Container Corporation of India (CONCOR)

Total shares issued- 129982794 shs.

Promoter’s holdings- 81999802 shs- 63.08%

Promoters - President Of India-81998202 shs;

Other Promoters- 1600 shs,

Institutional holdings-22180162 shs-17.07%

52 Week-High-Rs.1275 on 23 Dec 2009;Low-Rs.594 on 23 Dec 2008.
Current Market Price - Rs.1257.20

Market Cap-16442.82cr; AS on 23/12/09

EPS-61.49;P/E-20.57; Ind P/E- 21.00

Book Value-289.44;Price/Book-4.37;Div %- 140

Total Share Capital- 129.98cr:

Net Worth- 3762.21cr; Total DEBT -0;

Incorporated in 1988, Container Corporation of India (CONCOR) is a multi-modal (rail and road) logistics support provider for the country’s exim and domestic trade and commerce, working under the ministry of railways, Government of India. It handles the imports and exports of the country from about 40 dry ports or terminals spread across India. It also enjoys a near monopoly situation in the transportation of Containerised cargo through the Indian railways. CONCOR`s core business is characterised by three distinct activities, that of a carrier, a terminal operator, and a warehouse operator. The key value the company offers is the provision of a single-window facility co-ordinating with all the different agencies and services involved in the containerised cargo trade right from customs, gateway ports, and railways, to road haulers, consolidators, forwarders, custom house agents and shipping lines CONCOR currently provides the only means by which shippers may obtain containerized freight transportation by rail in India. Though rail is the mainstay of its transportation plan, road services are also provided according to market demand and operational exigencies. CONCOR also operates container terminals across the country to cater to the needs of the trade, whether in the export-import or the domestic business.

Financials: - Container Corporation of India registered results for the quarter ended on 30-SEP-2009 as:

Net Sales- Rs. 959.9027 cr v/s Rs. 903.3608 cr on 30-SEP-2008.

Net Profit- Rs. 204.3475 cr v/s Rs. 223.6809 cr on 30-SEP-2008.

Conl- This stock has always being out of the analysts radar,also this stock has being giving a consitant performance over a period of time. Here I have tried to point out the underdog PSU, as the world expects to get out from recession & their EXIM trades to shoot up, INDIA is surely getting a pie from it & this is the company with an 21.03% of RoNW, and with the net profit of 204 cr on sales of 959cr is certainly shine in this space.

Read my Mundra port post for futher view on business.

SUZLON ENERGY

TOTAL SHARES ISSUED – 1556723743 shs.

GROSS DEBT – Rs. 13477 cr.

NET DEBT – Rs. 12525 cr. (As on SEP 09).

CASH HOLDINGS – Rs. 952 cr.

REPOWER SYSTEMS AG - RPW:GR

Total Shares Issued – 9177039 shs.

Suzlon holds – 8325409 shs - 90.72%.

Free Float – 851630 shs - 9.28%.

CMP- 8th DEC 2009, 114 Euros. 1Euro/Rs. 68.95

MKT CAP – 1046.18 million Euros, Rs. 7213.42 cr.

Free Float MKT CAP – 97.08582 million Euros, Rs.669.406 cr.

EPS – 0.16, PE – 711.13, P/B – 3.11, NP – 1479000 Euros, Rs.10.2073 cr.

Suzlon's stakes in REpower valued at Rs.6544.021 cr

HANSEN TRANSMISSION INTERNATIONAL NV - HSN:LN

Total Shares Issued – 670104208 shs.

After the 35.01% stake sale in November 2009.

Suzlon now holds – 174632079 shs a 26.06%. V/S 410632079 shs 61.28%.

CMP as on 8th DEC 2009 1.13 GBp. 1GBP/ Rs.76.04

MKT CAP – 757.21 million Pounds, Rs. 5757.88 cr.

EPS – 1.98p, PE – 53.41, P/B – 1.39, NP – 1319131000 GBp – Rs.101.1546 cr

Suzlon's stakes in Hansen valued at Rs. 1500.52 cr.

NOW,

REpower contributes to Rs.42.03 to Suzlon´s CMP of Rs.85 a nearly 49.45% of Suzlon.

HANSEN contributes to Rs. 9.63 to Suzlon´s CMP of Rs. 85 a nearly 11.34% of Suzlon. So Suzlon valued at Rs.33.34.

Suzlon´s enterprise value is around Rs 33801.69 cr (217/Sh).

Networth around Rs 6580.32 cr.

IF SUZLON ENERGY MANAGES TO RETIRE ITS Rs. 13000 cr DEBTS IT’S VALUE CAN GO…. I SAY CAN GO TILL Rs.180. BUT SINCE IT’S A HIGH BETA STOCK ALWAYS TRADE WITH STRICK STOPLOSS.

Mundra Port and Special Economic Zone

Market Details as on 31st October, 2009.

Total Shares Issued – 400678820 shs of Rs. 10 each.

Shares Issued at IPO- 40250000 shs at Rs. 440 Nov 2007.

Promoters Holdings- 324719561 shs -81.03%.

Market Capitalization- Rs. 20047.96 cr.

Current Market Price – Rs. 500.35.

Book Value per Share- Rs. 73.44, Earning per Share- Rs. 14.91, Dividend- Rs.3/sh.

Price to Earning Ratio – 33.56, Industry P/E- 42.20, Price to Book- 6.81 times.

52 Week – High- Rs. 705, Low- Rs. 253.65.

200 Daily Moving Average- Rs. 478.25.

Total Debt – Rs. 2313 cr, Total Reserve- Rs. 2541.78 cr

FINANCIALS:-As on 30th September 2009

Total Income Rs.337.33 cr v/s Rs. 303.78 cr (YOY), Net profit increased 56 % to Rs. 174.78 cr v/s 112.28 cr (YOY), half yearly Net Sales of Rs. 634.13 cr, and Net Profit of Rs. 345.54 cr posting an EPS of Rs. 8.32.

Mundra port is India’s largest private sector port promoted by Adani group.

Mundra port has notified multi-product SEZ area of 5920 hectares, from which it is currently developing the area of 130 sq km. the Co. has its own railways which handled close to 4500 rakes in yr 2008-09; has Dry Cargo Port - has handled largest container vessel- MV BAUDELAIRE (300.40 mtrs), the port now handles 6500-7000 vessels; Co. has container terminal with highest gross crane productivity of 55.24 Moves Per Hour (MPH) , highest average crane productivity of 33 MPH in country; Company has signed an agreement with Maruti Suzuki to export cars from the Auto terminal- total car exported in last 3 months of 2008-09 is 18911 cars; Co. has handled 2.2 lacs Metric Tonnes of liquid cargo.

For the financial yr 2008-09 Mundra port has handled 2171 vessels v/s 1624 in yr 2007-08. Its cargo handling capacity increased by 33.68 % to 3.60 cr tonnes.As per the records, India’s 95 % of external trade by volume & 70 % by value comes by Sea. Cargo handling volume in 12 major ports in India was at 53 cr Tonnes, while non-major ports contributed 21 cr Tonnes during 2008-09, aggregating to 74 cr Tonnes. Mundra port, the largest private sector non-major port, with a cargo capacity of around 3.6 cr Tonnes in FY09 is among the Top 10 ports in India. India needs to double its port capacity to 150 cr Tonnes by 2011-12 & would require investments worth Rs.55000 cr in that period indicating significant potential for the sector.

A LITTLE STORY ON MARKETS

There was a small village, everyone in that village were living happily, one day someone from big city came with his assistant, he said - "I will give Rs. 10 for every monkey you catch, and bring it to me", villagers started catching monkeys, soon villagers found a new job. They caught monkeys and sold to that stranger & made good money, after a while they lost interest. The stranger said - "I will give you Rs. 15 for every monkey", more monkeys came in, after a while the price of monkey went up to Rs. 60 !!! Suddenly one day the stranger was out of the village his assistant said - "Look this guy does not pays me much, I want to sell all his monkeys at Rs. 50/each so when he comes back you can sell it back to him for Rs. 70" - the villagers agreed -The assistant sold all the monkeys to the villagers for Rs. 50 and went out of the village. Villagers were now left with their monkeys & still waiting........for the Stranger and his assistant to come... but none of this two came back & left villagers with their monkeys worth nothing...while that strangers made money out of nothing....

THE MORALE OF THE STORY - 

The villagers are we small Investors , our stocks are the monkeys and FII’s (Foreign Institutional Investors) are those strangers !!!

Lets us all learn the lesson, 

IPO DETAILS: PIPAVAV SHIPYARDS LTD

Price Band- Rs.55-60, Face Value- Rs.10
Issue opens on- 16th September 2009, Wednesday
Issue closes on- 18th September 2009, Friday
QIB Book- 5,09,10,135 shares (60% of Net issue)
HNI Book- 84,85,022 shares (10% of Net issue)
Retail Book- 2,54,55,068 shares (30% of Net issue)
Employee Reservation- 6,00,000 shares
Total No. of Shares offered- 8,54,50,225 shares or 12.8%
Equity Shares outstanding after the Issue--665,798,388 Sh
Equity Shares outstanding prior Issue-580,348,163 Sh
Total Size of the Issue- Rs. 469.97 Crs. - Rs. 512.7 Crs. (Approximately)
Lead Manager- Kotak, SBI, Enam, Motilal, JM, and Citigroup
Registrar- Karvy Computershare Private Limited.
Debt equity ratio- 0.7:1


Major PE investors-
Punj Lloyd currently holds 22.34% stake in the company at Rs.27, Amout- Rs 350cr. Sea King Infra(SKIL)at Rs.10 and they combine holds 45.5% stake.
Trinity capital- Rs.25, Amount- Rs.114.75cr, Post issue holding- 6.89%, 2i capital- Rs.25, Amount- Rs.100cr, Post issue holding- 6.01%, New York Life Investment Management India Fund(NYLIM)- Rs.25, Amount- Rs.66.52cr, Post issue holding- 4%, Citadel MT Trading- Rs.45, Amount- Rs.103.5cr, Post issue holding- 3.45%, SCB Asian Infrastructure Fund- Rs.45, Amount- Rs.51.75cr, Post issue holding- 1.73%, Blackstone, Merrill Lynch, Galleon, Manz Retail (a Future Group entity), Deutsche Bank -All at Rs.80/Sh- below 1% - stakes in the firm.
Other are Infrastructure Leasing & Finance Services (IL&FS), Export Import Bank of India (EXIM Bank), UTI Mutual Fund and Industrial & Development Bank of India (IDBI).


Company details-Pipavav is located on the south western coast of Gujarat and claims that it will be the biggest shipyard upon completion in India. The shipyard is spread over an area of 198.92 hectares, which also comprises of a special economic zone (SEZ).It plans to use the proceeds for the construction of shipbuilding facilities, repair and offshore business and for general corporate purposes.


Valuations- The net worth of Company was Rs. 12,55.076cr as of March 31, 2009. The book value per Equity Share was Rs.21.63 as of March 31, 2009 Pipavav is being valued at 1.1X EV/Order book even at the lower end of the price band. This is as compared to 0.2X for Indian shipyards and 0.3-0.5X for global shipyards, said investment bank Noble Group in its research note. Given the uncertain order book, the valuation seem to be a little aggressive.
Pipavav has said that it has an order book of $920 million, which includes 12 offshore supply vessels from ONGC and an order for 22 dry bulk carriers from three European shipping companies. The order with the European customers is being renegotiated given the downturn,though the impact on order book is not known.
Pipavav Shipyard, co-owned by SKIL Infrastructure and Punj Lloyd, is building a shipyard in Gujarat at a cost of about Rs 3,000 crore, of which it has already spent Rs 2,086 crore.