Whalesbook
Singhania Ka Funda: 'Out-of-Favor' Stocks Par Bada Daav
Sunil Singhania ka fund, Abakkus Asset Management, ne ekdum alag strategy apnaayi hai. March quarter mein ₹322 crore lagaye hain 6 aisi companies mein jo filhaal discount par hain ya temporary challenges face kar rahi hain. Ye unka classic 'contrarian' move hai, jismein woh bhule-bisre assets se value nikalne ki koshish karte hain, especially jab market tough lag raha ho. Waise, overall portfolio ₹2,740 crore se bhi upar hai, toh paise ki kami nahi.
Trends Nahi, Recovery Pe Focus
Mazedaar baat yeh hai ki ye stocks AI, defense, ya semiconductor jaise trending sectors se bilkul door hain. Iski jagah, Singhania ne un companies ko pakda hai jinki operations mein thodi gadbad hai ya jo abhi market mein apna naam bana rahi hain. Strategy ekdum simple hai: achhi quality wali companies ko saste mein kharidna, aur phir wait karna ki kab unka operational turnaround ho, margins recover hon, ya market unhe dobara appreciate kare. Matlab, short-term issues ki wajah se giraaye gaye stocks se long-term fayda uthana.
Kaunsi Hain Woh 6 Companies?
Abakkus ne apne Flexi Cap Fund, Growth Funds II, aur Four2Eight Opportunities Fund mein ye naye stakes liye hain. Companies hain: Heritage Foods (dairy/FMCG), Sejal Glass (architectural glass, NCLT se bahar aane ke baad), Arvind Fashions (apparel retail), Avalon Technologies (EMS), Cyient DLM (EMS with aerospace and defense focus), aur Aye Finance (MSME lender).
- Heritage Foods: Flexi Cap Fund ne 1.4% stake liya ₹47 crore ka. FY25 mein revenue ₹4,135 crore tha, par Q3 FY26 mein milk procurement cost badhne se margin thoda compress hua. Stock 26% neeche hai ISS saal, aur P/E 21x hai, jo industry median 26x se kam hai. Lekin VAP segment mein growth dikh rahi hai.
- Sejal Glass: Growth Funds II ne 4.4% stake liya ₹38 crore ka. NCLT se nikalne ke baad sales mein 162.2% ka zabardast jump aaya ₹28.74 crore PAT ke saath FY26 mein. Stock toh list hone ke baad se 4,912% bhag chuka hai! Middle East se demand zabardast hai, aur P/E 31x hai jo industry median 39x se kam hai.
- Baaki stakes mein Arvind Fashions mein 1.03% ₹62 crore ka, Avalon Technologies mein 1.16% ₹81 crore ka, Cyient DLM mein 1.95% ₹58 crore ka, aur Aye Finance mein 1.10% ₹37 crore ka hai.
Market View Aur Valuation
Singhania ki strategy nehi hai popular tech stocks ke high valuations se door rehna. Abhi Nifty 24,176 ke aas paas hai aur market mein thoda caution hai. EMS sector, jahan Avalon aur Cyient DLM hain, wahan competition bahut hai. Avalon Technologies ka market cap lagbhag ₹9,260 crore hai aur P/E 68.3x ke upar hai. Cyient DLM ka P/E 45.91x hai, jo industry average 34.1x se zyada hai. Arvind Fashions ka P/E 34.67x hai, jo peers se theek lag raha hai. Aye Finance ka P/E 18.04x hai, jo kaafi modest hai.
Risks Kya Hain?
Jo companies operational issues ya market neglect face kar rahi hain, unmein invest karne mein risk toh hota hi hai. Heritage Foods mein milk prices ka upar-neeche hona profit affect kar sakta hai. Sejal Glass cyclical sector mein hai, aur recovery ke baad high valuation sustainable hai ya nahi, yeh dekhna hoga. EMS firms mein competition aur raw material cost ka pressure aa sakta hai. Avalon Technologies ka 68x P/E bahut high expectations dikhata hai, growth slow hone par risk ho sakta hai. Cyient DLM bhi expensive lag raha hai. Aye Finance mein MSME lending ke risks, asset quality aur regulatory changes ka dar hai. Inka IPO subscription bhi kam hua tha, matlab market ko kuch shak tha.