저자: RakeshJhunjhunwala · 외국인
요약 보기
결론: 인도 시장 낙관, 부동산(주택 거래량)·보험 관련 투자 관심 표명, 소비재는 고평가로 신중. [투자 전반] 인도 시장 전반에 대해 강세 전망을 유지함. 특정 섹터보다 개별 기업 기회를 본다고 밝힘. [보험 투자] 건강보험 사업에 대규모 투자를 진행 중이며 마무리 시점은 6월 말~7월 초 무렵으로 언급함. 경영은 직접 하지 않고 전문 경영팀에 맡긴다고 함. [병원 및 헬스케어] 병원은 지속적 설비투자가 필요한 자본집약 사업이라 관심이 낮다고 함. 과거 아폴로 병원에 투자해 2000년경 큰 수익을 냈다고 회고함. [부동산] 부동산 가격보다 거래량이 늘어날 것으로 봄. 정부의 저렴한 주택 보급과 보조금 효과를 강조함. 2018~2019년 주택 건설량이 크게 늘 것으로 예상하며 향후 2~3년 내 성과를 기대함. [소비재] 소비재 종목들은 이미 가격이 많이 올라 고평가라고 봄. 향후 5년 수익률은 이익 증가율보다 낮을 것으로 전망하며 조정을 예상함. [거래소 인프라] MCX(상품거래소)는 거래량 증가로 좋은 투자처로 언급함. [기타] 시장 인프라 기업 소량 지분 인수 계약을 체결했으며 발표 시점은 수 주~수개월 내로 봄. 국내 종목 개별 언급은 없음.
다듬은 글
aspiration is to make money what else but but are you actually going to be hands on running it no I don't be my office is my office I don't go anywhere I've got a team they will we will be doing it jointly it already has a very good management team are you looking at similar such opportunities where you could put in that kind of money and the aspiration is not merely an investment if I see if I feel a risk is worth taking and I can afford the afford the ability to be wrong that even if I go wrong my final stability will not be affected I'll take a bet anytime is there anything on the horizon which looks similar to the kind of B that you're willing to make on insurance there are things on Horizon but much smaller I don't have that kind of money to put in so many other company and there are I'm looking a lot of opportunities but they much smaller when do you expect closure on the insurance deal who knows maybe this month for first week of July maybe huh uh but are you going to be getting your hands dirty with that Venture I mean beyond beyond just the the money and putting the team together no I cannot see my idea of life is stry and my idea of life is not operations so and you know you can make you can grow big in life with the effort of others it depends on whom you choose and what Freedom they have and what rewards they have so I have hands off I mean I have no capability let's understand one thing let's not try to do just because we have money let's not try to do something for which we are not H okay so since you're betting on health insurance uh what about health delivery because uh you know the two are linked and this is again an underserved underp see the health insurance is health insurance not a capital intensive business health insurance is very Capital intensive until you break even it's very difficult to break even once you break even it's not Capital intensive it's a cash flow business hospital is a constant investment business constant investment so return on Capital there is you know I bought Apollo 5% of it 1992 and I sold it for 20 times with value in 2000 right but I find it's too Capital intens industry so you wouldn't be interested in in the sector there are questions on on the business model and how the business model current the same man yeah it's all these people who are shouting when their relative goes to the ICU what will they do they'll sue the hospital or they'll treat the patient this this is the same worldwide it's not only India so you can that regulat Reg nothing going to happen people are going to keep shouting well you said you believe that it continues to be Capital intensive uh unlike the insurance business which after a certain point does not require that kind of capital but is this a sector that you would look at at least some of the interesting opportunities uh and and I believe I won't close my eyes to any opportunity huh but I made my money 92 to 2000 so what is the 40s bet about then I I have 50 65 L shares I have a small bit so that's just fun in games where else where else are you interested in in in fun and games so to speak it's not fun and games there serious money even 65 lakh shares is 8090 CR of rupees but it's not a very big and I don't want to go to areas where there's conflict where there's conflict I when they call me and they are I think someone from the economic time spoke to me so I told them I only say two things that a board appointed by shareholders who are no longer shareholders is going to decide who going to take over the companies that's blatantly unfair that board has to be removed and you have to run or due process what that's what they doing today that's the only comment I made at that time okay uh you know real estate you we talked about how farmer is perhaps seen the worst banking is perhaps seen the worst what about the real estate space is that something that uh at this point you feel this industry in the process of transformation right the return if you look at the balance sheet of Indian listed companies and if you look at the capital employed you know the return on Capital in the last 10 years on average has been 7% 8% 9% right what I personally feel Is that real estate prices won't go up but volumes will go up and people are underestimating the effect of the affordable housing on India in general and the subsidy the government is providing so I think real estate has B but that hasn't really taken off much I mean the ma in 1819 we are going to cumula build three times the houses we built in 1617 and 178 this side will take off so is this a sector that you would look at yeah I mean I I have Investments on the S and you believe I've already looked at it you've already looked at it and you believe that this is this is ripe for better times ahead now I think so I think so and and you expect that to happen within the next year or so next next two to three years where where where else you know we can talk about retail we can talk about some of the other spaces where consumption of course continues to be The Driver uh when you on balance look at the growth opportunity valuations uh earnings recovery you know is there a matrix that today where there are some sectors that stand out the only rules are there are no rules and there's no metrics and there's no that's not how I invest actually see we look at rather than looking at sectors I look at specific opportunities and one thing I've learned that the lesser the priz and L the prejudgment I have the better the invest so if my opportunities come I look look at them with open mind I'm not close to any industry in the consumption space What would look exciting today I think they're well valued no I think people are QR bets Etc and all of that are well valued well valued and people are too bullish I mean it's going to be very good but all that is priced in according to according to me in the next 5 years you will get a return which which is lower than earnings increase but I feel the P will correct okay on on the specifically in a lot of the consumption stocks that have already run up quite significantly could be okay so where where else do you believe that you know we're we're in that space where at least in the short to medium term uh you know see I'm bullish on India in general that you that you and in the Indian markets in particular now I don't you know I have no I have no form allocation of money right and if I had made all those formal allocations and reduce my portfolios because one company was too big I would have the wealth I have to do luckily I didn't do all that so the companies would perform well remained right so I don't look at things from the point of view of sector and look at the point of view of the companies you know since you're bullish on the Indian stock markets you're obviously also uh looking at the infrastructure behind the Indian stock markets MCX is a is a bet uh as well they're doing well volumes have gone up like anything so so you know Affiliated to the Indian stock market story as bets like MCX is there any other interesting exciting opportunities yeah I have made some interesting opportunities you'll hear about them when will we hear about them whenever the transactions are completed so I was hoping you would give us I made some agreements to buy some Market infrastructure company small portion of it so whenever it is am NDA whenever it's disclosed it will be disclosed so you expect that to Happ happen within the next few weeks next few months next few months next few months and this is a single investment or there are multiple Investments single single invest there's the money for multiple Investments
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