저자: MarkMobius · 외국인
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총선 결과 모디가 과반을 못 얻으면 일시적 실망이 있을 수 있으나 성장 기조는 유지된다고 봄. 인도 포트폴리오를 3종목에서 10여 종목으로 늘렸고 통신(바르티, Vodafone Idea), 전력(Tata Power, Suzlon 계열 Varun Renewables 등) 섹터에 관심. 석탄·재생에너지 모두 필요하다는 입장. 철도는 운영사보다 금융·공급망(장비, 기관차)을 주목. 공기업 급등 후 15~20% 조정은 정상이며 조정 시 매수 기회, 현금 일부 보유 권고. 은행은 불투명성 때문에 회피.
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but we've been interacting with the top Market experts to help you gauge how you should be positioning your portfolio ahead of the big election event outcome and in an exclusive conversation with ET now Mark mobus who's the chairman of mobus emerging opportunities fund opened up about the election and his expectations from it let's hear out how he thinks this is going to shape the markets and which sectors to focus on I think there's a possibility that there'll be some disappointment if Modi does not get the majority in Congress and uh the amount that of votes that he gets is not as much as people expect so there could be some disappointment in that but it will be temporary and I think at the end of the day Modi of course will still be pretty much in control and he'll be able to continue this incredible growth program that he has for the country Mark when we spoke to you two years ago you had only three stocks in your India portfolio one was an IT company one was APL Apollo and one was again from the consumer space but now I understand that you increased it to nearly one dozen stocks is that correct that's right yes we're increasing because we believe that the the opportunities are tremendous uh why have you bought stocks like bharti are you bullish on the Telecom sector or it is something else yeah by the way that's another sector that uh I fail to mention I think the Telecom sector is looking very interesting a vone idea is particularly interesting we're looking at that as well did I hear you say vone idea Mark and also I was mentioning vone looks interesting and uh in the power sector by the way I I also wanted to mention that the power sector is particularly interesting U such stocks as ratan India that kind of stock going to be very interesting going forward ratan India in your portfolio I can also see there is Vari Renewables the stock is done exceedingly well any reason why you added ratan India and Vari renewable in your portfolio it's all about growth at the end of the day uh stocks like this are going to benefit from the overall growth in the economy I don't see too much of banks in your portfolio I mean the India uh romance if if I may use that word has always been to buy into good private consumer stering Banks but I don't see an HDFC bank or an IC bank or for that matter access bank yeah generally speaking we have not gone into Banks because of uh the lack of full transparency I mean that's not only true for India but globally we find that it's very difficult to know what the banks are having in their portfolios uh what are the amounts of bad loans EX etc etc so uh the opaque nature of Bank um balance sheets is that deters us but uh that doesn't mean that we will avoid Banks completely but generally speaking we find it very very difficult to analyze such companies when you come on television and special 18 now you would imagine that the world tunes into hear you and the minute Mark m is talking stocks the curiosity is why please get more you know idea of what is the thesis here since you mentioned ratan India power and Vari they both are very unique companies one is into EPC stroke renewable ran power is the traditional power utility company so are you betting on both the ends of the Indian power play yes both because India needs more and more power and it's going to come from coal as well as from Renewables um I know people would like to get away from coal because of the envir enironmental problems but at the end of the day uh you can't get away from coal and that's not only true with India it's true with countries like South Africa and other countries like that uh of course everybody is getting into Renewables and the prices of screens of renewable screens for solar is going down uh but at the end of the day it's just not enough to meet the incredible needs that India has you must remember if you have an economy that's growing at 7 % uh your power needs are probably going to be double that in terms of growth so uh this is a sect that is going to be going from strength to strength in every uh area of material uh Mark just want to get back to the point that you were making on Telecom because many believe yes I mean surely bharti is at an all-time high and so is vone uh but you know it it's it's all linked to our poos and who's going to sort of bail the cat first and with the big daddy like Gio just everyone's sort of in the waiting what do you have to say about that you know at the end of the day yes no question the competition is very very keen but the demand is also very keen so uh regardless of which player you're looking at they all are going to benefit from the incredible growth that's taking place and of course they're going to have to make investments to uh meet that growth but uh the money is there and the demand is there so should be able to make good on these Investments interesting you know the other thing I'm very curious to know about is the point that you were making on Railways right because again valuations and the kind of exuberance that you're seeing on these some of some of these uh you know sectors is kind of a little scary uh tell me is that a long uh uh long-term call that you have and are you not looking at valuations versus the growth story that these uh this particular sector actually projects well what we're doing is looking at not only the operating Railways but the finance India Railway Finance would be an example of the kind of thing we want to look at and the people that are supplying the equipment for Railways uh the rails the locomotives etc etc so uh these are the areas that will be more interesting rather than just simply uh the operation area of the railways take a need to look at the entire supply chain hi Mark this is Anisha also joining in the conversation but what do you do about the valuations in the public sector entities because yes they have seen a massive reating in the last 12 months and in all certainty it seems like the current government is going to come back to Power uh do you expect this momentum really to continue or do you think the bulk of the rally and the uh value has already been tapped into there's no question there will be a correction the market has gone up so far and so fast and for such a long time we are due for a correction and a correction of 15 to 20% is normal uh this may be on the back of the election if there's disappointment about uh what mod modi's uh election results are you may see uh correction but that does not deter from the overall growth that we're seeing in India and the recovery so if there's such a correction it would be a great time to be buying but nobody can time it that's the problem so if you want to be exposed to the market you've got to be exposed and you've got to be in the market but maybe keep some cash on the side in the event of a correction where you can buy it
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