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Laxapana Batteries - A New Begining

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Laxapana Batteries - A New Begining

Post by EquityChamp on Thu Feb 11, 2016 8:24 pm

First topic message reminder :

Background
The company was a dedicated torch and transistor battery manufacturing company in the past. However the company diversified into a new product range considering the market dynamics and doing so now marketing LAXAPANA brand zinc chloride & alkaline type AA and AAA batteries, CFL bulbs and safety wax matches and sanitary napkins under LILY brand name and also introduced a LAXPANA brand re-chargeable torch to the market.

Company Performance
Since the new product launch the company has achieved a remarkable revenue growth recording a significant revenue growth of 81% in FY14/15 with a PAT growth of 46% in the same year, however the company experienced a decline in profit margins due to new product development costs. With the realization of incremental revenues the margins are likely to improve over the next couple of years. Company NAV as at 30th Sep 2015 was Rs4.32. The ROE has improved to 8.7% in FY14/15 and remarkably improved to 20% during the first half of FY15/16.

The company is a relatively geared company where 45% of total assets were financed through borrowings. However the accumulation of positive operating cashflows will help the company to reduce the debt component gradually over the years to come.

According to the 1H results, the company is likely to achieve a revenue of Rs380mn for FY 15/16 and Rs540mn for FY16/17.Assuming a constant profit margin the estimated bottom line would be Rs33mn for FY15/16 and Rs47mn for FY16/17.

Opportunities and Challenges
The company's new product range is very much suited for modern day retail energy demand hence an investor can expect over 25% annual growth rate for the next few years. Probably the company will enter into the production of rechargeable batteries which goes in tandem with alkaline batteries.

However the new product range is to face stiff competition from both local as well as imported brands. Especially the imported brands will pose a significant challenge given their lower prices. However by offering a quality and durable product at a reasonable price should be enough to meet this challenge which is the focus of the company at the moment.

Valuations
Given the forecasted earning the share is currently trading at a forward PE of 9.3x @ a market price of Rs7.90 based on FY15/16 earnings and at a forward PE of 6.6x based on FY16/17 earnings. If the stock to trade at a 50% discount to sector PE the stock could be valued over Rs11.50 (based on FY16/17 earnings). Furthermore it is the company's policy to declare more than 50% of the profits as dividend so investors can expect a DPS of 50 cents for FY15/16 and a DPS of 70 cents for FY16/17.

Recommendation
Considering the huge growth potential of the stock backed by a high DY and low liquidity of the stock (only 39mn shares in issue) I recommend this is a BUY stock. The current depressed market may provide investors the golden opportunity to grab even for a lower price than the current price.

Thanks
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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Fri Feb 26, 2016 6:55 am

@ the current price level of 7.20 the forward PE has dropped to 6x now which is a massive discount to the industry.

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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Tue Apr 12, 2016 2:36 pm

Keep in mind that LITE has closed the market by clearing all the quantities offered @ 8/-. So after the new year holidays this stock will be one of the favourits to move up. Sometimes 9/- possible within very short period.

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Re: Laxapana Batteries - A New Begining

Post by Harry82 on Thu Apr 14, 2016 10:56 pm

EquityChamp,


You are correct.
Move up to Rs 10.00 within a sort time

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Re: Laxapana Batteries - A New Begining

Post by Harry82 on Fri Apr 15, 2016 6:52 am

Smile Smile

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Re: Laxapana Batteries - A New Begining

Post by Ok One on Wed Apr 20, 2016 7:32 am

Thanks EC GL I love you I love you I love you

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Re: Laxapana Batteries - A New Begining

Post by hiransilva23 on Wed Apr 20, 2016 9:51 pm

EC u hav any idea abt lite?itz nt moving I hope dt it definitely on today.

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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Wed Jun 01, 2016 8:17 am

Here you have another great result. LITE has achieved a FY revenue of Rs416 mn with PAT of Rs46 mn Vs my forecast of Rs380mn of revenue and Rs33mn of PAT. Their last quarter performances have delighted me. So my dividend expectation of 50cents is well intact and in fact I think they can give about 60cents this time.
PER @ CMP is just 6.8x which is very attractive. Also a dividend yield (expected) of above 7% is very much attractive. A real value investment.
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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Wed Jun 01, 2016 4:06 pm

So now they have declared 55 cents just after I have commented about the possibility to declare a higher dividend than my initial target. So who ever invest in this stock based my analysis should be happy by now. Very Happy
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Re: Laxapana Batteries - A New Begining

Post by Harry82 on Wed Jun 01, 2016 4:09 pm

thanks  EquityChamp
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Re: Laxapana Batteries - A New Begining

Post by hiransilva23 on Wed Jun 01, 2016 4:16 pm

Im hapy.bt cost is 8.40.i had to avarage it

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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Thu Jun 02, 2016 11:58 am

Laxapana Batteries is a liquid stock in the market. There are enough quantities between 8/- to 9/-. This has been the reason of its stagnation arround 8/- for the last so many months. But now....................???? Question
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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Thu Jun 02, 2016 2:26 pm

Absorbing the market liquidity. Is this the beginning of a value run?
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Re: Laxapana Batteries - A New Begining

Post by bakapandithaya on Thu Jun 02, 2016 6:11 pm

@EquityChamp wrote:Absorbing the market liquidity. Is this the beginning of a value run?

LITE on the way to 10 Very Happy
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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Thu Jun 02, 2016 7:42 pm

The ground is well set for a grand final. This time I can see 11.50 after watching how the stock traded in recent past.
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Re: Laxapana Batteries - A New Begining

Post by bakapandithaya on Thu Jun 02, 2016 9:57 pm

EC what is ur expected Sales nd profit for dis qtr
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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Wed Jul 27, 2016 10:47 am

After dividend too the share is backing up to cum div price. This seems to me is a super growth stock available to buy below 10 rupees.
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Re: Laxapana Batteries - A New Begining

Post by Shehan Dhanushka on Wed Jul 27, 2016 11:10 am

EquityChamp  What are u think about lcem???
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Re: Laxapana Batteries - A New Begining

Post by kapifm on Wed Jul 27, 2016 11:13 am

Equity Champ.....why GSF Not Moving??
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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Wed Jul 27, 2016 12:11 pm

@ Shehan - LCEM can't be valued based on their financials hence can't express any opinion. But it is moving based on speculation. if the speculator is smart he will make profits at the expense of others.

@ kapifm - GSF has shown a good improvement in their financials. But the current run was based on speculative deal. The effectiveness of the speculation will earn a good profit and if not it can cause losses. Why it is stagnating now is probably the speculator has already moved out from the stock by now with profits.
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Re: Laxapana Batteries - A New Begining

Post by kapifm on Wed Jul 27, 2016 3:43 pm

Dear EC,
appreciated,
well explained
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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Fri Aug 12, 2016 11:53 am

Now LITE has reached the phycological 10/- mark. Now any one can see the value I was talking all these days.
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Re: Laxapana Batteries - A New Begining

Post by ranjan01 on Fri Aug 12, 2016 11:56 am

They have not published the last quarter Question Question accounts yet ?

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Re: Laxapana Batteries - A New Begining

Post by ranjan01 on Fri Aug 12, 2016 12:59 pm

I feel that their results must be good in  latest quarter.

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Re: Laxapana Batteries - A New Begining

Post by ranjan01 on Mon Aug 15, 2016 1:06 pm

drunken drunken Basketball Basketball cheers cheers

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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Mon Aug 15, 2016 4:23 pm

Another 10m + quarter for Laxapana. 20%+ growth YoY . Almost the same revenue as per the Jan-Mar quarter. Stable performance.
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Re: Laxapana Batteries - A New Begining

Post by pure equity on Wed Aug 17, 2016 1:11 pm

E C sir pls tell me about lite in this condition.  thanks

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Re: Laxapana Batteries - A New Begining

Post by pure equity on Sat Aug 20, 2016 6:37 pm

E C sir  still i am holding  this shares . i bought it last year.  i think company's  growth still good. is it wise to wait couple of quarter?    thanks

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Re: Laxapana Batteries - A New Begining

Post by EquityChamp on Sat Aug 20, 2016 10:50 pm

@pure equity wrote:E C sir  still i am holding  this shares . i bought it last year.  i think company's  growth still good. is it wise to wait couple of quarter?    thanks

As you can see based on 16/17 earnings my price expectation was above 11.50 and it has achieved through. This is the true value of this stock and I am glad that finally people have realized that. I need to see how this stock to be valued based on FY17/18 earnings but for now the current price seems to be fairly ok. It is no harm you holding this for some more time.

Further you can see that Rs8-9 was the long held resistance level for this stock but with this week's resurgence it has form a new resistance at Rs11 so be happy and enjoy how your investment delivers return for you. Now you have to see the prices in 2018 or 2019 not next year as it is quite certain now as what will be the price going to be.

Thanks and GL.
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Re: Laxapana Batteries - A New Begining

Post by pure equity on Sat Aug 20, 2016 11:12 pm

thanks E C sir. but NAV is below 5 rs. so  share price may be little bit come down ?

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Re: Laxapana Batteries - A New Begining

Post by karuna on Sat Aug 20, 2016 11:27 pm

Lite .n can get a profit too long termly . But I hope better to exit now . Because we cannot guarantee it will make profit next year.  

It's function with interm financial results and asi number 5800 to 6600 asi 800 units use for 8 to 12 
Probably why they stay until financial report.  

However journey is happened 12 may be not necessarily to buy . if you brought 12 u had to stay another 400 or 500 units for sell above 14/15 with there beta base sometime.  

So I hope better to follow some other fundamental share.

karuna
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