Shriram City Union: Competitively Advantaged Finance Company

Sidd Thomas and Kimi Venkataraman of India Intrinsic Value Advisors presented their investment thesis on Shriram City Union Finance (SCUF) (India: SHRIRAMCIT) at Asian Investing Summit 2021.

Thesis summary:

Shriram City Union Finance is a leading non-bank financial company (NBFC) in India. Part of the wider Shriram group, SCUF is known for its prowess in subprime, semi-rural lending. 

SCUF has created a strong franchise in the medium and small enterprise segment and the two-wheeler loan market in India. The company has a strong track record over the last ten years of growing assets and book value, along with high returns on equity, while employing low levels of leverage.

At a market quotation of 1.2x book value, the shares trade near historical lows. Sidd and Kimi believe the shares may be worth twice the recent market price.

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About the instructors:

Siddharth M-Thomas serves as a principal of India Intrinsic Value Advisors. He founded Beaconsfield Investment Management in 2010. Prior to that he worked as an analyst covering Asian equities at Fairfax Financial Holdings and as an associate analyst at Credit Suisse equity research. Born and raised in Chennai, India. Siddharth completed his bachelor’s of science degree from Purdue University. He is also a level 3 candidate in the CFA program.

Krishnaraj (Kimi) Venkataraman serves as a principal of India Intrinsic Value Advisors. He is the Managing Partner of Kimi & Partners, an investment firm he founded in 2008. Kimi’s previous work experience includes Tata Steel and P&G India, as well as several business startups in India, including Marketics which was successfully sold to WNS. Kimi has been an investor for more than 20 years and, after reading Warren Buffett, has been investing in undervalued Indian stocks. Kimi lives in Bangalore, India, with his wife and two daughters.