A director at Shenzhen Sunline Tech Co Ltd sold 1,680,000 shares at 12.090CNY and 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 directors over the last t...
The general evaluation of JYOTHY LABS (IN), a company active in the Personal Products & Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date March 25, 2022, the closing price was INR 144...
JYOTHY LABORATORIES: Steep material cost increase drives big profit miss (JYL IN, Mkt Cap USD0.8b, CMP INR158, TP INR160, 2% Upside, Neutral) Sales came in above our expectation in 2QFY22. Gross/EBITDA margin was significantly lower than our estimate due to a greater material cost impact and higher-than-anticipated ad spends. No respite is expected in material cost inflation, affecting performance in subsequent quarters as well. Topline growth is key for a company with sales of just INR1...
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....
JYOTHY LABORATORIES: Weak results trend persists; material costs to weigh on margins (JYL IN, Mkt Cap USD0.8b, CMP INR172, TP INR168, 2% Downside, Neutral) Jyothy Laboratories (JYL)'s 1QFY22 sales came in above expectations, despite a higher COVID impact in the company's largest market, i.e., Kerala. Nevertheless, gross and EBITDA margins were significantly lower than expectations due to a higher material cost impact and higher-than-anticipated ad spends. Material cost inflation is unlike...
Global Rally Losing Upside Momentum The global rally appears to be losing steam as the bearish rising wedge patterns we highlighted last week in the MSCI ACWI, ACWI ex-US, EM, and EAFE indexes ended up breaking down. Additionally, the aforementioned indexes and major indexes in Europe, Japan, and Hong Kong have been unable to break above longer-term resistance. While we believe global equities remain vulnerable to a pullback, some near-term consolidation is another possibility. For now we belie...
Q3FY20 result highlights Jyothy Laboratories’ (JYL) standalone net rev. declined by 6.2% yoy to Rs4.07bn (est.: Rs4.59bn), EBITDA fell by 9.3% yoy to Rs651m (est: Rs780m), PBT (bei) was down 24% yoy but reported PAT was down 12.1% yoy to Rs532m (est: Rs466m) due to lower tax rate. Consolidated revenues fell 6% yoy, EBITDA was down 8% yoy & PBT (bei) was down 22% yoy. Volume declined by 5.6% yoy. Management indicated that 4% decline is due to one-off moderation in Institutional sales (CSD) a...
Jyothy Laboratories: Significant miss on all fronts; Outlook unclear (JYL IN, Mkt Cap USD0.7b, CMP INR145, TP INR158, 9% Upside, Neutral) Brief view on results and stock Jyothy Labroratories' (JYL) 3QFY20 results were disappointing on all fronts. According to management, part of the impact was due to unusually low off-take in the CDS channel, which should normalize in the next quarter. With weak earnings growth expectations even on a low base and low RoEs compared to peers, we believe t...
Q2FY20 result highlights Jyothy Laboratories’ (JYL) standalone net rev. grew by 8.5% yoy to Rs4.64bn (est.: Rs4.45bn), EBITDA grew by 8.1% yoy to Rs791m (est: Rs787m), PBT(bei) was up 5.1% yoy. Reported PAT was up 17.4% yoy to Rs532m (est.: Rs466m) as tax rate came in at 11% vs exp. of 20% for the quarter. Consolidated revenues grew by 8.7% yoy, EBITDA was up 10.7% yoy & PBT(bei) was up 4% yoy. Overall volumes grew by 8.3% yoy, Ex-HI the volume growth was even better at 9.1% yoy. Fabric car...
JYOTHY LABORATORIES: Revenue in line; operating performance below estimates (JYL IN, Mkt Cap USD0.9b, CMP INR179, TP INR176, 2% Downside, Neutral) 2QFY20 reported standalone net sales were up 8.5% YoY to INR4.6b (v/s est. INR4.6b). EBITDA grew 8.1% YoY to INR791m (v/s est. INR836m) while Adj. PAT grew 17.4% YoY to INR532m (v/s est. INR518m). Segmental sales: Fabric care/Dishwashing/Personal care sales grew 13.1%/8.6%/6.9% while Household Insecticides (HI) sales were down 1.2% YoY. Gro...
Q1FY20 result highlights Jyothy Laboratories’ (JYL) standalone net revenue grew by 2.3% yoy to Rs4.1bn (est: Rs4.2bn), EBITDA grew by 9.9% yoy to Rs655m (est: Rs621m), PBT (bei) was up 10.5% yoy to Rs458m (est: Rs461m); Reported PAT was up 11.6% yoy. Consolidated revenues grew by 2.2% yoy, EBITDA was up 15.8% yoy & PBT(bei) was up 10% yoy. Overall volumes grew by 5.6% yoy (est; 5%), Ex-HI the volume growth was 7.6% yoy. The growth was driven by Henko & Margo which grew by 23% and 14.5% yoy....
JYOTHY LABORATORIES: Meager sales growth takes sheen off strong margin performance (JYL IN, Mkt Cap USD0.9b, CMP INR161, TP INR170, 5% Upside, Neutral) Reported standalone net sales were up 2.3% YoY to INR4.1b (our estimate: INR4.2b) in 1QFY20. EBITDA increased 12.4% YoY to INR655m (our estimate: INR564m). Adj. PAT grew 10.9% YoY to INR359m (our estimate: INR326m). Segmental: Fabric care, Dishwashing and Personal care sales grew 5.4%, 1.1% and 13.3%, respectively, while Household Insect...
JYOTHY LABORATORIES: Operating performance again misses estimates; remain Neutral (JYL IN, Mkt Cap USD0.9b, CMP INR169, TP INR175, 3% Upside, Neutral) 4QFY19 standalone net sales were up 6.3% YoY to INR5b (v/s est. of INR5.1b). EBITDA declined 6% YoY to INR826m (v/s est. of INR911m). Adj. PAT grew 11.1% YoY to INR670m (v/s our est. of INR605m) as 4Q19 saw deferred tax gain of INR110.3m v/s INR82.5m loss in the base quarter. Segmental performance: Fabric care, Dishwashing and Personal ca...
Jyothy Laboratories: Growth still elusive; fair valuations capping upside potential (JYL IN, Mkt Cap USD0.9b, CMP INR180, TP INR190, 6% Upside, Neutral) Reported standalone net sales grew 6.3% YoY to INR4.3b (our estimate: INR4.7b) in 3QFY19, led by volume growth of 6.1% YoY. EBITDA increased 5.2% YoY to INR718m (our estimate: INR796m). Adj. PAT grew 29.9% YoY to INR484m (our estimate: INR497m), led by a lower tax rate (16.7% v/s 22.7% in the year-ago period). Gross margin contracted ...
Jyothy Laboratories: A moderate performance given low base, uptick seen in RM prices (JYL IN,Mkt Cap USD1.2b, CMP INR226, TP INR220, 3% Downside, Neutral) Reported standalone net sales were up 17.8% YoY to INR4.05b in 1QFY19. Press release stated that GST comparable sales were up 20.6% YoY, with 18.5% comparable volume growth. EBITDA grew 39.8% YoY to INR610m. Adj. PAT increased 57.1% YoY to INR324m. The company has provided only standalone results for 1QFY19, while our forecasts were o...
Jyothy Laboratories: Positive rural outlook; raw material inflation – a key monitorable (jyl IN, Mkt Cap USD1.0b, CMP INR392, TP INR425, 9% Upside, Neutral) Net sales rose 15.8% YoY to INR5.16b (est. of INR5.11b) in 4QFY18. EBITDA grew 45.8% YoY to INR884m (est. of INR791m). Adj. PAT after non-controlling interest fell 55.2% YoY to INR487m (est. of INR543m). Fabric care, Dishwashing and Personal care grew 13.6%, 21.3% and 54.0%, respectively, while Household insecticides fell 10% YoY on a...
Q4FY18 result highlights Jyothy Laboratories’ (JYL) consolidated net revenues increased by 15.8% yoy to Rs5.2bn (est: Rs4.9bn), EBITDA increased by 45% yoy to Rs884m (est: Rs758m), Adj PBT was up 56% yoy to Rs700m (est: Rs580m) and Reported PAT was down 29% yoy to 759m, due to reversal on set off losses of JCPML with JLL in base quarter. Comparable net sales increased by 17% yoy with a volume growth of 11.4%. The growth was led by Fabric care, Dishwash & Personal care which grew by 13.6%, 21...
THE CORNER OFFICE (Jyothy Laboratories) — Brightening the portfolio; Valuations remain fair, though Mr Ullas Kamath, Joint Managing Director Mr Ullas Kamath is a qualified Chartered Accountant and Company Secretary. He has topped it with a Degree in Law and has attended the Advanced Management Programme at Wharton Business School and Harvard Business School. Under his leadership, the company has diversified and become a multi-product FMCG company. He has spearheaded the successful setting ...
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