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Wednesday, December 13, 2006

$$ DreamGains !! $$ FW: Fem Care Pharma: Sharekhan Stock Idea dated December 13, 2006

 

From: The Sharekhan Research Team [mailto:marketwatch@research.sharekhan.com]
Sent: Wednesday, December 13, 2006 2:42 PM
To: The Sharekhan Research Team
Subject: Fem Care Pharma: Sharekhan Stock Idea dated December 13, 2006

 
Stock Idea
[December 13, 2006] Please see the attachment for details
Summary of Contents

STOCK IDEA

Fem Care Pharma 
Cluster: Ugly Duckling
Recommendation: Buy
Price target: Rs500
Current market price: Rs358

A name FEM(mes) trust

Key points 

  • Leadership position in a niche category: Fem Care Pharma Ltd (FCPL) has a dominant market share (around 65%) in the niche segment of bleach cream. It is also among the leading players in the liquid soap and hair-removing categories. To boost its overall growth, the company has introduced several product variants at various price points to effectively tap the expected growth in the FMCG industry, especially the fast growing beauty treatment and skin care segments.
  • Incremental growth from exports: In FY2006, FCPL acquired a US-registered premium bleaching cream brand, Jaquline, which has an established presence in the UAE and Middle-East markets. The company plans to utilise it as an umbrella brand to introduce skin care and beauty products, and boost the overall growth of its export business. 
  • Margins to firm up: The introduction of high-margin premium products has positively affected its operating margins. The company has also commissioned a new manufacturing facility in the tax-blessed region of Baddi, Himachal Pradesh. The fiscal incentives in the form of income tax and excise duty exemptions are further boosting its overall profitability. 
  • Consolidation of its marketing arm: The distribution of FCPL's products is done exclusively by its 60% subsidiary, Mirasu Marketing. FCPL is expected to acquire the remaining 40% stake (held directly by the promoters) in Mirasu Marketing over the next one year. The consolidation is likely to result in marginal dilution in its equity base (about 1-1.5% on the higher side) but would be earnings accretive.
  • Attractive valuation: The consolidated revenues and earnings are estimated to grow at a CAGR of 17.5% and 48.3% respectively during FY2006-08. Currently the stock trades at 9.9x FY2007E and 8x FY2008E earnings. We recommend a Buy on FCPL with a price target of Rs500
    .
Regards,
The Sharekhan Research Team 		myaccount@sharekhan.com

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Posted by nsivaa at 7:46 PM 0 comments

$$ DreamGains !! $$ Fem Care Pharma: Stock Idea dated December 13, 2006

 
Stock Idea
[December 13, 2006] Please see the attachment for details
Summary of Contents

STOCK IDEA

Fem Care Pharma 
Cluster: Ugly Duckling
Recommendation: Buy
Price target: Rs500
Current market price: Rs358

A name FEM(mes) trust

Key points 

  • Leadership position in a niche category: Fem Care Pharma Ltd (FCPL) has a dominant market share (around 65%) in the niche segment of bleach cream. It is also among the leading players in the liquid soap and hair-removing categories. To boost its overall growth, the company has introduced several product variants at various price points to effectively tap the expected growth in the FMCG industry, especially the fast growing beauty treatment and skin care segments.
  • Incremental growth from exports: In FY2006, FCPL acquired a US-registered premium bleaching cream brand, Jaquline, which has an established presence in the UAE and Middle-East markets. The company plans to utilise it as an umbrella brand to introduce skin care and beauty products, and boost the overall growth of its export business. 
  • Margins to firm up: The introduction of high-margin premium products has positively affected its operating margins. The company has also commissioned a new manufacturing facility in the tax-blessed region of Baddi, Himachal Pradesh. The fiscal incentives in the form of income tax and excise duty exemptions are further boosting its overall profitability. 
  • Consolidation of its marketing arm: The distribution of FCPL's products is done exclusively by its 60% subsidiary, Mirasu Marketing. FCPL is expected to acquire the remaining 40% stake (held directly by the promoters) in Mirasu Marketing over the next one year. The consolidation is likely to result in marginal dilution in its equity base (about 1-1.5% on the higher side) but would be earnings accretive.
  • Attractive valuation: The consolidated revenues and earnings are estimated to grow at a CAGR of 17.5% and 48.3% respectively during FY2006-08. Currently the stock trades at 9.9x FY2007E and 8x FY2008E earnings. We recommend a Buy on FCPL with a price target of Rs500
    .
Regards,
The Sharekhan Research Team 		myaccount@sharekhan.com
 

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Posted by nsivaa at 8:01 AM 0 comments

$$ DreamGains !! $$ FW: Fem Care Pharma: Sharekhan Stock Idea dated December 13, 2006

 

From: The Sharekhan Research Team [mailto:marketwatch@research.sharekhan.com]
Sent: Wednesday, December 13, 2006 2:43 PM
To: The Sharekhan Research Team
Subject: Fem Care Pharma: Sharekhan Stock Idea dated December 13, 2006

Stock Idea
[December 13, 2006] Please see the attachment for details
Summary of Contents

STOCK IDEA

Fem Care Pharma 
Cluster: Ugly Duckling
Recommendation: Buy
Price target: Rs500
Current market price: Rs358

A name FEM(mes) trust

Key points 

  • Leadership position in a niche category: Fem Care Pharma Ltd (FCPL) has a dominant market share (around 65%) in the niche segment of bleach cream. It is also among the leading players in the liquid soap and hair-removing categories. To boost its overall growth, the company has introduced several product variants at various price points to effectively tap the expected growth in the FMCG industry, especially the fast growing beauty treatment and skin care segments.
  • Incremental growth from exports: In FY2006, FCPL acquired a US-registered premium bleaching cream brand, Jaquline, which has an established presence in the UAE and Middle-East markets. The company plans to utilise it as an umbrella brand to introduce skin care and beauty products, and boost the overall growth of its export business. 
  • Margins to firm up: The introduction of high-margin premium products has positively affected its operating margins. The company has also commissioned a new manufacturing facility in the tax-blessed region of Baddi, Himachal Pradesh. The fiscal incentives in the form of income tax and excise duty exemptions are further boosting its overall profitability. 
  • Consolidation of its marketing arm: The distribution of FCPL's products is done exclusively by its 60% subsidiary, Mirasu Marketing. FCPL is expected to acquire the remaining 40% stake (held directly by the promoters) in Mirasu Marketing over the next one year. The consolidation is likely to result in marginal dilution in its equity base (about 1-1.5% on the higher side) but would be earnings accretive.
  • Attractive valuation: The consolidated revenues and earnings are estimated to grow at a CAGR of 17.5% and 48.3% respectively during FY2006-08. Currently the stock trades at 9.9x FY2007E and 8x FY2008E earnings. We recommend a Buy on FCPL with a price target of Rs500
    .
Regards,
The Sharekhan Research Team 		myaccount@sharekhan.com
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Posted by nsivaa at 7:43 AM 0 comments

$$ DreamGains !! $$ Wednesday Capita Telefolio


Wednesday Capita Telefolio Volume No 5, Issue No 25 dated Wednesday, 13th
December 2006.

The following recommendation is based on price as on Wednesday, 13th
December 2006.

BUY: Satyam Computer Services at Rs 448

Now full details:

BUY : Satyam Computer Services at Rs 448
BSE Code : 500376
NSE Symbol: SATYAMCOMP
Face Value: Rs 2

After the expected sequential drop in profits in the Sep.'06 quarter, Satyam
is set to report smart growth rates going forward.

Actual EPS for year ended March 2005 : Rs 10.8
Actual EPS for year ended March 2006 : Rs 15
Projected EPS for year ended March 2007: Rs 21.3

End of Wednesday Capita Telefolio Volume No 5, Issue No 25 dated Wednesday,
13th December 2006.

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Posted by nsivaa at 7:34 AM 0 comments
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