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Invesco India PSU Equity Fund (An Open Ended Equity Scheme Following PSU Theme)

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Invesco India PSU Equity Fund (An Open Ended Equity Scheme Following PSU Theme) Invesco India PSU Equity Fund (An open ended equity scheme following PSU theme) Suitable for investors who are seeking*: . capital appreciation over long-term . investments predominantly in equity and equity-related instruments of Government companies (PSU’s) * Investors should consult their financial advisers if in doubt about whether the product is suitable for them Why PSUs make a compelling investment opportunity? 1. Operate in ‘Cyclical’ Core sectors - Majority of PSUs operate in the ‘Cyclical’ core sectors, which benefit from pickup in economic activity. 2. Unique propositions/ first mover advantages – Many PSU companies have unique proposition either because of access to resources or first mover advantage. 3. Beneficiary of government policy initiatives- PSU companies are beneficiary of Governments’ strategic interest and reforms. Example - greater autonomy to Oil Marketing Companies (OMCs), strengthening of legal framework to debt resolution/recovery, etc. 4. Improvement in share holder rewards generally in form of dividend and buy-backs- Improving shareholder rewards through share buy-back & dividends, which helps to further strengthen Return on Equity (RoE). 5. ‘Monetise or modernize’ - Higher fiscal deficit would require support from disinvestment, which can unlock value for shareholders. The Government is also emphasizing on modernization, which if materialized can add significant value. 6. Favorable valuations1- PSU stocks are presently much cheaper relative to the broad market - 61% discount to S&P BSE Sensex. 1Data as at February 28, 2021. Please refer slide ‘Favorable valuations’ for details. 2 1. PSUs - Operate in cyclical ‘core’ sectors These sectors tend to benefit as economic recovery picks up S&P BSE PSU Invesco India PSU Equity Fund S&P BSE Sensex 1% 2% 1% 2% 3% 3% 3% 2% 5% 12% 10% 29% 7% 35% 8% 43% 12% 23% 13% 15% 26% 25% 17% Financials Financials Utilities Information Technology Energy Financials Energy Utilities Consumer Staples Industrials Consumer Discretionary Industrials Materials Industrials Materials Energy Communication Services Consumer Discretionary Health Care Consumer Discretionary Utilities Cash & Cash Equivalent Materials S&P BSE PSU & the Fund hold stocks largely operating in the cyclical sectors as compared to Sensex that has only 26% of its constituents from the cyclical sectors Source: Bloomberg. Internal. Data as on 28 February 2021. Benchmark- S&P BSE PSU TRI. Disclaimer: The sectors referred above are for information and / or illustration purpose only and should not be construed as recommendation from Invesco Asset Management (India) Private Limited/Invesco Mutual Fund. The Scheme may or may not have any present or future positions in these sectors. 3 2. PSUs offer unique propositions and can have first mover advantage Companies Key investment proposition Hindustan Petroleum Corporation (HPCL), Bharat Large non-replicable fuel retail network Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) GAIL, Indraprastha Gas, Mahanagar Gas, Petronet Large non-replicable gas network LNG, Gujarat State Petronet Indian Railway Catering &Tourism Corporation Railway e-ticketing exclusivity (IRCTC) Container Corporation of India Large non-replicable container logistics network Coal India Largest coal reserves Manganese Ore (India) (MOIL) Largest manganese reserves in India Steel Authority of India Limited (SAIL) Captive iron ore mines State Bank of India (SBI) Largest branch network National Thermal Power Corporation (NTPC) Largest thermal power capacity with linkage to low cost coal Power Grid Large non-replicable power grid network Mishra Dhatu Nigam Indigenous source of high value metals for industries like defense and space where private participation is restricted due to critical nature / national interest Cochin Shipyard Indigenous shipyard for naval ships where private participation is restricted due to critical nature / national interest Source: Invesco Asset Management (India) Disclaimer: The stocks / sectors referred above should not be construed as recommendations, advice to buy, sell or in any manner transact in this stock and neither should it be considered as Research Report from Invesco Asset Management (India) Private Limited and/or Invesco Mutual Fund. The Scheme may or may not have any present or future positions in these stocks / sectors. The above portfolio allocation is subject to change without any prior notice. 4 3. PSUs- beneficiaries of government’s policy initiatives Few reform initiatives which help PSUs . Fuel price deregulation . Direct Benefit Transfer . Pradhan Mantri Jandhan Yojna . Pradhan Mantri Aawas Yojna . Ujjwal DISCOM Assurance Yojana . Pradhan Mantri Ujwalla Yojana . Insolvency and Bankruptcy Code . Atmanirbhar Bharat 5 4. PSUs - Improvement in share holder rewards in form of dividend and buy-backs Dividend in % 60% 50% 57.19% 54.52% 52.59% 40% 47.16% 43.94% 30% 41.39% 36.50% 34.39% 32.26% 20% 30.55% 29.33% 28.12% 10% 0% FY 15 FY 16 FY 17 FY 18 FY19 FY20 S&P BSE PSU S&P BSE Sensex Past performance may or may not be sustained in future. Source: Bloomberg. Disclaimer: The above details are for information and / or illustration purpose only. 6 5. PSUs- beneficiaries of government’s disinvestment agenda Value unlocking opportunity for investors . The government has made a strong pitch for privatisation of public sector units saying that “government has no business to be in business’’, emphasizing on mantra of ‘Monetise or Modernise’ . In FY18 and FY19, Government has been able to meet its divestiture target . Government has raised ~Rs 4.9 trillion worth so far; of which Rs 2.35 trillion was divested in just last three years. 22 new IPO’s have come for listing over past five years which have offered new investment avenues for investors . During FY20, Rs. 50,299 crores has been raised through disinvestment transactions . Covid-19 has worsened the fiscal situation and government has limited levers on revenue receipts. Here, disinvestment programme can come to rescue . Government has set an ambitious disinvestment target of Rs. 1.75 trillion for FY22 Data source: Department of Investment and Public Asset Management (DIPAM)/Union Budget 7 Disinvestment is key strategic priority for the government amid elevated fiscal deficit 20,000 9.5 10.0 18,000 9.0 16,000 6.8 8.0 14,000 7.0 12,000 4.6 6.0 4.9 10,000 4.5 5.0 4.1 3.9 3.5 8,000 3.5 3.6 18,487 4.0 6,000 15,068 3.0 4,000 2.0 9,348 6,589 2,000 6,079 1.0 5,356 5,328 5,107 5,029 4,902 0 0.0 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY22BE FY21RE Fiscal deficit (Rs. Billion)- LHS Fiscal Deficit (% of GDP)- RHS GDP- Gross Domestic Product. BE: Budget Estimates. RE: Revised Estimates. Source: MOFSL- Motilal Oswal Financial Services Ltd. 8 Privatization of PSUs is gaining momentum with government’s intent of minimizing its presence in non- strategic sectors Non- Strategic sectors: CPSEs to be privatized or closed Atomic energy, Space and 1 Defence Transport and Strategic sectors: 2 Telecommunications Bare minimum presence of CPSEs Power, Petroleum, Coal and 3 other minerals Banking, Insurance and 4 financial services . Government objective is to minimize presence of CPSEs including financial institutions and create new investment space for private sector. Source: Budget speech. CPSE: Central Government Public Sector Enterprise. 9 Government’s strategic disinvestment policy- key highlights . Receipts estimated from disinvestment in BE 2021-22 at Rs. 1,75,000 crores. Government aims to complete a number of divestment transactions namely BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam limited among others in 2021-22. To bring the IPO of LIC in 2021-22. To take up the privatization of two Public Sector Banks (other than the IDBI Bank) and one General Insurance company in the year 2021-22. To fast forward the disinvestment policy, NITI Aayog to work out on the next list of Central Public Sector companies that would be taken up for strategic disinvestment. Source: Budget speech. 10 11 valuation multiples significant discount to Sensex relative and long term their 6. Favorablevaluations- PSUs are currentlytradingata (Based on adjusted positive P/E) Sensex versus S&P BSE PSU (trailing twelve months) forecasting any returns. investment advice to any party or construed as a promise on min Disclaimer Note: P/E Valuations are based on adjusted positive P/E, which Source: Bloomberg. Data as at February 28, 2021. The long term Past Performance may or may not be sustained in future. 10 15 20 25 30 0 5 discount to S&P BSE Sensex as compared to 54% discount to S&P S to S&P discount54% to comparedas BSE Sensex S&P to discount Current valuations of PSU index a PSU index of valuations Current Sensex; this translates into a 61% discount to S&P BSE Sensex a Sensex S&P BSE to discount 61% a into this translatesSensex; (P/E-x 11.98 at are PSU index of valuations Current t trailing Feb-11 Jun-11 - The above chart is for illustration purpose only and shouldn’t Oct-11 Jan-12 10 Years Average: 19.81x May-12 Aug-12 Dec-12 10 Years Average: 11.20x PSU Apr-13 Jul-13 Nov-13 Mar-14 Jun-14 Oct-14 Jan-15 Sensex May-15 Sep-15 Dec-15 re at 1.09x (Price to Book rat Book (Price to 1.09x at re Apr-16 Jul-16 Nov-16 Mar-17 Jun-17 Oct-17 Feb-18 excludes loss making companies. P/E: Price to earning. P/B: Pri imum returns and safeguard of capital. Invesco Asset Management average period of 10 years is broadly in line with fund’s tenu May-18 Sep-18 Dec-18 be used for the development or implementation of an investment Apr-19 Aug-19 Nov-19 Mar-20 welve months) earnings versus 30.
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