PDF Report issued on the 14/04/2015

SINTEX INDUSTRIES LTD

Company Profile

NATIONAL STOCK EXCHANGE OF INDIA / SINTEX / INE429C01035

Business Summary

Sector

Sintex Industries Ltd. provides plastics and niche textile-related products in India.

>> Plastics

The company operates through two business segments: Plastics and Textile.

Income Statement Evolution

The Plastics segment provides solutions in global plastic processing space from creating housing units to small components
that find application in the medical equipment and electrical businesses.
Plastics segment is further divided into two divisions: Building products and Custom moulding.
The Building products division provides products to application in residential, commercial and industrial structures.
The Custom molding division provides SMC products, Industrial containers, Pallets, FRP tanks and Insulated boxes.
The Textile segment specializes in distinctive products, catering to the upper segment of fashion industry.
It also engages in the manufacture of corduroy and structured fabric.
The company has diversified its product range to sophisticated home furnishing and technical textiles.
The company was founded on June 1, 1931 and is headquartered in Kalol, India.
Number of employees : 3 703 persons.

Sales per Businesses

2012

2013

INR (in Million)

INR (in Million)

EPS - Rate of surprise

2014
%

INR (in Million)

Plastics

39,833

89.8%

46,347

91.2%

46,135 79%

Textiles

4,702

10.6%

4,732

9.3%

5,482 9.4%

Unallocated

504.60

1.1%

595.70

1.2%

774.40 1.3%

Infastructure

7,027 12%

Sales per Regions

2012
INR (in Million)

India

2013
%

INR (in Million)

2014
%

INR (in
Million)

33,795

76.2%

38,098

75%

43,088 73.7%

Europe

9,463

21.3%

11,659

23%

15,176

26%

Others

1,782

4%

1,918

3.8%

1,156

2%

Upcoming events on SINTEX INDUSTRIES LTD

05/07/15

FY 2015 Earnings Release (Projected)

07/10/15

Q1 2016 Earnings Release (Projected)

10/13/15
01/14/16

Interim 2016 Earnings Release (Projected)

Q3 2016 Earnings Release (Projected)

Past events on SINTEX INDUSTRIES LTD

01/28/15 | 03:30am

Q3 2015 Earnings Call

01/28/15

Q3 2015 Earnings Release

08/01/14

Annual General Meeting

07/18/14

ex-dividend day for annual dividend

Managers
Name

Age

Since

Title

Rahulbhai
Arunbhai Patel,
MBA

56

1993

Group Managing Director &

Executive Director

Amit Dineshbhai
Patel

49

1993

Group Managing Director &

Executive Director

Satyanarayan B.
Dangayach

63

Dineshbhai B.
Patel

81

1972

Laxmiraj M.
Rathod, MBA

Managing Director & Executive

Director
Non-Executive Chairman
Group Chief Financial Officer &
Secretary

Shareholders
Name

Shares

BVM Finance Ltd.

78,103,905

20.1%

GIC Pte Ltd. (India)

20,762,637

5.34%

Kolon Investment Pvt Ltd.

15,000,000

3.86%

Life Insurance Corp. of India

10,980,017

2.82%

7,268,545

1.87%

Dimensional Fund Advisors LP

Company contact info

Plastics Division
Kalol, Gujarat 382721
Phone : +91.27.64253000
Fax : +91.27.64253100
Web : www.sintex.in

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PDF Report issued on the 14/04/2015

SINTEX INDUSTRIES LTD

Financials and Forecast

NATIONAL STOCK EXCHANGE OF INDIA / SINTEX / INE429C01035

Income Statement Evolution : Past and Forecast

Financial Ratios
Size
Capitalization

2015e

2016e

51 718 M INR

51 718 M INR

Entreprise Value (EV)

Valuation

2015e

2016e

PER (Price / EPS)

9,87x

8,06x

Capitalization / Revenue

0,75x

0,64x

EV / Revenue

EV / EBITDA

0,58%

0,60%

1,09x

1,01x

Yield (DPS / Price)

Price to book (Price / BVPS)
Profitability

2015e

Operating Margin (EBIT / Sales)

operating Leverage (Delta EBIT / Delta Sales)
Net Margin (Net Profit / Revenue)

13,3% 12,8%
1,62x

Actuals in M INR

Fiscal Period March

Sales

2012

2013

2014

2015

2016

2017

44 368

50 794

58 426

69 201

80 185

94 407

Operating income (EBITDA)

5 666

7 695

9 642

11 586

13 647

16 839

Operating profit (EBIT)

5 499

5 641

7 094

9 207

10 288

12 779

Pre-Tax Profit (EBT)

4 179

3 871

4 814

6 307

7 678

10 204

Net income

3 068

3 238

3 647

4 932

5 958

7 694

EPS ( INR)

11,3

11,4

11,7

12,3

15,0

18,1

Dividend per Share ( INR)

0,65

0,70

0,70

0,70

0,73

0,77

0,54%

0,58%

0,58%

0,58%

0,60%

0,63%

Yield
Announcement Date

05/10/2012
12:52pm

05/07/2013
09:21am

05/08/2014
02:34pm

ROE (Net Profit / Equities)

11,4% 12,0%

Rate of Dividend

5,69% 4,87%

Balance Sheet Analysis

2015e

2016e

21,6%

6,24%

CAPEX / Sales

Estimates in M INR

0,74x

7,13% 7,43%

ROA (Net Profit / Asset)

Annual Income Statement Data : Past and Forecast

2016e

Cash Flow / Sales (Taux d'autofinancement)

Capital Intensity (Assets / Sales)

Financial Leverage (Net Debt / EBITDA)

Revenue Revisions

Finances - Leverage : Past and Forecast

EPS Revisions

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PDF Report issued on the 14/04/2015

SINTEX INDUSTRIES LTD

Analysts' Consensus

NATIONAL STOCK EXCHANGE OF INDIA / SINTEX / INE429C01035

Evolution of the average consensus target price

Consensus

Sell

Mean consensus

Buy
OUTPERFORM

Number of Analysts

Average target price

139 INR

Last Close Price

121 INR

Spread / Highest target

38%

Spread / Average Target

14%
-1,1%

Spread / Lowest Target

Consensus detail

Target Price consensus revisions : last 18 months

Consensus revision (last 18 months)

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investment adviser. You understand that this web site and its content is furnished for your personal, noncommercial, informational purposes only, and that no mention
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PDF Report issued on the 14/04/2015

SINTEX INDUSTRIES LTD

Sector and Competitors

NATIONAL STOCK EXCHANGE OF INDIA / SINTEX / INE429C01035

Chart Sector

Subsector Plastics
1st jan.

Capitalisation (M$)

SINTEX INDUSTRIES LTD

26.75%

827

AIR LIQUIDE

18.86%

44 470

LYONDELLBASELL INDUSTRIES N..

15.14%

43 454

LINDE AG

25.13%

37 751

PRAXAIR, INC.

-5.56%

34 985

5.33%

32 265

PPG INDUSTRIES, INC.

-0.71%

31 315

SHIN-ETSU CHEMICAL CO LTD

-2.25%

27 932

SHERWIN-WILLIAMS CO

10.50%

27 551

AKZO NOBEL

29.77%

19 120

--.--%

18 147

-1.23%

16 708

LG CHEM LTD

--.--%

16 445

FORMOSA PLASTICS CORPORATIO..

--.--%

15 829

FORMOSA CHEMICALS & FIBRE C..

--.--%

14 068

ASAHI KASEI CORP

3.91%

13 425

ASIAN PAINTS LTD

0.00%

13 228

NOVOZYMES A/S

30.16%

12 502

SOLVAY

24.29%

12 465

--.--%

12 312

24.10%

11 486

AIR PRODUCTS & CHEMICALS, I..

NAN YA PLASTICS CORP

GIVAUDAN S.A.

PETRONAS CHEMICALS GROUP BH..

NIPPON PAINT HOLDINGS CO LT..

Best Growth (Revenue) : Nippon Paint Holdings C

Best Profitability : Novozymes A/S
Best Situation Fi. : PETRONAS CHEMICALS GROU
Best EPS revision 4m. : Nippon Paint Holdings C
Best Valuation : LG Chem Ltd
Best Investor Rating : Nippon Paint Holdings C

Growth (Revenue)

Profitability

Finances

Valuation

PER

EPS revision 4m.

Worst Growth (Revenue) : LyondellBasell Industri

Worst Profitability : Formosa Chemicals & Fib
Worst Situation Fi. : Praxair, Inc.
Worst EPS revision 4m. : PETRONAS CHEMICALS GROU
Worst Valuation : Novozymes A/S
Worst Investor Rating : Formosa Plastics Corpor

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PDF Report issued on the 14/04/2015

SINTEX INDUSTRIES LTD

Technical Analysis

NATIONAL STOCK EXCHANGE OF INDIA / SINTEX / INE429C01035

Daily chart

Technical analysis trends

Short Term

Mid-Term

Long Term

Neutral

Bullish

Bullish

133

133

126

Spread/Res.

-8,8%

-8,8%

-3,8%

Spread/Supp.

7,5%

24%

27%

113

98,1

95,6

Trend
Resistance

Support

Indicators
STIM
RSI 14 days
MA20
MA50
MA100
MA20 / Price
MA50 / Price
MA100 / Price

53.27
122.13
115.37
105.76
-0.68%
4.89%
12.81%

Volumes
Session volume
Avg. Volume 20 sessions
Volume ratio
Session exchange
Avg. Exchange 20 sessions
Number of securities
Swapped fund session

5 334 736
3 962 520
1.35
647 103 477INR
480 653 676INR
414 071 915
1.29%

Changes at 04/13 market close

Weekly chart

5-day price change

Change as of January 1
1-year price change
10-year price change

-0.57%
+26.75%
+163.12%
+415.29%

Extremes
10-year High (11/12/2010)
10-year Low (09/04/2013)

Disclaimer : 4-traders.com is a website published by SURPERFORMANCE SAS. Surperformance or 4-traders.com is not a registered broker-dealer nor a registered
investment adviser. You understand that this web site and its content is furnished for your personal, noncommercial, informational purposes only, and that no mention
of a particular security in this website constitutes a recommendation to buy, sell, or hold any other security, nor that any particular security, portfolio of securities,
transaction or investment strategy is suitable for any specific person.

237
16.8

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PDF Report issued on the 14/04/2015

SINTEX INDUSTRIES LTD

Summary

NATIONAL STOCK EXCHANGE OF INDIA / SINTEX / INE429C01035

Strengths

Surperformance ratings of Sintex Industries Ltd

Overall rating

Growth progress expectations are rather promising. Indeed, sales are expected to rise sharply in
the coming years.
Historically, the company has been releasing figures that are above expectations.

Trading Rating
Investor Rating
Growth (Revenue)

Its low valuation, with P/E ratio at 9.87 and 8.06 for the ongoing fiscal year and 2016 respectively,
makes the stock pretty attractive with regard to earnings multiples.
Analysts have consistently raised their revenue expectations for the company, which provides
good prospects for the current and next years in terms of revenue growth.

The company has solid fundamentals for a short-term investment strategy.

Weaknesses

Business Predictability
PER
Potential
Yield

Analysts have a positive opinion on this stock. Average consensus recommends overweighting or
purchasing the stock.

The company has strong fundamentals. More than 70% of listed companies have a lower mix of
growth, profitability, debt and visibility criteria.

Finances

Earnings quality

For the past year, analysts covering the stock have been revising their EPS expectations upwards
in a significant manner.

The difference between current prices and the average target price is rather important and implies
a significant appreciation potential for the stock.

Profitability

Over the last twelve months, the sales forecast has been frequently revised upwards.
For several months, analysts have been revising their EPS estimates roughly upwards.

Valuation

Consensus
7 days EPS revision
4 months EPS revision
1 year EPS revision
4 months Revenue revision
1 year Revenue revision

Surperformance rating of Sintex Industries Ltd

Overall rating

The company is not the most generous with respect to shareholders' compensation.
Stock prices approach a strong long-term resistance in weekly data at INR 126.1.

Short Term Timing

Middle Term Timing
Long Term Timing
RSI
Bollinger Spread
Unusual Volumes
STIM

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