India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Thematic (Sector/Industry)

<ul>
<li>Tata Hitachi Targets Increased Market Share Amid Chinese Competition, Plans Manufacturing Expansion</li>
<li>Railways to Receive PLI Boost, Aiming to Reduce Import Dependency and Foster Local Manufacturing</li>
<li>India's Coal Production Surges 14% in June, Reaching 84.63 Million Tonnes, Boosting Sector Efficiency</li>
</ul>


Tata Hitachi Targets Increased Market Share Amid Chinese Competition, Plans Manufacturing Expansion
Railways to Receive PLI Boost, Aiming to Reduce Import Dependency and Foster Local Manufacturing
India's Coal Production Surges 14% in June, Reaching 84.63 Million Tonnes, Boosting Sector Efficiency


#23 India Insight: Tata Hitachi Market Share, Patanjali Acquires Non-Food Business, ITC Exports

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 HK)</a> announced the H Share buyback offer, excluding CIMC’s shares, is at HK$7.50, a 16.5% premium to the undisturbed price. The offer is final.</li>
<li>The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection) along with a 90% minimum acceptance condition.  </li>
<li>Excluding the irrevocables, the 90% threshold requires an independent H Shareholder acceptance rate of 77.7%, which could be challenging due to a light offer. Risk/reward unfavourable. </li>
</ul>



CIMC Vehicle Group Co Ltd (1839 HK) announced the H Share buyback offer, excluding CIMC’s shares, is at HK$7.50, a 16.5% premium to the undisturbed price. The offer is final.
The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection) along with a 90% minimum acceptance condition.  
Excluding the irrevocables, the 90% threshold requires an independent H Shareholder acceptance rate of 77.7%, which could be challenging due to a light offer. Risk/reward unfavourable. 


CIMC Vehicles (1839 HK): Min Acceptance Condition a Risk for the Final HK$7.50 Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT Co., Ltd. (7315 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/sparx-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13158:1" rel="noopener">Sparx Group (8739 JP)</a>’s revised tender offer of JPY850, 4.7% premium to its previous JPY812 offer. The revised offer has been declared final.</li>
<li>The <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP)</a> share repurchase price has risen 4.0% from JPY677 to JPY704. The tender closes on 15 January 2024. All other terms are unchanged.</li>
<li>The shares are trading above the revised terms. A final offer and no competing bidder points to an unfavourable risk/reward profile - a 21% downside on a deal break. </li>
</ul>



IJTT Co., Ltd. (7315 JP) has recommended Sparx Group (8739 JP)’s revised tender offer of JPY850, 4.7% premium to its previous JPY812 offer. The revised offer has been declared final.
The Isuzu Motors (7202 JP) share repurchase price has risen 4.0% from JPY677 to JPY704. The tender closes on 15 January 2024. All other terms are unchanged.
The shares are trading above the revised terms. A final offer and no competing bidder points to an unfavourable risk/reward profile - a 21% downside on a deal break. 


IJTT (7315 JP): Risk/Reward as SPARX Bumps to JPY850

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 HK)</a> possible H Share buyback offer, excluding <a href="https://www.smartkarma.com/entities/china-international-marine-cntnrs-gp-ltd" target="_blank" data-smartkarma-citation="entities:11752:1" rel="noopener">China International Marine Cntnrs Gp (2039 HK)</a>’s shares, is HK$7.00, an 8.7% premium to the undisturbed price. </li>
<li>The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There could also be a 90% minimum acceptance condition.</li>
<li>The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “<em>same or better terms</em>”, suggesting a potential bump.</li>
</ul>



CIMC Vehicle Group Co Ltd (1839 HK) possible H Share buyback offer, excluding China International Marine Cntnrs Gp (2039 HK)’s shares, is HK$7.00, an 8.7% premium to the undisturbed price. 
The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There could also be a 90% minimum acceptance condition.
The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “same or better terms”, suggesting a potential bump.


CIMC Vehicles (1839 HK): Possible H Share Buyback Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT Co., Ltd. (7315 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/sparx-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13158:1" rel="noopener">Sparx Group (8739 JP)</a>’s offer of JPY812 per share, an 18.5% and 16.0% premium to the undisturbed (9 November) and last close price, respectively. </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 23.48% ownership ratio.</li>
<li>Despite the modest premium, the offer represents a high five-year share price. The minimum acceptance condition requires a 41.3% minority acceptance rate. </li>
</ul>



IJTT Co., Ltd. (7315 JP) has recommended Sparx Group (8739 JP)’s offer of JPY812 per share, an 18.5% and 16.0% premium to the undisturbed (9 November) and last close price, respectively. 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 23.48% ownership ratio.
Despite the modest premium, the offer represents a high five-year share price. The minimum acceptance condition requires a 41.3% minority acceptance rate. 


IJTT (7315 JP): SPARX Group’s Tender Offer at JPY812

Japan

Hitachi Construction Machinery Co., Ltd. develops, manufactures, sells, and repairs construction machinery. The Company's products include hydraulic excavators, crawler cranes, wheel loaders, shield machines, and bulldozers. Hitachi Construction Machinery, a subsidiary of Hitachi, Ltd., markets its products worldwide through sales offices overseas.

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Hitachi Construction Machinery (6305 JP)

CIMC Vehicles (1839 HK): Min Acceptance Condition a Risk for the Final HK$7.50 Offer

The 90% min acceptance condition is a key risk in the context of a light offer. Risk/reward is unfavourable as the downside (9.9% to undisturbed...

Arun George

IJTT (7315 JP): Risk/Reward as SPARX Bumps to JPY850

The shares are trading above the revised terms. A final offer and no signs of a competing bidder point to an unfavourable risk/reward profile - a...

Arun George

IJTT (7315 JP): SPARX Group’s Tender Offer at JPY812

Despite the modest premium, the offer represents a high five-year share price. The minimum acceptance condition requires a 41.3% minority...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#23 India Insight: Tata Hitachi Market Share, Patanjali Acquires Non-Food Business, ITC Exports

​Tata Hitachi aims for growth against Chinese competition, Railways to boost local manufacturing, India's coal production up 14% in June.

Sudarshan Bhandari

CIMC Vehicles (1839 HK): Min Acceptance Condition a Risk for the Final HK$7.50 Offer

The 90% min acceptance condition is a key risk in the context of a light offer. Risk/reward is unfavourable as the downside (9.9% to undisturbed...

Arun George

IJTT (7315 JP): Risk/Reward as SPARX Bumps to JPY850

The shares are trading above the revised terms. A final offer and no signs of a competing bidder point to an unfavourable risk/reward profile - a...

Arun George

CIMC Vehicles (1839 HK): Possible H Share Buyback Offer

The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “same or...

Arun George

IJTT (7315 JP): SPARX Group’s Tender Offer at JPY812

Despite the modest premium, the offer represents a high five-year share price. The minimum acceptance condition requires a 41.3% minority...

Arun George

Tata Hitachi aims for growth against Chinese competition, Railways to boost local manufacturing, India's coal production up 14% in June.