Sat 24 Aug 2019 Mumbai Equity Workshop on Stripping Annual Reports ~ Bullshit or Badass

 🙂 Are you yet Alive in these Markets !?  😯 Wish to remain so ?

Then after June 22,2019 , here’s another great  Rs 9000 opportunity to attend my Mumbai Fundamental Equity Workshop  ~ 😆 Please don’t ask for any discount because I can’t say No !

Interpretation of Financial Statements
Indian Equity ~ (St)Ripping Annual Reports ~ Bullshit or Badass
Full Saturday, August 24, 2019

Limited Seats so do book yours right away here => www.jsalphaa.com/register.php

No prior Financial or fundamental knowledge is required. Just come with an Open Mind dressed with Common sense to realise how uncommon it really is ! At the time of Registration or even later you can even request for a Specific Company you wish who’s Annual Report be (st)ripped at the Workshop 

Here’s a warm testimonial from a participant who flew in from Accra,Ghana for the June 22,2019 workshop on Sensex at 40000 ~ Treasure & Traps where we covered Risk Profiling & Returns ,Scenarios & Scrips,Macros & Mistakes,Treasures & Traps ~ assessing many on Value Vs Price ~ 😀 Yes, the workshop did go on till much later than scheduled close,as is usual….there was so much fun interaction,again as is usual

” It was a privilege to attend your workshop.I gained a lot of wisdom & knowledge.Many thanks & God Bless ” 

& another from a repeat participant ” Many many thanks Gaurav.It was really wonderful.Really appreciate all the efforts and the sharing of your knowledge.It was outstanding ” 

There’s a comprehensive Workshop Template on the Registration link that details out why you should attend & what benefits you can expect to derive

Here are a few extracts from this  Workshop Template that should convince you to be there on Saturday,August 24,2019

It’s been a market meltdown of frightening proportion across the Board, except in a few ,visibly an (un)lucky 13 that constitute high weightage in the Sensex & Nifty that has kept these Indices alive at 38000 & 11000 yet

The ‘Fun’ in  ‘Fun’damental Stock Stories too has vanished with Equity Portfolios showing strong depression in almost all stock selections across sectors & Market Cap segments  

Company Annual Report ~ Can we yet revere it as the Bible or Bhagvad Gita or Quran for Company Performance !?

Never judge a Book by it’s Cover.We’ve seen the Annual Report sabotaged, painted & tainted by sub standard supervision , monitoring & assessment ,intentional or otherwise, by Banks & other Lending Institutions, Statutory & Internal Auditors , Regulators & Credit Rating Agencies. read more

Shareholder Shenanigans ~ Hey Mister Aster whose Healthcare are you after !

Shareholder Shenanigans ~ Hey Mister Aster whose Healthcare are you after !

Invariably the Construction of  the Pre IPO Equity Capital of a Company  reveals the Fairness & Character & Mindset of Promoters & other Equity Stakeholders in it & extent of any obscene premium seduction if any 

What can we infer from a Company  :

  • that issues further shares end December 2011 at Rs 10,000 to an existing Private Equity (PE) Stakeholder Player 1   from 2008 which takes their total Equity Investment in the Company to just over Rs 22 crs & just 20 days later in January 2012 ,this PE Player 1 sells just @ 30.8% of  it’s Equity stake for Rs 110 crs ! to a new incoming PE Equity Player 2 at Rs 1,58,918 per share ~that’s 1500% & 15 times over latest unit share cost of Rs 10000 ! Thus it recovers 4 times it’s aggregate Investment in literally no time  & yet continues to hold a good stake in the Company which it has just sold for Rs 120 to get a huge Rs 554 crs    
  • that issues two liberal back to back Bonus issues of 1000:1  in 2012 & 2: 1 in 2013 from the Share Premium paid by incoming PE Player 2 in 2012 when it invested Rs 504 crs in the Company through Rs 394 crs new issue by the company & Rs 110 crs purchase from PE Player 1 as stated above  
  • where Promoters transfer shares in December 2017 at just Rs 22.14 per share just two months before February 2018 IPO at Rs 190 to PE Player 2 referring to a costing methodology of a Shareholder Purchase Agreement (SPA) of May 2014 when this PE Player 2 had invested further in May 2014 itself directly in a fresh issue by the Company at Rs 102.85 & on same day as per same SPA even picked up shares from Promoters at Rs 189.46.Even CCCP’s issued were converted at Rs 111.65 in November 2017,three months before the Rs 190 IPO.An SPA that spells out a costing method that works out to a much lower throwaway price of just Rs 22.14 per share three & a half years down the road in December 2017 will indeed raise an eyebrow.A lower price would imply growth parameters have not resulted as envisaged.Why  price the IPO at Rs 190 ? Should have been at Rs 22,I daresay !        

If Memory serves me right,the Financial Year 2011-12 was perhaps the last year before Income Tax & Company Act restrictions came into force on the issue of Shares at unjustified & obscene premiums….nevertheless

Such Modus Operandi was quite prevalent in Companies to infuse huge funds into Equity at bizarre premiums not in sync with Valuation which would facilitate insignificant Equity Dilution which otherwise would have impacted Promoter & Other existing  Shareholders Stakes.This invariably was followed up with bizarre Bonus Issues which while maintaining the Equity Stakes of all served largely to considerably lower per share holding cost of Shareholders that had infused such Equity Capital at obscene Premiums….daresay some indulged in this even for laundering or accepting white bribes

Two recent events drew me to  checking out Aster DM Healthcare @ Rs 127

1~ First when observed huge Market Deals being executed end of last month on June 26 & 27, 2019 at Rs 120 with Private Equity Shareholder True North Fund III A  ( earlier called India Value Fund (IVF) ) offloading it’s full 9.15% stake of 4.62 cr shares to a host of Big names that included Fidelity,Tata AIG Insurance A/c Wholelife Midcap Equity,HDFC Small Cap Fund,Ontario Pension & Steinberg

2 ~Was not impressed at this first quick look on performance & prospects & was letting go when a Stock Channel carried an interview of it’s Promoter & ED & Chairperson Mr Azad Moopen on July 12,2019.

Intrigued me to have a re-look as Mr Moopen stated verbatim these two threads  :

  • “we think  that this is a very low price for this stock “ ~ on Share Price of @ Rs 121/122 as on July 12,2019 & on bulk deal price of Rs 120 end June 2019 when PE Player True North Fund III exited ~ is not there some restriction on Company promoters and management making such views public on Share Price ?
  • “extremely useful in the initial phase” ” significant value addition to the company”  ” True North has been a great strength ” ” no way they could hold on beyond 9 to 10 years” ~ on Private Equity Player, True North Fund III A who had initiated a stake in 2008 in Aster & who exited last month in June 2019

I looked at the IPO Prospectus that announced Aster DM Healthcare’s February 2018  IPO eighteen months ago at Rs 190,a pricing that’s 33% higher than today’s Rs 127

While I appreciate Mr Moopen’s honourable healthcare venture in the last three decades what caught my attention,as it usually does,was the not so honourable Construction of the pre IPO Equity Capital

Here are some interesting extracts & derived data  on the constructions of holdings of PE Player 1  True North &  PE Player 2 Olympus Capital Asia Investments in Aster DM Healthcare Limited.The Post IPO Equity Issue stands at Rs 505.23 crs with  50,52,27,345 shares of FV Rs 10 . read more

Mumbai Equity Workshop Sat June 22 2019 ~ Sensex at 40000 ~ Treasures & Traps

The last Seven Workshops have seen a Full House  & great interaction 

Here’s another lovely Opportunity 

Register for the Workshop here 

Saturday, June 22, 2019

Fundamental Equity Workshop in Mumbai
Stock Selection ~ Value Vs Price
Indian Equity ~ Sensex at 40,000 ~ Treasures & Traps

Limited Seats – Single Registration at Rs 12,000 ~ Group Registration of 3 or more at Rs 10,200 each

Save this Date & register for  another great opportunity to interact for a full Saturday ~ You can even request coverage of any particular company or companies when you register

Trapped in Scrips that have destroyed wealth  ? ~ Want to develop foresight in avoiding such Value Traps by identifying Red Flags before hand from Corporate Governance Issues & Financial Statements & other coverage in Annual Reports ?

How to position the Equity portfolio with Sensex at record 40000 ~ Do Valuations look stretched in the short term ?

How to protect Wealth while creating it in Direct Equity? ~ Need  Conviction to Invest in Direct Equity ?

We shall be addressing these & many more concerns  at this Mumbai Workshop  

Look forward to seeing you at the Workshop

Any Queries or need guidance call me on +91-9820162597 or on + 91-22-42304140 or email me at gaurav@jsalphaa.com

Cheers,

Gaurav

 

Gaurav A Parikh

Workshop Conceptualised & Conducted by

GAURAV A PARIKH

Treasures & Traps ~ Rewards & Risks ~ Clearly this is the moot mindset focus currently with Sensex & Nifty recording all time highs of 40000 & 12000 respectively driven by a handful of high index weightage core stocks on the second TsuNaMo election wave in five years.

Gaurav A ParikhCapital Protection  is a ‘must have’  Mindset  at all times for serious Wealth Creation through Equity.While Growing your Wealth it’s equally imperative to Protect it.

One way to do so is to develop fundamental conviction & foresight to consciously avoid ‘Value Traps’ like Suzlon & Subex & PC Jewellers & Manpasand Beverages & Vakrangee & not be seduced or influenced by those who peddle such on social & print media & stock channels.

In such record bullish momentum on the Sensitive Indices it is FOMO or the Fear of Missing Out that is the biggest seducer as many influencing voices call  these  or near these record levels as the new bottom on the Sensitive Indices.

This Workshop will equip you to deal with these questions :

  • How to assess the capacity & the willingness to assume Equity Risk?
  • How to Fundamentally Value & Select & Weight the Companies in a Portfolio ?
  • How do Company Valuations rack up against their Share Price now? ~ If there is Value, where can we find it as we negotiate these bullish markets which heightens the risk of more & more ‘Value Traps’ emerging
  • How should one read & interpret News & Views in the Print & Social Media & on Stock Portals & Channels ?
  • What are the red flags one should look for in an Annual Report ?
  • How much of such Interpretation & Valuation is already reflected in the Share Price ?
  • Where can we pin down Certainty in the Uncertainty in Equity Markets ?
  • How to strengthen resolve & conviction to hold on to Selections even when facing unrealized losses?
  • When & How to decide a Switch in Equity Holdings?
  • How not to let Emotion & Ego dictate holding on to Losers & Wealth Destroyers & just letting them go or avoiding them in the first place?

Invest a Saturday with Gaurav to discuss & debate all the above & more & to appreciate that Wealth of Mind & Monies must Move in Tandem & fundamentally assess Macros & Micros. read more

Q&A Outlook Business~Dont See Elections as a Risk Factor for Indian Equities~See Value Pockets across Sectors

Screenshot_20190424-142037 Screenshot_20190424-141916 Screenshot_20190424-141824 Screenshot_20190424-141733 Screenshot_20190424-141724 Screenshot_20190424-141717 Screenshot_20190424-141704 Screenshot_20190424-141649 Screenshot_20190424-141628 Screenshot_20190424-141620 Screenshot_20190424-141609 Screenshot_20190424-141525

Some of you may be interested in this ~ It’s a brief video Interview that Outlook Business has carried on their website www.outlookbusiness.com  & on YouTube this month April 2019 & which can be viewed below reflecting my views on :

  • Lok Sabha Elections that have commenced~ don’t see them a as a risk factor for Indian Equities
  • Value Pockets across Sectors,PSUs too
  • A convincing real estate play ~ if inclined,do also read the detailed coverage  here 

Wishing all of you a profitable Financial Year 2019-20 after a roller coaster emotional FY 2018-19 for most who lived a disconnect between  Sensex & Nifty seeking record highs  & Small & Mid Caps giving up significant gains in quick time too

Cheers !

Valuation!Valuation!Valuation!~Lovely Interactive Equity Workshop

Fabulous Participants & Fabulous Interaction at the Equity Workshop
Fabulous Participants & Fabulous Interaction at the Equity Workshop

It was quite an interactive Saturday at the Full House Fundamental Equity Value Vs Price Mumbai MasterClass on Compounding & Capital Protection

We began in earnest at 9.30 am right through to 8 pm~ so much debated from current unnerving market meltdowns & what should be mindsets & strategies in such times that suddenly overcast us in September ~ of Courage & Conviction & Cash ~ what if one is fully Invested ? should one average? should one exit ? why in panic one tends to always sell off the winners to realise whatever profit in hand & let’ losers drag? ….lot’s of questions that were addressed with a confidence culled from such experiences in the past thirty years

They came from all around ~ rookies to veterans ~ small to High Net Worth ~ from Broking Houses,J P Morgan,Accenture,Abu Dhabi Commercial Bank,Cap Gemini,Reliance,Moneycontrol etc

We covered Time Value,Volatility,Valuation & Asset Allocation with Illustrations of over 25 companies with few of them in detailed Valuation over Earnings & Assets & Challenges faced…went through a few Annual Reports & Interim Results & Exchange Notifications & Developments through News in the Media…checked price trends in the short term & even over last ten years to assess Risk & Reward  & Mispricing Opportunities

How the discipline of Valuation & Asset Allocation is your Weapon for Survival & Wealth Protection while growing it & to stay away from Noise & Insider trading & from those who know nothing or even more dangerous from those who don’t know they know nothing !

Valuation ! Valuation ! Valuation ! …how this leg of the equity table actually must be the most solid to hold the table together when the other leg of Liquidity  props up the remaining two legs of Sentiment & Momentum ~ Impact & Quantum of  FPI & DII Flows especially when they slow down or reverse

Put up Friday,September 28,2018 closing prices touchlines of over 200 scrips & even those separately in the Finance,Pharma & Realty Space showing the wealth destruction in them from their 52 week Highs….alarming yes,but is there value re-emerging in many? ~ Showcased a Core Scrips Valuation Grid too

In this continuing market meltdown across the board that has knocked off 50% & more in many that actually hold wealth creation potential & in many that simply were wealth destroyers in the making & should never have been married to ,who can one trust for relevant,reliable & timely information & unbiased & wise interpretation ? ~ Government,Exchanges & Regulatory authorities,Bankers, Auditors,Media,Brokers,Experts,Promoters & Fund Managers of PMS & MFs,Company Promoters & Management ? Who ? read more

Fundamental Equity Mumbai MasterClass ~ Sat Sept 29 2018

Hey! here’s a Fundamental Equity Mumbai MasterClass you should attend on Saturday,September 29,2018

Register here => http://www.jsalphaa.com/register.php

It’s a back to back month Workshop as many could not be accommodated in the August 2018 Workshop.This is a MasterClass that focuses on Compounding & Capital Protection & involves diving deeper into data & interpretation & deliberations  

Fundamental Equity MasterClass in Mumbai
Stock Selection ~ Value Vs Price

Indian Equity ~ Compounding & Capital Protection ~ The Magic & Miracle in this Market Matrix

Saturday, September 29, 2018

There’s a lot that we shall cover on the day foremost of which is :

We’ll take a Listed Company ,which you can suggest too when you register, & :

~ We’ll check out the Promoter & Management Pedigree & their skin in the company & assess any Corporate Governance Issues

~ We’ll discuss & debate the Business Model ~ Dynamics of Demand & Supply,Scale of Opportunity,Resources,Pricing Power & Competition among others to gauge if  intention is backed by ability to execute & perform

~ We’ll rip through the Annual Report & latest Financial Performance understanding how to read & interpret these…what they state …or do not state ! .We’ll work our way through Exchange Notifications & News & Views in the Print & Social Media & on Stock Portals & TV Channels

~ We’ll work out the Valuation of the Company on several relative & absolute,traditional & contemporary basis

~ We’ll then make an assessment of Value Vs Share Price to gauge how much of it is already factored into the Price…the less it has ,the more the opportunity beckons  

With confidence & conviction you will not only be able to read & interpret Auditors Report,Profit & Loss Statement,Balance Sheet,Cash Flow Statement & Notes to Accounts  but will be equipped to assess their impact & bearing,along with other objective & subjective factors, on Valuation & further on the Share Price

This is a MasterClass…so we shall be going real deep in debate & discussion & deliberations after some deep reading & interpretation & deep valuation computations to decide with deep conviction if there indeed exists a deep compounding opportunity & what could be the downside risk in context of Capital Protection

The Investing process dialogue will cover Themes,Approaches,Strategies,Concepts,Gurus,Mistakes

You shall be able to read any Research Report with a detached mind thus not blindly accepting all that is stated or concluded in it.In fact you shall be able to create a decisive Research Report yourself read more