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HIRAT -- Hira Textile Mills

- - - - - HIRAT Hira Textile Mills

167 replies to this topic

#1
Sid2

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    From JS Morning Briefing:

    Hira Textile IPO
    The IPO of 25mn ordinary shares (out of total of 71.55mn shares) of Hira Textile is scheduled to be held on Jan 09 to 14. The offer price per share is fixed at Rs12.5 including a premium of Rs2.5 per share. This would be the first IPO of calendar year 2007. Hira Textile started commercial production in Aug 1991 and is involved in the business of manufacturing and sale of various types of spun yarn. The company is an exported oriented textile firm with out of total sales of the company, 66% comes from export sales, while 34% comes from local sales. The company is planning to increase its capacity through installation of 7,200 spindles which would increase its existing capacity of 33,792 spindles to 40,992 spindles.


    #2
    Tariq Hakim

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    So is this IPO worth going after?
    NOTE: Kindly carry out your own diligence before making any decision.

    Regards,
    Dr. Tariq

    #3
    Sid2

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    Company Website: http://www.hiramills.com.pk/

    #4
    Sid2

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    Recent company financials from the IPO prospectus on the website:

    Posted Image

    #5
    Stock Guru

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    looks good.
    The future strategy is to consolidate and then to vertically integrate downstream into value added products such as knitting and garment units. This would complement the spinning and the yarn-dyeing unit in terms of the consumption of in-house production.
    thats the way ahead.

    Posted Image


    #6
    Sid2

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    View PostStock Guru, on Dec 29 2006, 01:17 PM, said:

    looks good.
    Yah .... but .....

    I just did a quick analysis to compare HIRAT with NML ...

    The "mighty" NML is currently trading at a P/E ratio of 7.8 on 2006 earnings.

    In contrast, HIRAT is being offered at a P/E ratio of 6.4.

    6.4 is low in "general" terms, but the Textile sector is in Mandi right now, so even the Blue chips are available at discounted prices.

    HIRAT would have been REALLY attractive at Rs.10 ... but at Rs.12.5, it's somewhat on the "Fair Valued" side.

    Of course, if some game starts in HIRAT, then the funamentals won't matter.






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