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Monday, November 12, 2012

Cinemax Properties Ltd: Decent Results for Q2FY13
In Q2FY13, the company came out with a net income of Rs.4.68 Cr as against Rs.67.82 Cr in the same period previous year and Rs.4.31 Cr on sequential basis. Thus the topline is a little better when compared on sequential basis. At present we cannot compare the results on Y-o-Y basis, because, effective from 1st April, 2012, the Company's Theatre Exhibition Business  has been demerged into a separate entity, viz, Cinemax India Ltd, as a going concern in the manner provided for in the scheme sanctioned by the Honorable High Court of of Judicature at Bombay vide its order dated 9th March, 2011. The net profit of the company for Q2FY13 came out to be Rs.1.04 Cr as against Rs.66 lakhs speaking sequentially (Q1FY13), which is quite good. The net profit for Q1FY12 was however, Rs.4.78 Cr but it cannot be compared due to reasons mentioned above. Hence the company came out with superb results in Q2FY13 and we are expected to see, its positive effect in the coming days. Moreover, there is also a buzz of  stake sell, this could also push the scrip up, since Cinemax India Ltd has almost become 3 times from its all time low. if we apply the same logic then Rs.32-33 should be price of the scrip. Moreover there the proceeds of the sale will be invested by the Cinemax promoters, the Kanakia family, in their core business — real estate development. Hence, I think we should accumulate the scrip in all declines. CLICK HERE to get an idea of the company. The scrip is trading much below its book value and hence is a safe bet.CMP: Rs.17.55.