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Multi Commodity Exchange Of India Ltd: 1 director
A director at Multi Commodity Exchange Of India Ltd sold 573 shares at 3,652.634INR 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 ...
- Prayesh Jain
MOSL: MCX: Strong operational performance, lower other income impacts ...
MCX: Strong operational performance, lower other income impacts PAT (MCX IN, Mkt Cap USD0.9b, CMP INR1323, TP INR1600, 21% Upside, Buy) Net profit grew 4% YoY and 13% QoQ to INR414m. PAT was slightly lower than our estimate as lower other income was offset by a better-than-estimated tax rate. Overall volumes stood at INR28.7t, better than our estimate of INR27.4t. This resulted in an 8% beat in revenue, which stood at INR1.1b. Staff cost rose 10% YoY and 25% QoQ to INR227m. Software suppo...
MULTI CMOD.EX.OF INDIA sees an upgrade to Slightly Positive due to a b...
The general evaluation of MULTI CMOD.EX.OF INDIA (IN), a company active in the Investment 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 moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 29, 2022, the closing...
MOSL: MCX (Buy)-Sporadic increase in volumes drives strong performance
MCX: Sporadic increase in volumes drives strong performance (MCX IN, Mkt Cap USD0.7b, CMP INR1017, TP INR1250, 23% Upside, Buy) Operationally in line; PAT exceeds estimate Revenue increased 26% QoQ to INR1,002m in 2QFY20, marginally below our estimate of INR1,044m. Volumes were up 40.2% YoY to INR23.2t, mainly led by Gold (+131% YoY) and Crude (+88% YoY), partly offset by lower base metal volumes. Aluminum volumes declined 71% YoY, while copper, lead and zinc volumes were down 25%, 52...
MOSL: MCX (Buy) - Clarifies on whistleblower allegations
MCX: Clarifies on whistleblower allegations (MCX IN, Mkt Cap USD0.6b, CMP INR871, TP INR1000, 15% Upside, Buy) We attended a call hosted by MCX, where management clarified on the recent concerns raised by a whistle blower with the SEBI. Key highlights: Concern-1: Malpractice in cotton trade from November 2018 to June 2019 by two international customers, which delivered stock of sub-standard quality. MCX passed it off to investors who bought on the exchange platform. Clarification: Thos...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks th...
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MOSL: MCX (Buy)-Operationally in line, PAT beat on one-time tax revers...
MCX: Operationally in line, PAT beat on one-time tax reversal (MCX IN, Mkt Cap USD0.6b, CMP INR801, TP INR950, 19% Upside, Buy) Operating profit exceeds estimate Income from operations increased 2.9% QoQ to INR791m (226bp beat to our estimate of INR774m). EBIT grew 24% QoQ to INR211m, with the margin at 26.6% (47bp beat). PAT increased 45% QoQ to INR610m (PAT margin of 55%), significantly ahead of our estimate of INR348m, mainly due to the recognition of a minimum alternate tax (MAT) c...
MOSL: MCX (Buy)-Steady pick-up in volumes continues
MCX: Steady pick-up in volumes continues (MCX IN, Mkt Cap USD0.5b, CMP INR764, TP INR900, 18% Upside, Buy) Operating profit inline (excluding one-off expenses) Revenue grew 26% YoY to INR769m, in line with our estimate of INR766m. Futures volumes grew 34% YoY (+8% QoQ) to INR17t, dominated by crude (+78% YoY) and gold (+53% YoY). EBITDA margin of 27.2% (+500bp YoY, -500bp QoQ) was below our estimate of 34% due to higher other expenses (INR45m one-off). Excluding this one-time expense,...
MOSL: MCX (Buy)-Volume-led growth- A broader set of Options now in act...
MCX: Volume-led growth; A broader set of Options now in action (MCX IN,Mkt Cap USD0.6b, CMP INR798, TP INR1000, 25% Upside, Buy) Marginal operational miss: MCX's 1QFY19 revenue grew 3.2% QoQ to INR729m v/s our estimate of INR775m - a 6% miss led by (i) rebates in the Liquidity Enhancement Scheme accounted in revenues and (ii) lower blended transaction yield. Consequently, the miss flowed through to profitability and EBIT margin contracted by 140bp QoQ to 27.6% (estimate of 400bp expansion...
MOSL: MCX (Buy)-4Q performance surges with volumes, as expected-Volume...
MCX: 4Q performance surges with volumes, as expected; Volumes holding up encouragingly at higher levels (MCX IN, Mkt Cap USD0.6b, CMP INR794, TP INR1020, 28% Upside, Buy) 16%/78% QoQ growth in Revenue / EBITDA on high volumes, in line: MCX’s 4QFY18 revenues grew 15.8% QoQ to INR706m v/s estimate of INR694m. EBITDA margin expanded ~12pp QoQ to 34.1%, compared to our estimate of INR34.8%. PAT grew 81% QoQ to INR340, in line with our estimate of 343m. The smart growth in sequential financial...
MOSL: MCX (Buy)-Opportunity in adversity?
MCX: Opportunity in adversity? (MCX IN, Mkt Cap USD0.5b, CMP INR688, TP INR1050, 53% Upside, Buy) Multiple concerns have weighed on the stock… MCX’s stock price has corrected by a significant ~25% year-to-date (YTD) owing to a number of factors. These include: Lackluster volumes in Options since its launch in October 2017 Universal licenses becoming effective in October 2018, allowing for entry of competition and, thus, putting MCX’s market share under threat Recent media articles cit...
MOSL: MCX (Buy)-Multiple dimensions for growth-Less to worry about uni...
MCX: Multiple dimensions for growth; Less to worry about unification of licenses(MCX IN, Mkt Cap USD0.7b, CMP INR741, TP INR1100, 48% Upside, Buy) We met MCX’s management to discuss the current situation on volumes, developments around regulations, and the company’s roadmap to capitalize on the multiple emerging opportunities. Key takeaways from the meeting. Everything shining other than Bullion: Overall volumes for MCX have been soft because of multiple issues (demonetization, GST, PMLA) redu...
MOSL: MCX (Buy)-Disappointment led by one-offs and other income-but vo...
MCX: Disappointment led by one-offs and other income; but volume triggers well in place (MCX IN, Mkt Cap USD0.7b, CMP INR931, TP INR1100, 18% Upside, Buy) Yield-led PAT miss: MCX’s 3QFY18 revenue came in at INR610m, 2% below our estimate of INR621m, led by a slight decline in realization. Operating expenses stood at INR475m, exceeding our estimate of INR453m by 5% due to one-off expense (INR20m) toward events hosted by MCX in 3Q – excluding which operational results were in line. PAT of INR1...
MOSL: MCX (Buy)-Volume triggers playing out- increased competition rem...
​MCX: Volume triggers playing out; Reiterate Buy; increased competition remains a key risk(MCX IN, Mkt Cap USD0.7b, CMP INR907, TP INR1300, 43% Upside, Buy)We hosted MCX at our recent Midcap Conference. In our discussions, we covered a range of topics such as volumes on the exchange, potential triggers, and competitive threats. Some notable highlights:- Post demonetization, a series of problems has kept a revival in bullion at bay - gold volumes have declined 47% and silver volumes have declin...
MOSL: MCX (Buy)-Multi-faceted reforms have only just begun-Key takeawa...
​MCX: Multi-faceted reforms have only just begun; Key takeaways from India Commodity Day hosted by MCX(MCX IN, Mkt Cap USD0.7b, CMP INR952, TP INR1300, 37% Upside, Buy)We attended the ‘India Commodity Day’ hosted by MCX on its 14th Anniversary. The session saw a speaker representation from MCX’s senior management and also prominent members of the ecosystem. The discussion focused on a range of topics, such as the steps taken by the regulators and the way forward, the idea of commodities ...
MOSL: MCX (Buy)-Only a few inches away from the launch of Options, foc...
​MCX: Only a few inches away from the launch of Options, focused on participation enhancement and not revenue(MCX IN, Mkt Cap USD0.9b, CMP INR1133, TP INR1300, 15% Upside, Buy)Yield-led operational miss: MCX's 2QFY18 revenue stood at INR673m (below our est. of INR706m). Yield for the quarter seems to have declined ~3%, driving the revenue miss. Operating expenses were INR466m, in line with our estimate of INR468m, and stable sequentially. Thus, EBITDA stood at INR207m (30.7% margin, -7.9pp YoY...
MOSL: MCX (Buy)-Impacted by lower realization and cash yield
​MCX: Impacted by lower realization and cash yield(MCX IN, Mkt Cap USD1.0b, CMP INR1079, TP INR1300, 20% Upside, Buy)Revenue miss, costs stable: MCX's 1QFY18 revenue declined 6% YoY to INR592m v/s our estimate of INR641m. Yield for the quarter declined 0.5%, driving revenue miss. Operating expenses were INR460m, in line with our estimate of INR462m. Consequently, EBITDA was INR132m (22.3% margin, -12.8pp YoY), below our estimate of INR169m. PAT of INR263m (below estimate of INR427m) was dragge...
MOSL: THE CORNER OFFICE(MCX)—Reform ball set rolling-multiple other ...
​THE CORNER OFFICE (MCX) — Reform ball set rolling; multiple other opportunities in the pipeline post options introductionMr Mrugank Paranjape —CEO & Managing DirectorMr Mrugank Paranjape has over 25 years of experience in Corporate Banking, Securities Markets, Technology, Asset Management and Custodial Services.Prior to joining MCX, Mr Paranjape was the Managing Director of Deutsche Bank A.G. During the last decade, he has held several leadership positions and assignments with Deutsche Ba...
MOSL: MCX (Buy)-Much-awaited SEBI guidelines on options finally out-Ex...
​MCX: Much-awaited SEBI guidelines on options finally out; Expect trading to commence – in gold to start with – from Aug/Sep 2017(MCX IN, Mkt Cap USD0.8b, CMP INR1047, TP INR1300, 24% Upside, Buy)The Securities and Exchange Board of India (SEBI) on 13 June 2017 released a circular to stipulate the necessary guidelines with respect to the product design and risk management framework for trading in options on commodity futures. MCX had cited that once the guidelines are out, options should s...
MOSL: MCX (Buy)-Higher operating expenses compound bullion volumes dec...
​MCX: Higher operating expenses compound bullion volumes decline; Expect trading in options to commence in 2-3 months(MCX IN, Mkt Cap USD0.9b, CMP INR1153, TP INR1325, 15% Upside, Buy)Revenue hurt by tepid volumes: 4QFY17 revenue from operations grew 3.2% YoY to INR574m (in-line). Volumes fell 16.5% YoY, led mainly by bullion (gold down by 51% and silver by 26%) in the aftermath of demonetization. Average daily turnover in 4Q was INR199b. However, average realization rose ~18% YoY after pricin...
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