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....
MANPASAND BEVERAGES: Statutory auditor Deloitte Haskins & Sells resigns; Putting rating ‘Under Review’ until further clarity emerges (MANB IN, Mkt Cap USD0.6b, ‘Under Review’) Event update: Manpasand Beverages (MANB), in a regulatory disclosure on the BSE on 27th May 2018, announced resignation of its statutory auditor – Deloitte Haskins & Sells – with effect from 26th May 2018, and cancellation of the board meeting scheduled on 30th May 2018 to consider the 4QFY18 results. Mehra Goel ...
Manpasand Beverages: Distribution network expansion on track (MANB IN, Mkt Cap USD0.7b, CMP INR381, TP INR467, 22% Upside, Buy) Revenue in-line; EBITDA and PAT beat estimates: MANB’s 3QFY18 revenue increased 39.7% YoY on a like-to-like basis (after netting off excise of INR37m from revenue of 3QFY17) to INR1,431m (est. of INR1,393m). EBITDA margin shrunk 130bp YoY to 18.7% (est. of 18%) in 3QFY18, led by an increase in raw materials cost (+250bp to 60.8% of net sales). However, other expe...
A director at Manpasand Beverages Ltd bought 5,000 shares at 411.521INR and the significance rating of the trade was 53/100. 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 two...
​MANPASAND BEVERAGES: Riding on the back of distribution network expansion(MANB IN, Mkt Cap USD0.8b, CMP INR420, TP INR492, 17% Upside, Buy)Revenue in-line; EBITDA misses, but PAT beats estimates: Overall revenue rose 22.8% YoY to INR1,258m (est. of INR1,281m) in 2QFY18. EBITDA margin shrunk 460bp YoY to 17.1% (est. of 20.9%) on account of a significant increase of 480bp in other expenses to 16.5% of net sales (est. of 11.9%). EBITDA declined 3% YoY to INR215m (est. of INR268m). Accordingly, a...
​Manpasand Beverages: Sound performance despite GST transitional concerns; Growth intact(MANB IN, Mkt Cap USD0.6b, CMP INR807, TP INR926, 15% Upside, Buy)Revenue in-line, PAT exceeds estimates: MANB's overall revenue increased 27% YoY to INR3,015m (est. of INR2,981m) in 1QFY18. EBITDA margin contracted 40bp YoY to 18.7% (est. of 19.8%) on account of an increase in raw material cost (+90bp) and employee expenses (+40bp). EBITDA rose 24% YoY to INR563m (est. of INR590m) in the quarter. According...
​Manpasand Beverages: Tie-ups to expand distribution network; growth intact(MANB IN, Mkt Cap USD0.7b, CMP INR769, TP INR900, 17% Upside, Buy)Revenue, EBITDA and PAT below estimates: Overall revenue grew 28.6% to INR2,672m (est. of INR3,272m) in 4QFY17 from INR2,078m in 4QFY16. The topline had an impact of INR400mn on account of INDAS adjustment. EBITDA margin shrunk 120bp from 20.6% in 4QFY16 to 19.4% (est. of 18.5%) in 4QFY17, as other expenses increased significantly due to higher ad spends ...
The company continues to benefit from rising demand and higher acceptance of soft drinks in semi-rural areas of India. In order to tap into urban demand, however, the company has not only diversified its product portfolio with the launch of the brand Fruits Up, but it has also entered into collaborations with organised retailers, including cash and carry, modern grocery retailers and consumer foodservice players such as Metro Cash & Carry, Aditya Birla Retail, Havmor Ice Cream and Café Coffee D...
​Manpasand Beverages: Growth continues to remain strong; Maintain buy; Cutting estimates on delay in fourth plant(MANB IN, Mkt Cap USD0.6b, CMP INR698, TP INR841, 20% Upside, Buy)Part of new capex to be delayed: Post QIP of INR5b, Manpasand Beverages' (MANB) plan to double capacity from 177,500cpd to 377,500cpd is largely on track. The company has already finalized land for three work-in-progress plants at Vadodara, Varanasi and Sri City (South). Each of these plants is expected to contribute ...
The company continues to benefit from rising demand and higher acceptance of soft drinks in semi-rural areas of India. In order to tap into urban demand, however, the company has not only diversified its product portfolio with the launch of the brand Fruits Up, but it has also entered into collaborations with organised retailers, including cash and carry, modern grocery retailers and consumer foodservice players such as Metro Cash & Carry, Aditya Birla Retail, Havmor Ice Cream and Café Coffee D...
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