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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » REG - a value analysis

REG - a value analysis

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1REG - a value analysis Empty REG - a value analysis Sat Mar 12, 2011 5:37 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
REG is a Manufacturer of Refrigerators, Bottle Coolers, Deep freezers, table top gas cookers, Ceiling fans & Washing machines.

Guys have a look at the REG valuation;

PAT after removing Other income;
31.12.2010 – 21.75 Mn (SHARES HELD BY PUBLIC 2,169,474 or 44.9%)
30.09.2010 – 13.80 Mn (SHARES HELD BY PUBLIC 1,455,174 or 30.13%)
30.06.2010 – 15.63 Mn (SHARES HELD BY PUBLIC 1,253,473 or 25.96%)
31.03.2010 – 19.89 Mn (SHARES HELD BY PUBLIC 1,021,973 or 21.16%)

Last 04 quarter earnings = 71.07 Mn
No of Shares = 4.829 Mn
EPS = 14.72

Manufacturing sector PE = 24.70

Sector PE Share Valuation = EPS 14.72 x PER 24.70 = Rs. 363.5/- level.

Fair Share Valuation = EPS 14.72 x PER 17.29 = Rs. 254.1/- level.
Current Share Price = Rs. 195 (XD)

Tech charts show REG is in oversold region now;
http://www.bloomberg.com/apps/quote?ticker=REG:SL

Although the profits have gone down since Q1, last qtr results were impressive.. Also we should note that
public holding of this company has increased from 21% to 44% over a nine months period..


Dr.T.Senthilverl's stake has been 22.88% in Q1 and it has come down to 7.49% by Q4

Waldock Mackenzie Ltd/Mr. L.P.Hapangam has increased his stake from 0.29% in Q1 to 3.63% in Q4 and Waldock Mackenzie Ltd has bouhgt more shares thru other accounts as well.
DIRECTORS' AND CEO'S SHAREHOLDINGS were untouched.

REG has announced a final Didivend of Rs. 3/- in 2010 and Rs. 6/- in 2011, this shows the track
of profit increase and its a good sign that increased profits is on the cards..
Due to the Worldcup season and tourist arrivals, their product line has a significance of increase demand..


Open for discussion Cool

2REG - a value analysis Empty Re: REG - a value analysis Sat Mar 12, 2011 6:40 pm

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Good analysis smallville. + Rep from me. I was monitoring this share for long time. But I am worrying how the duty reduction to the electronic items in the budget would effect the future earning of the company. The same thing is applicable to ABAN as well.

3REG - a value analysis Empty Re: REG - a value analysis Sat Mar 12, 2011 7:16 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
My thinking is; though the duty reduction has been applied, since the price goes down, the products will be in much demand than earlier.. therefore the impact to the revenue will be mitigated through the increased demand ;-)

4REG - a value analysis Empty Re: REG - a value analysis Sun Mar 13, 2011 5:12 pm

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@smallville wrote:My thinking is; though the duty reduction has been applied, since the price goes down, the products will be in much demand than earlier.. therefore the impact to the revenue will be mitigated through the increased demand ;-)

+ rep from me as well. Personally I think tax reduction will increase the demand for both electric and electronic stuff. But I have already selected ABAN ahead of singer group.

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