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Swisstek (Ceylon) PLC - A Growth Stock

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Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Fri Feb 12, 2016 7:51 am

Background
The company is specialised in manufacture and sale of Tile Mortar, Tile Grout, Skim Coat, Decorative Pebbles and Aluminium. With the change in management style and dynamics after the Lanka Walltile group is acquired by Vallible One the company has embarked on an aggressive expansion plan with the hope of gaining market share rapidly year by year.
Opportunities and Challenges
 The company see endless possibilities in the market for its growing product portfolio where the business volumes are expected to rise rapidly with the boom in construction sector.Further,  the re-introduction of solid wood flooring under the SWISSPARKETT brand name is expected to show future growth in this area of business as well.
Main threat will come through cheap imports after the proposed reduction of import taxes on imported tiles. However, though it is yet to quantify the impact on the sales of domestic tiles, the impact on the sales volumes of Swisstek product portfolio will be lesser as the direct impact is on tiles.
Performances
Revenue grew by 25% to reach Rs1, 857mn in FY2014/15 and PAT grew by 114% to reach Rs252 mn. Company recorded revenue of Rs1, 885mn for 9months ended 31st December 2015 with a PAT of Rs232mn for the same period. Company has generated a ROE of an impressive 23% for 9months ending 31st December 2015. Given the projected sales growth and profit margins it is expected that the company will achieve a revenue figure of Rs2, 585mn and a PAT of Rs310mn for FY2015/16(E) and consolidated revenue of Rs3, 408mn and a PAT of Rs409mn for FY2016/17(E).
The company is a fairly geared company with a total gearing ratio of 46% as at 31st December 2015 with most of the operating cash flows are using for future expansion drives. Hence the company has not declared any dividend for the past few years and will not be declaring any dividend for the next couple of years as well.
Valuation
Given the projected revenues and profits and with the current market price of Rs57.9, the share is trading at a forward PE of 5.1x (based on 2015/16 earnings) and a forward PE of 3.9x (based on 2016/17 earnings). If valued at a 50% discount the sector PE the stock could be valued at over Rs140/- by year 2017.
Recommendation
This is a growth stock and is a strong BUY at the current market price hence investors are advised to start collecting from the current depressed market and hold.
Thanks
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by Pac-man on Sun Feb 14, 2016 11:48 am

isthutiii equity champ
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by jayathu on Sun Feb 14, 2016 12:34 pm

Manufacturering shares are growth stocks, it all depends how they grow there business. Specially shares like PARQ, RCL LWL TILE has managed to turnaround there business from break even point 5-6yrs ago to massive profit generating entities. RCL has expanded there business to Australia n Bangladesh I think. They have seriously target export market. Sri Lanka alone will not be enough for them to grow. If all synergies n attack the export market aggressively these will be massive shares in the future.

Keep eye on TJL Cind Apla Acl also

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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by Joe007 on Sun Feb 14, 2016 10:11 pm

Thank you Equitychamp

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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Fri Feb 26, 2016 7:10 am

Currently trading at a forward PE of 3.7x at Rs.55.10 which is massively undervalued compared to the industry valuations.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Fri May 06, 2016 7:56 am

Just to remind you of how valuable this stock.

ASPI recorded a negative YTD growth of 4.6% so far this year but PARQ has recorded a positive YTD growth of 6% so far this year. PARQ has appreciated 19% since 26th February this year. This is how value stocks behave. Any investor can even buy this for 66/- even now and hold it confidently as a valuable asset. Can the investor feel same on HEXP, TESS, CHOU, CFLB, etc.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Fri May 06, 2016 8:30 am

According to moving averages this is Strong BUY and according to technical indicators this is BUY.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by Chinwi on Fri May 06, 2016 8:38 am

Thank you for highlighting this.
I lost my interest on this share many many years ago after they failed in parquet business after the initial success. Now only I came to know ,by reading your report, they are in other areas and under KDDP group.

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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Thu May 26, 2016 2:57 pm

Strong support arround 67-69 can be seen even in this downward market. Surely and steadily in a long term upward curve.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by Yahapalanaya on Thu May 26, 2016 10:17 pm

EPS 10.6
NAV 56.5

Turnover increased 630M to 908M
Profit before tax increased 90M to 127M
Tax also increased 1M to 36M So profit after tax almost same.

Great going!!
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Thu May 26, 2016 11:24 pm

I forecasted a revenue of Rs2,585mn for the FY 15/16 and they reported Rs2690 and I forecasted a NPAT of Rs310mn for the FY 15/16 and they reported Rs323mn. You can check at the top of this thread. I can really smile on my numbers. Just see the bullishness of the stock chart. I am confident that they will easily meet my 2016/17 target as well.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by pfxavier on Fri May 27, 2016 10:02 am

EQChamp,

Why PARQ is going down today ?

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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Fri May 27, 2016 11:12 am

Its overall market sentiment. Hold on to your valuable assets.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by pfxavier on Fri May 27, 2016 12:32 pm

Thanks, Do you advice me to buy and average this stock ?

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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Fri May 27, 2016 12:33 pm

What is your cost?
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by VALUEPICK on Fri May 27, 2016 12:49 pm

If we can study personality of this stock we should be able to identify some profitable opportunities. On the other hand, value investors can stay with their value. In addition, when compare with other stocks, it has traded actively in both weak and strong market.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by pfxavier on Fri May 27, 2016 7:47 pm

Thanks for the input of EC and Valuepick. my cost is 65/=

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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by pfxavier on Fri May 27, 2016 7:49 pm

Initially my cost was around 52/= and exit at 63/=. Then I bought again at 65/= .

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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Fri May 27, 2016 7:52 pm

You should try to average when it reaches a lower price than your cost. You can hold this stock as its long term direction is very bullish. If it comes to 60 levels then its good to average.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by pfxavier on Fri May 27, 2016 10:44 pm

Thanks EC

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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by Yahapalanaya on Sat May 28, 2016 3:06 am

PARQ is unique and leader in sector.It performed well even other competitors making loss.No need to worry about short term price fluctuations.This is still undervalued share.This cannot be compared with some artificialy promoted shares.Good shares will survive when price correction comes.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Thu Jul 28, 2016 11:47 pm

Here comes the 1st quarter of 16/17. A profit of 79mn with a YoY growth of 173%. Phew...
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by hiransilva23 on Thu Jul 28, 2016 11:53 pm

Meket run ekak tiyei wage.EC meke kochchara witara reatil market eke tiyanawada??

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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Thu Jul 28, 2016 11:57 pm

About 4mn shares . Anyway its a liquid counter.
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Re: Swisstek (Ceylon) PLC - A Growth Stock

Post by EquityChamp on Fri Jul 29, 2016 7:07 am

I can see the signs for another up move in coming days.
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