A director at Greenply Industries Ltd bought 5,150 shares at 325.990INR and the significance rating of the trade was 68/100. 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 yea...
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....
Q3FY20 Financial Results MTLM’s Q3FY20 results are just for the Plywood entity as its MDF business (and Rudrapur Plywood unit) was demerged into Greenpanel Industries Ltd since July 2019. YoY/QoQ numbers have been restated. Cons. revenue came in at ~Rs3.5bn (-1% yoy; 5% miss). Standalone rev. stood at ~Rs3.2bn (+2.4% yoy), while Gabon rev. came in at ~Rs265m (vs ~Rs375m yoy). Gross margins were stable at ~41.1%, while EBITDA margins were steady at ~11.5% (IDFCe: 11.9%). The weak top-line pe...
Key Takeaways Gabon to take-over growth in the near-term: MTLM’s expanded Gabon capacity is expected to post revenue of ~Rs2bn in FY20E and peak at ~Rs3.5bn by FY23E. Weak plywood trends in India would mean that Gabon would power MTLM’s 10-12% revenue growth in FY20E. 60%+ output from this facility would be for non-India markets. Plywood story to play-out in the medium term: MTLM is seeing signs of higher stress on unorganized players due to stricter GST/eWay bill implementation. Shrinking p...
Q2FY20 Financial Results MTLM’s Q2FY20 results are just for the Plywood entity as its MDF business (and Rudrapur Plywood unit) was demerged into Greenpanel Industries Ltd. YoY/QoQ numbers have been restated. Cons. revenue came in at ~Rs3.8bn (+5% yoy; 7% beat). Standalone rev. stood at ~Rs3.5bn (+1.5% yoy), while Gabon rev. came in at ~Rs345m (vs ~Rs217m yoy). Lower raw material prices (Okume face veneer from Gabon unit/receding timber prices/benign chemical costs) led to gross margins expa...
Q1FY20 Financial Results MTLM’s Q1FY20 results are just for the Plywood entity as its MDF business (and Rudrapur Plywood unit) was demerged into Greenpanel Industries Ltd. (to be listed separately towards end August). YoY/QoQ numbers have been restated. Cons. revenue came in at ~Rs3.5bn (+13.1% yoy). Standalone rev. stood at ~Rs3.1bn (+6.2% yoy; in-line), while Gabon rev. came in at ~Rs440m. Standalone EBITDA jumped ~50.2% yoy to ~Rs327m (in-line) due to better realizations and healthy volu...
Q4FY19 Standalone Highlights Strong Plywood performance: Ply rev. grew 24.5% yoy to ~Rs3.8bn (4% beat), while segment EBITDA margins came in at 10.6% (vs est. 10.0%; +150 bps yoy). Volume grew 23.9% yoy to 17.2 MSM while realization rose 1.4% yoy due to better product mix (despite price cuts taken across Ply products). MDF: MDF revenue grew 21.3% yoy (and 3.4% qoq) to ~Rs1.3bn (4% beat) and segment EBITDA margin came in at 21.0% (vs 31.8% yoy). Adjusting for forex gain, EBITDA margin stood a...
Q3FY19 Standalone Highlights Plywood: Ply rev. grew 18.4% yoy to ~Rs3.3bn (5% beat), while segment EBITDA margins came in at 10.2% (vs est. 11.3%; +50 bps yoy). Volume grew 17.7% yoy to 14.6 MSM while realization rose 2.7% yoy due to better product mix (decorative veneers plant started). MDF: MDF revenue grew 7.7% yoy and 41% qoq to ~Rs1.2bn (in-line) and segment EBITDA margin came in at 20.4% (vs 33.9% yoy; est. 15.0%). Adjusting for forex gain, EBITDA margin stood at 13.1%. Volume grew 33....
Greenply Industries Ltd. (MTLM) hosted an analyst meet in Mumbai. Following are the key takeaways from our interaction: MDF Highlights: Existing MDF demand is around 0.8m cbm p.a. versus capacity of 1.3m cbm and another 0.25m cbm is imported in India, as per the management. Thus India’s capacity utilization is around `45%. Management believes that the overcapacity situation is expected to ease from FY20E end as the industry is expected to post a CAGR of 18% over FY18-22E. MDF prices have fa...
Q2FY19 Standalone Highlights Plywood: Ply revenue grew 11.3% yoy to ~Rs3.5bn (3% beat), while segment EBITDA margins came in at 11.5% (vs est. 11%; +50 bps yoy). Volume grew 11.4% yoy to 11.4 mn sq. m. while realization fell 1% yoy. MDF: MDF revenue fell 27.9% yoy to ~Rs876m (15% miss) and segment EBITDA margin at 4.7% (vs est. of 18%) plunged ~21% points yoy led by fall in pricing and negative operating leverage. Volume fell 17.9% yoy to 37,563 cbm (13% miss), while realization fell 12.7% y...
Q1FY19 Standalone Highlights Plywood: Ply revenue grew 20.7% yoy to ~Rs3.1bn (albeit on a weak base; 11% beat), while segment EBITDA margins came in at 11.3% (vs est. 9.5%; +120 bps yoy). Volume grew 24.1% yoy to 13.8 mn sq. m. while realization fell 3% yoy (due to lower decorative veneer sales). MDF: MDF revenue fell 30.1% yoy to ~Rs911m (in-line), although segment EBITDA margin at 22.1% fell ~240 bps yoy (vs est. 26.0%; adjusted for forex loss, EBITDA margin stood at 25%). Volume fell 27.4...
Q4FY18 Standalone Highlights Revenue fell 2.6% yoy to ~Rs4.4bn (1% miss). Plywood was flat yoy, (IDFCe: +6.4% yoy) due to weak realizations. MDF fell sharply by 23.7% yoy (IDFCe: 23.1% yoy fall) due to new capacities of competition coming in. Revenue includes ~Rs170m of GST refunds. (Adj. rev. fell 6.4% yoy and was a miss of 5%). Plywood volumes grew at 5.3% yoy, however the growth was more strong on the mid-market segment (7.2%) vs premium (4.5%). As a result, plywood realisation fell 6.1% ...
Q3FY18 Standalone Highlights Revenue grew 10.6% yoy to ~Rs4.0bn (2% miss). Plywood grew ~6.1% yoy, (IDFCe: 8.5% yoy) due to lower realizations, while MDF grew strongly by ~19.6% yoy (IDFCe: 19.0% yoy) on a weak base. Plywood volumes grew at a healthy 13.1% as dealer restocking resumed post Nov. 15, but lower realizations due to weak decorative veneer sales (3x realization vs regular Plywood) led to revenue growth of only ~6.1% yoy. MDF volumes grew by ~16% while realizations improved ~3.1% y...
Greenply Industries Ltd. (MTLM) hosted an analyst meet in Mumbai. The following are the key takeaways from our interaction: Plywood volume growth to revive to 12-15% yoy: The plywood industry as a whole is expected to remain sluggish over the next two years. However, organized players will register volume growth as they capture market share from unorganized players (post GST being reduced to 18%). MTLM expects 12-15% CAGR in plywood volumes over the next two years as a result. Once the real est...
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