Industrials: Daikin Industries, Aon Plc, Apple, FirstService Corp, G R Infraprojects, Cornerstone Building Brands, Apar Industries, PNC Infratech Ltd and more

• The overall Air Condition (AC) season has been good, with volumes up by more than +20% compared to the last two years.
• Daikin Industries (6367 JP) & Voltas Ltd (VOLT IN) have performed below expectations with stiff pricing and poor dealer support. 
• Havells India (HAVL IN) (Lloyd) market share gain is on the back of lower prices. The focus has moved from premiumizing brand & expanding margins to gaining market share. 

• Founded by value investor Wally Weitz in 1983, Weitz Investment Management, Inc. is a boutique, employee-owned asset management firm headquartered in Omaha, Nebraska.
• The Value Fund’s Institutional Class returned -7.96% for the first quarter.
• Our companies are generally reporting solid financial results, at least so far, and they are adapting fluidly to rapidly evolving conditions.

• Founded by value investor Wally Weitz in 1983, Weitz Investment Management, Inc. is a boutique, employee-owned asset management firm headquartered in Omaha, Nebraska.
• The Weitz Investment Management Partners III Opportunity Fund’s Institutional Class returned -5.09% in the first quarter of 2022.
• Anticipating a hawkish shift at the Federal Reserve, investors began the year repricing assets for a higher interest rate environment.

• Distillate Capital Partners LLC was formed in 2017 and is based in Chicago, IL. The firm is 100% employee-owned, and DCP’s partners each have invested significantly in the firm’s investment strategies.
• Distillate’s U.S. FSV returned -3.60% net of fees versus -4.60% for the benchmark.
• Distillate’s Intl. FSV strategy returned -6.19% net of fees.
• Distillate’s U.S. SQV’s 2022 Q1 total return after fees was -4.49%.

• GR Infraprojects Ltd (GRIL) reported a decent set of numbers in Q4FY22. The company reported revenue of Rs 2,268 Cr, better than our estimate of Rs 2,103 Cr, down 13.7% YoY
• It registered EBITDA Margins of 17.8% in Q4FY22 (our estimate: 14.9%) as against 15.6% in Q4FY21
• We maintain a BUY on GRIL and value the EPC business at 15x FY24E EPS and HAM portfolio at 1x Book Value to arrive at a target price of Rs 1,765/share, implying an upside of 26% from the CMP.

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.

• Blue Tower Asset Management provides portfolio management services to individuals, financial advisers, and institutions.
• Our strategy composite returned -15.87% net of fees in the first quarter (-15.62% gross).
• We plan on liquidating our Russian portfolio companies as soon as they are unfrozen and we are able to receive a reasonable valuation for them.

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.

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.