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PJM

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PJM last won the day on May 2 2023

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  1. Sorry to digress from the topic, does anyone know the tentative dates of Fairfax annual meeting in 2025 and related events. No announcement available on the website. Thanks
  2. I know I'm taking bit of a short cut to ask here but does anyone have an excel file with the latest holdings and respective valuation for Fairfax India? Also is the fee structure of 1.5/20 based on the book value and is it paid in equity or cash? Does it have any hurdle rate or high water mark?
  3. PJM

    India

    Capitaline.com (closest to Valueline) Screener.in Trendlyne.com Tijorfinance.com
  4. I'm in London as well and would love to meet up with everyone, but unfortunately am away from 14-29th Oct. Hopefully next time.
  5. I don't know the tax implications for US residents but in India tax (capital gains and dividend) will be deducted at source. Also, as far as I know only Indian nationals or OCI holders are eligible to buy Indian stocks directly through IB or any other broker unless you go through FPI route which is complicated for individuals.
  6. PJM

    India

    There is none. For all company related filings and announcement you can look at the exchanges https://www.nseindia.com/companies-listing/corporate-filings-application For new IPO prospectus you can look at SEBI site https://www.sebi.gov.in/sebiweb/home/HomeAction.do?doListing=yes&sid=3&ssid=15&smid=10 You can also check out screener.in which is a pretty good portal for scanning through all companies
  7. PJM

    India

    As said before, the liquidity driving Indian markets have shifted from foreign investors to domestic investors. Here is the latest data DII inflows v/s FII outflows: DII flows into equities in CY22 were the highest ever at USD32.2b v/s inflows of USD12.1b in CY21. With just one year of outflows since CY16, DIIs have invested USD80.5b cumulatively over the last seven years. Conversely, FIIs witnessed equity outflows of USD17b after three consecutive years of inflows. During the last seven years, FIIs have invested USD30.4b cumulatively in the Indian market, with only two years of outflows. India is not immune to global headwinds but some of the global headwinds maybe balanced by domestic tailwinds. The Indian corporate profit to GDP has improved to 4.5% but still very low and has room to improve further especially since the corporate balance sheet has been unlevered dramatically with corporate debt to GDP at 62.7%
  8. PJM

    India

    Have to disagree here. Any hard evidence or is it just an opinion? As for money flow, I believe India would do fine even without influx of money from foreign investors. I think the Indian markets have shifted from depending on FII (Foreign Institutional Investors) to domestic inflow. You can see from the changing shareholding pattern of Indian companies. Money in India is slowly moving in financial assets but has a long way to go. Again just look at the mutual fund, equity custodian data etc. As for the underlying economy, apart from the domestic economy and associated growth, you can see a clear instances of some manufacturing shifting from China to India in sectors such as chemicals, pharma etc for many reasons, but pre-dominantly as global companies diversify their sourcing and dependance on China. Of course all this will take time but just an example - India exports $2b worth of APIs and China exports $20b, so a 10% shift means India can double the exports. There are many such categories, sectors and industries. To top it all, there is a strong government and leader (PM Modi) who is consistently bringing reforms that will provide boast to the economy. Of course, from my perspective thats the biggest risk as well. I agree that valuations looked stretched at index level but that has to do with scarcity premium and market structures, however as that evolves it will provide broader investment opportunities.
  9. PJM

    India

    I agree that if you are planning to buy the largest blue-chip companies, you would be better off buying the Nifty index or a large-cap mutual fund. Indian investment should be more growth focussed. I think the real juice is within NSE 500 companies as you go into the mid-cap and small-cap companies that are leaders within their category. They are benefitting from many tailwinds such as domestic consumption, macro economic growth, govt led spending, exports (china+1 and now europe+1) and most importantly migration from unorganised to organised. Many of these companies are run by technocrats and founder led management who is growth focussed. They are not only penetrating deeper within their own categories but expanding into lateral categories. Examples of such industries is Plastic pipes, pharma, chemicals, exchanges etc. The financial sector is also looking very good now after years of pain and cleaning up the books. Many banks have large provisions on their balance sheet, have good deposit growth rates and finally credit growth is coming back. These three factors together will create massive tailwind, at least for next few years. Read some of the recent commentary from veterans such as HDFC Bank, ICICI and Kotak to understand how banking sector is in a very sweet spot.
  10. PJM

    India

    Most so-called blue-chip companies in India has huge scarcity premium. They are always the obvious candidates for coffee-can portfolio, if you are comfortable with the valuations. A strategy that has worked in India is to create a a long-term portfolio of sector leaders as they are able t grow above 12-13% nominal GDP plus take market share consistently from unorganised to organised which got accelerated since GST. Examples Asian Paints, Titan, Astral, HDFC Bank, ICICI Bank, Divi's Lab, Pidilite, HDFC Life, TCS, Infosys etc. Again a lot of them are already at stretched valuations. Bear in mind that the cost of trading, taxes and consistent INR depreciation (approx 4.5% annually since 1970's) one needs to generate at least 12-14% to get 5-7% USD denominated.
  11. PJM

    India

    I've been investing directly in India since 2014. Am also in the midst of setting of PMS. Let me know if you have any specific qsts.
  12. Hi - 30% WHT is correct for countries that has no treaty. MY Hong Kong accounts face the same 30% tax. Unfortunately there is no way to get credit or reclaim it as far as I know.
  13. PJM

    Digit

    HSFC bank has already released an official statement about the acquisition on the exchanges of India, so this is a done deal. https://www.bseindia.com/xml-data/corpfiling/AttachHis/820282e0-d42c-44a5-a2a9-eb5a160b93e1.pdf
  14. PJM

    Digit

    The investment from HDFC Bank values the life insurance part of Digit at $62-80m https://www.business-standard.com/article/finance/hdfc-bank-invests-in-ipo-bound-general-insurance-firm-go-digit-122082500912_1.html Private sector bank major HDFC Bank on Thursday said it has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Ltd. The bank will invest ₹49.9 crore to ₹69.9 crore in two tranches to acquire up to 9.94% equity stake in the company.
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