Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

Kolte Patil Developers / Equity Bottom-Up

<ul>
<li>Residential real estate sector continues to be on an upcycle in line with our thesis. Kolte Patil is benefitting from this trend and reported record quarterly pre-sales of INR 561cr.</li>
<li>Kolte Patil continues to maintain its FY22 guidance at 2.5mm+ sq.ft. sales and FY23 projection at 3mm+ sq.ft. alongside continued improvement in realization as the contribution from Mumbai increases. </li>
<li>Given strong balance sheet, Kolte Patil has been also bidding for new projects and is confident that it may acquire a large new project in Mumbai in the near-term.</li>
</ul>


Residential real estate sector continues to be on an upcycle in line with our thesis. Kolte Patil is benefitting from this trend and reported record quarterly pre-sales of INR 561cr.
Kolte Patil continues to maintain its FY22 guidance at 2.5mm+ sq.ft. sales and FY23 projection at 3mm+ sq.ft. alongside continued improvement in realization as the contribution from Mumbai increases. 
Given strong balance sheet, Kolte Patil has been also bidding for new projects and is confident that it may acquire a large new project in Mumbai in the near-term.


Kolte Patil: Record Pre-Sales In Q3FY22; New Project Acquisition Likely in Mumbai

<ul>
<li>In line with our thesis, the real estate sector continues to be on an upcycle with robust demand. Kolte Patil is benefitting from this trend.</li>
<li>Kolte Patil reported strong growth in sales and cash flow in Q2FY22. It has now guided for surpassing its earlier guidance of selling 2.5mm sq ft in FY22.</li>
<li>With increased sales momentum and consequent collections, Kolte Patil has been also reducing debt materially with net debt to equity now at just 0.23x.</li>
</ul>


In line with our thesis, the real estate sector continues to be on an upcycle with robust demand. Kolte Patil is benefitting from this trend.
Kolte Patil reported strong growth in sales and cash flow in Q2FY22. It has now guided for surpassing its earlier guidance of selling 2.5mm sq ft in FY22.
With increased sales momentum and consequent collections, Kolte Patil has been also reducing debt materially with net debt to equity now at just 0.23x.


Kolte Patil: Continued Momentum In Sales Velocity

Thematic (Sector/Industry)

<p>Real estate sector in India has come a long way over the past decade. From being a fragmented unorganized sector fraught with dealings in cash, the sector has been undergoing significant shifts since introduction of regulations like RERA and GST. At the same time, consumer preferences are shifting towards buying from branded and trusted developers. This is leading to favorable supply and demand shifts in the sector which is helping the organized sector.</p>
<div class="content-highlight">
<p>Post this thematic insight, we will follow up with a detailed thesis on our top investment idea in the space. </p>
</div>

Real estate sector in India has come a long way over the past decade. From being a fragmented unorganized sector fraught with dealings in cash, the sector has been undergoing significant shifts since introduction of regulations like RERA and GST. At the same time, consumer preferences are shifting towards buying from branded and trusted developers. This is leading to favorable supply and demand shifts in the sector which is helping the organized sector.

Post this thematic insight, we will follow up with a detailed thesis on our top investment idea in the space. 


A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

<p>There has been a change in the leadership of the company</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

There has been a change in the leadership of the companyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kolte Patil Developers Ltd Rs Company Update

India

Unitech Limited is a real estate development company.  The Company develops self-sustaining residential areas, commercial spaces, amusement parks, infrastructure development, thermal power plants, transmission lines, highways, flyovers, industrial facilities, steel plants, and overseas turnkey projects.

Marathon Nextgen Realty Limited is a real estate development company. The Company develops commercial and residential projects throughout India.

Ajmera Realty & Infra India Ltd manufactures color coated galvanized steel and aluminum coils/roofing sheets.  The Company supplies a range of coating specifications in polyester, plastisol, and other materials to suit individual customer requirements.

Nirlon Ltd. develops real estate.  The Company develops office parks.

OMAXE Limited is a real estate development and construction company focused on commercial and residential projects.

Peninsula Land Ltd. is a Real Estate Development company. The Company undertakes development of upscale residential communities.

Ashiana Housing Ltd. develops real estate in both the residential and commercial sectors.

Hubtown Limited offers construction and real estate development services. The Company develops, sells and leases commercial, residential, retail, and industrial properties.

Texmaco Infrastructure & Holdings Ltd manufactures a wide range of industrial machinery.  The Company's products include textile machinery, boilers, super heaters, economizers, pressure vessels, chimneys, bridges and structural equipment for chemicals, paper, cement and steel factories.  Texmaco also manufactures railway rolling stocks, railway equipment and sugar mill machinery.

Texmaco Infrastructure & Holdings (TXM IN)

Arihant Superstructures Ltd. is a full service construction company.

Guangzhou R&F Properties Co., Ltd. operates real estate businesses. The Company provides housing renovation, housing loans, real estate brokerage, property management, and other services. Guangzhou R&F Properties also operates hotel management.

Far East Consortium International Limited, through its subsidiaries, develops and invests in real estate.  The Company also operates hotels.

Far East Consortium International (35 HK)

YunNan Metropolitan Real Estate Development Co., Ltd. operates in property development business. It also manufactures and markets beer and fruit wines, plastic film for agricultural use and grows chinaberry.

Shanghai New Huang Pu Industrial Group Co., Ltd. develops, sells, and leases residential and commercial real estate properties.  The Company also renovates old buildings.  Shanghai New Huangpu provides food and entertainment services and trades building materials.

Shanghai New Huang Pu Industrial Group Co., Ltd.  (600638 CH)

Shanghai New Huang Pu Industrial Group Co., Ltd. 

Wolong Real Estate Group Co., Ltd. develops residential and commercial real estate projects.

Wolong Real Estate Group Co, Ltd. (600173 CH)

Shining Building Business Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent construction companies.

Jiangsu Phoenix Property Investment Co Ltd develops and manages residential and commercial real estate properties.

Tianjin Tianbao Infrastructure Co., Ltd. manufactures and markets cement products and other construction materials.  The Company also develops and constructs real estate properties.

Tianjin Tianbao Infrastructure Co.Ltd. (000965 CH)

Hong Fok Corporation Limited is an investment holding company whose principal activities consist of property investment, property development, property management, and investment trading.

Shimao Property Holdings Limited develops real estate projects in China.

Kolte-Patil Developers Ltd. builds residential housing, commercial complexes, and mixed residential and commercial projects.

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Kolte Patil Developers (KPDL IN)

Kolte Patil: Record Pre-Sales In Q3FY22; New Project Acquisition Likely in Mumbai

Key trigger for Kolte Patil is its increasing focus on Mumbai. It is close to acquiring a large new project in Mumbai. It also reported record...

Ankit Agrawal, CFA

Kolte Patil: Continued Momentum In Sales Velocity

In line with our thesis and bullish view on residential real estate in India, Kolte Patil reported strong sales velocity. It has now guided to...

Ankit Agrawal, CFA

A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity

Real Estate sector in India is undergoing rapid shift to Organized from Unorganized. This is leading to asset light development opportunities for...

Ankit Agrawal, CFA

Kolte Patil Developers Ltd Rs Company Update

There has been a change in the leadership of the company

Edelweiss

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