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@kalramukesh

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ET Money

@ETMONEY

Dec 26, 2024

Reading annual reports can be overwhelming.

It has hundreds of pages of disclosures and data.

To start with, don’t go through every page.

Instead, focus on the five most important sections. (See image)

A 🧵 on how to do it, with real-life examples. 👇

1. MD/Chairman’s message

This segment describes a company’s key achievements for the year, the challenges it faced, and its future plans.

Pay attention to their focus areas—are they innovating, addressing challenges, or simply coasting along?

Take Colgate as an example.

In FY24, Prabha Narasimhan, Colgate’s MD and CEO, emphasised the company's focus on premiumising its portfolio—a strategy that many FMCG companies are adopting to stay relevant.

You can quickly get a sense of such future plans of any company in this segment.

Read 12 tweets

ET Money

@ETMONEY

Dec 14, 2024

Toppers in different categories by 1-year returns:

- Mid Cap: Motilal Oswal Midcap

- Large & Midcap: Motilal Oswal Large & Midcap

- Flexi Cap: Motilal Oswal Flexi Cap

What has worked for @MotilalOswalAMC?

We dug into their portfolios & found 4 fascinating insights. A 🧵

1. Common Stocks

There’s a lot of overlap among the top holdings of the four schemes.

For instance, they all have sizable investments in Kalyan Jewellers, Trent, & Zomato.

Interestingly, these are missing in the Focused Fund, which hasn’t done well.

This is not a recent phenomenon.

If you check their portfolios from a year ago, you will see a similar trend—the four schemes have many common stocks.

Since these stocks have done well, they have benefitted all of them.

Read 18 tweets

ET Money

@ETMONEY

Dec 10, 2024

Vishal Mega Mart’s ₹8,000 crore IPO is here.

The retailer lags behind its rival DMart in profits. But it’s growing faster & has more stores.

However, this IPO has ONE BIG concern & many investors may not like it (Refer to Tweet 9).

Let’s dive into the details. A🧵

(1/15)

We will cover 5 key aspects in this analysis:

- Vishal Mega Mart’s business model
- Financials and valuations
- Compare its numbers with Avenue Supermarts
(DMart)
- Key IPO details
- Strengths and challenges

Let’s start. 👇

(2/15)

1. Business Model

Vishal Mega Mart targets middle-class consumers with a diverse portfolio:

-Apparel: 45% of revenue
-General merchandise: 28%
-FMCG goods: 27%

Over 70% of its revenue comes from in-house brands. This boosts its margins and reduces dependence on third-party products.

(3/15)

Read 17 tweets

ET Money

@ETMONEY

Dec 3, 2024

When markets tumble, small-cap funds usually fall the hardest.

Large-cap funds tend to hold up better.

But over the past two months, it has been the complete opposite.

Why did this happen?

Is it time to invest more in small-cap funds?

A 🧵

This performance of small-cap funds is in line with the returns of their benchmark.

In the last two months, Nifty 100 fell 8.2%.

Meanwhile, Nifty Smallcap 250 dropped nearly 5.7%.

There are two key reasons for this unusual trend.

1. The FII Factor

Foreign Institutional Investors (FIIs) are on a selling spree.

In the past two months, they have sold Indian stocks worth ₹1.5 lakh crore.

Since FIIs mainly invest in blue chip stocks, their selling has hit large-cap indices the hardest.

Read 7 tweets

ET Money

@ETMONEY

Nov 23, 2024

Last 10-year returns of some top-performing Focused Funds:

Quant Focused Fund: 16.91%
Franklin India Focused Fund: 15.41%
SBI Focused Fund: 15.32%

But there’s a little-known name which has done even better. Which is that dark horse?

What has been its secret? A 🧵

We are talking about 360 One Focused Equity Fund.

It has recently completed 10 years and has also been the top performer over the last decade.

That said, this scheme has had its ups and downs.

Let’s review its performance & strategy.

First, some basics on Focused Funds.

In these schemes, fund managers can invest across large, mid or small caps.

However, the total no. of stocks cannot exceed 30.

Due to this investment constraint, the margin of error in these schemes is very thin.

Read 19 tweets

ET Money

@ETMONEY

Nov 19, 2024

NTPC Green Energy has come up with this year’s third-largest IPO.

But much of the discussion is around its valuations.

Even though it's smaller than Adani Green Energy on multiple metrics, NTPC Green Energy’s valuations are much higher.

Is this IPO worth considering? A 🧵

We will cover 3 key aspects in this analysis.

- Understand NTPC Green’s business model

- Compare financials & valuations with Adani Green

- Looks at some key IPO details

Let’s start.

1. Business Model

NTPC Green Energy, a subsidiary of NTPC, was founded in April 2022 to manage NTPC’s renewable energy assets.

It generates renewable energy (solar, wind, etc.) and supplies it to the grid. From there, utilities (firms that supply power to consumers) or big companies buy and use the energy.

Read 16 tweets

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