Earnings Update

At Price: Rs 122

Target: Rs 175

(Quarter Update)

Earnings Update

At Price: Rs 78

Target: Rs 90

(Initiating Coverage)

Earnings Update

At Price: Rs 68

Target: Rs 90

(Initiating Coverage)

Earnings Update

At Price: Rs 600

Target: Rs 690

(Quarter Update)

Earnings Update

At Price: Rs 520

Target: Rs 1100

(Initiating Coverage)

At Price: Rs 200

Target: Rs 300

(Quarter Update)

Earnings Update

At Price: Rs 550

Target: Rs 1100