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Ask Ep-154: Where To Park Emergency Funds
Original: Ask Ep- 154 Where To Park Emergency Funds
Takeaway
Avoid hyped railway/PSU stocks like IRFC at bubble valuations; better risk-reward sits in auto-component leaders like Shriram Pistons.
Summary
- Warns against IRFC at current valuations: trading at 4.37x P/B vs SBI at 1.6x and HDFC Bank at 2.84x, with only Rs 6,337 cr net profit on Rs 2.9 lakh cr market cap
- Bank of Baroda (Rs 1.19 lakh cr m-cap, Rs 15k cr profit) + Canara Bank (Rs 84k cr m-cap, Rs 11k cr profit) combined still cheaper than IRFC despite 4x the earnings
- Recommends Shriram Pistons: 50-year-old company with 90% market share in CNG vehicle pistons/valves/rings, 24% ROCE, 20%+ ROE, 17% sales CAGR, trading at 18x P/E
- Manorama Industries flagged for capex-driven growth but recent move into direct chocolate manufacturing creates execution risk vs existing B2B supply to Cadbury etc
- Coal India is an interesting PSU but cyclical - investors must know when to exit; AG Industries is unlisted/private
IRFCShriram Pistonsvaluations
Original description
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