In today’s briefing:
- The Beat Ideas: EFC(I) Limited – The Indian Wework!
- EQD | Nifty Banks – Single Stock Options and Relative Value Opportunities
- Oswal Pumps Pre-IPO – Revenue Surge Driven by Growing Demand in Solar Projects
- Lucror Analytics – Morning Views Asia
- NTPC Green IPO – Grand Plans to Grow Its Portfolio, but Appears Expensive
The Beat Ideas: EFC(I) Limited – The Indian Wework!
- EFCI Ltd (EFCIL IN) is one of few companies in the Flex Space Operator Business present in the entire value chain providing an unbeatable edge in Cost competitiveness.
- Management target is to double revenue in FY25 capitalising on sector tailwinds driving exponential growth in all business verticals.
- Completed Backward Integration through manufacturing furniture which will help increase margins as furniture comprise 40-50% of total fitout cost.
EQD | Nifty Banks – Single Stock Options and Relative Value Opportunities
- The NIFTY Index (NIFTY INDEX) and the NSE Nifty Bank Index (NSEBANK INDEX EQUITY) reached all-time highs on 26 September 2024 but have since declined.
- Most stocks in the Bank Index have fallen below their 200 and 50 day moving average,. Volatilities have gone up, but trade cheap when compared to historical levels.
- Opportunities present themselves either in stocks that stayed resilient during the downturn (Federal Bank (FB IN)),or fell and gained in implied volatility. A long-short strategy might also be considered.
Oswal Pumps Pre-IPO – Revenue Surge Driven by Growing Demand in Solar Projects
- Oswal Pumps (1019841D IN) (OPL), established in 2003, specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
- The company has established itself as a leading player in the solar pump market, benefiting from government initiatives such as the PM Kusum scheme
- OPL aims to use its IPO proceeds to fund its expansion plans, including increasing manufacturing capacity and diversifying its product offerings.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yankuang Energy
- In the US, treasuries edged higher yesterday, with yields declining 2-4 bps across the curve on possible dip buying and despite a large slate of corporate bond issuances.
- The yield on the 2Y UST fell 3 bps to 4.28%, while the 10Y declined 3 bps to 4.41%. Equities rebounded from last week’s losses, with the S&P 500 and Nasdaq up 0.4% and 0.6%, respectively.
NTPC Green IPO – Grand Plans to Grow Its Portfolio, but Appears Expensive
- NTPC Green Energy Ltd (2214556D IN) is looking to raise around US$1.2bn in its upcoming India IPO.
- NTPC Green Energy Limited (NGEL) is a renewable energy public sector enterprise and a wholly owned subsidiary of NTPC Limited, a Maharatna central public sector enterprise (PSU).
- In an earlier note, we looked at the firm’s past performance. In this note, we look at its RHP updates, undertake a peer comparison and discuss our thoughts on valuation.
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