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Mohit Jangir Profile picture
@Investor_Mohit
May 18, 2021 • 8 tweets • 4 min read • Read on X
Scrolly
Kingfa Science & Technology (India) Limited :🧵

There is nothing more powerful than an idea whose time has come !



- Victor Hugo

Read more about the company in this thread. :)
About the Company :

• Hydro S&S to Kingfa (India)
• Brief overview about parent company ImageImage
Products : (PP + EP division)

• Polypropylene
• Engineering Plastic Compounds
• Fiberglass
• Thermoplastic Elastomers
• Product Applications ImageImageImageImage
• Healthcare Division : Masks + Gloves
• R&D Centre & Developed products ImageImageImage
Manufacturing locations & Clientele :

• Chakan - Operating leverage yet to play out
• Capacity & Move towards Value Added Products
• Customers they serve Image
Business Model + Focus Areas :

• Key Focus Areas for Kingfa (India)
• Business Model - How do they deal with OEMs
• Hidden Moat in business model. Image
Financials & Outlook :

• Transition towards EP from PP
• Rationale behind forward calculations ImageImage
I hope these notes will add some value to your research while studying.

Thank you for reading. :)

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More from @Investor_Mohit

Mohit Jangir Profile picture
Feb 14
Alpex Solar will be listing on bourses tomorrow.

The company has done fairly well & will be expanding its module mfg capacities from 450 MW to 1.2 GW & backward integrating by doing capex in Al-Frame.

🧵A Thread 🧵 Image
The company has 17+ years of experience in solar PV mfg industry.

Current capacity is 450MW - most of the sales are derived from domestic markets. Image
Alpex is led by promoters with cumulative experience of 80+ years.

Aditya Sehgal (2nd generation) is director (global sales). Image
Read 8 tweets
Mohit Jangir Profile picture
Sep 16, 2023
Cupid : a company which has 5 years CAGR of

15% in Sales and 13% in Net Profit - in the same period, stock price CAGR has been at 17% too while RoE has been upwards of 20%.

The only overhang was - "Succession"

'Can the new promoter gain investors trust' is the question. Image
The company has approx. 100 Cr in Cash & Liquid Investments while the market cap is 541 Cr and debt of 6 Cr ~ implying an EV of 450 Cr.

FY23 EBITDA was 41 Cr on which the company earned net profit of 32 Cr.

So is it worth entering Cupid at 11x EV/EBITDA and 17x P/E ? Image
Free cash flows has been consistently positive from last 9 years.

Working capital cycle is stable and improving while RoCE has bottomed out last year it seems. Image
Read 4 tweets
Mohit Jangir Profile picture
Aug 15, 2023
Zim Lab Q1 Update :

Drop in export of nutra products impacted the numbers - most of this business will track back over the quarters.

Shifting of large PFI business orders to Q2.

Finished formulations exports business grew by 49% YoY.

Q2 should be better as per the comments.
Image
Image
20 NIP Dossiers filed + 19 upgraded dossiers of existing products.

6 Dossiers filed for OTF, 5 MA were received on dossiers.

5.3 Cr (8% of operating revenue) was spent on R&D.

Capex of 18.1 Cr during Q1 on new warehouse, manufacturing facilities etc. Image
Operational Updates :

- Marketing partnership in AU & NZ markets.
- Successful Audit by NSF.
- Received 30.6 Cr (Gross) from Escrow account sale - to be deployed for Debt Reduction & Investments.
- Focusing on MENA region through partners. Image
Read 4 tweets
Mohit Jangir Profile picture
Aug 12, 2023
Redtape Limited : (Q-1)

Sales : 394 Cr ; EBITDA : 81 Cr ; PAT : 47 Cr

Q2 is better than Q1 and Q3 is the best quarter for them.

Extrapolating Q-1 numbers (without considering growth), they can do 200 Cr of PAT and 330 Cr of EBITDA.

Trades at only 34x FY-24(e) PAT. Image
Peer comparison :

Redtape is not comparable to any standalone footwear retailer as it gets more than 50% of revenues from Garments and accessories.

I don't think there is any listed peer to Redtape which has such a good brand recall.
Still if we compare multiples of some listed companies :

(Price/EPS ; Price/EBITDA)

Trent : 150x ; 58x
Bata : 68x ; 27x
Campus : 75x ; 34x
Relaxo : 138x ; 67x
Metro : 84x ; 43x

Redtape has much better growth rates than all these.
Read 6 tweets
Mohit Jangir Profile picture
May 25, 2023
SKP Bearing : another interesting microcap

Dividend of INR 1 per share

FY23 PAT 13.25 Cr on 48.76 Cr Sales ~ 27% Net Margin👌
FY23 EBITDA 19.33 Cr ~ 39.6% Operating Margins
Trading at 17x EV/EBITDA & 24.6x FY23 EPS

D - No reco. ; studying about it currently Image
Balance Sheet :

Debt reduction : 19.3 Cr in FY22 to 4 Cr in FY23
Net-worth has increased from 18.6 Cr to 41.2 Cr
Fixed asset addition of 3 Cr during FY23 ; CWIP of 7.52 Cr Image
Cash Flows :

Net cash flow from operations at 16.29 Cr
Capex of 9.85 Cr during FY23 ~ FCF of 6.44 Cr
Debt repayment of 15.34 Cr during FY23 Image
Read 4 tweets
Mohit Jangir Profile picture
May 24, 2023
Zim Laboratories : (CMP - 91 ; Market Cap - 450 Cr)

A very under-researched but very impressive Small Cap Pharma Company

R&D spend : 26Cr (FY23) ; 84 Cr in last 4 years
PAT : 24 Cr (FY23) ; 49 Cr in last 4 years (cumulative)

🧵A Thread 🧵 Image
Current business : 77% from Pharma & 23% from Nutraceuticals

NIP (New Innovative Products) : 2 products filed in the EU; 8 products under development for developed markets; 4 developed market filings planned in FY24 Image
- 10 NIPs in various stages of development
- Rs 62 Cr invested in gross block over last 4 years
- 44 products received registration during FY23
- 5 Marketing Authorisations received on ZIM’s Dossiers in EU in FY23 Image
Read 15 tweets

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