Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Alumina's wild swings have turned favourably for <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> . Aluminium constituted about 40% 9MFY25 EBITDA and could see significant near-term margin expansion.</li>
<li>
<a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a>'s over-reliance on external alumina sales implies it could face significant margin contraction in the near-term.</li>
<li>Valuation: Both VEDL and AA trade at about 10x fwd consensus earnings. VEDL also has &gt;10% dividend yield in recent years making it a far attractive bet. </li>
</ul>


Alumina's wild swings have turned favourably for Vedanta Ltd (VEDL IN) . Aluminium constituted about 40% 9MFY25 EBITDA and could see significant near-term margin expansion.

Alcoa (AA US)'s over-reliance on external alumina sales implies it could face significant margin contraction in the near-term.
Valuation: Both VEDL and AA trade at about 10x fwd consensus earnings. VEDL also has &gt;10% dividend yield in recent years making it a far attractive bet. 


Vedanta (VEDL IN) Set for Major Margin Expansion

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-zinc-ltd" target="_blank" data-smartkarma-citation="entities:8688:1" rel="noopener">Hindustan Zinc (HZ IN)</a> is set to see significant earnings upgrades driven surge in silver prices (40% EBITDA share), local currency weakness and benign costs.</li>
<li>Planning for major US$2-2.5b growth expenditure to double output over next 3=5 years.</li>
<li>Valuations: Entering a strong earnings upgrades cycle. Stock can re-rate despite trading at slight premium to historic averages. Stake sales by key holders is a risk.</li>
</ul>



Hindustan Zinc (HZ IN) is set to see significant earnings upgrades driven surge in silver prices (40% EBITDA share), local currency weakness and benign costs.
Planning for major US$2-2.5b growth expenditure to double output over next 3=5 years.
Valuations: Entering a strong earnings upgrades cycle. Stock can re-rate despite trading at slight premium to historic averages. Stake sales by key holders is a risk.


Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.</li>
<li>In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.</li>
<li>Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.</li>
</ul>


In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.
In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.
Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.


Asian Equities: Asia's Robust Dividend Yielders

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

<ul>
<li>Adani Cement is actively pursuing acquisitions in South India and the North-East to boost its capacity to 140 MTPA by 2028.</li>
<li>
<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> has secured 83% creditor approval for its demerger plan, surpassing the 75% required threshold. </li>
<li>The U.S. SEC has requested India's help in investigating Gautam Adani and his nephew over alleged securities fraud and a $265 million bribery scheme.</li>
</ul>


Adani Cement is actively pursuing acquisitions in South India and the North-East to boost its capacity to 140 MTPA by 2028.

Vedanta Ltd (VEDL IN) has secured 83% creditor approval for its demerger plan, surpassing the 75% required threshold. 
The U.S. SEC has requested India's help in investigating Gautam Adani and his nephew over alleged securities fraud and a $265 million bribery scheme.


#106 India Insight: Adani Cement Targets 140 Mtpa by 2028; Vedanta Demerger Gets 83% Nod; SEC Probes

India

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vedanta Ltd (VEDL IN)

Vedanta (VEDL IN) Set for Major Margin Expansion

Alumina price swings benefit Vedanta Ltd while Alcoa faces margin contraction. Vedanta offers better valuation and dividend yield.

Rahul Jain

Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

Hindustan Zinc poised for earnings upgrades with silver price surge, growth plans, and potential stock re-rating despite valuation concerns. Stake...

Rahul Jain

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Asian Equities: Asia's Robust Dividend Yielders

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

#106 India Insight: Adani Cement Targets 140 Mtpa by 2028; Vedanta Demerger Gets 83% Nod; SEC Probes

Adani Cement aims to expand capacity, Vedanta Ltd gets creditor approval for demerger, SEC seeks India's help in the Adani investigation.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vedanta (VEDL IN) Set for Major Margin Expansion

​Alumina price swings benefit Vedanta Ltd while Alcoa faces margin contraction. Vedanta offers better valuation and dividend yield.

Rahul Jain

Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

​Hindustan Zinc poised for earnings upgrades with silver price surge, growth plans, and potential stock re-rating despite valuation concerns. Stake...

Rahul Jain

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Asian Equities: Asia's Robust Dividend Yielders

​In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

#106 India Insight: Adani Cement Targets 140 Mtpa by 2028; Vedanta Demerger Gets 83% Nod; SEC Probes

​Adani Cement aims to expand capacity, Vedanta Ltd gets creditor approval for demerger, SEC seeks India's help in the Adani investigation.

Sudarshan Bhandari

Alumina price swings benefit Vedanta Ltd while Alcoa faces margin contraction. Vedanta offers better valuation and dividend yield.

Hindustan Zinc poised for earnings upgrades with silver price surge, growth plans, and potential stock re-rating despite valuation concerns. Stake...

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Adani Cement aims to expand capacity, Vedanta Ltd gets creditor approval for demerger, SEC seeks India's help in the Adani investigation.