Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Market momentum continues to be strong. As we head into earnings season, the momentum is likely to continue.</li>
<li>Strong operational updates <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a>; <a href="https://www.smartkarma.com/entities/aavas-financiers-ltd" target="_blank" data-smartkarma-citation="entities:27422:1" rel="noopener">Aavas Financiers Ltd (AAVAS IN)</a> &amp; <a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards (SULA IN)</a>.  </li>
<li>The overall market sentiment, represented by the average revisions across all sectors, is nearly flat, with a slight positive revision for FY1E at 0.02% and essentially stable for FY2E.</li>
</ul>


Market momentum continues to be strong. As we head into earnings season, the momentum is likely to continue.
Strong operational updates Info Edge India (INFOE IN); Aavas Financiers Ltd (AAVAS IN) &amp; Sula Vineyards (SULA IN).  
The overall market sentiment, represented by the average revisions across all sectors, is nearly flat, with a slight positive revision for FY1E at 0.02% and essentially stable for FY2E.


[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Aadhar Housing Finance Ltd / Equity Capital Markets

<ul>
<li>Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we look at the updates from the company’s recent filings.</li>
</ul>


Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we look at the updates from the company’s recent filings.


Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

Thematic (Sector/Industry)

<ul>
<li>With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.</li>
<li>For this Postcard, we traveled to Mandya, a city in the southern state of Karnataka, also known as the 'Sugar City,' on a rented E6 by <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>.  </li>
<li>Sectors in focus include Consumer Finance, Mortgage Lenders, and Retailers.</li>
</ul>


With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.
For this Postcard, we traveled to Mandya, a city in the southern state of Karnataka, also known as the 'Sugar City,' on a rented E6 by BYD (1211 HK).  
Sectors in focus include Consumer Finance, Mortgage Lenders, and Retailers.


Postcard from Mandya | Cruising Around the Sugar City in a BYD

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with robust AUM growth (+34% YoY) despite a regulatory embargo on select products, offset by sharp NIM compression (21bps) and elevated credit costs (1.6% annualised)</li><li>While the regulatory embargo led to muted traction in customer acquisitions and loan volumes, a shift towards secured assets helped drive loan growth</li><li>On the back of its omnichannel strategy, the widest product suite and focus on cross-selling, we believe BAF is poised for ~23% AUM CAGR over the medium term, while also simultaneously delivering steady profitability</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with robust AUM growth (+34% YoY) despite a regulatory embargo on select products, offset by sharp NIM compression (21bps) and elevated credit costs (1.6% annualised)While the regulatory embargo led to muted traction in customer acquisitions and loan volumes, a shift towards secured assets helped drive loan growthOn the back of its omnichannel strategy, the widest product suite and focus on cross-selling, we believe BAF is poised for ~23% AUM CAGR over the medium term, while also simultaneously delivering steady profitabilityContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Bajaj Finance, LTIMindtree, Macrotech Developers

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> was hoping for better luck with its listing this time around.</li>
<li>For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) was hoping for better luck with its listing this time around.
For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.


ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding

India

Aavas Financiers Limited provides consumer finance services. The Company offers home, land purchase, construction, home improvement, balance transfer, and business loans. Aavas Financiers serves customers in India.

Aavas Financiers Ltd (AAVAS IN)

[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

Market momentum remains strong as we head into earnings season, with positive operational updates from Info Edge India, Aavas Financiers Ltd, and...

Pranav Bhavsar

Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

As per media reports, Aadhar Housing Finance is likely to launch its IPO in mid-May with an aim of raising around US$600m.

Sumeet Singh

Postcard from Mandya | Cruising Around the Sugar City in a BYD

Exploring on-ground insights in tier 2 and tier 3 locations like Mandya, Karnataka with a focus on sectors like Consumer Finance, Mortgage...

Pranav Bhavsar

HSIE Results Daily: Bajaj Finance, LTIMindtree, Macrotech Developers

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with robust AUM growth (+34% YoY) despite a regulatory embargo on select products

HDFC Securities

ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

​Market momentum remains strong as we head into earnings season, with positive operational updates from Info Edge India, Aavas Financiers Ltd, and...

Pranav Bhavsar

Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

As per media reports, Aadhar Housing Finance is likely to launch its IPO in mid-May with an aim of raising around US$600m.

Sumeet Singh

Postcard from Mandya | Cruising Around the Sugar City in a BYD

​Exploring on-ground insights in tier 2 and tier 3 locations like Mandya, Karnataka with a focus on sectors like Consumer Finance, Mortgage...

Pranav Bhavsar

HSIE Results Daily: Bajaj Finance, LTIMindtree, Macrotech Developers

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with robust AUM growth (+34% YoY) despite a regulatory embargo on select products

HDFC Securities

ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Market momentum remains strong as we head into earnings season, with positive operational updates from Info Edge India, Aavas Financiers Ltd, and...

Exploring on-ground insights in tier 2 and tier 3 locations like Mandya, Karnataka with a focus on sectors like Consumer Finance, Mortgage...