Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at CG Power & Industrial Solutions Ltd. bought 159,000 shares at 45.000INR and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over th...
The independent financial analyst theScreener just awarded an improved star rating to CG PWR.&.INDL.SLTN.LTD. (IN), active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date A...
Q2FY19 result highlights Standalone reported PAT at Rs284m: Adj. PAT +85% yoy to Rs563m led by 13% yoy revenue growth to Rs13.9bn and higher OPM (+290bps yoy to 9.2%) which was offset by higher tax rate (31% vs 25% in 2QY18). Power revenues fell 9.1% yoy to Rs6.2bn, while industrial segment saw strong 42% yoy growth to Rs7.6bn (both railways & motors). Standalone OPM improved to 9.2%: (+290bps yoy, +100bps qoq) led by expansion of industrial EBIT margins to 12.2% (+420bps yoy; positive opera...
Q1FY19 result highlights Standalone PAT at Rs354m (+91% yoy) on low base: Revenues were flat yoy, while higher OPM (+220bps yoy to 7.7%) & lower tax rate (30.7% vs 43.4% in Q1FY18) resulted in PAT growth. Power revenues fell 25.1% yoy to Rs5.3bn (Rs1bn rev deferral), while industrial +13.9% yoy to Rs6.5bn (+26% on like to like basis; mkt share gains in motors). Standalone OPM normalises to 7.7%: (+220bps yoy, -30bps qoq) led by industrial normalised to 9.9% (+570bps yoy; positive operating l...
Q4FY18 result highlights Standalone PAT at Rs627m (+31% yoy): due to 22% yoy revenue growth to Rs14.3b and +120bps in margins. Power revenues +8.9% yoy to Rs7.7bn, while industrial +14.4% yoy to Rs6.6bn (mkt share gains). We note segmental numbers are not comparable on yoy basis. Standalone OPM expands 120bp yoy to 8.1%: led by +340bps yoy in industrial margins to 9.7% (positive operating leverage) while power margins fell 79bps yoy to 6.9%. Hence, EBITDA grew 42% yoy to Rs1.16bn. Steady su...
CG Power and Industrial: Results exceed estimates; funding of subsidiary loss continues (CGPOWER IN, Mkt Cap USD0.6b, CMP INR62, TP INR63, 2% Upside, Neutral) Standalone operating performance above estimate: Sales rose 22% YoY to INR14.3b (est. of INR14.1b), driven by 28% LTL growth in the industrial segment and 16% LTL growth in the power segment. EBIDTA increased 42% YoY to INR1.2b, with the margin of 8.1% ahead of our estimate of 7.5%. Adj. PAT of INR0.63b (+31% YoY) was ahead of our e...
Q3FY18 result highlights Standalone PAT at Rs518m (-37% yoy): due to muted revenues (+2% yoy), lower other income (-22% yoy) and higher interest (+14% yoy; domestic debt for international business). Power revenues fell 6.2% yoy to Rs6bn, while industrial revenues +11% yoy to Rs5.8bn (mkt share gains, shift from unorganized to organized). Standalone OPM improves 16bps yoy to 7.4%: led by lower unallocable expenses. Industrial margins declined 100bps yoy to 9.4% (higher RM costs passed with a ...
CG Power and Industrial: Performance beat led by better-than-expected margins (CGPOWER IN, Mkt Cap USD0.8b, CMP INR90, TP INR90, 0% Upside, Neutral) Standalone performance above expectations: Sales rose 11% YoY to INR11.8b (below estimate of INR12.7b), driven by Industrial segment growth of 11% YoY (like-to-like growth of 20% YoY). Power systems segment sales declined 6% YoY on a reported basis (muted like-to-like growth of 3% YoY). EBIDTA grew 4% YoY to INR871m (ahead of our estimate of...
Q2FY18 result highlights Standalone PAT at Rs581m (-34% yoy): as higher revenues (+7% yoy) were offset by lower margins and higher interest (+52% yoy; raised domestic debt for international business). Power revenues 6.7% yoy to Rs6.8bn, while industrial revs +18%yoy to Rs5.3bn (mkt share gains). Standalone OPM decline 140bps yoy to 6.4%: led by weak industrial margins (-360bps yoy to 8.2%). However, margins improved 400bps qoq led by price hikes to pass on higher RM costs. Power system margi...
​CG Power and Industrial: Marginally below-estimate op. performance(CGPOWER IN, Mkt Cap USD2.3b, CMP INR83, TP INR90, 7% Upside, Neutral)Standalone performance marginally below expectation: Sales rose 11% YoY to INR12.1b (est. of INR12.9b), driven by growth of 18% in Industrial segment and 6.7% YoY in Power segment. EBIDTA fell 8.8% YoY to INR0.8b (est. of INR0.81), with the margin of 6.4% in line with our estimate of 6.2%. Adj. PAT of INR0.6b was ahead of our estimate of INR0.3b due to lower ...
​CG Power and Industrial: Above-estimate op. performance led by Industrial segment (CGPOWER IN, Mkt Cap USD0.7b, CMP INR76, TP INR80, 4% Upside, Upgrade to Neutral)Standalone operating performance exceeds estimate: Sales rose 12% YoY to INR12.6b (est. of INR11.7b), driven by growth of 19% in Industrial segment and 6.5% YoY in Power segment. EBIDTA grew 5% YoY to INR0.7b (est. of INR0.6), with the margin of 5.2% in line with our estimate of 5.1%. Adj. PAT of INR0.2b missed our estimate of INR0....
​CG Power and Industrial: Standalone performance ahead of estimates(CRG IN, Mkt Cap USD0.9b, CMP INR93, TP INR65, 31% Downside, Sell)Standalone operating performance exceeds expectations: Sales rose 7% YoY to INR12.8b (est. of INR11.6b), driven by 16.9% growth in Industrial segment, while Power segment sales were flat YoY. EBIDTA margin at 6.3% was ahead of our estimate of 5.8%. Adj. PAT of INR0.5b exceeded our estimate of INR0.3b, led by higher-than-estimated other income (INR350m v/s est. of...
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