Managing Partner, Ampersand Investment Advisors

Rahul Singh

Managing Partner

Ampersand Investment Advisors

Thematic (Sector/Industry)

<p>In our second newsletter, we highlight some of the key trends/observations from the host of meetings, calls and analyst meets we attended in the last month –</p><ol><li>High growth in NBFCs targeting bottom-of-the-pyramid,</li><li>Recovery in Hotels, and</li><li>Perceptible progress in Government’s flagship schemes.</li></ol><p>We also do a quick update of the specialty chemicals picks (Navin Fluorine and SRF) covered in the April edition. Finally, we take a closer look at the risk-reward across the various Non-Banking Financial Company (NBFC) segments. From a 6-12 month perspective, we see greater valuation upside in (i) gold loan NBFCs (viz. Muthoot , Manappuram) and (ii) embedded value plays (viz. ABNL) compared to the (i) cyclical recovery &amp; monsoon beneficiaries (viz. M&amp;M Financial, Shriram Transport) and (ii) the newly-listed MFI-to-be-small banks (Equitas, Ujjivan).</p>

In our second newsletter, we highlight some of the key trends/observations from the host of meetings, calls and analyst meets we attended in the last month –High growth in NBFCs targeting bottom-of-the-pyramid,Recovery in Hotels, andPerceptible progress in Government’s flagship schemes.We also do a quick update of the specialty chemicals picks (Navin Fluorine and SRF) covered in the April edition. Finally, we take a closer look at the risk-reward across the various Non-Banking Financial Company (NBFC) segments. From a 6-12 month perspective, we see greater valuation upside in (i) gold loan NBFCs (viz. Muthoot , Manappuram) and (ii) embedded value plays (viz. ABNL) compared to the (i) cyclical recovery &amp; monsoon beneficiaries (viz. M&amp;M Financial, Shriram Transport) and (ii) the newly-listed MFI-to-be-small banks (Equitas, Ujjivan).

India

JK Cement Limited produces and manufactures Portland and White cement products.

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JK Cement Ltd (JKCE IN)

Ear to the Ground - May 2016

In our second newsletter, we highlight some of the key trends/observations from the host of meetings, calls and analyst meets we attended in the...

Ampersand Investment Advisors

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