Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Silver-Led earnings and INR translation sustain margins; spot pricing largely reflected in equity.</li>
<li>Integrated first-quartile cost base supports valuation without requiring leverage or volume expansion.</li>
<li>Upside requires sustained silver dislocation; maintain Hold on balanced risk-reward.</li>
</ul>


Silver-Led earnings and INR translation sustain margins; spot pricing largely reflected in equity.
Integrated first-quartile cost base supports valuation without requiring leverage or volume expansion.
Upside requires sustained silver dislocation; maintain Hold on balanced risk-reward.


Hindustan Zinc: Silver-Led Earnings Strength with Embedded Tail-Upside

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RELIANCE IN)</a>mirrors India’s economic pulse, integrating energy, retail, and digital sectors to drive consumption, industrial growth, and widespread digital adoption across the nation.</li>
<li>Q2FY26 delivered robust double-digit growth with revenue up ten percent, driven by strong consumer business momentum and a sharp recovery in fuel refining margins.</li>
<li>
 Future growth is contingent on scaling New Energy gigafactories, monetizing 5G and AI investments, and executing the planned listing of retail and digital consumer businesses.</li>
</ul>



Reliance Industries (RELIANCE IN)mirrors India’s economic pulse, integrating energy, retail, and digital sectors to drive consumption, industrial growth, and widespread digital adoption across the nation.
Q2FY26 delivered robust double-digit growth with revenue up ten percent, driven by strong consumer business momentum and a sharp recovery in fuel refining margins.

 Future growth is contingent on scaling New Energy gigafactories, monetizing 5G and AI investments, and executing the planned listing of retail and digital consumer businesses.


Reliance Industries: India’s GDP in a Single Stock?

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Pharma Foods International / Equity Bottom-Up

<ul>
<li>After dropping to a 52-week low on operating and net 1Q losses, the share price has recovered to 20x EPS guidance for FY July 2026. </li>
<li>The gross margin remains near 80%, but a large increase in advertising expenses put the company into the red. It also boosted sales as planned. </li>
<li>Management plans to cut back on advertising, aiming for break-even in 2Q and profits in 2H. The dividend yield is now 3.6%. The long-term investment story remains intact. </li>
</ul>


After dropping to a 52-week low on operating and net 1Q losses, the share price has recovered to 20x EPS guidance for FY July 2026. 
The gross margin remains near 80%, but a large increase in advertising expenses put the company into the red. It also boosted sales as planned. 
Management plans to cut back on advertising, aiming for break-even in 2Q and profits in 2H. The dividend yield is now 3.6%. The long-term investment story remains intact. 


Pharma Foods International (2929 JP): 1Q Loss from Up-Front Advertising Expenses

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.</li>
<li>The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.</li>
<li>We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.
The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.
We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.


A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.


HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

Hindustan Zinc: Silver-Led Earnings Strength with Embedded Tail-Upside

Silver-led earnings and INR translation are boosting margins, with integrated cost base supporting valuation without leverage or volume expansion.

Rahul Jain

Reliance Industries: India’s GDP in a Single Stock?

Reliance Industries drives India's economic pulse through energy, retail, and digital sectors, Q2FY26 showing double-digit growth and future...

Nimish Maheshwari

Pharma Foods International (2929 JP): 1Q Loss from Up-Front Advertising Expenses

Share price down on 1Q losses from temporary surge in advertising. Gross margin steady at 80%. Return to profitability expected in 2H. Long-term...

Scott Foster

A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Dec 12th and highlight short interest changes in Xiaomi, Alibaba, ZTE, Ke,...

Ke Yan, CFA, FRM

Hindustan Zinc: Silver-Led Earnings Strength with Embedded Tail-Upside

​Silver-led earnings and INR translation are boosting margins, with integrated cost base supporting valuation without leverage or volume expansion.

Rahul Jain

Reliance Industries: India’s GDP in a Single Stock?

​Reliance Industries drives India's economic pulse through energy, retail, and digital sectors, Q2FY26 showing double-digit growth and future...

Nimish Maheshwari

Pharma Foods International (2929 JP): 1Q Loss from Up-Front Advertising Expenses

Share price down on 1Q losses from temporary surge in advertising. Gross margin steady at 80%. Return to profitability expected in 2H. Long-term...

Scott Foster

A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Dec 12th and highlight short interest changes in Xiaomi, Alibaba, ZTE, Ke,...

Ke Yan, CFA, FRM

Silver-led earnings and INR translation are boosting margins, with integrated cost base supporting valuation without leverage or volume expansion.

Reliance Industries drives India's economic pulse through energy, retail, and digital sectors, Q2FY26 showing double-digit growth and future...