scripscan:Manaksia Ltd
cmp:43
Code:532932
Story:Manaksia Limited (formerly Hindusthan Seals Ltd., incorporated in 1984) is a multi-division and multi-location conglomerate. It possesses 15 manufacturing plants in India and three abroad; two in Nigeria and one in Ghana.Manaksia specialises in the manufacture of packaging products (crowns, closures and metal containers), metal products and fast moving consumer goods, among others.The company's metal packaging products include crowns, roll-on pilfer-proof closures, expanded polyethylene liners as well as push-open and other metal containers. In the fast moving consumer goods segment, the company is a dependable mosquito repellents outsourcing destination for the Mortein (owned by Reckitt Benckiser (India) Limited) and Maxo (owned by Jyothy Laboratories) brands.Manaksia claims to be the largest player in secondary aluminium rolling in India. Going forward, the company plans to focus on its metal business, which mainly consists of steel and aluminium-rolled products. This would give the company economies of scale and helps it to reduce raw material costs, thereby resulting in steady operating margins. A diverse product portfolio and wide geographical reach, both domestically and internationally, has helped the company to significantly derisk its business.The outlook for metal industry globally is bright. Sustained growth is expected across all key segments aided by several factors such as growing demand, investment in capacity addition, increasing supply deficit in certain countries and favorable government regulations.With the green shoots visible in the Indian and the world economies, the company is poised to take advantage of the growths in the specific sectors of construction, automobile and consumer goods. Manaksia is likely to post an EPS of Rs 25 in FY13. At the CMP of Rs 43, the share is trading at a P/E of less than 2 times its forward earnings.
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