Aftek Limited : A stock for the future
Key Investment Highlights
- CAGR of over 40% in last 5 years and is expected to continue for next 5 years
- Debt free company with over 450Cr of Reserves and Surplus
- Strong OPM (36% in Q1 FY07) due to leveraging of existing IP ( Intellectual Property ) and creation of new IP
- The company is very strong in Communication and Networking space and has strong relationship with many automobile vendors in the area of Car Telematics.
- The company has entered in to a strategic tie-up with ESG Gmbh of Germany in the area of Car Telematics
- 100% subsidiary Arexera is focusing on ECM (Enterprise Content Management) space with solutions for specific verticals like Compliance, Banking Security etc.
- Hold 33% stake in Seekport a European Search Engine (Runs search engines in German, Spanish, English (UK), French and Italian languages).
- Seekport will launch an Indian Search engine and an Arabic Search engine in next 6 months and has plans to get listed in Nasdaq
- Holds 25% stake and 5% royalty over revenues in DigiHome Pvt Ltd which provides solutions for intelligent homes (This company also has plans to go public in next 2 years)
- Another subsidiary Opdex is developing solutions for Energy management (A consumer portal will be ready for testing by summer next year).
- Elven Technologies another associate company of Aftek (15% stake and will be merged very shortly) has recently acquired 100% India operations of Nasdaq listed AMCC.
- Consistent dividend payer
Overview
Aftek Limited is a 20 year old technology company which provides enterprise business management products, solutions and services which span infrastructure, information and process tiers of any modern business. The company had a turnover of 202Cr (9 months as the company opted to make its accounting year March ended) in 2005-06 with a NP of 67Cr. Unlike its peer listed software companies in India which operates in low end ITES and BPO services this company operates in high end cutting edge technologies leveraging its IP (Intellectual Property). This makes investment in Aftek a high risk category with an equally high return expectation.
Understanding the business model of Aftek
Understanding the business model of Aftek is key for any decision for investment.
The company has a unique business model which so far has worked well in favour of Aftek. Basically Aftek works in two spaces, one Organic space and another Inorganic space. The organic space is all about the listed company Aftek which is the development factory that provides solutions and services to both inorganic tier and to other outside customers.
The revenue generated from this organic tier and its capacity to raise money is used to invest in new companies which form part of the inorganic tier. These inorganic tier companies are separately managed and once they get mature will be integrated in to the parent company or will have different exit strategies to realize their full value.
While Arexera, Opdex, Elven and V-Soft form that part of the inorganic tier which has already been merged in to the parent company or will be merged in the near future, Seekport and Digi Home are part of the inorganic tier which has got separate exit strategies.
While growing the business in both these model the company had made sure that the core of these models is IP (Intellectual Property) which is either acquired or created.
ECM (Enterprise Content Management) and Search focus
The market for ECM software and services is expected to reach US $9 billion by 2007 in which the ECM software license itself is expected to reach US $3.9 billion by 2008. The area of Compliance and Process efficiencies are expected to be the key drivers of this growth. Arexera (100% subsidiary) with its superior and extremely fast search technology is focused on this space.
Arexera competes itself with other players in this niche like FAST and Autonomy. Going forward we can expect Arexera tying up with some ECM vendor to sell its products.
Also to maximize the profits Arexera itself is undergoing a restructuring exercise by forming a parent company in Switzerland, the result of all these will be visible by next year.
Mean while another company Seekport which was created earlier using Arexera IP is now positioned as one of the major search engines in Europe. With presence in major European languages like German, Spanish, English(UK), French and Italian languages. Seekport is positioned itself has a regional search engine with a unique vertical search capability.
The Arabic version of seekport (in which Royal family of Saudi has invested around 45% stake) will be out in next 6 months. The Arabic market is another untapped market which is growing very rapidly with around 25m internet users. The Indian version of seekport is expected by this year end.
Aftek has 33% stake in seekport. While a Chinese search engine, BAIDU with around US$ 70m in sales is commanding a valuation of close to US $ 2.8 billion a similar opportunity also exists for seekport also when it gets listed in NASDAQ.
Another cutting edge product that the company is working is called SEPA (Search Engine Performance Advertising) which will be available as an ASP with an optional backfill from seekport. This is an online end to end advertisement tool.
Energy Management Focus
Aftek is developing a Consumer Portal (in consultation with EPRI) which is a combination of hardware and software that enables two way communication between Energy Service Organizations (ESO) and equipment within the consumer’s premises.
This product basically helps consumers to manage power consumption based on a Demand Response (DR) program.
Focus on Car Telematics
This is another area where the company has shown tremendous progress in terms of new customer addition and alliances.
Telematics is a US $6 billion market in Europe (it is much larger in US). Telematics impacts all aspects of the automotive user experience from human-machine interface, navigation, mapping, traffic information, safety and security aids, and mobile internet to remote vehicle diagnostics and control.
Aftek is one of the very few companies in India to specialize in Automotive Telematics Embedded Technologies related with the Automobile vertical. Aftek is already providing its services in this field to one of the world's biggest and most prestigious automobile manufacturers - BMW.
Recently Arexera had entered in to a strategic tie up with Germany based software major ESG Gmbh, one of the largest players in this field for a period of 5 years. Going forward this relationship is expected to yield positive effect on Aftek’s financials.
Merging Elven with Aftek
Aftek has initiated the process of merging Elven (where aftek holds 15% stake) with itself. Elven operates in the area of Electronic Design Automation (VLSI and ASCI design verification and testing).
Elven recently acquired 100% of AMCC Technology Solutions India Pvt. Ltd., Bangalore, the Indian subsidiary of US-based, Applied Micro Circuits Corporation (AMCC), a NASDAQ listed company. After this Elven will initially provide engineering services to AMCC. This acquisition also helps Elven to offer similar type of solutions to other customers also.
Valuation and Financials
This is the most surprising element as any one would think that a company with such prospects would trade at a much higher valuation. In contrary Aftek is still trading very cheap an indication of the fact that market has really not factored its business prospects well. This can also be due to the fact that majority of its business model is still evolving and carries a high degree of risk.
The market cap of Aftek is just above 500Cr and this year the company is expected to report sales in the vicinity of 350Cr. This year expected EPS is in the vicinity of 18Rs and at the current market price of 60Rs the stock trades at a PE of just 3.33 FY07 earnings. Now this is despite the fact that many its peers trade at an average PE of 10-15.
Apart from all these other comforting factors in valuation is the companies in which Aftek has invested. The 33% stake in Germen search engine seekport can act as a surprise value unlocking factor.The latest shareholding of Aftek (Sep Qtr) shows Government of Singapore Investment company and UBS Asia as its shareholders holding substantial chunks of shares.
Due to all these factors and the presence in high value segments I expect the company’s stock price to witness significant re-rating in the brouses and investors can take exposure at the current market price keeping a long term view.
Concerns
After all those positives there are some concerns also for this stock. The major factor is that the company operates in a very niche and high end technical area where the risk of failure can be very high. Also most of its high profile business models are still in development phases.
Another uncomforting factor is the very low promoter holding (around 12%). The main reason behind this is because of the dilution of equity for GDR and FCCB. Though I expect the promoter holding to rise after the merger of Elven.
Conclusion
Aftek unlike its other software peers is constantly moving up the value chain and has a strong focus on creating and acquiring new intellectual property. The company is expected to grow at a CAGR of 40% for the next 5 years.
I believe that the market cannot ignore these positives for long time and the stock is expected to get rerated. Based on these factors I recommend a buy rating on the stock with a long term perspective.
Disclaimer
Author is a software technical consultant based out of Hyderabad. At the time of writing this article he and his family members do have investments in the stock mentioned above. The author, his firm or any of his dependent family members may make purchases or sale of the securities mentioned in the report while the report is in circulation.
posted by Sajith @ 12:39 AM
65 Comments:
Good work..keep it up
This comment has been removed by a blog administrator.
Hi Sajith, That was a good review. Just reinforced my faith in the cpy, which I had shortlisted. It firts perfectly with what Benjamin Graham would call " Value". Made good reading. If u find time, would like to know your views on GV films and Helios and Matheson. Thanks Harish
slowly my apprehensions are waning and faith getting reimposed in this company.Even yesterday thought of coming out of this company.thanks.could you please give your comments on karnataka bank and mercator lines.
I am a small investor and invested heavily in Aftek for the last 2 years. Though I am also convinced of the VALUE in the stock, such under-performance, even when the broader markets are booming, is really frustrating.
Could you enlighten me about the likely time-frame for the merger with Elven to be completed, since it seems only after that the stock will start moving up.
Hi Harish,
Yes some companies do take a long time to give returns to invetors. But when it startes performing the results can be astonishing. This is mainly due to fact that there is some element of risk/uncertainity in its business. This risk will be there in any poducts development company or any copany which wanted to leverage the IP.
About Helios sometime back i had writen a report in moneycontrol for not to invest in the company when the shares reached a peak of 250. I wrote the rport after reading the annual report of the company. (It is strange that the annual report that i read is all about advertising the company and a call from the management to buy more shares of the company..and nothing about growth or plans).
Also some of the acqusitions of the company which it took recently is all doubtful in nature (including a Nasdaq acqusition). So i would advise against investing in it even now as the company dosent have any advantage in the space it focus on.
If you want to know further evidence go to the case studies section of company's website. The company claims to be a prominent player in Healthcare domain. But none of the case studies in that section reflects a healthcare domain. And if you go through the solutions there they are all very priliminary in nature . Any fresh passed out of the college can do any of that..
Look at one of the solution..
"
The client application was designed in MS Access and was querying data from MS SQL Server database.
Due to certain inherent flaws in this procedure including poor query structures, lack of indexes in the database and high volume of data, their queries were accessing data from multiple tables and this resulted in very slow processing of their reports.
MS SQL Server stored procedures and views were used in place of the Access queries, thereby providing scope for improving the query structures and quicker access of data.
By building the right indexes in the MS SQL Server tables, using views and techniques such as simulation and benchmarking of the queries improved performance by up to 500%.
"
Ohh man this is all junk. This can be done by any fresher who is learning technology.( How i know ..for the last 6 years i work in the technology field as a consultant).
Now another fact .. this is quite personal to me. I used to get mails from that company (dont get surprised ..its the usual job mails that every company sends).. But this companies mails are for other software companies (surprised ??). I really doubt that their core business is some recruting or body shopping :-)..
Hi Ravi,
I understant that it is very frustrating that this stock doesnot perform when all the market is performing.
But let me tell you the truth. Even if the market is performing well not many people have made enough money. This is due to the fact that people dont have enough conviction in the stocks they have invested in.
I personally know one guy who have investd in Unitech at 100Rs ( Yes the 10 Rs stock before bonus and stock split) after reading a report from Dalal Street. When the stock reached 300rs he sold out thinking that he will get a chance to buyback his 200 shares at a lower price. This all happened some 2 years back. Now you know what happened. His 20,000 should have reached atleast 60lack at the current price.
This is the case with most retail investors. The basic problem is that there is not enough conviction. Now you have invested in this stock for the last2 years. Which shows that you are slowly developing that very important skill to operate in the markets.
Now its is very difficult to predict when a stock will perform. But there are enough elements in this stock that it can perform well in the future.
Another advise i can give you is to slowly diversify in to other stock which reduces your risk in one particular stock.
You can consider investing in Geodesic at the current levels or at slghtly lower levels.( I will soon write another article on that stock)
But it dosent means that you sell your Aftek and invest in some other. Keep Aftek and try to build a parallel portfolio. Infact i myself have done that. Some 1 year back the percentage of Aftek in my portfolio was 70%. Now it is close to 15%. And i have not sold any single share of Aftek till now. But bought other stocks like Geodesic , MicroTech , Royal Orchid in the may crash. Which have reduced my risk in one stock.
You are right that most small investors did not make money even in the booming market since they are basically traders. I realise that I also, of late, have become a trader.
My other problem is non-diversification. In fact,I had bought good quantities of OBC,Andhra Bank, Allahabad Bank, GVK Power,Rain Calcining, Reliance Energy, Patni Computer etc after the May-June crash, but came out with 10-30% profit & invested the entire amount in Aftek. All the above stocks Would have given me additional 50-60% profit whereas Aftek gave me negative returns.
By the by, you did not indicate the Elven merger time-frame.
I am also presently posted at Hyderabad.
hi,
Very good analysis. Some point you may consider to add because, this I fell , is a good analysis but should be and appear to be unbiased:
Under concerns: (1)Promoters have Dubious reputation of being accomplice with KP in stock market scam and were barred by SEBI from operating and subsequently cleared by SAT.
( 2) Promoters also have business interest in liquor. However, this should not effect Aftek’s prospects because it has a professional board and competent leaders to guide the business.
(3) Promoters have 75% stake in a company- L1 where Aftek has 15% holding. Promoters have plans to merge L1 with Aftek which will eventually increase their stake in Aftek and possibly at a lower price considering the market price history of Aftek. However the positive side of this is with increase in promoter’s stake, the confidence of promoters in the company will also appear to be strengthened.
Lastly from optics point, Ctrl A and all font of same type :-)
You have an alternate or parallel career option....... :-)Continue the good job. Rags
bullshit stock...better get out fast before it goes to 12 rs..at that point bullshit will turn to gold...LOL!!
? Date by which merger ratio is to be announced?
? Top 100 share holders & quantity held?
I am not very sure of the exact date in which the merger ratio would be announced. But usually the valuation exercise would take anywhere between 4-6 months depending on the size of organization. Now this also depends on lot of if's and but's. The acqusition of AMCC's india operation by Elven might have made things more complicated.
But my gut feeling is that by March 07 everything should be in place
Very Good Analysis. Hope the share reaches its true value soon
What is the latest news on seekport &sawafi front
Hi Sajith,
I had used the background of your Analysis in one of my post.
http://vinzindianstockmarket.blogspot.com/2006/11/aftek-limited-stock-for-future.html
I was asked to mention the site details in my blog by one of my readers.
Please let me know if you have any issues regarding this.
Just post a comment on my site if you have any issues.
Thanks & Regards,
- Vinay.
http://vinzindianstockmarket.blogspot.com
Hi Vinay,
Please go ahead with your postings. What ever i post is not a copywrited material its just my thoughts. Just to help some of my friends with the market.
You are free to use it in what ever way you like
Sajith
Interesting article on local search in Red Herring. Its gives a broad overview of the local search arena.
http://www.redherring.com/Article.aspx?a=20376&hed=What+Google+Can%E2%80%99t+Do
Thats an interesting piece of article.
I know that there were some delays in launching Arabic search engine due to the delay in payments from the saudi partner. Its good to know that things are progressing fine. Even if the launch gets delayed by 2-3 months it is fine if they can create a world class arabic search engine.
Infact there is another news that once seekport arabic version is ready the Saudi govt will make it as the official search engine (The royal family of saudi is invested in seekport). This is mainly because they are not at all happy with the search results of google in Arabic language. The article clearly shows it (when they searched Quran). In that case definetely it will boot investor confidence.
Thats good news. Actually, if you notice the article mentioned that video search is going big. I feel that the digital gateway solution, which essentially would be a hub for net/cable too, can potentially be combined with the search solution to give extremely targeted and relevant ads. However, I don't think the company has mentioned of any plans on this regard.
I guess if they are able to deliver on local search alone, that will make all of us pretty happy and rich :)
I am keeping my fingers crossed :) Have a good holiday weekend .
Sajith, this is great analysis based on a sound understanding of the facts and their implications!
I found some more information on it. Thought would be useful for you. two VCs are involved in Seekport. One is Techno Overseas and the other is Xperience-at-work. Could not get much info on Techno. Xperience at work has a good team. One of the managing partner was MD of Infoseek, Germany. Their credentials are decent...Phds, MBAs, McKinsey plus relevant experience. All that can not guarantee a successul venture but I guess they would be putting in their best to make it work. They are invested in just 2 ventures so the stakes are high for them. Their exit strategy would most likely be an IPO. So, Aftek can afford to take it easy when it comes to Seekport. would greatly appreciate your comments on this.
Parag
good work
keep it up
Seekport Internet Technologies has an important financial investor, Techno Overseas Ltd. of Geneva, that facilitates the necessary bottoms for the opening of new markets.
Hi Parag,
My only worry with seekport is that they lost the first mover advantage in the Arabic Search engine market. The announcement of Arabic search engine in early march this year was a grave PR mistake by the Aftek management.
This has lead to their competitors to launch the first Arabic search engine called Araby.com in Sep2006.
And you very well know the importance of a first mover in an underserved market.
Any way now they have to push seekport with some additional and unique features that should capture the imagination of Arabic users. I am waiting to see how they approach that. This will be a litmus test for the management as it will test their capability.
hii.. northgate technologies.. any view on it.company would be growing at 105% for next 4 to 5 years.
Why has aftek hit circuit today???any idea
Hi,Thanks very much for your honest analysis and guidance for Aftek investment.Finally, I have doubled my investment in Aftek. I am a short term investor but because of your conviction in Aftek ,my investmet in Aftek went on for one year.What could be the target till December 2007.In MMB, predicting a target of Rs.750..
I knew that some day this stock will give superb returns..it was just a matter of time. What you see till now is the tip of an ice burg. The news was that Aftek is going to sell its properties in Mumbai ( near prabha devi complex ). It was bought some tome in 2000 by its 100% subsideary Mihir Properties for 3Cr rupees. (If i am correct it is some 45000sq feet office space) The price in that locality is some 20000/Sq feet
I purpousfully didnt write that in my post because the story in Aftek is not that of a real estate..There are some more recent developments in Aftek regarding some new projects which are sustainable in nature..This week i will write about it.
The target for me in Aftek is for next two years (and the price target is high 3 figures :-) )
Sir
Your views on the recently announced JV will be highly appreciaed
Thanks
The JV with ESG is in the right direction. Infact i was expecting something like this after they have announced their association with ESG some 4 months back. The biggest benifit of aftek is its ability to provide low cost development in highly niche areas like communication and networking. ESG can benifit from this and can divert some of its contract to Aftek. The formation of JV benifits both the players.
Also ESG is a very big defence service provide (communication field) and this will in long term moves Aftek in to a very lucretive area.
Dear Inv_Fii,
I am one guy whose portfolio still got a weightage of about 35% in aftek. Believing your conviction in aftek, and convicnced of the search story, i havebeen holding aftek for about one and half year at an average of around 100. The price movement of aftek just amages me, 95 to 55 just like that.
In these days of institutions, HNIs, research houses, brokerages, operators, FIIs, retail investors
etc., etc., can a good story keep under wraps for so much time. Can operators keep some thing good, depressed for so long. people almost over research companies and shred all the info, news to pieces. Is there something .. something .. something
we dont know?. Just needed some more words from you to keep my confidence :)-
Pl. be the first to inform us whenever even a whiff of negativity you feel about the co.
Hi,
First of all i dont believe in the story of operators dipressing the stock of Aftek. I have been hearing this for quite some time. Infact why should operators depress a stock. (depressing a stock for even a short time can be very expensive :-) ). Thats the reason most of the operators try to jackup the prices ( thats very easy). And you know the end results as you have seen in Atlanta or Pyramis Saimira.
Infact i was quite happy by the way Aftek management behaves. No unnecessary fuss. And all the communication through proper channel. Now i may not be able to tell you why the stock is not performing. Only thing i can tell you is that at the right time it will and when that comes is anybodys guess. The company is in the right path and making right kind of noices. Now its up to the market on how to value this company. Lets wait and watch.
Dear Investor,
Thank you very much for the reply. As always it is a pleasure and very very reassuring to hear you. pl continue the good work.
Dear Sajith,
Aftek's faith in the IP model seems to be paying off with Arexera bagging deal which has a potential yearly revenue of 75 crores ( 250 Euro , 50000 licenses ). Lets hope it is able to create many more such revenue streams in future through seekport,digihome also
Regards,
objectivist
The full amount or substantial part the 75 crores+ will add to bottomline reason being its a royalty.Its bumper for Aftek.
Hi Investor,
I have been reading your views on Aftek , religiously every time you post them . I am believer of this stocks growth in future.
Please give updates on Aftek of any new news thats beneficial .
I have spare 10 Lakhs to invest as invest and forget stratergy for 5 to 10 years. Do you think i should invest in Aftek looking at +5 years perspective. I am having hopes of this stock breaching 4 figure mark by then . Let me know your views.
23 March,2007
Its come in todays Deccan Herald newspaper (published from Bangalore) that Intel is doing due diligence to acquire a 25% stake in Aftek. This was said by Ranjit Dhuru. The whole process should take around 2 months. Please refer to today's Deccan Herald newspaper, business section. FII_Investor what are your views ?
Dear Investor, What is your take on the recent developments in aftek. The deal with BDT AG, seems to be a very good development. They are expecting 50,000 to 70,000 gingcom appliances to be sold in first 12 months. Is this a one off event or can we expect regular revenue stream from this deal in the years to come? if every thing goes according to plan it should add a minimum of Rs.3-4/-
e.p.s to the consolidated bottom line. The 25% stake sale is definetly regarding Digi Home.
If the arabic and indian search endeavours are on course and the listing of seekport on london alternate market fructifies - we can expect final take off of aftek. Like to hear your views on all these.
with best wishes.
What is Aftek's stake in Digihome?
MUMBAI: Intel Capital, the venture capital arm of chip giant Intel, is looking to invest in Pune-based Digihome Solutions. Aftek holds 25% stake in Digihome, while the Aftek promoter group holds the balance.
“Digihome needs funds for expansion and currently Intel (Capital) is conducting a due diligence,” said Ranjit Dhuru, Aftek chairman and chief executive. Digihome is into intelligent home management for residential projects and townships. and has a manufacturing unit in Solan. Dhuru said Aftek may hike its stake in Digihome to 51%.
Analysts tracking the company aren’t, however, too excited about the move. “Recently Aftek had merged another associate company, the Bangalore-based Elven Technologies, with itself, which resulted in promoter holding going up. While the acquisition cost for Elven Technologies (Aftek had a 15% stake and the rest was held by Aftek promoters) was Rs 50 lakh, in less than two years, promoters sold out to Aftek for shares worth Rs 30 crore.
This resulted in promoters’ stake going up cheaply,” said an analyst with a domestic brokerage. “So, more than Intel investing in Digihome, I would like to know at what valuation they would invest. Likewise, the promoters could also merge Digihome with Aftek at a huge valuation and shore up their holding,” the analyst added.
Meanwhile, Aftek has signed a deal with Germany’s BDT AG under which the latter would bundle Aftek’s search technology in its data storage device called Gingcom Appliance.“We would earn a royalty of about €250 for each piece sold,” Dhuru said.
DH report:
Aftek Ltd’s Chairman & CEO Ranjit Dhuru said Intel has already initiated the due diligence and thereafter a valuation on the company will be arrived at.
Intel Corporation is set to pick up an equity stake of 25 per cent in the Aftek Ltd, for which it is currently doing a due diligence.
Indicating this to select media here on Thursday, Aftek Ltd’s Chairman & CEO Ranjit Dhuru said Intel has already initiated the due diligence and thereafter a valuation on the company will be arrived at. Replying to a question.
Mr Dhuru said “the whole process should be over in about two months time and then it is for the Board of Intel to decide on the quantum of equity it wants to buy in Aftek, which we hope in the region of 25 per cent.”
Strategic pact
Meanwhile, Arexera Information Technologies AG (Arexera), a wholly owned subsidiary of Aftek, has entered into a strategic tie up with BDT AG, of Germany, world leaders in data storage systems.
Under the terms of the tie up, Arexera will licence its state-of-the-art search technology for BDT’s new data storage device “Gingcom Appliance”. “Aftek is one of the few IT companies in India to aggressively pursue IP and not just rely upon the traditional IT services model. This deal (with BDT) won against intense competition from major suppliers, has only underscored to the soundness of this strategy,” added Mr Dhuru.
Gingcom buy out
To the uninitiated, Gingcom is an IT-solution, which enables organisations to find, restore and use every document created or received through email, only through a single click, even after years.
Responding to a related query, Mr Dhuru said “Aftek had acquired Gingcom for a consideration of Euros 18 million and spend some more money on its development further and made the service as simple as that provided by a search engine in the Internet.”
In effect, it archives all PCs, Notebooks, Server, Application Systems, user data and profiles are automatically stored, doubly backed-up and, ensuring legal compliance. http://www.deccanherald.com/deccanherald/mar232007/business2144102007322.asp
Your views on Pyramid Saimira Please. The Compliance Officer of Pyramid Saimira -Mr.R.Manthramurthy has resigned from immediate effect due to personal reasons. Appears there is something wrong somewhere.. but everybody - Capital Market ( 51% rating) , ICICI, BS and Other major broking house, Including Udaya of CNBC has recommended this for IPO. Infact I remeber Udayan also saying when the price was at Rs. 400 that" This scipr is NOT at ridicululous valuations and still there is some upside" ( This was before all the news of scam broke). Is it good scrip to invest considering the depression in the stock for long term?? ( potential to double in a year)
Aftek to roll out digihomes across the nation
PUNE, MAR 28 : Digihome Solutions Pvt Ltd, an Aftek group company, is looking at taking its digital homes concept across the country and scaling up operations.
“We are talking to venture capitalists and will finalise a deal. We are looking at an infusion of Rs 80 crore-Rs 100 crore by September,” Ashutosh Humnabadkar, CEO, Digihome said.
Aftek’s Digital Home Gateway solutions for high-tech homes has taken off in Pune with implementation in two residential projects.
Chandrashekhar Raje, director, Digihome Solutions, said that, the entire product was developed in-house with a patented IP from Aftek.
It's housewarming time for digital homes
PUNE: Fully automated digital homes may soon cease to be the brickwork of imagination.
Residents, at least the ones occupying space in some fresh realty projects in Pune and Bangalore, would be able to control their home security, appliances and seamless telephony with a click of the remote or a swipe of the smart card. A claim that Aftek Ltd. demonstrated here today.
The company has, under Digi Home Solutions Pvt. Ltd (DSPL), a scion of the Rs.300 crore parent group, deployed Digital Home Gateway Solutions.
Currently installed at Rohan Tapovan (112 flats), Wonder Futura (118 flats) in Pune and Rohan Ashima (64 villas) in Bangalore, this solution claims to address areas like security, safety, automation, entertainment, information and communication, and deliver a hi-tech home for its denizens.
Chadrashekhar Raje, director, DSPL, showcased the different features here. "Now, with a seamless connectivity between home-installed user-interface (A touchscreen panel), remote, Internet and mobile, a resident would be able to switch on/off various appliances, power, lights, air-conditioned, geyser, cooking gas, etc. through a simple LCD panel at home and through mobile and even Internet while at work or away from home."
The concept has been woven around Aftek's flagship IP Jadugar, which can operate and non-interruptibly communicate between various protocol interfaces like GPRS, GSM, Blue-tooth and VoIP. The solution is based upon this platform and the company has developed the software and hardware around the same. The main control motherboard is interfaced with wires to various points like telephone line and network related connections. Commands for switching on/off travel between the control and sensor units to the board.
While the company optimises and customises the operating systems (OS), the OS is from standard vendors ranging from Embedded Linux and Windows CE, while on the server side Desktop Linux and Desktop Windows is used.
Project Manager Prafulla Kelkar further explains that few boards do not run on direct OS. Next on the feature wish list for digi-homes are plans to make inroads into T-Commerce wherein pizza deliveries grocery orders, restaurant bookings can be done via this system for big residential complexes.
Also, the menu, which currently works by a connect from mobile to home telephone line, can in future be directly integrated into mobile itself.
"The software on this system acts as a link betwen two different syntaxes- the VoIP and the telephony ethernet. A protocol stack or SIP (Session Initiation Protocol) helps connect the home-interface with the on-the-run mobile or Internet. A user can see the home-layout and on/off status on his browser too. The software helps translate one protocol to another, thus allowing seamless connectivity," says Kelkar.
CEO of DSPL, Ashutosh Humnabadkar says, "With this solution installed, a person would be able to have PIN and smart-card based access, track and record live-cum-stored camera bytes of visitors near the door/security gate, etc., enable sick/elderly to have a emergency click-button pendant. S/he would also be able to have real time video track of children playing in the park or get instant mobile alerts and LCD pop-ups in case of smoke or fire emergencies. Features on entertainment include MP3 downloads to audio and video systems."
Raje pegs the potential market to be worth Rs1000 crore in the next five years. He adds that cosmetic changes and enriching user interface would be an ongoing process and the company is working with some design companies already. Many improvements though still have space.
For instance, while the system allows switching on/off of appliance, one can only instruct the air-conditioner to be on while one is leaving from office. He cannot program or regulate temperature of an air-conditioner or refrigerator. Simplification of the user-panel is also an area for attention, though, Marathi and vernacular versions are already in place. Raje also adds that depending on builder's inclination, many other much-needed features like multi-sensors from one room to another, security at multiple intrusion gateways can be configured and customised, once the client demands it.
Before e-homes, the Jadugar platform has been used to develop a dual-mode phone for a Malaysian client.
Aftek share price movement is really perplexing. A very good news like BDT AG tie-up, has failed to enthuse the market.
In a recent interview Aftek chaiman, Shri Dhru claimed that BDT AG tie-up funds will flow-in only in the year 2008. (Interview -
in myiris.com). The intel taking a stake, must have been with regard to Digi Home. Otherwise, if intel
is directly going to take a stake in aftek, the stock price must have responded positively, by now.
Digi Home story appears to be more interesting than what it appeared till now. The wait for die hard aftek fans, still continues ... Though, with our leader, who is a visionary (our very own Investor:))-) we will definately reach our goal.
-MadhuSudhan Reddy
fii_investor where are you. A few words from you will soothe and re assure us.. The market is discounting all the positive news about the company emanating for the last one month
Hi Guys,
I was on a vaccation last week. Came back yesterday. Lot of nice positive news from Aftek. Slowly analyzing it. Will get back to you on that.
Sajith
hi all, i have been looking into aftek recently, and although the co seems pretty good on most parameters, im struck by the extent of equity dilution & overhang of stock in this scrip.
the co has consistently diluted equity over the last 5 years and as a result EPS growth has lagged profit growth.the shareholders slice of profits have decreased although the co itself has done well, and that could be a reason why the share price has stagnated.
as of today,8th apr 07, theres an overhang of 9,678,198 shares from the outstanding FCCB's+pref. warrants+ESOP's.(thats slightly over 11% of the outstanding shares as on end dec 06)
i feel the shareholders would have benefited if instead of resorting to equity dilution,which is never beneficial for existing shareholders, the promoters had opted to put some debt on the co balance sheet (and the co can certainly support such debt).
any co which truly has shareholders interests in mind will resort to equity dilution only as a last resort, and with the low interest rate regime that has prevailed over the last few years, this would not have adversely impacted the co either.
i think one can safely assume that the promoters will continue with more of the same in future,since they have consistently done it over the last 5 years.
in my opinion, this is a large risk with this co which rather limits the scope for share price appreciation.
the co may grow profits at a high rate, but due to equity dilution,the EPS will very likely grow at a much lower rate, and hence the rate of share price appreciation will also be lower than the growth rate in co profits and in the end, thats what matters to shareholders.
so i feel this co is not necessarily the strong prospect that many people feel it is.
I think nothing can make ths price of this scrip to go up...when a rumor like Intel picking up stake in subsiddiayr cant propel the price.. nothing can do that.. wait and watch
Just when you said nothing can bring this stock up...it defies gravity and expectations and hits the upper circuit. This mystery stock will keep every one guessing for the next move.
-Aftek Lover
This comment has been removed by the author.
Correctly said pinto.. thats the cool thing about this stock. The price movements are totally unpredictable.
But there are some very good developments in the company. If you look at the recent announcements by Aftek, whether the association with ESG or the BTG deal it throws up a long term revenue stream for the company. Till now that was a big problem with Aftek ( even most of the analysts tracking this company have the same openion) The concern was eventhough the company has big plans and lot of research goin in various streams none was transforming in to a revenue model. This concern was almost solved by these recent deals. Infact i am more bullish on that ESG deal. Thats a big company in the defence communication fields and have lot of good products. They have lot of defence contracts and now Aftek will be able to outsource a part of that.
This deal has completely changed the outlook of the company.Remember recently Morgan stanley increased its holding in Aftek to 10%.
Aftek Limited has informed the Exchange regarding a press release, dated April 30, 2007, titled "Aftek Q4 Net Profit up 18.38% - Annual Net Profit up by 27.12%." A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).
Intel Corp to pick up 25 pc stake in Aftek
MUMBAI,DHNS:Intel Corporation is set to pick up anequity stake of 25 per centin the Aftek Ltd, for whichit is currently doing a duediligence.
Indicating this to selectmedia here on Thursday,Aftek Ltd’s Chairman &CEO Ranjit Dhuru said Intel has already initiated thedue diligence and thereafter a valuation on thecompany will be arrived at.Replying to a question.
Mr Dhuru said “thewhole process should beover in about two monthstime and then it is for theBoard of Intel to decide onthe quantum of equity itwants to buy in Aftek,which we hope in the region of 25 per cent.”Strategic pact
Meanwhile, Arexera Information TechnologiesAG (Arexera), a whollyowned subsidiary of Aftek,has entered into a strategictie up with BDT AG,of Germany,world leaders in datastorage systems.
Under the terms of thetie up, Arexera will licenceits state-of-the-art searchtechnology for BDT’s newdata storage device “Gingcom Appliance”. “Aftek isone of the few IT companies in India to aggressively pursue IP and not justrely upon the traditional ITservices model. This deal(with BDT) won against intense competition from major suppliers, has only underscored to the soundnessof this strategy,” added MrDhuru.Gingcom buy out
To the uninitiated,Gingcom is an IT-solution,which enables organisations to find, restore anduse every document created or received throughemail, only through a single click,even after years.
Responding to a relatedquery, Mr Dhuru said “Aftek had acquired Gingcomfor a consideration of Euros 18 million and spendsome more money on its development further andmade the service as simpleas that provided by a searchengine in the Internet.”In effect, it archives allPCs,Notebooks,Server,Application Systems, userdata and profiles are automatically stored, doublybacked-up and,ensuring legal compliance.
Intel Capital, the venture capital arm of chip giant Intel, is looking to invest in Pune-based Digihome Solutions. Aftek holds 25% stake in Digihome, while the Aftek promoter group holds the balance.
“Digihome needs funds for expansion and currently Intel (Capital) is conducting a due diligence,” said Ranjit Dhuru, Aftek chairman and chief executive. Digihome is into intelligent home management for residential projects and townships. and has a manufacturing unit in Solan. Dhuru said Aftek may hike its stake in Digihome to 51%.
Analysts tracking the company aren’t, however, too excited about the move. “Recently Aftek had merged another associate company, the Bangalore-based Elven Technologies, with itself, which resulted in promoter holding going up. While the acquisition cost for Elven Technologies (Aftek had a 15% stake and the rest was held by Aftek promoters) was Rs 50 lakh, in less than two years, promoters sold out to Aftek for shares worth Rs 30 crore.
This resulted in promoters’ stake going up cheaply,” said an analyst with a domestic brokerage. “So, more than Intel investing in Digihome, I would like to know at what valuation they would invest. Likewise, the promoters could also merge Digihome with Aftek at a huge valuation and shore up their holding,” the analyst added.
Meanwhile, Aftek has signed a deal with Germany’s BDT AG under which the latter would bundle Aftek’s search technology in its data storage device called Gingcom Appliance.“We would earn a royalty of about €250 for each piece sold,” Dhuru said
Hi Investor_FII, this post has interesting matter that 'While the acquisition cost for Elven Technologies (Aftek had a 15% stake and the rest was held by Aftek promoters) was Rs 50 lakh, in less than two years, promoters sold out to Aftek for shares worth Rs 30 crore.'.
Though I understand that after acquisition by Aftek promoters, 1) Elven had acquired C2Silicon and 2) AMCC India operations - both may have added to valuations of Elven. But, still, if both figures or 50 lacs and 30 Cr are correct - it is bad sign.
Can you please air your views on this?....rajdori
Dear Investor_FII,
News "Microsoft Corp. agreed to buy AQuantive Inc. for about $6 billion, its biggest acquisition, as the world's largest software maker seeks to catch up to Google Inc. in the online advertising market. AQuantive shareholders will receive $66.50 a share in cash, Redmond, Washington-based Microsoft said in a statement today. The offer is 85 percent higher than AQuantive's closing price yesterday and more than 29 times the Seattle-based company's anticipated 2008 earnings before some items. Microsoft Chief Executive Officer Steve Ballmer is hustling to keep pace as rivals make purchases to win a bigger slice of the market. Google is buying DoubleClick Inc., which competes with AQuantive in creating Web ads and measuring whether they reach the target audience, and Yahoo! Inc. is adding Right Media Inc. ``Microsoft was getting desperate,'' said Sameet Sinha, a Kaufman Brothers analyst in New York. ``With each passing deal, the scarcity value rose. AQuantive is a one-of-a-kind company.'' Shares of AQuantive jumped 78 percent to $63.79 at 4 p.m. in Nasdaq Stock Market trading. They had added 45 percent this year before today. Microsoft slipped 15 cents to $30.83. ValueClick Inc., a competitor to AQuantive and DoubleClick, jumped as much as 13 percent to $31.59, a record high, before closing at $30. "
Our Aftek-Seekport has any such potential..Please reply.
When there is a market crash we see prices of almost all scrip’s crashing or when there is a bull run we witness the prices rising of almost all the scrip’s. In both the occasion, investors end up in a situation where we are not sure what to pick. By the time we decide what to choose we would have already missed the bus. This is a very common story of almost all investors. We have limited capital at our disposal and we need to know where to deploy the same to reap high returns with relatively lower risk. In short, we need a tool to do Investment Rationing. I consider and apply UD Ratio as a powerful tool to use for Capital allocation. Apart from capital allocation, this has ancillary usage to give signals for investment decisions and switch sectors too. This rule is applied, of course, after fundamental analysis.
UD Ratio= {Upside Potential % }/ {Downside Risk % }
The scrip which has highest UD Ratio will get priority for investment allocation.
Each investor can have his own price target /benchmark and apply the UD ratio to decide the investment allocation. This ratio is not as scientific as PE Ratio because upside potential and downside risk is subjective based on individual investors growth expectation, market potential, Industry cycle etc. Nevertheless, I feel is a must use ratio by every investor. The main reason why I stress on this ratio is investors easily burn their fingers while they get a tip for 10% increase in share price without even thinking about possible downside on the given stock. When a stock has climbed from Rs. 60 to Rs. 950 .. and you get the tip that IT WILL CROSS Rs. 1,000. Now, you try to grab it at say Rs. 960. You just look for Rs. 40 here. Never think where can the downside be ...yes the downside can be upto Rs. 500. In this case the UD Ratio is something like 0.1. There is clear signal not to touch this stock. Then why venture for Rs. 40 gain???....Traders like to take the gamble even with a very low UD ratio like 0.1..For further detaisl visit:http://udratio.blogspot.com
Dear Sir, Kindly analyse the Aftek stock after the new alliances and mergers.Is it advisable to hold ? I have invested heavly in aftek. please..
Hi Sajith,
It seems Seekport filed for bankruptcy in April. Any news regarding Arexera ( is it also in the same boat ). Hope you are still invested in aftek.
Objectivist
Yes invested..
That was a risky investment..
Anyway i am planning to keep it ..to see any new ray of home there :-)
Seekport Reports on Insolvency
23/07/2008
The Seekport, the last German presumably with its own search engine index, broke. Vermutlich nicht ganz zufällig wenige Wochen nachdem sie ihren letzten Traffic verloren haben, indem Google ihre Suchergebnisseiten aus dem Google-Index entfernt hat. Probably not coincidentally a few weeks after they last lost traffic by their Google search results pages from Google's index has been removed.
Einige der verbliebenen Mitarbeiter sollen eine Nachfolgegesellschaft planen, es besteht also noch Hoffnung auf ein Comeback. Some of the remaining staff will be a successor company plan, there is still hope for a comeback.
Und noch ein Update, dass keine Verwirrung aufkommt: And yet an update that no confusion arises:
Die Seekport Internet Technologies GmbH ist insolvent. The Seekport Internet Technologies Ltd. is insolvent. Die seekport AG mit Sitz in der Schweiz besteht nach wie vor und verfügt laut meiner Quelle “über alle Softwarelizenzen”. The Seekport AG, with headquarters in Switzerland is still loud, and my source "of all software licenses."
Es wird also möglicherweise trotz der Insolvenz weiterhin eine Suchmaschine unter dem Namen Seekport geben. It is therefore possible despite the insolvency remains a search engine under the name of Seekport give.
Amtsgericht München Munich District Court
- Insolvenzgericht - - Bankruptcy Court --
Infanteriestraße 5, 80325 München Infantry Road 5, 80325 Munich
Telefon: 089/5597-06 , Fax: 089/5597-2777 Phone: 089/5597-06, fax: 089/5597-2777
Bankverbindung: Gerichtskasse München, Kto.: 3024919, (BLZ Bankers: Cash Munich court, Kto: 3024919 (BLZ
700 500 00) 700 500 00)
Geschäftsnummer: 1501 IN 1205/08 Business number: 1501 IN 1205-08
(Bitte immer angeben) (Please always specify)
München, 8.7.2008 Munich, 8.7.2008
In dem Verfahren über den eigenen Antrag auf Eröffnung des In the proceedings on its own request for opening of
Insolvenzverfahrens der Insolvency of the
Seekport Internet Technologies GmbH, Fraunhoferstr. Seekport Internet Technologies GmbH, Fraunhoferstr. 17, 82152 17, 82152
Martinsried
bevollmächtigt: authorized:
Rechtsanwalt Ralf Wißbar, Mohnhof 19 A, 21029 Hamburg, Ralf Wißbar lawyer, Mohnhof 19 A, 21029 Hamburg,
Az.: 74/08 Az: 74/08
gesetzlich vertreten durch legally represented by
Geschäftsführer Ulrich Bollig, CEO Ulrich Bollig,
- Schuldnerin - - Liable --
Geschäftszweig: Internet Business: Internet
ergeht folgender given the following
Beschluß Decision
1. 1st Das Insolvenzverfahren wird heute um 12:00 Uhr gemäß §§ 2, The proceedings today at 12:00 clock in accordance with Sections 2,
3, 11, 17 ff InsO,Artikel 3 der VO (EG) Nr.1346/00 3, 11, 17 et seq InsO, Article 3 of Regulation (EC) Nr.1346/00
v.29.5.2000 eröffnet. v.29.5.2000 opened.
Gründe: Reasons:
Der Antrag ist am 10.4.2008 beim Amtsgericht München einge- The request is on 10.4.2008 at the Munich court used
gangen. ment.
Der Schuldner hat im Amtsgerichtsbezirk München seinen all- The debtor has Munich district court in its all -
gemeinen Gerichtsstand. general jurisdiction.
Zahlungsunfähigkeit und Überschuldung sind nach den Fest- Insolvency and indebtedness are fixed according to the
stellungen des Gerichts gegeben. Provisions of the court where.
2. 2nd Zum Insolvenzverwalter wird bestellt: For liquidator is appointed:
Herr Rechtsanwalt Dr. Marco Liebler, Nymphenburger Str. Mr. Dr. Marco Liebler, Nymphenburger St.
139, 80636 München. 139, 80636 Munich.
Telefon: 089/12 02 60 Phone: 089/12 02 60
Telefax: 089/12 02 61 27 Fax: 089/12 02 61 27
3. 3rd Insolvenzforderungen (§ 38 InsO) sind bis 25.08.2008 bei Bankruptcy claims (section 38 InsO) are up to 25.08.2008
dem Insolvenzverwalter schriftlich anzumelden. writing the insolvency register.
4. 4th Berichtstermin sowie Termin zur Beschlußfassung über die Report date and deadline for decision on
eventuelle Wahl eines anderen Insolvenzverwalters, über die eventual choice of another liquidator, the
Einsetzung eines Gläubigerausschusses sowie über die in den Establishment of a creditors' committee and the
§§ 66, 100, 149, 157, 160, 162, 233 InsO bezeichneten Ange- Sections 66, 100, 149, 157, 160, 162, 233 InsO designated Ange -
legenheiten wird anberaumt auf Affairs will be held on
Dienstag, den 23.09.2008 um 09:30 Uhr, Infanteriestr. Tuesday, 23.09.2008 at 09:30 clock, Infanteriestr. 5,
Sitzungssaal 101. Boardroom 101
Hinweis: Note:
die Zustimmung gem. according to the agreement. § 160 InsO gilt als erteilt, wenn die Section 160 InsO is deemed granted if the
einberufene Gläubigerversammlung beschlussunfähig ist. creditors' meeting convened decision is unfit.
5. 5th Der Prüfungstermin wird anberaumt auf The test date is scheduled on
Dienstag, den 23.09.2008 um 09:30 Uhr, Infanteriestr. Tuesday, 23.09.2008 at 09:30 clock, Infanteriestr. 5,
Sitzungssaal 101. Boardroom 101
Hinweis: Note:
Gläubiger, deren Forderungen festgestellt werden, erhalten Creditors whose claims are found,
keine Benachrichtigung. no notification.
6. 6th Die Gläubiger werden aufgefordert, dem Insolvenzverwalter The creditors are invited to the insolvency
unverzüglich mitzuteilen, welche Sicherungsrechte sie an without delay, which they secure rights to
beweglichen Sachen oder an Rechten des Schuldners in movable property or rights of the debtor
Anspruch nehmen. Claim. Der Gegenstand an dem das Sicherungsrecht The subject on which the security law
beansprucht wird, die Art und der Entstehungsgrund des is claimed, the nature and the emergence of the
Sicherungsrechts sowie die gesicherte Forderung sind zu Securing justice and the secured claim are too
bezeichnen. designate. Wer die Mitteilung schuldhaft unterläßt oder Anyone who fails to notice or culpably
verzögert, haftet für den daraus entstehenden Schaden (§ 28 delayed liable for the resulting harm (Section 28
Abs. 2 InsO). Paragraph 2 InsO).
Personen, die Verpflichtungen gegenüber dem Schuldner Persons who obligations to the debtor
haben, werden aufgefordert, nicht mehr an den Schuldner, , are invited, no longer on the debtor,
sondern an den Insolvenzverwalter zu leisten (§ 28 Abs. 3 but to the liquidator to (Section 28 para 3
InsO).
7. 7th Der Insolvenzverwalter wird gem. The administrator will gem. § 8 III InsO beauftragt, Section 8 III InsO instructed
die in dem Verfahren vorzunehmenden Zustellungen, beginnend in the proceedings made deliveries, starting
mit der Zustellung des Eröffnungsbeschlusses nach § 30 with the opening delivery of the decision under Section 30
InsO, durchzuführen. InsO test. Ausgenommen ist die Zustellung des Except for the delivery of
Eröffnungsbeschlusses an den Schuldner; diese erfolgt durch Opening decision on the debtor, this is done by
das Insolvenzgericht. the bankruptcy court.
Die öffentlichen Bekanntmachungen obliegen weiterhin dem The public announcements continued responsibility of the
Insolvenzgericht. Bankruptcy court.
The operating company of the last German search engine, which operates its own index, which Seekport Internet Technologies GmbH in Martinsried, is insolvent. The request was already on 10 By April 2008, now has the official proceedings are opened. Seekport 2003 was begun, with its own proprietary technology index and an alternative to search for web sites in EuropeThe structure was ambitious: With its own quality teams in France, Italy, Britain, Spain and Germany should current spam attacks of and concepts for a lasting improvement in the search to be developed. Another segment was the archive search for large newspapers and publishers as well as a search based on the software for automatic control of context ads, with the man following the example of Google Adwords own independent advertising networks can build.
The financing of development was carried out by Indian investors. The technical development for Seekport was confirmed by the Munich-based company Arexera, which also has declared bankruptcy. For both companies, in coordination with the insolvency administrators already a hive society founded the Allsearch Internet Technologies Ltd. While in recent weeks and months, several employees to other companies switched, but the core team wants the new company\\`s operating business is not only continue, but already negotiated with new customers. According to run the search and the services further. Shareholders of the new Allsearch GmbH is based in Switzerland Seekport AG\\`s.
So there is certainly hope that the search of the Internet search does not entirely disappear from Germany. Finally germinates again the debate about the dominance of a single search engine and the social and political implications thereof for. Perhaps there are indeed more interested in searching Made in Germany....
What happened to investor_fii ? Silence for a long period of time. Are you still invested in Aftek? There is a news that Seekport German is insolvent and not the original Seekport.ag listed.Expect your comments on Aftek. I am invested it in over a long period of time based on your good analysis. I am expecting substantial announcement at the forth coming board meeting slated on 30th September 2008.
Infact i was out of the market from last year Sep..as most of the stocks were above my comfort level. The only two stocks i kept was Aftek and Geodesic. ( Aftek i sold part of the holding at 65 some time back )..
Infact Aftek thought me lot of things about investing in stocks with nacent ideas :-). The idea of vertical search was a good one but i now think that the market is not that matured to take that idea. Also not a good idea to invest in stocks with very low promoter holding.
Also i am planning to get in to the market now as most of the valuations have come down drastically. Just studying some companies and just last wek made some small investments in NIIT ,Tanla and Dish TV
Hi Sajith,
Aftek published the annual report. Is it worth to average at current price? Kindly give us your valuable suggestion after reading the annual report.I had invested it in a very long period after reading your articles.
Kevin Joseph
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