Tunwal E-Motors Limited IPO Message Board (Page 12)

TO
NEW GEN CONSULTANCY
AND OTHER LEARNED SENIORS
This is a unique issue with no ANCHOR INVESTORS and QIB
Does it reflect confidence of the promoters regarding success of the issue without the above .
GM premium is declining .
However , the financials like ROCE etc are very good.
Your views about soundness of the issue and whether it could list at a premium would be highly appreciated.
thanks and regards

Applied 3 retail applications here

​@Vikas Rana @CJ ROCKS Ji
Thanks for your humble words.
Stock market like ocean for me and i take only what i can hold,so kept myself limited to primary market ,add to that, I have other sources of income that keep me engaged and not giving enough focus in secondary market.

"Guru" - i achieved guru tag on the basis of my number of posts and likes,i have no other qualities to own these heavy tags and members also expected much more from GURUs which i can't deliver

Keep earning 🙏

​@harit Thanks sir 🙏for your kind words 😊. You are very honest 👍in your approach towards stock market and give straight forward advice based on your vast knowledge and experience.Yes any tag is just a milestone and your work is fabulous for this forum last few years without bothering too much about GURU tag or any other recognition within the forum. "NA APMAAN KA DAR NA SAMMAN KA MOH". You are one of the finest gem 💎 in this forum. Thank for your response and humbleness🙏🙏

sl No 15 bhai :: mentioned in his comments as LM & PM, what is meaning

One things good about this company is MM is Giriraj stock broker

He have given 10\20x return over few years
Till now not given single discount lisitng
They are great MM in sme space

Hope it continue

I am using Icici direct
I have good holdings of sme

Now When icici banned Sme trading which broker I should Open Account to make hassle free sme trading

Also Can I transfer my holding from icici to other brokers

What charges applicable

Seniors Pls help

Tunwal has High Tech Plant Capacity increase with New Money with Low Debt
It's a Great Value at 400 cr
Purely Better than Valuation on Ola
Ola is loss making company whereas Tunwal is Oragnically profitable

Great Propsition
Can be a Good Ev Theme

Only negative is Size
But Good long term Bet like bondada and insolation

Very Risky Stock
Very weak fundamentals
May give tepid listing

Points noteworthy :

1. EV is a sector still vastly underpenetrated and Tunwal is one of the prominent and first movers player

2. Increase in the number of dealers reflects products getting accepted, plus Tunwal already has a range of variety to cater to with different price variants to suit to customer choice

3. Turning cash positive, reducing operating cycle days, stringent policies with receivables are good positives. Inventory pile up is due to seasonal nature and un-audited reports have already hinted at lower inventory levels post Mar 24 at around 45 cr.

4. Capacity utilised is around 55% out of total 41,000 units per year. Yearly sales are in line with utilisation at 20K units if inventory pile up is kept aside.

5. Good sales growth with very good PAT at 11%, and ROE / ROCE near to 50%+. Projected sales for FY25 are in line with growth but maintaing margins is difficult.

6. Comparison with TVS is absurd which is a 30 times bigger, better player and if that player is maintaing PAT close to 5-7%, that already indicates the ask at Rs 59 with P/E near 28 for FY24, is already fully valued.

Although this was expected given the new age nature of company and R&D spend but only upcoming R&D expenditure if turns fruitful can help sustain such valuations coupled with premiums if any.

7. Horizon LM hasn't managed any IPO with huge size such till date and with out anchor and QIB support, could be a tough ask for them.

8. Low personnel count with majority of the KMPs having qualifications that asuit corporate governance and none being true masters in the field of EVs. No interviews or hands on experience so far to counter this.

9. Zero R&D expenses in FY23-24 lowered from FY 22-23 when IPO issue objectives state R&D as a major component. Single person employed in R&D dept suggest most models are likely me-too and nothing from their in-house store.

10. Under utilised capacity suggests growth can happen going ahead but due to lack of discretionary sources, vehicle segment particularly EV is not in its full motion currently. Visible why OLA electric is coming with reduced valuations. Incentives and schemes in budget can help out to ease this situation with funds infused into rural economy.

11. IPO without the OFS component of 33 cr would have been much better given the scope and sector of the company

Only 15% issue is managed by horizon... 85% is managed by Giriraj stock broking....

Management are quite positive for maintaining pat margin and also manufacturing some auto parts in house through r&d...

Litigation of above 80cr from custom department is given to most of the assambly company who import parts and assamble full product... That will be short out easily.... Paise ho to kya nahi kar sakte.. or ofs ke paise kab kaam lagege.. 😉

Even chances are also there that big giant aquire tunwal @ valuation of 1500 cr...

Also distribution dealer are 330+...

Iss saal 30000 gaadiya to aaram se bikegi...

They import spare parts from china in bulk in dirt cheap valuation... Sold them to dealer in high valuation.... PAT margin ko to badhana hi he...

PAT can increase but margins are already high. There can be so much more to imports from China. Not stable due to geo politics and making them in house which is their future plan will impact margins.

​@IPO VALSAD

Avoid for long term

"jo dikhta hi woh bikta hai" i saw /see many tunwal e-bikes on roads and streets, though it's like toy and most components are Chinese made.but good marketing and dealers network
I will apply FF retail applications

​@Admin @ Chittorgarh.com  as per RHP, LM of this issue is 'Horizon Management Private Limited' which has handled issues like Veritaas, Shree Karni, M V K Agro, Baba and Cosmic CRF.
You may consider updating the correct LM name & link of Past IPO performance.

Thakur, yo to gayo ...

Sir ,
Risky to apply ?

I m thinking to apply FF.
Kindly give some light on this
Thanks

​@Ipo newby - At this point it looks risky due to its sheer size and no Anchors/QIB reservation.
Anyways - will take a final call on weekend, after having a more detailed look.
But from Grey market premium perspective it is just 15/18 Rs, that too at a very low volume.

​@rohiitian  @MuStrFc 
Look at this one, 50Cr+ worth of shares available for HNIs.
Surely this is not going 400x ;)

Btw, 115 Cr without QIB.
I haven't seen this one in detail but some corage from LM & PM group to come up with this big issue without QIB.

​@GrayIsTheNewBlack Sir, I hope we can listen to your point out view also in next space as your view is also very important for us as listeners. Hope you will also be a speaker in next one.

​@ManishAgarw Bhai,
Thank you for your words but fundamental analysis isn't really my forte yet (although I'm working towards getting better at it).
Negwen, @rohiitian and the 3rd person ( I don't know his CG username) are way more qualified and knowledgable than me to give their views based on fundamental study.

​@Chhote Lal , @Tejas Pandya , @MuStrFc  @KING VINOD  and other members of the family. Yesterday morning I had added Trusted account in CDSL Easiest, but still waiting for authentication. How much time it will take for this authentication.

And do we need to add both Trusted account as well as BO linking has to be done to transfer shares,

You need to do both, add trusted and BO linking.

Contact your broker to get it authenticated.

anchor and qib was not there in atmastco too... i agree size is double here but prevalent gmp is also here which was absent in atmastco so this will sail through too , the only question being , the absence of qib and anchors here are an opportunity or a caution to take , to ride this post lisitng ..

Intersting issue... No QIB, New LM, Big Issue and low GMP....

Face value is rs 2

New LM without QIB. Good 👍👍👍👍👍👍