Chaman Lal Setia Exports: Improving Market Cap, Liquidity and Coverage

Rajeev Agrawal presented his in-depth investment thesis on Chaman Lal Setia Exports (BOM: 530307) at Asian Investing Summit 2017.

Chaman Lal Setia Exports provides basmati rice, a niche segment in the large rice market. A particular variety of rice grown in limited area of India and Pakistan can be classified as basmati rice. This geographical protection, coupled with increasing affluence, newer markets, and product moving from commodity to brands give this segment a strong tailwind. Management has been in the business for forty years and owns ~75% of the company (the maximum permissible by law for a listed company). The company has continually improved operational performance, translating into high returns on capital and attractive growth rates. The equity trades at ~14x earnings — attractive for a company that has grown earnings and EPS at a CAGR of ~35% over the last decade and could have similar growth rates in the foreseeable future.

About the instructor:

Rajeev Agrawal is the Founder and Managing Partner at DoorDarshi Value Advisors. Rajeev has been investing in the US and Indian equity markets for 15+ years. Rajeev follows Value Investing principles and finds that Indian equity market provides wonderful opportunities for his style of investing. Prior to starting DoorDarshi, Rajeev was a Technology executive focusing on the Financial Industry. He retired from IHS Markit as MD and CTO. Prior to that he has worked in US in various senior positions at Goldman Sachs, Bank of America, JP Morgan and Dresdner Bank. Rajeev completed his B.Tech from IIT Bombay and MBA from IIM Calcutta. He is also a CFA charterholder.

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