JUST JOCKEYING – PAGE INDUSTRIES LTD.
Just jaw-key-ing. There, that’s how you’d say it. An expression of comfort that reflects your change of urge to be crazy, uninhibited, carefree, un-posey, cheeky even. We’re all for it. Go ahead, easier said than done.
A “BRIEF” ABOUT THE COMPANY
Just jockeying ;) Sounds and feels familiar na? Well yes, I’m talking about one of India’s very popular brand for Innerwear/Leisurewear for Men and Women. The company behind getting the world renowned brand “JOCKEY®” to India, Page Industries Ltd. was set up in 1994 by Genomal family.
The family had then been associated with JOCKEY International Inc. for 44 years as their sole licensee in the Philippines. Page Industries became a public company in March 2007 and is quoted in the Bombay Stock Exchange and the National Stock Exchange of India.
To read the entire article, click here.
I would love to hear views from experts and anyone interested in the company.
REFERENCES
® http://www.moneyworks4me.com
Posts
Wonderful analysis of the company. The sales and earnings growth have been fantastic. The model looks to be working. However what is your take on the valuations?
ReplyDeleteI would repeat Puneet's question: analysis is good. now at what price one should buy? Few more questions:
ReplyDelete(1) market share numbers does not seem to jive with sales [21% mens Rs 1, 600-crore] + [12-13 % in the Rs 650-crore women’s segment] is not equalling sales of ~200 crore, even with 9 month results
(2) Any thoughts on its "low barrier to entry" business model?
Best Wishes,
Quite extensive work you ve posted a lot of information. I just feel that the upside from here is a bit limited markets seem to be valuing the stock quite rationally as far as fundamentals go. Another concern is the competition, is there a strong enough moat to maintain long term growth. It does command a strong brand value but there are brands which are strongly competing such as Calvin Klein. Would like to hear your thoughts on all these questions.
ReplyDeletenice analysis.
ReplyDeletebut wanted to know, should i buy or not at this price?
give us some market price analysis too.
there are lot of companies which are doing very nice business. but they are not nice for investor until price is not nice.
so what do you think about current market price, and is it wise to enter or not?
thanx.
Hi all,
ReplyDeleteThanks for dropping by.
I really like the company and its business model, its strategies etc. It’s operating in a medium priced, high brand value segment. It’s introduced new product range and is expanding by opening exclusive Jockey stores even in the downturn. It caters to the needs of both high as well as medium price segment of customers. It’s t-shirts from the Jockey Sport section are fairly priced in the range of Rs. 200-300.
Competition in this segment seems to be low. Other well recognized brands like Calvin Klein, Lovable, Enamor, etc. belong to the high price segment. If any of you are able to identify any other competitor, please let me know. As of now I could not think of any direct competitor.
As far as valuations are concerned I feel that the company is fairly priced. Though the PE is a bit on the higher side (current PE: 21 and industry PE: 22) but that’s because it’s doing well and is expected to perform even better in the future. I think that there’s significant upside from here.
@income.portfolio:
Thanks for pointing it out. I'll check why there's a difference in the numbers. Will get back to you once I've checked it.
Warm Regards,
Charu.
A STUPENDOUS ANALYSIS...REALLY IMPRESSED BY THE COMPLETENESS OF IT...though I AM ALSO CONCERNED ABOUT THE current VALUATION AND WOULD LIKE TO wait for some market correction...what do u say ma'am?
ReplyDeletecharu, this is first time, i ve come across your blog. Very informative.specialy, an EA sharing knowledge to help people. keep the good work going. Even i like this company. In terms of MOAT issues, i feel it does have but i see a correction.Actually, PAGE and NESTLE are two companies which i m planning to buy from past one month but expecting a correction.by the way, do you follow ADSL,Parekh aluminax?
ReplyDeleteVery well managed company. Excellent bet for next 20yrs as it has lot of scope for growth as india moves to using branded products. Good companies are always constly in the market(reference: check infosys historic PE ratios from 1994). Will do well despite market conditions. Management very good at distributing dividends and franchisee model enables growth at very low cost(reference: Titan industries). I think it is another titan in the making in 10Yrs.
ReplyDeleteThanks, Pankaj
Nice Blog Charu. Added your blog my links. I am collecting all the value investing blogs. I a waiting for your october activity
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Waitin for your next discovery ma'am...
ReplyDeleteThis comment has been removed by the author.
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Hi Charu,
ReplyDeleteGood analysis on a consumer play like Page.
How do you read consistent selling by the promoters. Is it just making hay when the sun shines, or is there a red flag for the minority shareholders? See this link -http://www.bseindia.com/Insidetrade_ScripWise.asp?scripcd=532827
Excellent post
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