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Doctors have many challenges to face as they are perennially surrounded by patients, diseases, hospital duties and over-extended or odd shift timings. Universally, doctor is considered to be a noble profession and respectable one at that, but a doctor also has to work under immense pressures, emotional strains and other physical challenges.
 
 
A regular physician like most of us at some point face will have to deal with personal situations such as important family affairs, family holidays, sickness or pregnancy that may force them to abandon medical duties. At the same time, a hospital or a healthcare facility is also constantly faced with emergency situations that demand all hands on deck round-the-clock. Therefore, every hospital, clinic or nursing home is compelled to hire locum tenens or substitute doctor in order to keep the staffing under control at all times.
 
 
In fact, locum doctors are the most valuable asset for the medical community because they provide quality medical care and act as a helping-hand in emergency situations when the medical facilities need them the most.
 
Unlike regular or permanent doctors, locum doctor jobs are also ideal career options for medical interns and graduates because they offer a wide array of medical exposure in varied medical specialties, work cultures and healthcare systems. Locum jobs are challenging and flexible, thus an increasing number of medical professionals have benefitted from these jobs, so whether one is looking for a family physicians position or in a hospital or in a clinic, locum jobs for doctors are available at all levels and in different healthcare systems.
 
 
In addition, being a locum doctor gives a medical professional the control over their working hours, location of work and choice of area of specialisation. Technically, locum positions are not restricted to general physicians but they are also extended to other fields of medical specialisations such as cardiology, neurology and many more.
 
Travelling can be an integral part of locum jobs, and these distinctive features are a boon for many dedicated medical professionals who are eager to expand their medical careers with loads of multi-cultural medical experiences. The fact that locum agencies in the UK recruit tens of thousands of locums from across the globe in various NHS hospitals, private clinics, nursing homes and other public hospitals speaks volume of the popularity of locum jobs.
 
 
Locating or getting a locum tenens job is a simple task as long as you are registered with one of the many reputable locum agencies. These agencies act as the middle man between locum tenens and medical facilities, and they also look after all the details pertaining to travel for locum tenens, accommodation and the nature of locum work.
 
Thus, maintaining a healthy locum doctor-agency relationship benefits both the parties, and it also increases the probability of getting recommendable employment opportunities and businesses or vice-versa.
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IPOs and Rights Issues / HDFC Standard Life IPO / Review Recommendation
« Last post by resh on November 08, 2017, 08:16:05 AM »
Here are all the Brokerage Reviews of HDFC Standard Life IPO

Rohit Verma of Adroit Research said,

At the upper band of Rs 290, the issue is valued at 4.2x of 2QFY-2018 embedded value (EV) of Rs 14,011 Cr, a bit higher than close listed player SBI Life and ICICI Prudential which is trading at 3.6x and 3.3x of 2QFY-2018 EV respectively. However, we believe the slight premium is justifiable, considering, consistent growth across premium categories, improving dividend payout over last 4 years, strong parentage, trusted brand name, highest VNB (Value of New Business) margin (22% for FY2017) and well-balanced business mix. Based on the above factors we are very positive for long term but company is asking higher price band which is higher than its peers, so we suggest being on neutral side.

Aditya Birla Money has the following Review,

We believe HDFC Life has the significant potential to deliver steady growth from long term perspective after considering the expected improvement in India’s economic growth, financialisation of savings and under-penetrated Insurance market. Management has showcased its ability to deliver steady growth across all the business and economic cycles in the past. The company has a healthy balance sheet and delivered a RoE of 25.6%. As at June 30, 2017, it had a solvency ratio of 197.5%, above the minimum 150% solvency ratio required under IRDAI regulations. At the price band of ` 275-290, the company has priced the stock valuation at 4.7x FY17 Embedded value at higher end. Considering the parentage brand of ‘HDFC’, strong corporate governance, ability to consistently deliver steady PAT performance, better than industry VNB margins and high dividend payouts, we believe valuations of HDFC Life are reasonable. We recommend investors to SUBSCRIBE the issue from both short and long term perspective.

Shreesh Chandra of Nirmal Bang Securities Ltd said,

Besides consistently being among the Top 3 private life insurers in terms of profitability based on Value of New Business or VNB margin, it has also been consistently among the Top 3 private life insurers in terms of market share based on total new business premiums collected between FY15 and FY17, according to rating agency Crisil.

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IPOs and Rights Issues / New India Assurance - Review / Recommendation
« Last post by resh on November 03, 2017, 12:21:55 PM »
Here are all the Research Analysts Views on the " New India Assurance" IPO which will be mostly subscribed by the LIC of India to give money to the Government.

Adroit Research told us,

Plus, a solvency ratio of 2.2x places the company in a comfortable position to pursue growth going forward. At the upper price band of Rs. 800 per share, the company is valued at Rs. 659.2 billion which translates into a P/E ratio of 78x FY17 EPS and 2.8x FY17 GWP. But on the basis of these trailing multiples, the issue may look expensive; however, taking into account future growth potential of general insurance and given the company’s market leadership position, reputation and strong brand name, we recommend neutral on this company.

SPA Securities Analyst Siddesh Mhatre has arrived at the following view,

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The company's premium has grown at a CAGR of ~17% over FY14-17. We believe low penetration, increasing awareness for insurance, rising income levels, multi channel distribution network, focus on product innovation and improved underwriting profitability will help the insurer to improve its Roe going ahead (in the range of 7-13% over the last 3 years vs. ICICI Lombard Roe in excess of 16% over last 5 years). At the upper price band of INR 800 per share, the issue is valued at 3.2x FY17 P/BV (incl. fair value changes) and 80x FY17 P/E. We recommend SUBSCRIBE to the issue as a good long term investment.

GEPL Capital has the following Recommendation

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The New India Assurance Co. Ltd (NIA) stands to gain from operating leverage. At a P/BV of 2.4xs of FY17 book value. We believe that NIA demands a discount to its domestic peers. We assign a Subscribe rating to the IPO.
Akash Jain of Ajcon Global said

At the upper end of the price band of Rs. 800, the IPO is valued at a P/E of 79x and P/BV 5x (excluding fair value change account) on post IPO basis as against P/E of 45x and P/BV of 8x for ICICI Lombard which is very expensive considering single digit ROE as compared to ICICI Lombard ROE of 18.4 percent. In terms of operating metrics and investment yield too, ICICI Lombard is better placed than The New India Assurance. We recommend investors to stay away from this IPO but consider it post listing as it may be available at a discount.

KR Choksey Research Analyst - Raghav Garg and amit Singh told us

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At the upper price band of Rs. 800 per share, the company is valued at Rs. 659.2 bn which translates into a P/E ratio of 78x FY17 EPS and 2.8x FY17 GWP. Based on these trailing multiples, the issue may look expensive; however, taking into account future growth
potential of general insurance and given the company’s market leadership position, reputation and strong brand name, we advise
to SUBSCRIBE FOR THE LONG-TERM.

Atish Matlawala of SSJ Finance said,

NIA has reported a CAGR of 16.7% on premiums earned, however, its net profit declined by CAGR of 1.8% over FY2013-2017. On its upper band of price of Rs 800, the issue is priced at P/BV ratio of 5.0x of its Q1FY2018 Book value of Rs 160. We believe that the IPO is overpriced leaving little appreciation for investor. Hence, we recommend to Avoid the IPO.
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IPOs and Rights Issues / Khadim India - Review / Recommendations
« Last post by resh on October 30, 2017, 06:46:51 PM »
Khadim operates in the attractive value segment with asset light distribution (franchisees and distributors). IPO at 50x FY17 EPS, a year with the highest ever gross margins (40%) and RoCE (18%), is at a marginal discount to Relaxo (51x) and Bata (57x) who have higher RoCE.

Stay tuned for more Reviews & Recommendations of Khadim India.

Adroit Research has the following View,

On the upper price band of Rs 750, the IPO is priced at 43.8x its FY17 earnings. Its peers namely Bata, relaxo and liberty are trading in a range of 45 to 49x its FY17 earnings. We believe Khadim is reasonably priced at current price band considering its business model, financial performance and other factors. We therefore, recommend Subscribe to the IPO.

Angel Broking has the following Review,

 
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In terms of valuations, the pre-issue P/E works out to 42.2x its FY2017 earnings (at the upper end of the issue price band), which is slightly lower compared to its peers like Bata. However, Bata has strong presence across India with well-established brand and its entire revenue comes from retail business. On other hand, KIL’s most of the revenue comes from East geography mainly from Kolkata and retail revenue is only 70% and balance from distribution business. Despite the above positives factors and lower valuations compared to Bata, we however, believe that the current valuation for this company is fully factored in the price, which doesn’t provide further upside for investors. Hence, we recommend NEUTRAL rating on the issue.

Motilal Oswal Securities Research Analysts have the following message,

KIL is the 2nd largest footwear retailer with strong brand recall in East India, with increasing presence in Southern and Western India. KIL has delivered strong Revenue / EBITDA / PAT growth of 10% / 11% / 36% in FY13-17. We like KIL mainly due to 1) Leadership positioning in East India and 2nd largest positioning in terms of retail outlets, 2) Strong brand recall and focus on expanding reach, 3) Strong ROEs / ROCEs of ~18%+. At upper price band, the issue is priced at PE of 43.8x FY17 post issue (and 42.2.x FY17 pre issue). We believe premium valuation in justified in context of positives mentioned above. It is available at discount as compared to peer valuation (Bata India Ltd at P/E of 59.8x, Relaxo Footwears Ltd at 50.6x and Liberty Shoes Ltd. at 68x). Hence we recommend SUBSCRIBE for long term investment.

Spa Securities Analyst Nandan Kamat said,

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We expect revenues to grow at 15% CAGR FY17-19E with 140 bps expansion in EBITDA margins to 12%. We expect PAT to grow at compounded rate of ~36% to INR 566 mn by FY19 owing to reduction of Interest cost on account of debt repayment. At the upper
price band of INR 750/share, the issue is valued at a PE of 43x with FY17 Adj.EPS of INR 17.4. We recommend to SUBSCRIBE to the issue as a high risk high return long term investment.

Centrum Wealth Management has the following Review,

At the higher end of the price band of Rs750, the issue is valued at 43.8x P/E on FY17 basis (post dilution). This appears full given the current financials (Rev CAGR of 10.1% over FY13-17, OPM~10.5% and RoE ~18%) and challenges owing to competition for pan India expansion. Further, even if the money raised at such valuations was flowing into the company, it would have ultimately belonged to shareholders. However, in this case 91% of the money raised is going to the selling shareholder (PE investor & Promoters) and not into the company.
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IPOs and Rights Issues / Mahindra Logistics - Review / Recommendation
« Last post by resh on October 30, 2017, 06:39:47 PM »
Mahindra Logistics Ltd IPO Review and Recommendations are as under,

K R Choksey has the following recommendation,

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In terms of valuation, on the upper price band of INR 429, the company has been valued at ~65x on FY17 earnings as against 71x for Blue Dart Express, 34.2x for Gati Ltd and 54x for TCI Express. We believe, valuations look expensive, however, the
management expects MLL to receive a tax refund of approximately Rs 540 mn, which will result in positive cash flows in the coming period. The company plans to support this growth by focusing on increasing business from Non-Mahindra Group clients, leveraging the changing industry with the implementation of GST regime with greater focus on warehousing, continuing focus on technology enhancements and diversifying into other industry verticals. Thus, we recommend ‘SUBSCRIBE’ rating on the issue with long term perspective.

Destimoney Research has the following view,

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However, over dependence on third parties for the operating assets makes the business risky and less profitable reflected in thin PAT margin of 1.72% and moderate RONW of 13.1%. On the back of that, asking premium of 65.5x its FY17 earnings on upper price band is comparatively expensive and is difficult to justify. Therefore, we remain NEUTRAL on the issue being cautious of the aggressive valuation.

Gupta Equities has the following Review,

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Mahindra Logistics stands to gain from operating leverage. At a P/E of 64xs of FY17 Earning. We believe that Mahindra Logistics has a unique business model and strong growth metrics which will make them lucrative. We assign a Subscribe rating to the IPO.


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IPOs and Rights Issues / Re: GIC Reinsurance - Recommendations
« Last post by resh on October 11, 2017, 11:10:49 PM »
Asutosh Kumar Mishra of Reliance Securities said,

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We believe valuations of 4x P/B of FY17 and 26.6x diluted earnings of FY17 at upper price band appear reasonable and attractive
compared with ICICI Lombard’s P/B of 8.1x and 46.7x PE despite generating same quantum RoE. Thus, we recommend SUBSCRIBE to the Issue.
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IPOs and Rights Issues / GIC Reinsurance - Recommendations
« Last post by resh on October 11, 2017, 11:08:46 PM »
Here are the Brokerage recommendations of "GIC Reinsurance"

SPA Financial Adviser Analyst Siddhesh Mhatre said,
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At the upper price band of INR 855-912 the issue is priced at 1.6x FY17 P/BV( incl. fair value change a/c). Lower penetration levels (0.8% in 2016); high reinsurance premium growth (11-14% CAGR projected for next 5 years) and 15-18% expected ROE supports
high valuation of 1.6x P/BV against the peer group (1-1.3x). We recommend subscribe to the issue as a good long term investment.

Umang Shah of Emkay Global Said,

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We believe the valuations are reasonable given the average ROEs of 18.5% during FY14-17. While the PAT CAGR has been slower at ~9% during the same period, the profitability could improve with improving operating ratios. We believe the company can offer steady compounding returns and hence we recommend “SUBSCRIBE” to the issue for the Long Term.

Asit C Mehta is of the following opinion.

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With diversified product portfolio, superior investment yield coupled with the first-mover advantage, under penetrated nature of overall insurance sector augur well for GIC Re in the long run. Globally, Reinsurance Company’s stock trades in a range of 1.1x -1.4x its Price/Book Value. At the upper price band of Rs 912/-, the company’s stock trades at 1.56x its FY17 P/B Value of Rs 581.4/-, which is fairly priced. Hence, we recommend to SUBSCRIBE to the issue on long-term basis.

Joindre Capital has the following review,

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We are confident that GIC will deliver consistent performance and provide an excellent investment opportunity for investors with a long term horizon Hence this is a great issue for genuine long term investors who are looking for a leader in a sector which has a business model which has been proven globally for decades with longevity of growth. Hence we recommend SUBSCRIBE for long term investment

Sachin Damani & Rajiv Mehta of IIFL Wealth Management said,

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Gross premium growth for GIC Re should remain sturdy in the coming years owing to a) sustained brisk growth in Indian non‐life insurance industry b) expanding reinsurance market in India and c) tapping of new global markets including the largest ones. The potent combo of likely inroads into global market along with better pricing in domestic market should further improve the combined ratio in the medium term, save for any untoward loss. At the IPO price of Rs912, GIC Re is reasonably valued at 3.6x P/BV on a post money basis. The valuation, inclusive of Fair Value Change Account (FVCA), drops to 1.5x P/BV. We recommend Subscribe.

Dineshkumar Gupta of Dalmia Securities said,

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At the price band of INR 855-912 the asking valuations for the issue are ~24.0-25.5x its FY17 diluted EPS of INR 35.8/- & ~4.1x P/BV for FY17, which seems to be attractively priced. We believe insurance sector can witness high growth as awareness of risk cover as well as shift of savings to financial assets accelerates over the next decade. Hence we recommend to SUBCRIBE the issue from a long-term perspective.

Vidhi Shah of Prabhudas Liladhar Securities said,

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The promoters are coming out with an offer for sale of around Rs98bn and fresh issue of Rs15.7bn with dilution of 14.2% at a price range of Rs885‐912. At the upper band of Rs912, the company trades at 27.4x Mar‐17 EPS which we believe is fairly priced, but given the liquidity in the markets and company’s performance in the recent past, we recommend to Subscribe for long term gains.

Krishna Rana of Sushil Finance Said,

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Given the dominant position of the company and the positive outlook for the growth of the insurance, and hence the reinsurance sector in India, we suggest the investors to subscribe for this issue and stay invested for the medium to long term.

Arihant Capital Research Team has a 4.0/5.0 rating with the following view,

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The issue has been offered in a price band of Rs 855-912 per equity share. At the upper price band of Rs 912 the stock is available at P/BV of 1.6(x) and P/E of 23(x) based on FY17 EPS. There are no listed reinsurance companies in India. Accordingly, it is not possible to provide an industry comon in relation to the Corporation. Based on qualitative pointers, robust past growth and future potential, above mentioned strengths and management quality we have “4 star” rating for the issue.

Angel Broking Analyst Jaikishan Parmar said,

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However, the financials of the company may get affected adversely if India witnesses bad monsoon or successive poor monsoon seasons, drought, flooding or other catastrophic events impacting the Indian agriculture industry. Nonetheless, positives such as leadership position, well managed investment book, robust balance sheet and reasonable valuations provide comfort, hence, we recommend SUBSCRIBE on this Issue.

Disclaimer: We have subscribed to the issue in retail category in all names of family members.
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India Stocks and Shares / Indian Equity Valutions - Liquidity Driven Rally
« Last post by resh on October 09, 2017, 01:31:34 PM »
According to Ambit Research,

Over the last 8, 10 and 20 years, the total returns from the Nifty have moved very closely with growth in dividends, with P/E multiple expansion having played a negligible role. However, over the last 3 years, the picture has changed as Nifty returns have been primarily driven by P/E expansion. As a result, on measures like trailing P/E and P/S, the Nifty is trading close to its all-time highs even as consensus EPS growth estimates are repeatedly pulled back year after year. The picture is even more worrisome for broader markets (top 500 firms by market cap) which look much more overvalued than the Nifty. On the basis of current divergence in valuations versus fundamentals, we highlight Banking as a sector most at risk and reiterate our FY18 Sensex target of 29,000 (implying 10% downside).
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India Credit Cards / Personal & Business Loans / credit card settlement
« Last post by tanmoy on October 05, 2017, 04:00:26 PM »
I have a credit credit card of hdfc bank and i had withdrawn some hard cash from that card in an emergency situation but now an amount of Rs.64000 has been debited from my debit card so now i need to settle my credit card what is the procedure????
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