reports
- Aliasgar Shakir
MOSL: V-MART RETAIL (Buy)- Recovery in sight; poised for steady growth
V-MART RETAIL: Recovery in sight; poised for steady growth (VMART IN, Mkt Cap USD0.9b, CMP INR3420, TP INR3920, 15% Upside, Buy) V-Mart Retail (VMART)’s revenue was up 2.3x YoY, 61% below pre-COVID levels (1QFY20). This is closer to other retailers’ performances, as the second COVID wave has seen lower impact. EBITDA loss at INR20m recovered 67% YoY (6% miss). Given the expectation of swift recovery from the second COVID wave lockdowns by 3QFY22, we raise our FY23E revenue/EBITDA estimat...
V Mart Retail Ltd: 1 director
A director at V Mart Retail Ltd sold after exercising options/sold 4,399 shares at 2,787.230INR and the significance rating of the trade was 50/100. 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 directo...
- Aliasgar Shakir
MOSL: V-MART (Upgrade to Buy)-Value retailer with a well-run business;...
(VMART IN, Mkt Cap USD0.5b, CMP INR2150, TP INR2700, 26% Upside, Upgrade to Buy) ** Our recent channel checks and meetings with regional value retailers corroborated the advantage V-Mart enjoys over national and regional players. Focus on lower-tier locations with early mover advantage, better product profile at attractive price points and operational efficiencies appear to be working in the company's favor even as consumer spending remains weak. ** The company has built a strong brand recall,...
- Aliasgar Shakir
MOSL: V-MART RETAIL (Neutral)-Strong profit growth despite weak macro ...
V-MART RETAIL: Strong profit growth despite weak macro conditions (VMART IN, Mkt Cap USD0.6b, CMP INR2370, TP INR2650, 12% Upside, Neutral) V-Mart recorded a strong sales/PAT growth of 21%/58% YoY (7% beat) in 3QFY20 amidst weak 2% SSSG due to the poor macro outlook, subdued festive season and muted pre-winter sales. However, we raise our FY20/FY21 EBITDA estimate by 14%/11%, on the back of its steady pace of store additions and strong cost optimization initiatives driving margin improve...
- Aliasgar Shakir
MOSL: V-MART RETAIL (Neutral)-High opex, slowing SSSG/footfall drag pr...
-MART RETAIL: High opex, slowing SSSG/footfall drag profitability (VMART IN, Mkt Cap USD0.5b, CMP INR1893, TP INR1880, 1% Downside, Neutral) Hurt by low SSSG, higher opex: After adopting an aggressive pricing strategy to tackle competitive pressure, VMART curtailed discounts in EOSS, which led to healthy revenue growth of 20% YoY to INR3.1b (in-line) and an improvement in the gross margin by 200bp YoY in 2QFY20. However, SSSG (+1% YoY) and volumes (-8% YoY) were muted in the quarter due t...
- Aliasgar Shakir
MOSL: V-MART RETAIL (Neutral)-Margin weakness reflective of intense co...
V-MART RETAIL: Margin weakness reflective of intense competition; remains aggressive on footprint expansion though (VMART IN, Mkt Cap USD0.5b, CMP INR1800, TP INR2000, 11% Upside, Neutral) Healthy revenue growth but margins shrink in a weak market: Revenue grew 25% YoY to INR4.5b (8% beat), led by rapid store addition (+13 to 227) and high SSSG of 5.2% YoY (our estimate: +4.5%). That said, we note that the market environment was not very conducive, with higher RM cost (+31% YoY due to int...
- Aliasgar Shakir
MOSL: V-MART RETAIL (Neutral)-Upping the pace of store adds
V-Mart Retail: Upping the pace of store adds (VMART IN, Mkt Cap USD0.6b, CMP INR2466, TP INR2450, 1% Downside, Neutral) Top-line steady but facing margin pressure: VMART’s fast-paced pursuit of new store addition (14 in 4QFY19) appears to have contributed to revenues, which were up by a sharp 16% YoY to INR3,445m (3% beat) in the quarter. However, same-store sales growth (SSSG) nearly halved to 3.5% YoY owing to demand softness for most part of the quarter. Gross margin contracted 100bp Y...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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