Sensex

Friday, January 11, 2008

DG - Wednesday Telefolip : Compulink Systems

 

 

Compulink Systems

Niche product player

Catering to service industries, the company’s products have good growth potential and seem to have reached the critical take-off stage

Buy

Compulink Systems

BSE Code

532688

NSE Code

COMSYS

Bloomberg

COSL@IN

Reuter

CLKS.BO

52-week High/Low

Rs 49/ Rs 18

Current Price

Rs 44 (as on 9 January 2008)

Compulink Systems promoted by professionals Mr Uday Kothari and Mr Vishwas Mahajan, is a niche IT company focused on providing IP based solutions in the Service Execution Management space. The portfolio of the offerings includes Whizible range of products, services based on the WHIZ framework and training & consulting services. The Company has subsidiaries each in USA, UK and Singapore. It also operates through Channel Partners in Middle East and Hong Kong.

The Whizible range of products includes i.e. Whizible ProjectByNet for mid-sized Service Centric Organizations in the IT services vertical and Whizible SEM for large sized Service centric Organizations in IT Services vertical, Whizible Engineering for engineering design organizations and Whizible 2007. The Whizible Suite includes various modules like e-Dashboard (provides an integrated view of the customer’s work environment),Resources (provides an accurate diagnosis and assessment of resources), Projects (enables project execution, monitoring, control and closure, and integrates with Microsoft Project, the widely used project scheduling program), and other modules like Timesheet & Expenses, Issues, Invoicing, Help Desk, Knowledge and Reports & metrics.

Compulink is the ‘First to Market Partner’ for Microsoft and this product was launched in beginning of 2007 along with Microsoft’s Office Project 2007. This has been received favorably in US and European markets.

In the training & consulting services, the company has a product called Project Excellence Learning and Consultancy Services (PELCON). PELCON helps organizations adopt project management practices that will deliver better-managed projects. PELCON is a one-stop shop for Project Management Enabling Services. PELCON provides built-to-order, customized training products and enabling solutions in Project Management field from establishing Project Management Office in organizations, to conducting an across-the-board ‘Project Management Health Check’. PELCON is a recognized provider registered with the PMI Registered Education Provider Program (PMI R.E.P) - Global, offering comprehensive, continuing and higher education in the field of Project Management. PELCON has offerings in the e-learning arena – A comprehensive e-learning kit for Earned Value Management (EVM) and a learning tool to help understand and manage risk called Project Risk Management (PRM).

Currently, the company had more than 150 customers in 6 countries with total user base of more than 75,000. Some of the satisfied clients of the Company include Wipro, Accenture, ABB, ICICI Bank, Shinsei Bank, Nucleus Software, Cornell University, Northeastern University, John Deere, Otis ISRC, HCL, Mascon, as well as leading names in Asia Pacific such as Fujitsu, NCS and SCS.

Domestic revenues constituted 54% of the revenues for FY2007 (57% in FY2006). As of March 2007, the Company had an employee base of 177 people.

The Company had come with an IPO in December 2005 of Rs 21.23 crore at a price of Rs 60 to fund product development, international marketing, repayment of term loan and working capital needs. As of September 2007, the Company had utilized Rs 19.81 crore.

Favourable industry Scenario

Service is the largest and fastest growing segment of the economy world over. The key aspect of professional services is its ability to convert the skills and knowledge of its employees into value added ‘deliverables’. Globalization, Deregulation and Technological innovation has changed the way the Services Centric Organizations (SCO) around the globe function and compete. To compete and succeed in such competitive environment, SCO need tools that enable them to make better decisions, avoid costly mistakes due to lack of information, and give their customers, partners and employees a better insight into organizational performance. These pressing needs of SCO led to an emergence of new and powerful web-based application software called Services Execution Management (SEM). SEM aims to provide extended, integrated support for the functions involved in running a Services Delivery Organization. SEM is primarily composed of Project Management (PM) and Enterprise Resource Planning (ERP) capabilities. The focus of PSA is on resource management (or human capital) like time, knowledge, skills and business relationships, as opposed to simple task management. The company is one of the leading players in products space in these growing segments.

Turnaround Performance

For the quarter ended September 2007, on y-o-y basis, Compulink reported 68% growth in standalone sales at Rs 3.95 crore. Product revenues grew 108% at Rs 2.69 crore and services revenues grew 19% at Rs 1.26 crore. Operating margins stood at 17.7% with operating profits at Rs 70 lakh against operating loss of Rs 79 lakh in the corresponding quarter previous year. Other Income was up 36% at Rs 19 lakh with interest cost flat at Rs 6 lakh and depreciation charge down 11% at Rs 48 lakh. Tax charge for the quarter was Rs 1 lakh with PAT at Rs 34 lakh against loss of Rs 1.27 crore in the corresponding quarter previous year.

For the first half ended September 2007, on standalone basis, 48% rise in sales at Rs 7.64 crore with product revenues up 61% at Rs 5.12 crore and services revenues up 26% at Rs 2.52 crore. OPM stood at 16.9% with operating profits at Rs 1.29 crore against loss of Rs 1.49 crore in the corresponding period previous year. PAT for the period stood at Rs 56 lakh against loss of Rs 2.46 crore in the corresponding period previous year.

Valuation

For FY2008, we expect standalone revenues and net profit to be Rs 21.01 crore and Rs 5.53 crore. On current equity of Rs 10.37 crore, EPS works out to Rs 5.3. At the current price of Rs 44, PE works out to 8.3 times. Being a product-oriented company, the company’s profits can grow exponentially once the product revenues reach a critical scale, which seems to have happened in the current year.

Compulink Systems: Standalone Financials

 

 

0503 (12)

0603 (3)

0703 (12)

0803 (12P)

Sales

12.86

9.43

14.73

21.01

OPM (%)

35.7

-24.6

14.1

36.5

OP

4.59

-2.32

2.07

7.66

Other Income

0.01

0.35

0.62

0.73

PBIDT

4.60

-1.96

2.69

8.39

Interest

0.08

0.60

0.29

0.20

PBDT

4.53

-2.56

2.40

8.19

Depreciation

0.67

1.88

2.16

1.91

PBT

3.85

-4.44

0.24

6.28

EO

0.00

0.04

0.00

0.00

PBT After EO

3.85

-4.48

0.24

6.28

Tax

0.25

-0.25

0.13

0.75

PAT

3.60

-4.23

0.11

5.53

EPS

3.5

-4.1

0.1

5.3

EPS on current equity of Rs 10.37 crore.
Face value: Rs 10
EPS is calculated after Excluding EO and Relevant Taxes
Figures in Rs crore
Source: Capitaline Corporate Database

 

Compulink Systems: Standalone Results

 

 

0709 (3)

0609 (3)

Var. (%)

0709 (6)

0609 (6)

Var. (%)

0703 (12)

0603 (12)

Var. (%)

Sales

3.95

2.35

68

7.64

5.18

48

14.73

9.43

56

OPM (%)

17.8

-33.2

 

16.9

-28.9

 

14.1

-24.6

 

OP

0.71

-0.78

LP

1.29

-1.50

LP

2.07

-2.32

LP

Other Income

0.19

0.14

40

0.35

0.24

47

0.62

0.35

74

PBIDT

0.89

-0.65

LP

1.64

-1.26

LP

2.69

-1.96

LP

Interest

0.06

0.06

-8

0.10

0.09

6

0.29

0.60

-51

PBDT

0.84

-0.71

LP

1.54

-1.35

LP

2.40

-2.56

LP

Depreciation

0.48

0.54

-12

0.95

1.08

-12

2.16

1.88

15

PBT

0.36

-1.25

LP

0.59

-2.44

LP

0.24

-4.44

LP

EO

0.00

0.00

 

0.00

0.00

 

0.00

0.04

 

PBT After EO

0.36

-1.25

LP

0.59

-2.44

LP

0.24

-4.48

LP

Tax

0.01

0.02

-7

0.03

0.03

2

0.13

-0.25

PL

PAT

0.34

-1.27

LP

0.56

-2.46

LP

0.11

-4.23

LP

EPS

#

#

 

#

#

 

0.1

 

 

# Not Annualized due to seasonality of business. Current equity of Rs 10.37 crore.
Face value: Rs 10
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

 

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Posted by nsivaa at 12:31 PM 0 comments

DG - Friday Telefolio : Indian Overseas Bank

 

 

Indian Overseas Bank

One of the most consistent PSU bank

The company has one of the best return rations, besides good quality and consistent track record among the PSU banks

Buy

Indian Overseas Bank

BSE Code

532388

NSE Code

IOB

Bloomberg

IOB@IN

Reuter

IOBK.BO

52-week High/Low

Rs 229 / 87

Current Price

Rs 186 (as on 11th January 2008)

Chennai-based Indian Overseas Bank (IOB) is a public sector bank (government holding:61%) having dominant presence in southern India, which accounts for 45% of its branch network. Currently, the bank has a network of 1,781 branches spread across the country. It has a strong international presence in eight countries.

In Sept 2006, IOB bought the remaining stake of 70% in Bharat Overseas Bank (BhoB). This consolidation has augmented the IOB’s balance sheet by 6% to Rs 82,256 crore in FY07, along with the addition of 103 branches and one overseas branch in Bangkok, Thailand.

Consistence performance continues

For the second quarter ended September 2007, IOB recorded 41% increase in the Interest earned at Rs 1930.32 crore aided by 39% increase in Interest on advances at Rs 1305.89 crore. However the interest expenses for the period increased by 71% to Rs 1298.17 crore thus, restricting the growth of Net Interest Income by 3% to Rs 174.46 crore. Other income soared 81% to Rs 174.46 crore. Thus Net total income moved forward by 14% to Rs 806.61 crore.

Operating expenses, which include staff cost, was stagnant at 348.59 crore (against Rs 349.12 crore) further, lifting the Operating profit by 28% to Rs 458.03 crore. Provision and contingencies (including provision for NPA) for the period stood at Rs 8.32 crore compared to write back of Rs 1.45 crore. Finally the 17% increase in tax provision at Rs 130.01 crore saw net profit growing by 28% to Rs 319.70 crore.

For the six month quarter ended September 2007, IOB recorded 45% increase in the Interest earned at Rs 37763.52 crore. However interest expenses for the period also increased by 71% to Rs 2435.37 crore thus, restricting the growth of Net Interest Income by 13% to Rs 1341.15 crore. Other income soared 280% to Rs 236.05 crore. Thus Net total income moved forward by 26% to Rs 1577.20 crore.

Operating expenses, which include staff cost, grew 5% to Rs 710.00 crore further lifting the Operating profit by 52% to Rs 867.20 crore. Provision and contingencies (including provision for NPA) for the period stood at Rs 70.34 crore compared to write back of Rs 56.87 crore. Finally the 34% increase in tax provision at Rs 208.66 crore saw net profit growing by 25% to Rs 588.20 crore.

Total Business grew from Rs 98159.06 crore as on 30th Sept ‘06 to Rs 129628.48 crore as on 30th Sept ’07 recording a year on year growth of 32% and Total Deposits grew from Rs 57018.04 crore as on 30th Sept ’06 to Rs 78282.83 crore, up 37%.

Advances increased from Rs. 41141.02 cr as on 30th Sept ’06 to Rs 51345.65 cr as on 30th Sept ’07 achieving a growth of 24.80%.

Business Per Employee improved from Rs. 4.06 cr as at Sept ’06 to Rs 5.24 crore as at Sept ’07.

Net profit per employee has recorded improvement from Rs 3.90 lakhs in Sept ’06 to Rs 4.75 lakhs in Sept ’07.

Good other ratios

Capital Adequacy Ratio stood at 13.31%.

The bank is comfortably placed in terms of capital to support envisaged growth and can also increase capital if required at good premium through QIP route.

Higher non interest income to supplement core business

The bank’s other income has been growing at a steady pace with core fee income rising 23% in FY07 to Rs 388.2 crore.

For six month, its other income rose 280% to Rs 236.05 crore.

The bank has started selling gold also, which generates higher fee income. Recently, the bank entered into a joint venture with Sompo Japan Insurance Inc., Allahabad Bank, Karnataka Bank and Dabur Investment for starting non-life insurance business.

Focus on recoveries to boost profitability

Maintaining healthy asset quality is one of IOB’s top priorities. The bank has continuously shown improvement on this front where gross non-performing assets (GNPA) have declined from 5.51% (FY05) to 3.53% (FY06), and further to 2.38% (FY07). Net non-performing assets (NNPA)

also declined from 1.27% (FY05) to 0.65% (FY06), and to 0.55% (FY07).

Percentage of Gross and Net NPAs decreased to 2.10% and 0.35% respectively as at the end of Sept 2007 as against 2.96% and 0.57% as at the end of Sept 2006.

This improvement in asset quality is attributed to recoveries of around Rs 246 crore and Rs 442 crore in FY06 and FY07 respectively. Recoveries are expected to continue at a robust pace, thereby boosting profitability.

Highest return on equity in industry

In FY07, IOB had the best ROE at 28.1%, slightly higher than 27.2% in FY06. The bank is gearing its capital almost 19-20x, thereby producing super normal ROEs. Going forward, return ratios should remain attractive. Higher recoveries (Rs 440 crore in FY07), attractive NIM and lower cost-to-income ratio at 1.96% are the key drivers for the bank achieving higher return ratios.

Good performance to continue

IOB’s superior return ratios are a by-product of the healthy net interest margins (NIMs) that it has been able to command. The bank’s NIMs for the past three years have been above 3.5%, which is considered to be superior in the banking industry. The sustenance of healthy NIMs can be attributed to growing size of the business along with maintaining healthy yield on advances and relatively low cost of funds. NIM is expected to sustain at 3.48%-3.5% levels going forward.

IOB’s growth strategy hovers around strong growth in advances to industrial sector, SME sector and the retail side, thereby enabling it realise better yield on advances. Higher spread of branching network in rural and semi-urban areas has helped the bank garner good amount of retail deposits from these areas (more than 50% of the branches are located in rural and semi-urban areas).

Reasonable valuation

In FY 2008 we expect IOB to register EPS of Rs 23.5. This is expected to rise to Rs 29.9 in FY 2009. The share price trades at Rs 186. While P/E on FY 2008 EPS is just 7.9, it falls further to 6.2 on FY 2009 EPS. The bank has consistently grown its net profit at a CAGR of 25% for the past four years and once can expect it to increase the growth rate going forward. Moreover, its Price/ expected FY 09 Book Value ratio is also reasonable at 1.6 times.

Indian Overseas Bank: Financials

 

 

0603(12)

0703(12)

0803 (12P)

0903 (12P)

Interest Earned

4406.27

5832.07

7961.30

9951.62

Interest Exp.

2339.09

3271.27

5019.36

6525.17

Net Interest Income

2067.18

2560.80

2941.93

3426.45

Other Inc.

541.12

387.05

609.64

762.05

Net Total Inc.

2608.30

2947.85

3551.57

4188.50

Operating Expenses

1261.56

1387.81

1453.95

1570.26

Operating Profits

1346.74

1560.04

2097.63

2618.24

Provisions & Cont.

361.11

186.60

338.16

371.97

Profit Before Tax

985.63

1373.44

1759.47

2246.26

Current Tax

202.29

365.00

478.19

617.72

Net Profit

783.34

1008.44

1281.28

1628.54

EPS*(Rs)

14.4

18.5

23.5

29.9

* Annualised on current equity of Rs 544.80 crore.
Face Value: Rs 10
EO: Extraordinary items
Figures in Rs crore;
(P): Projections;
Source: Capitaline Corporate Databases

 

Indian Overseas Bank: Results

 

 

0706(3)

0606(3)

Var. (%)

0706(3)

0606(3)

Var. (%)

0703(12)

0603(12)

Var. (%)

Interest Earned

1930.32

1372.13

41

3776.52

2613.01

45

5832.07

4406.27

32

Interest Exp.

1298.17

760.21

71

2435.37

1425.56

71

3271.27

2339.09

40

Net Interest Income

632.15

611.92

3

1341.15

1187.45

13

2560.80

2067.18

24

Other Inc.

174.46

96.40

81

236.05

62.19

280

387.05

541.12

-28

Net Total Inc.

806.61

708.32

14

1577.20

1249.64

26

2947.85

2608.30

13

Operating Expenses

348.58

349.12

0

710.00

679.29

5

1387.81

1261.56

10

Operating Profits

458.03

359.20

28

867.20

570.35

52

1560.04

1346.74

16

Provisions & Cont.

8.32

-1.45

PL

70.34

-56.87

PL

186.60

361.11

-48

Profit Before Tax

449.71

360.65

25

796.86

627.22

27

1373.44

985.63

39

Current Tax

130.01

110.81

17

208.66

155.33

34

365.00

202.29

80

Net Profit

319.70

249.84

28

588.20

471.89

25

1008.44

783.34

29

EPS*(Rs)

23.5

18.3

 

21.6

17.3

 

18.5

14.4

 

* Annualised on current equity of Rs 544.80 crore.
Face Value: Rs 10
EO: Extraordinary items
Figures in Rs crore;
Source: Capitaline Corporate Databases

 

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Posted by nsivaa at 12:30 PM 0 comments

DG - FW: Sharekhan Post-Market Report dated January 11, 2008

 

 

From: The Sharekhan Research Team [mailto:marketwatch@research.sharekhan.com]
Sent: 11 January 2008 19:06
To: The Sharekhan Research Team
Subject: Sharekhan Post-Market Report dated January 11, 2008

 

 

 Sharekhan's daily newsletter

Visit us at www.sharekhan.com

 

January 11, 2008

 

Index Performance

Index

Sensex

Nifty

Open

20,702.94

6,166.65

High

20,894.79

6,224.20

Low

20,505.81

6,112.55

Today's Cls

20,827.45

6,200.10

Prev Cls

20,582.08

6,156.95

Change

245.37

43.15

% Change

1.19

0.70

 

Market Indicators

Top Movers (Group A)

Company

Price 
(Rs)

%
chg

Gainers

IndusInd Bank

124.70

8.06

Bombay Dyeing

938.35

7.70

Axis Bank

1,167.45

7.46

Exide Industries

80.55

6.90

HCL Infosys

258.45

6.45

Losers

Parsvnath Developers

462.90

-6.82

D-Link India

102.50

-5.83

HMT

132.85

-4.97

HTMT

498.15

-4.97

RCF

115.85

-4.96

Market Statistics

-

BSE

NSE

Advances

739

386

Declines

2,091

808

Unchanged

34

13

Volume(Nos)

41.15cr

60.80cr

 Market Commentary 

Sensex ends on a bullish note

The market rallied sharply and closed above the 20,800 mark on sharp appreciation in banking, oil, and realty stocks.

After displaying subdued trend for the entire week, the Sensex staged a recovery today.  

 

The bulls were back in action as the market registered sharp gains on the back of all-round buying support. The market witnessed choppy trades for the entire trading session as frontline stocks swung between their positives and negatives, while the mid- and small-caps witnessed the selling pressure. The Sensex resumed 121 points above its previous close at 20,703 despite mixed global cues and rallied further on the back of strong buying in heavyweight, banking, oil, and realty stocks. However, the market slipped into the red by the afternoon as consumer durables, information technology, capital goods and automobile stocks witnessed losses. But, the market staged a come back towards the close on an all-round buying support and the Sensex touched the day's high of 20,895. The Sensex finally ended the session with gains of 245 points at 20,827, while the Nifty added 43 points and closed at 6,200.

Among the sectoral indices, the BSE Bankex index led the upsurge with gains of 3.60% at 12,479 followed by the BSE Oil & Gas index (up 2.24% at 13,833) and the BSE Realty index (up 1.60% at 13,483). However, the BSE CD index, the BSE IT index, the BSE CG index and the BSE Teck index shed over 0.5-2% each. Interestingly, the market breadth was negative. Of the 2,864 scrips traded on the BSE 2,091 stocks declined, 739 stocks advanced and 34 stocks ended unchanged.

Out of the 30 Sensex stocks, 15 managed to end in the green while 15 stocks ended with losses. Banking major ICICI Bank was the lead gainer and soared 6.13% at Rs1,440. DLF advanced 4.71% at Rs1,196, Reliance Industries moved up by 3.34% at Rs3,128, HDFC Bank jumped 2.47% at Rs1,762, NTPC shot up by 2.33% at Rs272, Tata Motors added 1.80% at Rs762 and TCS rose 1.47% at Rs989. Among the laggards, ACC dropped 4.32% at Rs898, M&M shed 3.54% at Rs775, Satyam Computer declined by 2.24% at Rs411 and HDFC lost 2.18% at Rs3,061. 

Over 2.76 crore RNRL shares changed hands on the BSE followed by Aries Agro (2.13 crore shares), Reliance Petroleum (1.79 crore shares), Ispat Industries (1.27 crore shares) and IFCI (1.19 crore shares).

RNRL registered a turnover of Rs561 crore on the BSE followed by Aries Agro (Rs480 crore), Reliance Petroleum (Rs392 crore), Reliance Industries (Rs296 crore) and Reliance Capital (Rs255 crore).

European Indices at 16:15 IST on 11-01-2008

Index

Level

Change (pts)

Change (%)

FTSE 100

6197.30

-25.40

-0.41

CAC 40 Index

5389.58

-10.85

-0.20

Dax Index

7715.29

1.86

0.02

Asian Indices at close on 11-01-2008

Index

Level

Change (pts)

Change (%)

Nikkei

14110.79

-277.32

-1.93

Hang Seng

26867.01

-363.85

-1.34

Kospi Composite

1782.27

-42.51

-2.33

Straits Times

3287.34

-23.73

-0.72

Jakarta Composite

2830.26

44.64

1.60

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