Wednesday, August 16, 2023

Chamanlal Setia Exports Ltd (530307)- Increased Basmati Rice Price Realisation in 2023

Chamanlal Setia Exports Ltd (530307) closes   at 183.50  with  a   Gain  of   +1.00%   on    16-Aug-2023  with formation of  a    bullish Green  candle  on Daily  Price Chart.

About the Company : . Chaman Lal Setia Exports Limited (CLSE) was incorporated in Amritsar, Punjab in 1994 by Mr. Chaman Lal Setia and his sons. [1] It’s one of the oldest Rice Millers cum Exporters of Basmati rice of all varieties from India. The company is engaged in the business of milling and processing basmati rice. The company has been involved in export operations since 1982 and was recognized as an export house by the Ministry of Commerce in 1989, at present the company is a ‘Star Export House’.

Sector Update :  Positive

Trendlyne Checklist Score : 65.2% pass

Financials : Chaman Lal Setia Exports Limited (CLSE) has posted Net Sales / Revenue   of 1387.30 Cr & Net Profit of   117.70 Cr in FY2023 and expected to post Net Sales / Revenue   of 1432.70 Cr  & Net Profit of 135.80 Cr in FY2024, Net Sales / Revenue   of 1551.70 Cr  & Net Profit of 162.40 in FY2025 and Net Sales / Revenue   of 1671.00 Cr  & Net Profit of 172.50 Cr in FY20.26.

Valuations  : The Company is now Trading at X0.70  of its  valuations of  FY2023 (Last 4 Quarters ) earnings with ~30% Discount  ;  at X0.50 of its FY2024 earnings with ~50%  Discount ; at X0.42 of its FY2025 earnings with ~68%  Discount and at X0.40 of its FY2026 earnings with ~60%  Discount.

Company will reduce its total debt of 120.50 Cr in FY 2023 to 118.50 Cr by FY 2026 along with Improvement in Operating Profit Maring(OPM) from 11.50% (FY2023) to 14.40% ( FY2026); Net Profit Magin from 8.5% to 10.30%; Net Worth from 608.50 Cr to 1063.70 Cr.

Price to Book Value Per Share  will  improve from X1.60 in FY2023 to X0.9 in FY2026  and EPS from 22.74 to 33.35 during the same period.

Early Trend : Government banned exports of non-basmati white rice in order to boost domestic supply and keep retail prices under check during the upcoming festive season.

MF/FII : FII/FPI have increased holdings from 1.17% to 1.85% in Jun 2023 qtr.

Margin of Safety (1Yr Bond Yield: Value>1 ) is now  1.40  which  makes it attrative..The  Equity Value Per Share ( Enterprise Value Method ) is  174.90  If We factor its FY2026 earnings/valuations, relative to current valuations,  its Price arrives at 464.

Disclaimer : We are / may going to take exposure shortly.

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