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Monday, August 22, 2011

Camlin Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:Camlin Ltd

Story:After the loss in Q4FY11, on a sequential basis, camlin has turned around in Q1FY12. It posted a net profit of Rs.6.25 crore v/s a loss of Rs.1.20 crore in previous quarter. Though, on a YoY, net profit is down 3.5%. Net sales too, on a YoY showed a fall of 7.5% at Rs.112 crore, which QoQ was up 26%. One has to understand that cyclically, Q4 for the stationery company is its worst while Q1 is its best as schools and colleges reopen. The fact that it has not been as good as Q1FY11, especially in terms of growth in topline is worrisome.The buzz around the stock remains post its deal with Japanese company, Kokuyo which picked up 50.3% in the company for Rs. 366 crore, to be executed in three tranches. In the first tranche, wholly owned subsidiary of Kokuyo Co, acquired 10% of the share capital of Camlin through a preferential allotment of shares at a price of Rs 85 /share. The second tranche will be for buying 20.3% stake at Rs.110/share. And the third tranche will be the mandatory open offer to shareholders to acquire up to 20% more, in accordance with Sebi's Takeover Code, for Rs 110/share. Post this, the promoters, Dandekar family will retain a stake of 13.3% and they will earn, Rs.150 crore for selling their 38.1 % stake. The deal has generated a lot of interest. Last week PE fund, New Vernon is said to have picked up a small stake through open market deals. Institution interest is expected to remain high due to the high premium deal, over the current market price of Rs.68.Thus a hold at present prices.

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