Three Directors at Page Industries Limited sold 3,426 shares at between 45,204.917INR and 45,209.836INR. The significance rating of the trade was 67/100. 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 di...
PAGE INDUSTRIES (IN), a company active in the Clothing & Accessories industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date January 14, 2022, the closing ...
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....
PAGE INDUSTRIES: A 30-quarter-low margin makes earnings recovery unclear (PAG IN, Mkt Cap USD3.7b, CMP INR23528, TP INR22250, 5% Downside, Neutral) PAG reported a disappointing set of numbers on both volumes and earnings, with EBITDA declining 16% YoY in 3QFY20. Reported operating margin was the lowest in 30 quarters, and adjusted for the Ind-AS 116 impact, the margin was among the lowest ever. While the long-term growth potential is high and the past track record impressive, valuations...
PAGE INDUSTRIES: Healthy volumes but margins and working capital disappoint (PAG IN, Mkt Cap USD3.7b, CMP INR23724, TP INR24765, 5% Upside, Neutral) 2QFY20 sales grew 12.3% YoY to INR7.7b (v/s est. INR7.4b). Overall volume grew 9.1% YoY (v/s est. 2%). EBITDA was up 4.4% to INR1.5b (v/s est. INR1.6b); PBT declined 7% to INR1.3b (v/s est. INR1.4b) and Adj. PAT was up 23.6% to INR1.1b (v/s est. INR941m). Gross margin was down 180bp YoY to 56%. EBITDA margin declined a sharp 150bp YoY to 19...
PAGE INDUSTRIES (Annual Report): Long-term investment case intact; Near-term uncertainty remains high (PAG IN, Mkt Cap USD2.8b, CMP INR18256, TP INR19110, 5% Upside, Neutral) We pored over Page Industries (PAG’s) FY19 annual report; key insights highlighted below: In midst of a slowdown, but long-term runway still intact FY19 turned out to be a tough year for PAG; performance was dragged by lower volume growth (+5.6%) and muted growth of 3%/5.8% in its key segments of Men’s/Women’s i...
PAGE INDS.: Margins surprise, weak sales growth likely to persist (PAG IN, Mkt Cap USD2.9b, CMP INR18477, TP INR19110, 3% Upside, Neutral) 1QFY20 sales grew 2.4% YoY to INR8.4b (in line with est.). Overall volume declined 2.4% YoY (v/s est. flat growth). EBITDA declined 1.4% to INR1.9b (v/s est. INR1.6b) and Adj. PAT declined 11.1% to INR1.1b (v/s est. INR1.05b). Gross margin was up 10bp YoY to 55.1%. EBITDA margin was down sharp 90bp YoY to 22.4%, as employee costs as % of sales were u...
Page Inds.: Key takeaways from Page Industries’ (PAG) business update (PAG IN, Mkt Cap USD3.2b, CMP INR20128, TP INR19740, 2% Downside, Neutral) Business opportunity: The knitwear market size is likely to grow at a promising rate of 9%, from INR689.3b now to INR1,617b over the next decade. Menswear is the single largest category in knitwear (accounting for 40%), followed by womens wear (34%), boys wear (18%) and girls wear (8%). FY19 performance: PAG suffered from subdued consumption due t...
Page Inds.: Big miss; lack of clarity on recovery leads to sharp cut in earnings (PAG IN, Mkt Cap USD3.5b, CMP INR21970, TP INR19740, 10% Downside, Neutral) 4QFY19 flat sales growth of1b (our est. INR7b), was led by meager overall volume growth of 1% YoY. EBITDA declined 18.5% to INR1.2b (our est. INR1.5b), while Adj. PAT was down 20.4% to INR750m (our est. INR1b). Gross margin expanded 100bp YoY to 63.6%. Yarn costs were stable. EBITDA margin was down sharply 440bp YoY to 19.7%. Employ...
Page Industries: Outperformance on most fronts; Valuations leave little room for upside (PAG IN, Mkt Cap USD3.8b, CMP INR23965, TP INR25755, 7% Upside, Neutral) PAG's net sales grew 18.9% YoY to INR7.4b (our estimate: INR7.2b), led by volume growth of ~12% YoY. In our view - and like we also mentioned in our 3QFY19 preview report - the company is likely to have benefited from the festive season mismatch. EBITDA grew 28.3% YoY to INR1.65b (our estimate: INR1.53b), while adj. PAT increased ...
THE CORNER OFFICE (Page Industries) — Structural growth opportunity remains high; But, channel issues could lead to moderate near-term volumes Mr. Sunder Genomal, MD Mr. Sunder Genomal laid the foundation of Page Industries in 1994 and as Managing Director, oversees entire working and affairs of the company. He holds a postgraduate degree in Industrial Management Engineering from DeLaSalle University, Manila, Philippines and has over three decades of experience in various facets of the textil...
Our outlook remains neutral - bordering on cautious - on the MSCI ACWI ex-U.S. index (local currency) on an absolute basis with horizontal support continuing to hold for now. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight... see chart below. • Bullish developments in Japan. We have been fairly downbeat recently on Japan given the TOPIX's descending triangle pattern and underperformance relative to the MSCI ACW...
Page Industries: Massive growth opportunity; fair valuations limit near-term upside (PAG IN, Mkt Cap USD5.3b, CMP INR32391, TP INR31600, 2% Downside, Downgrade to Neutral) PAGE reported healthy net sales growth of 17.1% YoY to INR8.2b (est. of INR8.4b). Overall volume growth stood at 9% YoY for 1QFY19. Men’s Innerwear, women’s innerwear and sportswear segments grew by 16%, 14% and 21% YoY, led by volume growth of 6.2%, 6.7% and 18.3% YoY, respectively. The company posted another quarter...
Page Industries: Growth opportunity remains attractive; Balance sheet improvement led by lower inventory days (PAG IN, Mkt Cap USD4.7b, CMP INR28889, TP INR33460, 16% Upside, Buy) Some key takeaways from recent management interactions and highlights from PAG’s FY18 annual report are as follows:- PAG’s structural story remains attractive with the management targeting 20% revenue growth over the long term. Initiatives like outsourcing and EBO expansion are likely to facilitate faster gro...
Page Industries: Strong growth continues with operating margin expansion; Maintain Buy (pag IN, Mkt Cap USD3.8b, CMP INR24465, TP INR28200, 15% Upside, Buy) PAGE’s net sales grew by a healthy 22.3% YoY to INR6.1b (est. of INR6b). Volume grew by 5.5% YoY in the quarter. Men’s Innerwear, women’s innerwear and sportswear segments grew by 17%, 23% and 30%, led by volume growth of -1%, 9% and 18%, respectively. Flat volumes in men’s innerwear (55% of total volumes) caused by temporary supply c...
Page Industries: Massive growth opportunity available to sustain premium valuations (PAG IN, Mkt Cap USD3.8b, CMP INR22759, TP INR27490, 21% Upside, Buy) We met Page Industries' (PAG) management, post which we have turned even more optimistic about the company's growth prospects. Expansion of Exclusive Brand Outlets (EBOs) is happening at a massive pace. The company is adding ~80 outlets in February/March 2018 and likely another 500 in FY19, taking the total EBO count to ~1,000 by end-F...
Page Industries: Strong growth continues with operating margin expansion; Maintain Buy (PAG IN, Mkt Cap USD3.4b, CMP INR20644, TP INR28270, 37% Upside, Buy) PAG posted healthy net sales growth of 17.6% YoY to INR6.2b (est. of INR6.15b), with overall volume growth of 11.3% YoY. Men’s Innerwear, women’s innerwear and sportswear segments grew by 16%, 13% and 22%, led by volume growth of 12%, 8% and 15%, respectively. Gross margin contracted 410bp YoY to 55.6% due to higher outsourcing rela...
​Page Inds.: Strong earnings traction continues; deserves high valuation(PAG IN, Mkt Cap USD2.5b, CMP INR22314, TP INR25580, 15% Upside, Buy)PAGE's net sales grew at a strong 17.1% YoY to INR6.26b (est. of INR6.45b), with 7.9% YoY volume growth. Mix improvement was well ahead of expectation. Men's innerwear, Women's innerwear and Sportswear segments grew at 14%, 20% and 20% YoY, with volumes increasing 4%, 14% and 15% YoY, respectively. Speedo sales grew 27% YoY, with 7% YoY volume growth.Gros...
​Page Inds.: Strong volume growth continues; deserves premium valuations(PAG IN, Mkt Cap USD2.5b, CMP INR16216, TP INR19600, 21% Upside, Buy)Net sales grew 22.5% YoY to INR6.96b (our estimate: INR6.81b), with 13% volume growth. Men's innerwear grew 20% (11% volume growth), women's innerwear grew 24% (15% volume growth), and sportswear grew 26% (21% volume growth). Speedo sales grew 8% (14% volume decline). Gross margin contracted 60bp YoY to 54.2%, missing our estimate of 59.1%. Employee cost...
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