Value investor- India mid & small caps

Bhaskar Chakraborty

Thematic (Sector/Industry)

1QFY18 impact in the run up to GST implementation<ul class="">
<li>Consumer electrical leader <a href="https://www.smartkarma.com/entities/9158" target="_blank" data-smartkarma-citation="entities:9158:1">Havells India Ltd (HAVL IN)</a> saw single digit revenue growth and sharp reduction in operating margins as (1) the channel destocked 40-50% of the 45-60 day inventory, (2) it was unable to take the requisite price hikes to offset increase in input cost.</li>
<li>
<a href="https://www.smartkarma.com/entities/13828" target="_blank" data-smartkarma-citation="entities:13828:1">Hindustan Unilever Ltd (HUVR IN)</a> reported flat volume YoY after +4% volume growth in 4QFY17. It said rural channel was more impacted than urban resulting in decline in rural…</li>
</ul>

1QFY18 impact in the run up to GST implementation
Consumer electrical leader Havells India Ltd (HAVL IN) saw single digit revenue growth and sharp reduction in operating margins as (1) the channel destocked 40-50% of the 45-60 day inventory, (2) it was unable to take the requisite price hikes to offset increase in input cost.

Hindustan Unilever Ltd (HUVR IN) reported flat volume YoY after +4% volume growth in 4QFY17. It said rural channel was more impacted than urban resulting in decline in rural…


India: GST's Impact on 1QFY18 Corporate Performance

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Post the Bharatiya Janata Party’s (BJP) decisive victory in the Uttar Pradesh (UP) state elections, alarm bells have commenced tolling in the capital market.  The cause for concern is the BJP’s promise to the UP electorate to waive off all farm loans and provide fresh loans at zero per cent interest. Media, capital market analysts and prominent bankers have jumped on the bandwagon of moral hazard, ruining the loan payment discipline amongst farmers and apprehensions that the sacrosanct fiscal deficit may be breached as a consequence of such ‘populist’ policies. The BJP electoral promise raises some issues which need to be explored further on whether the central government has the fiscal space to provide for a total farm waiver and whether the criticism of moral hazard is credible.

Post the Bharatiya Janata Party’s (BJP) decisive victory in the Uttar Pradesh (UP) state elections, alarm bells have commenced tolling in the capital market.  The cause for concern is the BJP’s promise to the UP electorate to waive off all farm loans and provide fresh loans at zero per cent interest. Media, capital market analysts and prominent bankers have jumped on the bandwagon of moral hazard, ruining the loan payment discipline amongst farmers and apprehensions that the sacrosanct fiscal deficit may be breached as a consequence of such ‘populist’ policies. The BJP electoral promise raises some issues which need to be explored further on whether the central government has the fiscal space to provide for a total farm waiver and whether the criticism of moral hazard is credible.

U.P. Loan Waiver: 'Populist' or a Necessity?

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact of demonetisation on the electoral prospects of the party. Performance in UP is impressive as the opposition had formed an alliance to fight Modi but still lost poorly.  Most political analysts have been caught on the wrong foot as they predicted a hung assembly while the results show that Modi wave seen during the General elections continues. We…

Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact of demonetisation on the electoral prospects of the party. Performance in UP is impressive as the opposition had formed an alliance to fight Modi but still lost poorly.  Most political analysts have been caught on the wrong foot as they predicted a hung assembly while the results show that Modi wave seen during the General elections continues. We…

Landslide Win for Modi in UP Elections;Upper House No.s to Cross 100 Mark by 2018, a +ve for Reforms

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

The collapse of lending in India remains well in place in January where annual growth is running at an anemic 3.3%. This is the same as in December last year, and lower than in November. To us, it does not feel like India is anywhere near a post-demonetization boom in credit, as some are expecting. The reality is that companies will see more stress, economic growth will worsen, and banks will face greater NPLs. India – Credit growth (% ch YoY)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/022/174/original/daniel%201.png?1488984550" class="editor-image img-responsive" data-smartkarma-image-id="22174"></figure><div class="content-caption">Source: CEIC</div>What may be more of a surprise is that…

The collapse of lending in India remains well in place in January where annual growth is running at an anemic 3.3%. This is the same as in December last year, and lower than in November. To us, it does not feel like India is anywhere near a post-demonetization boom in credit, as some are expecting. The reality is that companies will see more stress, economic growth will worsen, and banks will face greater NPLs. India – Credit growth (% ch YoY)Source: CEICWhat may be more of a surprise is that…

India's Lending Is Still Painfully Low in January

India

Mahindra & Mahindra Financial Services is an Indian non-banking financial company primarily focused on rural and semi-urban markets. It provides vehicle loans for cars, tractors, and commercial vehicles, as well as SME financing, housing finance, personal loans, and offers insurance broking and mutual fund distribution services. The company is headquartered in Mumbai, India, and was founded in 1991.

Mahindra & Mahindra Financial Services (MMFS IN)

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Mahindra & Mahindra Financial Services (MMFS IN)

India: GST's Impact on 1QFY18 Corporate Performance

1QFY18 impact in the run up to GST implementation Consumer electrical leader Havells India Ltd (HAVL IN) saw single digit revenue growth and sharp...

Bhaskar Chakraborty

U.P. Loan Waiver: 'Populist' or a Necessity?

Post the Bharatiya Janata Party’s (BJP) decisive victory in the Uttar Pradesh (UP) state elections, alarm bells have commenced tolling in the...

Hemindra Hazari

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this...

Asia Advisors

Landslide Win for Modi in UP Elections;Upper House No.s to Cross 100 Mark by 2018, a +ve for Reforms

Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact...

Asia Advisors

India's Lending Is Still Painfully Low in January

The collapse of lending in India remains well in place in January where annual growth is running at an anemic 3.3%. This is the same as in December...

Daniel Tabbush

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