My views are biased. But here they are.

SAMHI is perennially in the business of buying and selling properties. As an investor, it is tough to know how the money is flowing up and down.

In the recent past, before the IPO, the company had leveraged its balance sheet.

Now, deleveraging is going on. But primarily through equity issuance, such as IPOs and GICs. Not through internal accruals. Yes, interest cost will lower, and P&L will look better, but what about dilution?

And more importantly, how confident are we on sustainable revenue growth with better gross margins and EBITDA margins?

Interest cost savings will improve the PAT. What about EBITDA?

Also, credit rating companies look at deleveraging positively as it improves the solvency ratios.

But as investors, we must realize that equity fund raising is not free.

Having said that. I have been wrong in the past. So, I can go wrong here, too. No doubt, the MD & CEO is very dynamic and has a great pedigree.

I will still wait and watch from the sidelines.

Regards

Ankit