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....
PC Jeweller: Strong domestic performance continues (PCJL IN, Mkt Cap USD3.6b, CMP INR586, TP INR685, 17% Upside, Buy) PC Jeweller’s (PCJ) sales grew strongly by 25.5% YoY to INR26.4b (est. of INR25.5b). EBITDA increased by 52.2% YoY to INR2.7b (est. of INR2.6b), while adj. PAT grew 52.1% YoY to INR1.6b (est. of INR1.4b). Segment-wise performance: a) Domestic sales grew 40.1% YoY to INR17.6b, with the EBIT margin expanding 240bp YoY to 13.5%. Sales in the base quarter had declined 20.6% YoY...
PC Jeweller: Demand outlook robust; growth opportunity massive; Domestic jewelry retail business to grow at a CAGR of 25-30% over the next five years (PCJL IN, Mkt Cap USD3.3b, CMP INR549, TP INR645, 17% Upside, Buy) We recently met the management of PC Jeweller (PCJL). Our key takeaways: PCJL remains confident of 25-30% CAGR in the domestic jewelry retail business over the next five years. The franchisee model is working well so far; going forward, franchisee stores will be ~80% of inc...
​PC JEWELLER (INITIATING COVERAGE): Shining bright; Play on value migration(PCJL IN, Mkt Cap USD2.2b, INR361, TP INR490, 36% Upside, Buy) We see an enormous opportunity unfolding in Indian Jewelry as a result of value migration towards organized players. Among all Consumer categories, Jewelry has the largest share of the unorganized segment, both in absolute terms (at INR1.4t) and percentage terms (at 70%).PC Jeweller (PCJL), India's second-largest Jewelry Retailer with a strong presence in t...
​PC Jeweller: Focused approach for future; Expects organized players to benefit from GST rollout(PCJL IN, Mkt Cap USD1.2b, CMP INR417, Not Rated)PCJL is the second-largest listed jewelry retailer in India. It manufactures, retails and exports jewelry. It began operations in 2005, with one showroom in Karol Bagh, and now has 71 showrooms (60 own large format + 7 own small format + 4 franchisee), with operational retail space of ~380ksf. PCJL has strong presence in the metros and tier-I cities, ...
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