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Interpreting Low NFAT and Negative Working Capital Companies, Why Companies may remain Debt-Free despite Low SSGR, Are Buying & Holding Criteria Different (Q&A)

December 17, 2017, 2:41 am
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www.drvijaymalik.com has a section dedicated to answering queries of readers: “Ask Your Queries”. Over time, many readers have asked their queries related to many aspects of stock analysis and sought clarifications about investing. I have responded to these queries as replies to their comments.

“Q&A” series is an attempt to share the queries & their responses, which have featured on “Ask Your Queries” section, with all the readers. The primary aim of this new feature is to share the knowledge with other readers of the website, who might have similar queries.

The current article in this series provides responses related to:
  • Why should investors be cautious while investing in companies with low net fixed asset turnover (NFAT)?
  • How to interpret companies with negative working capital?
  • Why would a company with SSGR less than sales growth be debt free?
  • Is increase in the market cap being less than retained earnings a red flag?
  • How to calculate operating profit?
  • Are buying and holding criteria different?
Be cautious with low net fixed asset turnover (NFAT), interpret companies with negative working capital, SSGR less than sales growth, increase in the market cap less than retained earnings, calculate operating profit calculation, buying and holding criteria

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Participants' Experiences: "Peaceful Investing" Workshop, Hyderabad, December 10, 2017

December 17, 2017, 7:25 pm
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We conducted our second “Peaceful Investing” workshop in Hyderabad on December 10, 2017. The workshop was aimed at sharing equity investing knowledge with the participants that could help them gain confidence while taking their equity investment decisions.

The presence of participants coming from places like West Bengal, Mumbai, Bengaluru, Visakhapatnam, Vijayawada and parts of Karnataka, Andhra Pradesh and Telangana to Hyderabad made it a special occasion for us.

Fundamental Stock Investing, Value Investing Workshop by Dr Vijay Malik. How to do Stock Analysis, Portfolio Management, Reading Annual Reports, Credit Rating Reports

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How to interpret delay in payment of undisputed taxes and payment of dividends out of debt? Are Reserves and Cash the same? What's the role of WACC & ROCE? (Q&A)

December 21, 2017, 9:50 pm
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www.drvijaymalik.com has a section dedicated to answering queries from readers: “Ask Your Queries”. Over time, many readers have asked their queries related to many aspects of stock analysis and sought clarifications about investing. I have responded to these queries as replies to their comments.

“Q&A” series is an attempt to share the queries & their responses, which have featured on “Ask Your Queries” section, with all the readers. The primary aim of this new feature is to share the knowledge with other readers of the website, who might have similar queries.

The current article in this series provides responses related to the following queries:
  • What should an investor interpret when a company delays the deposit of undisputed statutory dues?
  • Are reserves & surplus and cash & bank balances the same? How should investors correlate them?
  • Why do companies with negative free cash flow pay dividends out of debt?
  • What is the role of weighted average cost of capital (WACC) & return on capital employed (ROCE) in our stock analysis 
Delay in deposit of undisputed statutory dues, Are reserves & surplus and cash & bank balances the same? negative free cash flow pay dividends out of debt? What is the role of weighted average cost of capital (WACC) & return on capital employed (ROCE)




Subscribe for email updates at our website to get the FREE e-book: "Case Studies: Applying Peaceful Investing Approach"
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FREE Sample Video: A Glimpse Into "Peaceful Investing" Workshop

December 29, 2017, 8:18 pm
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“Peaceful Investing” workshop is an avenue where we elaborate our fundamental bottom-up stock investing approach “Peaceful Investing” to the participants. The workshop covers all the aspects of stock investing like how to shortlist and analyse stocks in detail, which stocks to buy, what price to pay, how many stocks to buy, how to monitor the stocks, when to sell a stock etc. The workshop focuses on key concepts needed for stock analysis for both a beginner and seasoned stock investor using live companies as examples.

Until now, we have conducted 17 workshops in India and abroad (Dubai), which have benefited more than 700 participants. Participants of the workshops have found it very useful and many of them have shared their experiences with us, which are available here: Participants’ Experiences of “Peaceful Investing” Workshops



Overtime, many investors interested in attending a “Peaceful Investing” workshop have asked us whether they can watch a sample video to assess the teaching methodology in action, which would help them in getting prepared for the kind of teaching to expect in the “Peaceful Investing” workshop.

Because of the frequent requests, we have recorded a complete full-day “Peaceful Investing” workshop. It would help the investors based in those locations in India as well overseas where we do not conduct “Peaceful Investing” workshops.  
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Launching "Peaceful Investing" Workshop-on-Demand (Premium Service)

December 29, 2017, 10:22 pm
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We have been regularly conducting “Peaceful Investing” workshops in India and abroad where we elaborate our fundamental bottom-up stock investing approach “Peaceful Investing” to the participants. These workshops cover all the aspects of stock investing like how to shortlist and analyse stocks in detail, which stocks to buy, what price to pay, how many stocks to buy, how to monitor the stocks, when to sell a stock etc.

The participants of “Peaceful Investing” workshops have found it very useful. Many participants have shared their experiences with us, which are available here: Participants’ Experiences of “Peaceful Investing” Workshops

“Peaceful Investing” workshops have received very good response from investors both from India and overseas. Until now, we have conducted the workshops in major Indian cities and Dubai.

However, we have received pre-registrations/expressions of interest for the workshop from many other Indian as well as international locations. Due to lack of sufficient number of interested participants at many of these Indian and overseas locations, it is difficult for us to conduct “Peaceful Investing” workshop in many of these cities.

As a result, we have recorded one complete full day “Peaceful Investing” workshop and are offering it as a premium service at our website as “Peaceful Investing” Workshop-on-Demand

Fundamental Analysis, Value Investing, Bottom Up Investing Workshop, Peaceful Investing, Video on Demand, Portfolio Management, Screener Demonstration

  • This service allows the investors across the world to watch the complete full day “Peaceful Investing” workshop online on their laptop/mobile phone at any time & place of their convenience, as many times as they can, during the period of subscription.
  • This service also allows an opportunity to past participants of “Peaceful Investing” workshops to revisit the workshop and refresh the learning.

Fundamental Analysis, Value Investing, Bottom Up Investing Workshop, Peaceful Investing, Video on Demand, Portfolio Management, Screener Demonstration


You can watch FREE Sample Video (16 min) of the workshop where we have discussed the basics of balance sheet along with fund flow analysis here:

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Can We Trust the Auditors, Is Credit Rating Mandatory, What to do when Growth slows down after P/E Rerating, How to Learn about New Industries (Q&A)

December 31, 2017, 12:59 am
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www.drvijaymalik.com has a section dedicated to answering queries from readers: “Ask Your Queries”. Over time, many readers have asked their queries related to many aspects of stock analysis and sought clarifications about investing. I have responded to these queries as replies to their comments.

“Q&A” series is an attempt to share the queries & their responses, which have featured on “Ask Your Queries” section, with all the readers. The primary aim of this new feature is to share the knowledge with other readers of the website, who might have similar queries.

The current article in this series provides responses related to the following queries:
  • Can we trust the work done by auditors of companies?
  • Is a credit rating mandatory for all the companies having debt?
  • How can an investor calculate the CAGR of a portfolio?
  • What do we do when the growth of a company slows down after P/E rerating?
  • How can an investor learn about industries, which are new to her?
  • How to combine standalone & consolidated financials of companies for analysis?
  • Role of depreciation in CFO and Capex calculations


Can we trust the auditors, Is a credit rating mandatory for debt, calculate the CAGR of a portfolio, growth of a company slows down, learn about new industries, combine standalone & consolidated financials
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Do we keep target price, Can increase in share price create issues, how do we monitor stocks, how long growth history to prefer, Diluted EPS or Cash EPS (Q&A)

January 4, 2018, 10:01 pm
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www.drvijaymalik.com has a section dedicated to answering queries from readers: “Ask Your Queries”. Over time, many readers have asked their queries related to many aspects of stock analysis and sought clarifications about investing. We have responded to these queries as replies to their comments.

“Q&A” series is an attempt to share the queries & their responses, which have featured on “Ask Your Queries” section, with all the readers. The primary aim of this new feature is to share the knowledge with other readers of the website, who might have similar queries.

The current article in this series provides responses related to the following queries:
  • Do we keep target prices for stocks?
  • Can an increase in the share price create issues for lenders?
  • How do we monitor the companies and stock prices?
  • At how many years of growth should one focus?
  • Should one take 10 years growth in all cases?
  • Which EPS should one use: Diluted EPS or Cash EPS? 

_Do we keep target prices of stocks, Can increase in the share price create issues, how to monitor, Diluted EPS or Cash EPS


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Analysis: Bharat Rasayan Limited

January 12, 2018, 3:41 am
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www.drvijaymalik.com has a dedicated section for investment & stock specific queries of readers: “Ask Your Queries”. Over time, readers have asked queries about multiple stocks in this section. We have answered these queries after doing post preliminary analysis of the stocks under consideration. Readers have found such analysis helpful.

“Analysis” series is an attempt to summarize & share with all the readers, the key questions and their answers, which have featured on “Ask Your Queries” section. The primary aim of this new feature is to share the knowledge with all the readers of the website.

The current section of this series, “Analysis” covers Bharat Rasayan Limited, an Indian player in crop protection industry dealing in the entire range of products ranging from technical pesticides, formulations and its packaging material.

Fundamental analysis of Bharat Rasayan Equity Research Report, Ratio analysis, Annual report analysis, Management Analysis, profitability analysis, FCF, SSGR, Insecticides, Pesticides
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Register for "Peaceful Investing" Workshop, New Delhi, May 13, 2018

January 23, 2018, 8:15 pm
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One of the key methods to generate significant wealth from stock markets is to buy & hold fundamentally sound stocks over long periods of times extending to years and many times to decades. However, such long investing duration invariably contains periods of exuberance & distress where the market price rises & falls significantly. It leads to strong emotional reactions from investors that make holding stocks for the long term a difficult proposition.

Therefore, the patience to hold stocks in fluctuating markets requires very high level of conviction from the investor in her investing decisions.

“Peaceful Investing” workshop aims to focus on stock selection and analysis skills, which would make us much more confident about our stock decisions. It would ensure that our faith would not shake with day to day market price fluctuations and we would be able to reap true benefits of stock markets to fulfil our dream of financial independence.

Full day fundamental stock investing workshop focusing on value investing by Dr Vijay Malik, Peaceful Investing workshop at New Delhi, Gurgaon, NOIDA, NCR
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Analysis: PIX Transmissions Limited

January 28, 2018, 9:11 pm
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www.drvijaymalik.com has a dedicated section for investment & stock specific queries of readers: “Ask Your Queries”. Over time, readers have asked queries about multiple stocks in this section. We have answered these queries after doing post preliminary analysis of the stocks under consideration. Readers have found such analysis helpful.

“Analysis” series is an attempt to summarize& share with all the readers, the key questions and their answers, which have featured on “Ask Your Queries” section. The primary aim of this new feature is to share the knowledge with all the readers of the website.

The current section of this series, “Analysis” coversPIX Transmissions Limited, a manufacturer of power transmission belts applicable in industrial, agricultural, lawn & garden and automotive segments.

Fundamental analysis of PIX transmissions Equity Research Report, Ratio analysis, Annual report analysis, Management Analysis, profitability analysis, FCF, SSGR, multibagger, V belt
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Analysis: Finolex Cables Limited

February 12, 2018, 8:33 pm
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www.drvijaymalik.com has a dedicated section for investment & stock specific queries of readers: “Ask Your Queries”. Over time, readers have asked queries about multiple stocks in this section. We have answered these queries after doing post preliminary analysis of the stocks under consideration. Readers have found such analysis helpful.

“Analysis” series is an attempt to summarize& share with all the readers, the key questions and their answers, which have featured on “Ask Your Queries” section. The primary aim of this new feature is to share the knowledge with all the readers of the website.

The current section of this series, “Analysis” coversFinolex Cables Limited, a manufacturer of cables, fans, switches etc. The company specializes in electrical, power distribution and communication optical fiber cables.
Fundamental analysis of Finolex Cables Equity Research Report, Ratio analysis, Annual report analysis, Management Analysis, profitability analysis, FCF, SSGR, Multibagger
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Participants' Experiences: "Peaceful Investing" Workshop, Bengaluru, Feb 25, 2018

February 27, 2018, 12:35 am
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We conducted our third “Peaceful Investing” workshop in Bengaluru on February 25, 2018. The workshop was aimed at sharing equity investing knowledge with the participants that could help them gain confidence while taking their equity investment decisions.

The presence of participants coming from places like Mumbai, Chennai, Pondicherry, Mysore, Tirupathi, Devangere, Yadgir coming to Bengaluru made it a special occasion for us.

Fundamental Stock Investing, Value Investing Workshop by Dr Vijay Malik. How to do Stock Analysis, Portfolio Management, Reading Annual Reports, Credit Rating Reports

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Interpreting NFAT levels, Does quality of borrower show on quality of lender, Should CFO and FCF be equal, Simplifying SSGR

March 2, 2018, 10:21 pm
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www.drvijaymalik.com has a section dedicated to answering queries from readers: “Ask Your Queries”. Over time, many readers have asked their queries related to many aspects of stock analysis and sought clarifications about investing. We have responded to these queries as replies to their comments.

“Q&A” series is an attempt to share the queries & their responses, which have featured on “Ask Your Queries” section, with all the readers. The primary aim of this new feature is to share the knowledge with other readers of the website, who might have similar queries.

The current article in this series provides responses related to the following queries:
  • What is a good level of Net Fixed Asset Turnover (NFAT)?
  • Does the quality of borrowers reflect upon the quality of lender?
  • A simplified understanding of SSGR
  • Should a company have equal CFO and FCF?
  • Why some stocks have low P/E ratios?

Interpreting NFAT levels, Does quality of borrower show on quality of lender, Should CFO and FCF be equal, Simplifying SSGR

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Analysis: Finolex Industries Limited

March 5, 2018, 2:28 am
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www.drvijaymalik.com has a dedicated section for investment & stock specific queries of readers: “Ask Your Queries”. Over time, readers have asked queries about multiple stocks in this section. We have answered these queries after doing post preliminary analysis of the stocks under consideration. Readers have found such analysis helpful.

“Analysis” series is an attempt to summarize& share with all the readers, the key questions and their answers, which have featured on “Ask Your Queries” section. The primary aim of this new feature is to share the knowledge with all the readers of the website.

The current section of this series, “Analysis” coversFinolex Industries Limited, a leading Indian manufacturer of PVC pipes & fittings and PVC resin.
Fundamental analysis of Finolex Industries Equity Research Report, Ratio analysis, Annual report analysis, Management Analysis, profitability analysis, FCF, SSGR, Multibagger
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Analysis: Skipper Limited

March 10, 2018, 2:11 am
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www.drvijaymalik.com has a dedicated section for investment & stock specific queries of readers: “Ask Your Queries”. Over time, readers have asked queries about multiple stocks in this section. We have answered these queries after doing post preliminary analysis of the stocks under consideration. Readers have found such analysis helpful.

“Analysis” series is an attempt to summarize& share with all the readers, the key questions and their answers, which have featured on “Ask Your Queries” section. The primary aim of this new feature is to share the knowledge with all the readers of the website.

The current section of this series, “Analysis” coversSkipper Limited, a leading Indian manufacturer of transmission towers and PVC pipes.
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E-book: “Company Analyses (Vol. 3)” : Live Examples using Peaceful Investing Approach (Premium Service)

March 10, 2018, 11:01 pm
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www.drvijaymalik.com has a huge collections of  stock analysis articles, where we have provided our views about different companies as inputs to queries asked by readers. As on date, the number of such articles is nearing a hundred.

Each of these articles contains learning arrived after conducting the in-depth analysis of companies:
  • their financial performance
  • detailed study of historical annual reports
  • credit rating reports
  • corporate communications
  • peer comparison
These articles contains analysis of the companies on parameters like financial, business, operating efficiency analysis. The articles have a special focus on the in-depth management analysis along with assessing margin of safety in the business model of companies.


A lot of readers have provided very good feedback about these analysis articles. Readers have appreciated the help, which these articles have provided the investors in understanding the analysis process that can be replicated by them while conducting their own stock analysis.

All these stock analysis articles are separate write-ups, which are available to all the readers at www.drvijaymalik.com.

A lot of readers have asked whether there exists an e-book compiling all these articles, which could be downloaded by the readers so that the articles could be read in a sequence even when the reader is offline.

As a result, the book (PDF) “Company Analyses (Vol. 3)” : Live Examples using Peaceful Investing Approach has been made available as a premium download to the investors. Investors who wish to get the book may download it from the following link:


Company analysis (volume 2)using Peaceful Investing Stock Analysis approach, learn equity research analysis, value investing, fundamental investing, Peaceful Investing book, Value investing book, Dr Vijay Malik book, Dr Stock book, ebook, e-book, Stock Investing Guide book

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"Follow My Portfolio" Performance Update for FY2018 (Premium Service)

April 1, 2018, 10:59 pm
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“Follow Dr Vijay Malik’s Portfolio with Latest Buy/Sell Transaction updates” is a premium service in which we provide the subscribers an access to the details of our equity portfolio along with latest buy/sell transactions in our portfolio.

It is an information service (not an advisory service), which lets the subscribers know what % of our portfolio has been invested in each of the stocks and what stocks we are buying currently. Buy/sell transactions list includes the stocks that we have bought recently along with the prices at which we bought them.

The "Follow My Portfolio" service is to act as an information source to subscribers about the stocks that we are buying currently. This is an information source to subscribers to know what stocks we believe are currently within our buying range so that they may choose to take a decision accordingly.

The “Follow Dr Vijay Malik’s Portfolio with Latest Buy/Sell Transaction Updates” service involves:
  1. Update by email about all the future transactions (buy as well as sell) in our portfolio at the end of the day of the transaction (after market closing hours) during the period of the subscription. The email update would contain the details of the stock bought/sold and the price at which the transaction was done.
  2. Access to the premium section containing updated details of our portfolio and the list of all the transactions from the start of this service (July 30, 2016) until date during the subscription period, at the following link: http://premium.drvijaymalik.com/portfolio/

Updates on portfolio performance as on March 31, 2018:


  • I started building the portfolio on August 8, 2011, on joining my first job after MBA (2009-11). Since then, the portfolio has generated an annualized return (CAGR) of 47.59% against CAGR of Sensex of 10.48%
  • During FY2018, the portfolio has generated returns of 12.66% against an increase in BSE Sensex of 11.34%. 
  • During FY2018, We had a total of 51 transactions in the portfolio. All of these transactions were buy transactions and we did not sell any stock during FY2018. 

The below table contains the yearly performance history of the portfolio:

Dr Vijay Malik portfolio performance update FY2018, fundamental investing, value investing India

Investors may learn more and subscriber to the “Follow Dr Vijay Malik’s Portfolio with Latest Buy/Sell Transaction Updates” by visiting the following link:

http://premium.drvijaymalik.com/product/follow-my-portfolio-with-latest-buysell-transactions-updates/

It is highly recommended that investors read the Frequently Asked Questions (FAQs) at the subscription page to understand the terms & conditions and contours of this service.

Please note the following disclosure/FAQ:

Q. Would you be sharing your complete portfolio and transactions or partial?
Important Disclosure: We disclose the details of the portfolio of my family (my wife and I). My wife, due to her association with Newgen Software Technologies Limited (Newgen) has been allotted shares under their employee stock options plan (ESOPs). Our holding and transactions in the shares of Newgen are covered under the insider trading guidelines of SEBI, Newgen as well as other company policies of Newgen Software Technologies Limited. Due to restrictions applicable under the above mentioned insider trading and other policies, we find ourselves unable to do the dissemination of our holding and transactions in the shares of Newgen Software Technologies Limited. Therefore, we would continue to disclose our equity portfolio composition, transactions and portfolio performance updates, consisting of my & my wife’s portfolio excluding the position in the shares of Newgen Software Technologies Limited. At any point of time, subscribers should note that we may have positions in the shares of Newgen Software Technologies Limited.
Details of the stocks in the portfolio as per the disclosed format, are shared with the subscribers. Absolute amounts of portfolio/stock holdings in INR are not disclosed. Percentage holding of each stock in the portfolio at market prices is disclosed.
Transactions are regularly updated on the portfolio page as per the format shared. Moreover, as part of this service, details of every new transaction would be shared with subscribers at the end of the day. 

All the best for your investing journey!

Regards,

Dr Vijay Malik

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Ideal Level of Promoters' Remuneration, Application of Capitalization to Inventory, QIP Pricing (Q&A)

April 4, 2018, 10:17 pm
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www.drvijaymalik.com has a section dedicated to answering queries from readers: “Ask Your Queries”. Over time, many readers have asked their queries related to many aspects of stock analysis and sought clarifications about investing. We have responded to these queries as replies to their comments.

“Q&A” series is an attempt to share the queries & their responses, which have featured on “Ask Your Queries” section, with all the readers. The primary aim of this new feature is to share the knowledge with other readers of the website, who might have similar queries.

The current article in this series provides responses related to the following queries:
  • What should be the ideal level of promoters’ remuneration?
  • Does capitalization apply to inventory as well?
  • QIP: How do companies determine QIP pricing and does it impact the company’s growth 
What is ideal appropriate level of promoters' remuneration salary, does capitalization apply to inventory, how is QIP price determined

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Should we pay High P/E for Established & Proven Companies, Which P/E Ratio should be used, Can we predict future Market Cap? (Q&A)

April 5, 2018, 8:17 pm
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www.drvijaymalik.com has a section dedicated to answering queries from readers: “Ask Your Queries”. Over time, many readers have asked their queries related to many aspects of stock analysis and sought clarifications about investing. We have responded to these queries as replies to their comments.

“Q&A” series is an attempt to share the queries & their responses, which have featured on “Ask Your Queries” section, with all the readers. The primary aim of this new feature is to share the knowledge with other readers of the website, who might have similar queries.

The current article in this series provides responses related to the following queries:
  • Should we pay high P/E for stocks with proven competitive advantage/moat?
  • Which P/E ratio should we use?
  • Can we predict the future market cap of a company?


Should we pay high p/e for established companies like HDFC, Kotak, Asian Paints, Which P/E ratio to use, Predict Market Cap


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Can we Assess a Bank's Financial Position from its Reported Financials, How to Safeguard Stocks with Discount Brokers, How is Total Interest Outgo different from Interest Expense in P&L (Q&A)

April 6, 2018, 6:56 pm
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www.drvijaymalik.com has a section dedicated to answering queries from readers: “Ask Your Queries”. Over time, many readers have asked their queries related to many aspects of stock analysis and sought clarifications about investing. We have responded to these queries as replies to their comments.

“Q&A” series is an attempt to share the queries & their responses, which have featured on “Ask Your Queries” section, with all the readers. The primary aim of this new feature is to share the knowledge with other readers of the website, who might have similar queries.

The current article in this series provides responses related to the following queries:
  • Can we know the true financial position of a Bank by reading its reported financials?
  • How to safeguard stocks lying with Discount Brokers?
  • Is interest expense in P&L equal to the total interest outflow of the company? If not, then how to calculate total interest outflow? 

Can we assess financial position of Bank from its reported financials? Safeguard your stocks, Discount Brokers, interest expense, total interest outflow


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