A potential Multibagger - Chowgule Steamships Ltd.

(This is a repost to benefit the people who didn't read it earlier.)

Scrip: - Chowgule Steamships Ltd.
BSE Code: - 501833
CMP: - 48
Market Cap: - 180.23 Cr.
EPS : - 7.41
P/E: - 6.70
Target: - May go even in 4 Digit in 4 -5 Years.
52 Week H/L : - 104.55 - 30.35

Summary: -
Chowgule's are one of the old and prominent players in the Shipping Ind. , promoted by the Goan Iron Ore Mine owners, the Chowgules, who happen to be one of the large mine owners of Goa In the late eighties when the shipping co. were finding difficult to survive Chowgule had survived.
with diverse interests.

Chowgule Steamships Ltd is a small Shipping Company owning 3 Panamax bulk

carriers, 1 Supramax Bulk Carrier, and 3 mini bulkers (detailed below):-

Name Vessel Type Built DWT Market Value

(In Million US$ )

m.v. Maratha Messenger Panamax 1995 71252 48.00

m.v. Maratha Providence Supramax 1995 47574 36.00

m.v. Maratha Courage Mini Bulker 1994 2053 1.00

m.v. Maratha Crystal Mini Bulker 1997 3500 2.00

m.v. Maratha Coral Mini Bulker 2000 3427 2.00

m.v. Maratha Explorer* Panamax 1990 68849 32.00

m.v. Global Triumph * Panamax 1996 72870 48.00

*(Owned by 100% Subsidiary Chowgule Steamships Overseas Ltd)

The market value given above is based on estimated current valuations of similar vessels by leading International Shipbrokers.

Based on the above, the estimated value of its fleet is US$ 169 million which is approx crores . But the current Market cap isRs.680 180 Cr. and CMP Is 48 . So the real value should be 3 times of CMP i.e. at 145 Rs.

Further More.
Their office premises at Bakhtawar Building, Nariman Point, which had been revalued to apporx Rs. 20 crores in 2002 should now be worth more than 3 times this amount i.e. at least 60/65 crores..
Thus the hidden real estate value of the Company is approx Rs.70 crores, which itself is worth Rs.15-16 per share !! This is coming free.

The real Multibagger: -

Chowgule in 2012 is coming up with a 100% port at Raigad. This Investment is worth more than 1000 Cr.

Secondly by the sales of ships it earns a huge sum.

Financial s: -
Its operating income has increased 125% compared to 2007 .
Its net profits increased 200 % odd.
PAT increased by 110%.

So the company looks with a good financial sound.

Key Positive: -

A dividend paying stock. Paid 1.5 rs Dividend.

Good valuation.

New Port coming up.

Company is exploring new corners of the unseen ocean.

Key Negative: -

Highly Risky business.

Companies Site: - www.chowgulegoa.com

P.S. I personally own a bulk of this scrip.

Chirag Jethmalani.

Please read the Disclaimer before investing.

Happy Investing.!

Receive Free SMS Updates from us SMS JOIN IndianMoneyPlus and Send to 567678.
Help us growing Big and serve you bet