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Amit Mantri
@amitmantri
, 10 tweets, 4 min read Read on Twitter
In the spirit of asking Qs that few seem to do in a bull market, here are a few more related to Dilip Buildcon.

#justasking #NextShilpi
Why does it have 5 months+ of receivables? Why are 1300 crs of receivables non-current i.e. outstanding for more than a year?

#justasking
Why does it have 1660 crs of inventory (1.5x of annual raw material consumption)?

#justasking
What are the intangible assets under development of 350 crs? Why does an EPC Co need this? Odd.

#justasking
What are the loans and advances of 800 crs+? Why needed given super high inventory levels?

#justasking
How does it generate margins 2x of its peers despite bidding 20% lower than NHAI indicative project cost?

#justasking
Why is P&L so super awesome compared to peers while BS is a big mess? Does BS even matter in a bull market?

#justasking
Why despite superior execution leading to early completion bonuses (mgmt claim) it is struggling to collect receivables?

#justasking
Why has the company barely paid any cash taxes in its operating history?

#justasking
When will the company ever generate FCF or for that matter OCF?

#justasking
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More from @amitmantri see all

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Amit Mantri
@amitmantri
The second half of September will have a lot of interesting Hindi movie releases at the same time.

The one I am most looking forward to is Nandita Das' Manto. Has Nawaz playing the title role. If you liked reading Manto's stories you can't miss it.

Then there's Vishal Bhardwaj's Pataakha. After a long time VB is again going back to adapting an old story. Charan Singh Pathik's 'Do Behne' this time.

Sharat Katariya's Sui Dhaaga looks interesting. His Dum Laga Ke Haisha was fantastic. Hoping for equally good music.

Read 4 tweets
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Amit Mantri
@amitmantri
The Curious Case of PC Jewellers' Trade Receivables (Thread)

Disclosure - No position in PCJ stock or derivative.
PCJ announced its Q1 FY19 results last week. In its mgmt ppt, it also disclosed partial BS information. The info showed that PCJ had reduced its total outstanding debt by over 400 crs. However, what the company didn't disclose is far more interesting than what it did disclose.
The company didn't provide its Receivables number for the Q end. Not in the ppt neither in response to analyst queries in the results concall. However, since the company has provided partial BS info it is possible to estimate what might have happened to the receivables this Q.
Read 9 tweets
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Amit Mantri
@amitmantri
We wrote about Manpasand in Dec 2016 and haven’t written another “Curious Case” piece since then. That’s not because there weren’t enough candidates but just that the way some big guys in the ecosystem responded, scared us a bit.

This is a thread about one such Big Guy.
We published the Manpasand note in the evening and thought maybe a 1000 people would read it (which had been the case for our earlier Kitex and JD note). However, for some reason the note went viral and our site crashed.

We got the site up and went to sleep as our job was done.
The next morning the stock opened 12% down. We were quite happy as we felt investors had taken note of our findings. But then the Big Guy hit us with a nasty rebuttal. Read the entire note below.
Read 17 tweets

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Nathaniel Whittemore
@nlw
Long Reads Sunday #29.

51% attacks!
Yellow Vest bank runs!
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Bitcoin at 10!
...and…Tron? Really?

Saddle up fam, it’s long reads time! 👇
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Juliette Alpha 👮🏻‍♀️🚔🇫🇷
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John Quakes
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Looking to #invest in the #Uranium space? 🌊🚢 For the average #investor the choices are limited in this tiny niche sector with only ~60 companies left standing, compared to over 500 during last #U3O8 Bull market. In this thread I will try to lay out some of your options... 🗂️
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Bansi Sharma
@bansisharma
1. Longest Running Bull Market

On Wednesday, the bull market will become the largest in history — 9 years, 5 months and 13 days old, passing the record from the tech-and-dotcom boom of the 1990s.
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MANdrew
@drewtw33ts
How did we get here and why can't we ALL rally behind this?

Just a few examples of how we got here....
Operation Whitecoat-Voluntary* testing ended in 1974

en.wikipedia.org/wiki/Operation…
Project 112 - use of aerosols to disseminate bio and chem agents

en.wikipedia.org/wiki/Project_1…

Unsure at this time if P112 is ongoing and oh thats cool the CIA has nifty R&D branch
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Catherine Walsh
@gurriersread
Oh the geezers are hard at it grafting media, it's always great to have easy scapegoats "North Korean cyber gangs.." a.msn.com/01/en-ie/AAt9g…
2/"Mr Murphy’s firm was the first in the world to liaise with computer giant IBM over the use of the super-computer ‘Watson’ for real-time--
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