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The Equity Desk Forum :Market Strategies :Portfolio Check Up

Topic: Smartcat - Portfolio Checkup

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rapidriser
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Posted: 25/Jun/2009 at 12:40pm

Originally posted by subu76

I think around 8-12 p/e is when Basant Sir entered L&T recently.
I am still kicking myself for not buying L&T at those prices.

Subu

If it makes you feel any better, I SOLD OUT of my position in L&T at P/E<10 when Naik was flirting with Satyam. At that time it was nearly 20% of my portfolio.

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subu76
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Posted: 25/Jun/2009 at 12:43pm

Originally posted by rapidriser

Originally posted by subu76

I think around 8-12 p/e is when Basant Sir entered L&T recently.
I am still kicking myself for not buying L&T at those prices.

Subu

If it makes you feel any better, I SOLD OUT of my position in L&T at P/E<10 when Naik was flirting with Satyam. At that time it was nearly 20% of my portfolio.

Thanks for sharing.

Basically, while we can talk about Buffett all day long...it's important to buy strong companies when they are going cheap.

The L&T buy would have been somewhat like WB's GE buy.

Edited by subu76 - 25/Jun/2009 at 12:46pm

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go4sheel
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Posted: 05/Jul/2009 at 4:00pm

Hi Smartcat,

How do you see Adani Enterprise's valuations post Adani power's IPO?

The Market Cap of AEL is around Rs.21000cr and Rs.15000cr of Adani Power likely... so 70% stake post dilution will be around Rs.10000cr stake of AEL in Adani Power... right...?

Also what about holding company discount...?

Have you compared in terms of MCap the valuations of RPower in Reliance Infra...? (45%stake)

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smartcat
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Posted: 05/Jul/2009 at 12:14pm

Expect lots of interest in Adani Enterprises thanks to the Adani Power IPO. Enam has initiated coverage on AEL with a 50 page report (such fat reports were very popular in 2007!). SSKI's 50 page report estimates a net profit of Rs. 4,600 crores for AEL in FY12 (from the current Rs. 500 cr).

Since APL will be a subsidiary of AEL, I don't expect any holding co discount as such. That would have happened only if the holdings would have been less than 50%. I will sell Adani Enterprises if its APL holding falls below 50%.

You got to give the promoters of AEL some credit - they could have easily cheated AEL shareholders by personally owning Adani Power shares. But they have opted to route the IPO through a listed company like AEL.

Adanis are more like Mukesh Ambani (RIL with Reliance Petro IPO) rather than Anil Ambani (Reliance Infra with Reliance Power IPO).

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go4sheel
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Posted: 06/Jul/2009 at 10:19pm

thanks smartcat for your opinion...

why is AEL not commanding PEs like Reliance Power or Indiabulls Realestate as they are having similar power story in pipeline in coming years...?

Also i would like to know your current portfolio...

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smartcat
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Posted: 07/Jul/2009 at 12:07pm

Adani Enterprises

15.7

Jai Prakash Associates

10.53

Great Eastern Shipping Co.

9.42

Pantaloon Retail (India)

8.72

Reliance Industries

7.37

Edelweiss Capital

6.73

Transport Corporation

3.25

2.61

2.57

Shiv-Vani Oil & Gas

2.44

Jain Irrigation Systems

2.23

2.11

Kotak Mahindra Bank

2.1

2.04

United Phosphorus

1.83

1.82

1.82

Dewan Housing Fin. Corpn.

1.72

1.58

Opto Circuits (India)

1.44

1.41

IRB Infrastructure Dev

1.39

Tata Consultancy Services

1.33

Glenmark Pharma.

1.32

Pidilite Industries

1.14

1.03

Mundra Port & SEZ

1.01

0.98

Time Technoplast

0.88

0.69

Era Infra Engineering

0.62

0.15

Edited by smartcat - 07/Jul/2009 at 12:18pm

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Hitesh Shah
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Posted: 07/Jul/2009 at 12:12pm

Wot % Bitmap Confused

Confused

?

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smartcat
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Posted: 07/Jul/2009 at 12:26pm

See? Now its gone.

Also bought a small quantity of something called 'eClerx Services' - India's largest KPO. 500 cr marketp cap, 100 cr cash in the books, P/E of 7, dividend yield of 3.2%.

The tail might look long, but it helps in two ways -

- Each stock has a particular target (generally 5 - 10 times the current mcap). It is easier to book profits psychologically - when the holding is small.

- I don't want to invest more money in the top 6 stocks. If not for the small holdings, I would have invested the money in liquid MF. The returns from something as obscure as 'Time Technoplast' will definitely be more than that of liquid MFs.

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