INVESTMENT THESIS ON TEAM LEASE
We have put together a brief note to explain our thought process underlying this investment .
TEAM LEASE – EXIT NOTE
In this note we explain our rationale for exiting Team Lease.
We have put together a brief note to explain our thought process underlying this investment .
TEAM LEASE – EXIT NOTE
In this note we explain our rationale for exiting Team Lease.
Star Health is a Health Insurance company primarily focused on the retail segment. This is a business we would like to own for long periods of time.
With its leadership of a large and growing market that provides the opportunity to grow PAT at ~18-20%+ for next decade, 16-18% Accounting ROE and higher Cash ROE, Star Health is a very attractive business to own at current prices from a 5–10-year perspective.
Enclosed is a brief note to explain our thought process underlying this investment.
The lack of Earnings growth for Mayur in the last few years coupled with no immediate triggers has resulted in a reasonable valuation today.
We continue to own Mayur as we believe poor financial performance can be principally explained by the environment whereas business is evolving well on operating metrics. We also have a variance perception on key person risk.
Enclosed is a brief note to explain our thought process underlying this investment.
We have put together a brief note to explain our thought process underlying this investment.
Read MoreWe believe Axis is amongst the 4 private Banks in India that has the right to win long term. It offers opportunity for long term compounding but where entry valuations are significantly in favour in a richly valued market.
Enclosed is a brief note to explain our thought process underlying this investment.
Read MoreWhile our core approach to investing is to buy “disciplined compounding stories at a fair price”, it is equally true that “at the right price, all assets are AAA” (except where one suspects governance issues).
We will buy companies in “Special Situations” when they trade at a meaningful discount to fair value.
ITC meets our Special Situations criteria.
Enclosed is a brief note to explain our thought process underlying this investment.
We hold a position in India Mart whose price fell sharply since then by ~35% in the last two weeks.
In this note we explain
a) Our Investment thesis on the company
b) Our hypothesis on what could explain the decline
c) How we have acted post the steep decline
HDFC Bank is perhaps India’s most secular compounding story with over two decades of superior growth backed by prudent risk taking
Enclosed is a brief note to explain our thought process underlying this investment.
Read MoreGarware manufactures highly specialized Technical Textile catering to fishing, aquaculture, sports, agriculture etc
Company is a core part of our portfolio and enclosed is a brief note to explain our thought process underlying this investment.
Read MoreOur call on Max Life Insurance is a non-consensus call. What do we see that others do not?
Enclosed is a brief note to explain our thought process underlying this investment.
Read More