Independent Research Analyst

Mamta Verma

DC India Research

DC India Research LLP (DCIR) is based out of Mumbai, India.

We specialize in providing customized, independent research across listed and unlisted companies in India across equities and credit including sectoral research. Our customers include India focussed PE funds, special situation funds, domestic AMCs, Wealth Advisory& PMS firms, Rating Agencies & Investment Advisors. 

The DCIR board consists of prominent names from the industry as well as CIO’s of Hedge funds.

Equity Bottom-Up

Subros - High conviction of twin benefits of strong earnings &amp; multiple expansion; dominant share in air-conditioning biz in Indian PCs seg; high pedigree mgt, strong RoCE exp.              12-15M fair value in the range of Rs. 400-700/- implying upside potential of 30% - 100%+<table class="table table-striped"><tbody>
<tr>
<td rowspan="2">Particulars (Rs. Mn.)</td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td>Q1FY18</td>
<td>Q2FY18</td>
<td>Q3FY18</td>
<td>9MFY17</td>
<td>9MFY18</td>
</tr>
<tr>
<td>Net Sales</td>
<td>4,148</td>
<td>4,972</td>
<td>4,488</td>
<td>11,240</td>
<td>13,607</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>28.9%</td>
<td>14.9%</td>
<td>21.5%</td>
<td>18.7%</td>
<td>21.1%</td>
</tr>
<tr>
<td>QoQ (%)</td>
<td>0.0%</td>
<td>19.8%</td>
<td>-9.7%</td>
</tr>
<tr>
<td>Raw Material</td>
<td>2,877</td>
<td>3,552</td>
<td>3,105</td>
<td>7,833</td>
<td>9,534</td>
</tr>
<tr>
<td>as % of net sales</td>
<td>69.4%</td>
<td>71.5%</td>
<td>69.2%</td>
<td>69.7%</td>
<td>70.1%</td>
</tr>
</tbody></table>…

Subros - High conviction of twin benefits of strong earnings &amp; multiple expansion; dominant share in air-conditioning biz in Indian PCs seg; high pedigree mgt, strong RoCE exp.              12-15M fair value in the range of Rs. 400-700/- implying upside potential of 30% - 100%+

Particulars (Rs. Mn.)
 
 
 


Q1FY18
Q2FY18
Q3FY18
9MFY17
9MFY18


Net Sales
4,148
4,972
4,488
11,240
13,607


YoY (%)
28.9%
14.9%
21.5%
18.7%
21.1%


QoQ (%)
0.0%
19.8%
-9.7%


Raw Material
2,877
3,552
3,105
7,833
9,534


as % of net sales
69.4%
71.5%
69.2%
69.7%
70.1%

…

SUBROS: Strong Q3-FY18 Results – Re-Iterate Investment Thesis

12-15M fair value in the range of Rs. 400-700/- implying upside potential of 30% - 100%+<ol><li>Background </li></ol>Established in 1985, Subros is the Largest Air Conditioning company in India with a 40% market share in Passenger Car AC. Its current shareholding is as follows – (Promoter family Suri’s - 40% stake, Japanese Partner Denso - 13% stake, Suzuki Japan - 13% &amp; Public - 34% stake).Its operations are spread across 6 manufacturing locations (1 unit each in Manesar, Pune, Sanand, Chennai, and 2 units in…

12-15M fair value in the range of Rs. 400-700/- implying upside potential of 30% - 100%+Background Established in 1985, Subros is the Largest Air Conditioning company in India with a 40% market share in Passenger Car AC. Its current shareholding is as follows – (Promoter family Suri’s - 40% stake, Japanese Partner Denso - 13% stake, Suzuki Japan - 13% &amp; Public - 34% stake).Its operations are spread across 6 manufacturing locations (1 unit each in Manesar, Pune, Sanand, Chennai, and 2 units in…

SUBROS: Twin Benefits Strong Earnings & Multiple Exp; Dominant Sh in PC AIRCON; High Pedigree Mgt

India

Subros Ltd. manufactures automotive air-conditioning systems. The Company's other related products include fan motor assemblies (ventilators) and multi flow condensers.

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Subros Ltd (SUBR IN)

SUBROS: Strong Q3-FY18 Results – Re-Iterate Investment Thesis

Subros - High conviction of twin benefits of strong earnings & multiple expansion; dominant share in air-conditioning biz in Indian PCs seg;...

DC India Research

SUBROS: Twin Benefits Strong Earnings & Multiple Exp; Dominant Sh in PC AIRCON; High Pedigree Mgt

12-15M fair value in the range of Rs. 400-700/- implying upside potential of 30% - 100%+Background Established in 1985, Subros is the Largest Air...

DC India Research

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