HBJ Capitals - Street Smart (Indian Stock Market) - Aug08 Issue - Concepts

8/14/2019 HBJ Capitals - Street Smart (Indian Stock Market) - Aug08 Issue - Concepts

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STREET SMART PART 2- AUG08 ISSUE[ONLY FOR PAID SUBSCRIBERS]

HBJ Capital, IndiaMail : [email protected] for

PAID/FREE Subscription.

Phone: 098867 36791

Talk: Use Google Talk
mailto:[email protected]:[email protected]


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From the desk of Head, Equity Research Cell.

Lets see if you are financially secure? Lets understand Financial Security.

Four Steps to become Financially Secure.

What HBJ Capital can do for You? First: Lets do Financial Planning.

Second: See which category you fall?

Third: Select the financial product. Fourth: Stocks are MUST for you to achieve your Goals.

Fifth: Out of stocks ONLY Small Cap can create huge wealth.

Small is Beautiful!!! Look for 1-2-3.

Case study: Pantaloon Retail (50x in 6years).

HBJ Capitals five golden rules of picking 10in3 stocks.

HBJ Capitals five golden rules of profitable trading.

HBJ Capital, India Our Services. HBJ Capitals offering for PAID subscribers.

One Cheque can change your LIFE!!!

Thank You To Our Subscribers. We owe it to society to give the wealth back.

Picture abhi baki hai yaro!!! - Movie is not yet over.

Make the rest follow your path HBJ Capital.


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Dear Friends,

We all wish to become rich or financially independent but do we know how many of us really achieved or will

materialized their wishes? Remember, our limitations are not imposed on us, they are accepted by us. As we all know,

Life is a choice, and it is a matter of priorities, with our vision as our capital and dedication as our raw material, we all

can create a history. Then why are we waiting for?

It is what is in our head that determines what is in our hands. Money is only an idea. If we want more money lets

change our thinking. We need to learn to have money work hard for us, and the existence of HBJ Capital is to make all

of us think what no one else has though. Think just one step ahead, think something which no on has thought ever will

make the difference. Remember great minds discuss ideas; average minds discuss events; small minds discuss people.

Now, decide which category do you fall?

HBJ Capital comes with ideas every months and ensure that their subscribers FREE/PAID walks away with money.

Remember without strong reason or purpose anything in life is hard, so first develop a desire to become a billionaire or

financially secure and then we will teach you how to pick a great stock, investing in those companies will increase your

wealth exponentially. It all begins with a dream, and belief in the heart, all you require is guts, glory & risks.

Remember, your patience will be tested, our conviction will be rewarded.

Looking forward for a long term relationship with you in the journey of wealth creation.

Yours faithfully,

Head, Equity Research Cell, HBJ Capital, India.

Rupees are lot like seeds, you can eat the seeds or sow them. Choice is yours?

FROM THE DESK OF HEAD, EQUITY RESEARCH CELL.


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Lets see if you are

financially secure?

Dont chase money, If you are the best in your field,

money will find you.


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LETS UNDERSTAND FINANCIAL SECURITY.

Financial security..

It is the ability to meet future needs while keeping pace with

day-to-day obligations.

It involves preparing for retirement and potential long-

term care costs.

It takes planning, saving, and debt control.

Two foundation stone of wealth accumulation:a) Budgeting & b) Planning.

The fear of financial insecurity

One of the most lethal destroyers of human happiness.

Creator of anxiety and paranoia (a mental disorder

characterized by systematized delusions and the projection

of personal conflicts).

Fear of financial security can change the behavior of a

person.

Wrecker of decent nights sleep.


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FOUR STEPS TO BECOME FINANCIALLY SECURE.

I can't stand to see red in my profit-or-loss column. I'm Taurus the bull, so Ireact to red. If I see it, I sell my stocks quickly.


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FOUR STEPS TO BECOME FINANCIALLY SECURE

(CONTD).

Own not the most, but the best.


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What HBJ Capital can do for You?

8

When every thing is coming your way, you are in the

wrong lane.


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FIRST: LETS DO FINANCIAL PLANNING.

What is Financial Planning

It is the process of meeting your life goals through the proper

management of your finances.

Broad areas: Cash Flow Management ; Insurance ; Retirement

; Investments ; Taxation ; Estate Planning etc.

Rule No.1: Never lose money. Rule No.2: Never forget ruleNo.1.

Financial goal based on your risk tolerance

Type of Person you are? High risk taker or conservative. Responsibilities you have? How much you can save depends

on spending needs.

Time Horizon - Before you make any investment, you shouldalways determine the amount of time you have to keep your

money invested. Risk Tolerance - Determining the amount of money you can

stand to lose.


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SECOND: SEE WHICH CATEGORY YOU FALL?

Emotions are your worst enemy in the stock market.


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THIRD: SELECT THE FINANCIAL PRODUCT.

If stock market experts were so expert, they would be buying stock, not selling advice.


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FOURTH: STOCKS ARE MUST FOR YOU TOACHIEVE YOUR GOALS.

Stocks are found to be the best investment vehicle & Small Caps provides biggest return among others.

If we invest Rs 1 for 10 years in a company growing @ 60% CAGR, we will be able to make 109 times returns.

Case -1 : Let say someone invests a sum of Rs 1 Lakh in Small cap company growing at 40-50% CAGR, after 10

years he/she will get Rs 50-55 Lakhs

Case 2 : Investing the same sum of money in Large Cap, say Infosys growing at 20-30% CAGR will give you Rs 10-

13 Lakhs in 10 years.

Case 3: Invest same money in Bank FD at 8-9% return will give you approx Rs 4-5 lakhs in 10 years.

Compounding - The Eighth Wonder of the World


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FIFTH: OUT OF STOCKS; ONLY SMALL CAP CAN

CREATE HUGE WEALTH.

Reason why most of the people fear to take high risk because they lack conviction while

investing. HBJ Capital is there to build that conviction in you, so we will focus on the people

with high risk or very high risk profile, because high risk is always rewarded with high

returns. We suggest them to do their asset allocation like this.

50% investment in Mid/Small Cap with 10in3 potential , your investment will grow 10 times

in 3 years.

20% for Future & Option Trading, it will provide you income for long term investment (note:

derivatives are very risky investment).

15% in Real Estate & 15% in Cash holding will be for any emergency need.

We dont suggest you to go for any Govt Securities, Bonds, FD etc

We dont suggest you to invest in Large cap or any company with growth less then CAGR of

40%.

Business growth per se tells little about value.

Are youready towear this

cap?


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SMALL IS BEAUTIFUL!!! LOOK FOR 1-2-3.

Investing in small cap will provide better wealth creation opportunity.

1. In small cap, look for size of opportunity, quality of management & have patience to hold it for longer time. Always look for smallcaps which are leaders in their respective sector or niche players.

2. A growth oriented small cap creates huge value when PE re-rating happens. PE expansion will take place due to higher growth rateand good earning visibility.

3. Small caps are mostly under-researched, FII/MF dont hold these risky stocks, due to low equity and visibility they are undervalued.

If past history was all there was to the game, the richest people would belibrarians.


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CASE STUDY: PANTALOON RETAIL (RETURN: 50X IN

6YEARS).

Scale, Management & Patience Pantaloon in 1999 was just Rs 94Cr company in organized retail sector with scale of opportunity as big

as $300bn, with just 2% organized retail. Promoters pledge their houses in order to raise fund. Holding this company for 6-7 years wouldhave provided 50 times return.

Growth + Re-rating Pantaloon was growing with CAGR of 100% during 1999-2004, in 1999 PE was just 8, which is re-rated to PE of100 in 2006, hence it became multibagger not only due to its earning growth but also due to its PE re-rating from 8 to 100.

Under-researched + Under-owned -> Under valued In 1999, it was least known, no research house use to track this company, almostnil FII/MF holding , hence it was trading at PE=8 with Mcap = Rs 94Cr in spite of growth rate of 100% per year. Later on when it wasdiscovered and became large cap, it was already 50 times.

Time is the friend of the wonderful company, the enemy of themediocre.

HBJ CAPITALS FIVE GOLDEN RULES OF PICKING


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HBJ CAPITALS FIVE GOLDEN RULES OF PICKING10IN3 STOCKS.

We believe in the handmade, the first try, the small start, and the

good effort.

Next Microsoft

in : Growth

Oriented Small

Cap!!!


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Always look for latest trend, changes in the economy or the new policies

created by Indian government for any old/new sector.

In 90s, after the liberalization policies and FDI in India, it became easy for

Software Industry to do business and fortune created by Infosys, Wipro, Satyam

are well known.

Similarly new policies by govt on telecom, retail, infrastructure, education sectors

during last 5-6 years lead to many wealth creators like Bharti, Pantaloon, Unitech,

Educomp etc.

The Sector as a whole should exhibit growth. Companies which are first

movers in their sector and are able to hold on to that advantage, they enjoy

better PE multiples.

When policy changes or new trend emerges, all the companies in that sector

performs well but there is always one leader and we have to look for that. First movers in any sector, like Educomp in Education, Dish TV in DTH, Bharti in

Telecom, Pantaloon in Retail , all of them gets advantage being the1st movers in

that sector.

Leader command better PE than other followers. So, its always better to discover

leader and hold it for longer time.

Time is not Money Time is Time And Money is Money.

Rule #1 : Look For New Emerging Sector


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One must have patience to hold sector leader for longer time till the sector is

established.

Investment in new sector takes time to give you better returns, because until the

new sector attracts more eyeballs, your company will not command high premium

or PE.

New trends - It is like you are seeing something, other are not able to see. So, the

risk involved in going away from general crowd is more, but the return will be

huge.Always try to look into the future and spot the trend early, StreetSmart newsletter of HBJ Capital will help you spot the opportunity well

before other thinks of.

Its not the timing but TIME which creates wealth. Just think, we spent our first

20+ years studying something which lead to a Job with average salary of say Rs 3

Lakhs per year, so expecting massive returns in few year is un-realistic and un-

warranted.

Time will test you conviction on the stock to hold it for long time and yes, 10in3

small cap research report of HBJ will build your conviction on that

emerging giant company.

Wealth creation is the art of buying a rupee for 40 paisa.

Rule #1 (Contd): Look For New Emerging Sector


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The Market cap should be less than Rs 500 crores (Preferred). There is a very

high probability of getting a multibagger out of a small cap.

Just like Infosys in 1993 with Mcap of Rs400Cr; Pantaloon in 2004 with Mcap of

Rs100Cr and Educomp in 2006 with Mcap of just Rs 400Cr, we should look for small

companies which are leader of their own emerging sectors.

Smaller the company, larger the return will be, it is like catch them young. HBJ

Capital will be publishing a book on How to find a small cap company

potential to become future giant theme by Aug09.

Remember that your expertise and wisdom comes in to play when you discover them

in very early stage rather than when they become mid/large cap.

Companies with small market caps are more prone to going up a number of

times compared to companies with large market caps.

There is a saying that, A fly can jump many times but an elephant cant jump evenone time of his size. We have already discussed why one should go for ONLY Small

cap, if one dreams to become wealthy not just rich.

Patience Patience Patience Is the key to success nots ee .

Rule #2 : Always look for a Small Market CapCompanies with Leadership Position.


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All multibagger companies started from a base of very small market

capitalization , they are non cyclical, non MNC & majority of these companies

were driven by first generation entrepreneurs.

These are few characteristic of multibagger companies, do not invest in cycle

companies; any company owned by Govt. or MNC or reputed business house.

Look for the young blood running the show. World is changing very fast, we need a

Google not IBM, we are looking for Infosys not for Tata Steel or HLL.

Control more than 30-50% of Market. The size of opportunity is very important.

One has to think in terms of the volume growth that the company can generate. Look

for leaders in the Industry either No. 1 or No.2 .

Look for niches and scalability. Insurance, Telecom, Retailing, Entertainment are

some businesses where the size of external opportunity is huge.

It is optimism that is the enemy of the rational buyer.

Rule #2 (Contd) : Always look for a Small MarketCap Companies with Leadership Position.


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Every act we do, result depends on probability.

Anything we do; decision to do or not, depends on probability of success. Similarly, if

a sector is very big then a small cap company with first mover advantage in that

sector (say leader of emerging sector) gets enough head room to expand and grow.

Since the opportunity is very large in that sector, company can not only grow

multiple times but also there will be room for other players competing.

These are unusual situations where the sheer size of the market is about 30 -40

times the current level of penetration. You should try and look at the market cap in conjunction with the size of opportunity.

In some cases company is leader but the scale of opportunity is less, for example

Bartronic India limited is a leader in bar code or RFID but the scale is limited so it

has to venture into other business in order to maintain its growth rate.

In case of Heritage Foods (India) Limited which is in milk production & distribution

business, scale is limited and fragmented and market size is not 10-20 times compare

to its Mcap.

Real money made in commitments in a stock showing profitright from the start.

Rule #3 : Look for Scale of Opportunity.


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History speaks volume on scale of opportunity.

Software: In the year 2000 the Indian software industry was worth US $ 10 billion.While US $10 billion does not look that big it was comparably very large when viewed

in relation to the market caps of the leading software companies Infosys, Wipro and

Satyam which were less then US $ 300 million.

Private Banking: This sector was easy since the market was already there all these

private banks needed to do was shift the customers from one segment (PSU banks) to

another (Nationalized banks). HDFC, Yes Bank, Kotak, Axis Bank

Telecom: The Indian Telecom story was quite similar. Mobile Telephony had to

happen. After all what happens globally will happen in India. Bharti Airtel which

traded at a market cap of US $ 1.5 billion against a total market size of US $ 100

billion in two years.

Retailing. The Indian Retail market is presently worth US $ 300 billion and the

collective market cap of the leaders in the listed space was less then 1% in 2003 and it

is at a similar level currently. Pantaloon, Trent, Titan are the players in this sector.

Focus on return on equity, not on earning per share.

Rule #3 (Contd) : Look for Scale of Opportunity.


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History speaks volume on scale of opportunity (Contd.)

Construction: The Indian construction sector got its first boost when the NDAGovt., announced the golden quadrilateral project. the size of the opportunity (Rs

200,000 crores) was huge compared to the market cap of these companies.

Private Insurance players: The total Insurance premium to be collected in 2008-09

would be close to Rs 2 Lakhs Crores. Just think about the opportunity in this sector.

There are no established players except a few like Bajaj & Max ect.

Media: Globally media properties are huge. In India media is yet to evolve. With

addressability (CAS and DTH) stress on intellectual property rights and increased

consumer spending the path ahead could throw up a lot of multibagger. TV18, Zee,

ENIL, Dish TV are media players.

Internet and Education: There is a huge opportunity here. The growing middleclass will like to get their children educated. Broadband penetration is expected to go

up from 1.3 million to 20 million by 2010. This could drive up valuations of internet

companies. Educomp is an established leader.

Focus on return on equity, not on earning per share.

Rule #3 (Contd) : Look for Scale of Opportunity.


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Unknown management with passion & vision to make it BIG.

New promoter with little name & fame, willing to make it big with their passion & vision,has no option but to go to the public and ask for money thru IPO. He needs money andwould raise it irrespective of the valuations that he gets, banks would not have financedhim nor does he has personal resources to fund his plans.

The newer breed of promoters have nothing to lose. As Nandan Nilekani once mentionedthat he had started his career with Rs 250 and all he could lose was Rs 250. KishoreBiyani of Pantaloon, mortgaged his house just to raise funds in his early days of venture.

In the early part of 2003 when Mobile Telephony was introduced. Reliance, Tatas,Hutch, Essar and BPL preferred to go alone while Bharti had no option but to come tothe public. So, look at the guy who is raising money thru IPO, you can spot the goldthere itself.

Financial Technologies and Pantaloon Retail are the two biggest examples of first

generation promoters. Both the promoters struggled to raise funds and came with IPOwhich created investors an opportunity to make 100 baggers investing in these stocks inearly days.

You should look at new management trying to establish integrity and honesty. Rarelywill you get an established management in a new sector.

Everyone has the brainpower to follow the stock market. If you made it throughfifth-grade math, you can do it.

Rule #4 : Unknown Management (avoid establishedpromoters) : See their passion not qualification.


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IIT and IIM Graduates normally do well.

Managements that follow good long term strategies thinking ahead of the curve arealways able to create share holder value. Preference is to look for IIT and IIM Graduatesin the top level positions. A good educational qualification is must but not mandatory.That is why we call, Investment is an art not science.

And finally it is the entrepreneur that makes and creates that sustainable advantage. Apredominant number of the promoters in the multibagger were first generationentrepreneurs in new ventures or start ups.

Avoid companies backed by established promoters

Management integrity should not be focused on the past experience (Tatas,Birlas orAmbanis) but on their future vision (Bharti, Biyani). the concept of trying to make a hugemultibagger from an established promoter remains remote and un-discussed.

Established promoters can only give you a 2 to 4 multibagger. If you intend to make a20-50 bagger you need to look at the new blood. This is because an established promoter

will never sell his shares very cheap. They will build their company privately since they can get the funds from banks very

easily, and once their companies are established they will extract money from publicthru IPO with high premium. DLF & Reliance Communication or Idea Telecom are fewexamples.

Value of analysis diminishes, as element of chance increases.

Rule #4 (Contd) : Unknown Management (avoidestablished promoters) : See their passion notqualification.


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The Price Earnings should be less than the growth. In other words the PriceEarnings to Growth PEG < 1.

Look at the PE at which company is valued, if a company is growing with 50-60% CAGRand it is valued at PE of say 10 or less then it means PEG = 10/50 = 0.2 which is a steal.

So, when you are looking for Small Cap sector leader, just look at the PE of the companyif it is in the range of say 10-12, it means it is not yet discovered but if you see PE in therange of 30-50 means better stay away from it. When most of the people run behindnewly discovered sector leader, the company goes for PE expansion from 8-12 earlier to40-50 later.

So, a thumb rule is invest in a company only if PEG = PE/Growth < 1. But rememberthere can be exceptions.

Always buy low PE stocks because a low PE means that growth has not beenfactored into the stock making it fit candidate for a PE re-rating.

A company at the early stage when very few people believe on their credibility & veryfew took an effort to see beyond others, in such situation a fast growing company due to

low profile still available at cheap valuation, means lower PE.

When a low profile sector leader continue to perform well for couple of years, it gets thelimelight of BIG guys and then its share price starts moving up very fast not only due toearnings but also due to PE re-rating.

To me, an investment is simply a gamble in which you'vemanaged to tilt the odds in your favors.

Rule #5 : Price Earnings (PE) Vs Growth + Moats.


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Value Vs Growth : Always go for Growth, because even promoters dont know thereal value of their businesses.

If you are really looking the next Microsoft, the next Google or the nextInfosys, in the Indian Stock Market, then please, please, please just look at the Small Cap - Growth oriented Company!!!

Moats : What makes this company stand out of the crowd?

Something which makes you go behind their product or services.

Low entry barrier, monopoly in service or product.

Low pricing power, forward & backward integrated company.

Companies that spend on technological up gradation are able to maintain their positionin the market.

Change is the biggest and permanent thing in this world. If a company is not changingrapidly it will be obsolete. Like Scooter was popular when we were kid now it is almostobsolete.

So, just look at what companies does when economy changes or how fast promotersnotices the opportunity and grab it.

Temperament costs investors more than ignorance.

Rule #5 (Contd) : Price Earnings (PE) Vs Growth +Moats.


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HBJ CAPITALS FIVE GOLDEN RULES

OF PROFITABLE TRADING.

Stock Market is the worlds biggest gold mine.


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Risk management is not only the most important part of the money game but if it is nottaken care seriously then traders are going to lose their one & only one inventory calledCASH and will be out of the game for ever.

Normally, a man doesnt lose habit of being poor. He will risk half of his fortune in thestock market and will pay less attention than he devotes to the selection of a mediumpriced automobile.

Lets assume that trader A makes 10 trades. In nine trades he made losses in all dead wrong each and every time. Only one trade is a winner. Sounds like a pretty lousytrack record, right? After all, Trader A was wrong 90% of the time! But if this traderstrictly follows the Stop loss & let his profit grows then bet me, he will make goodmoney in just 1 trade compare to small loses in rest 9 trades.

If thats how you see it, change your thinking right now. Because making money in themarkets has almost nothing to do number of time you win but everything to do with themagnitude of win and loss.

Its the magnitude of the win when you are right that counts!!!

Look at speculation as a business not gamble.

Rule #1: Making money in the markets has almostnothing to do with how often you win buteverything to do with how you manage your risk.


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Why? Lets say you have Rs100,000 to trade with. If you risk 10% of your equity on

every trade and you experience 10 losses in a row, youre wiped out. You are out of

capital, and out of the game.

If you risk just 2% of your money, you have 50 opportunities instead of 10. And

with 50 opportunities, the probability of you being right on any one trade goes upexponentially.

It is better to lose small money and learn in the early part of your trading life than

lose big money and learn the same lesson in later part of your life.

Its always better to play safe and within limit, so that even if you lose once ortwice in a row, it will not impact you in big way psychologically lead to some bad

decision by you in your next trade.

Time is not Money Time is Time & Money is Money.

Rule #2: Never risk more than 2% of your money onany short-term investing : day-trading and positiontrading.


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You can always get back in. You can always trade another market. There is alwaysanother opportunity. But if you dont religiously use stops to limit your risk to 2% Ican say with absolute certainty that you will never make any money on a consistentbasis.

You might get lucky once in a while by not using stops. But I assure you, without ahard and fast rule of using stops, you will give back any lucky profits you make in no

time, guaranteed.

Of course, if you are trading options, using stops and the 2% rule its not practical.But as long as you are only purchasing calls or puts, you can implement similar risk-controlling measures by never buying an option position that equates to more than 2%of your accounts total equity.

The human side of every person is the greatest enemy of the average investor orspeculator.

Give up trying to catch the last eighth or the first. These two are the most expensiveeighths in the world.

Never Predict or Anticipate the market, try to React to whatmarket is telling by its behavior.

Rule #3: Always use protective stops!


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Before you can successfully play the market, you must have a clear concise

strategy & stick to it. But be sure to confirm your judgment before you take yourfull position.

After all, what good is it if you give back a majority of your profits before getting

out?

Or, what good is it if you get out of a winning trade prematurely, when a big trend

is about to emerge, and you caught it early on?

By always using a trailing stop to reduce both the risk and the odds as well asthe amount of profits that you can potentially give back.

Discipline makes money discipline in predetermining your risk and putting as

much emphasis on when to exit a trade as you do on when to enter a trade.

Each time you close out a successful deal, 1st Take 50% of the profit and lock it into safe deposit.

2nd Draw out the cash, count the money over; feel it, it is real, tangible and powerful.

If you cant sleep at the night because of your stock market position then you have

gone too far, if this is the case then sell your position down to the sleeping level.

Patience Patience Patience Is the key to success not

Speed.

Rule #4: How you exit a trade is as important, if notmore important, than how you enter it.


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I dont know one single successful trader or investor who watches any news showsduring the day. I myself turn the TV and radio off during the day.

And always keep in mind: News does NOT dictate the major trends in any marketor security. To the contrary, news flows FROM the trends!

The statistics are the result of trends already in motion, and if you follow them, orrely on them to trade, you are virtually guaranteed to lose money.

So what can you rely on? Your own homework on the markets, whether its basedon fundamental or technical analysis. Or on an analyst you trust, and who hasproven that he or she not only understands the major trends at work in themarkets, but also knows the importance of sound money management concepts.

Do not listen to people, the pundits, and the reporters, who are trying to interpretthe news and predict what will happen. Learn how to read the chart/movement ofstock the truth is in the chart listen to it.

The stock market always moves ahead of the world event/news/results; notoperating in the present or reflecting the future; it is operating on what is yet to bethe future.

The headlines in the newspapers are for the suckers. A good speculator has to getbehind the news & see what was really going on.

Line of least resistance The TREND, is your friend

Rule #5: Ignore the News.


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HBJ CAPITAL, INDIA OUR SERVICES.

Equity Research Cell Equity Investment Shanti Foundation

Street Smart Newsletter

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Portfolio Health Check

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www.hbjcapital.com

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HBJ Capital, India

HBJ Capitals way to create wealth is Just be Focused & Unbalanced.

1st Book From HBJCapital Catch them

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THANK YOU TO OUR SUBSCRIBERS


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THANK YOU TO OUR SUBSCRIBERS.

On behalf of HBJ Capital Team, I (Head, Equity Research Cell) wouldlike to say thank you to all our FREE or PAID subscribers. I'mdelighted to say that our dedicated Research Team spent lots of timeon creating content that builds a relationship with their readers.

Thank you for making the investment in our professional services righthere at HBJ Capital. Thank you for believing in what we are doing.

Thank you for your inspiration, your questions, your feedback. Thankyou for helping us to make HBJ Capital Community/Group a trustedplace for all .

Thank you, everyone! Theres long way to go.

It takes 20 years to build a reputation and five minutes to ruin it. If you think

about that, you'll do things differently.

Lets have a look at our testimony for the service & product offered by HBJ Capital

Lovely report Street Smart, I will continue to use your services! Nimesh Dayal, Pune (Feb08)

It is exactly what I was looking from long time, last months 10in3 reports has changed my fortune! Ishwar,

Bangalore (May08)

Wow that is great! each page of your report speaks volume, Thanks! Rajat Gupta, Mumbai (June08)

The most beautiful research report I have ever read....perfect HBJ Team. - Seetharamaiah Vemula, Chennai

(June08)

Many more to follow in the next issue.

WE OWE IT TO SOCIETY TO GIVE THE WEALTH


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WE OWE IT TO SOCIETY TO GIVE THE WEALTHBACK HUM LOG HAI NA.

Our Belief.. At HBJ Capital, we all strongly believe in the fact that we owe a debt to society, we owe a helping hand to the unprivileged, we owe a free

service to all those struggling financially.

Our Contribution to Society.. It all started since March 2007, we decided to contribute 10% of our profit to Shanti Foundation, a charitable wing of HBJ Capital. It is possible to contribute 10% of our net profit, because Equity Research work has high operating margin, as it involves just

intellectual power. We have plan to register our charitable wing as a NGO by mid 2009.

We thank you for being our PAID subscribers, 10% of your PAIDsubscription fee goes for the service of our nation. Jai Hind!!!

"Goodness is the only investment that never fails."


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Picture abhi baki hai yaro!!!(Movie is not yet over.)

Visit : www.hbjcapital.com or Mail: [email protected]


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From the desk of Head, Equity Research Cell.

Two Investment Ideas which can change your destiny!

Education Sector. Education: A solution to every problem.

Indias education sector: A $120 billion opportunity.

Scale of opportunity is very large.

K-12 segments, Professional colleges, Franchise business & E-learning.

Two major areas where the private sector is not restricted. Opportunity# 1: Vocational training & associated listed companies.

Opportunity# 2: Educational services/support & associated listed companies. Coal Mining : Turning Coal into Gold.

Lets see where opportunities lies in coal?

Two major areas where the private sector is not restricted. Opportunity# 1: Coal Mining & associated listed companies.

Opportunity# 2: Coal Import & associated listed companies.

Power of 10in3 stocks MMTC

HBJ Capital, India Our Services. HBJ Capitals offering for PAID subscribers.

One Cheque can change your LIFE!!!

Thank You To Our Subscribers.

We owe it to society to give the wealth back.

Picture abhi baki hai yaro!!! - Movie is not yet over.

M k h f ll h HBJ C i l

Documents

HBJ Capitals - Street Smart (Indian Stock Market) - Aug08 Issue - Concepts