India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Equity Bottom-Up

<h2>
<a href="https://www.smartkarma.com/entities/267" target="_blank" data-smartkarma-citation="entities:267:1">Infosys Ltd (INFO IN)</a> has delivered a reasonable performance but that's about it</h2><p><a href="https://www.smartkarma.com/entities/267" target="_blank" data-smartkarma-citation="entities:267:1">Infosys Ltd (INFO IN)</a> has reported 1Q FY19 results (<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/1fe504b5-918c-4bea-88cd-72f32d5f204e.pdf" target="_blank">Information sent to Stock Exchanges</a>) today post market hours. Considering <a href="https://www.smartkarma.com/entities/267" target="_blank" data-smartkarma-citation="entities:267:1">Infosys Ltd (INFO IN)</a> management has been guiding FY19 to be a year of bringing things back to normal, the results are not bad per se. In revenue growth rate and profitability, <a href="https://www.smartkarma.com/entities/267" target="_blank" data-smartkarma-citation="entities:267:1">Infosys Ltd (INFO IN)</a> has been able to meet market expectations and the new businesses have also grown meaningfully…</p>


Infosys Ltd (INFO IN) has delivered a reasonable performance but that's about itInfosys Ltd (INFO IN) has reported 1Q FY19 results (Information sent to Stock Exchanges) today post market hours. Considering Infosys Ltd (INFO IN) management has been guiding FY19 to be a year of bringing things back to normal, the results are not bad per se. In revenue growth rate and profitability, Infosys Ltd (INFO IN) has been able to meet market expectations and the new businesses have also grown meaningfully…

Infosys (INFO IN): Nothing Too Bad About 1Q Results, but the Market May Still Be Disappointed

Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

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.

Equity Capital Markets

Tata Consultancy Svcs / Equity Capital Markets

<p>Tata Sons, the holding company of the Tata Group, conducted a series of block trades during which a total of 28.3m shares of <a href="https://www.smartkarma.com/entities/18708" target="_blank" data-smartkarma-citation="entities:18708:1">Tata Consultancy Svcs Ltd (TCS IN)</a>, or 1.5% of the total outstanding shares, changed hands to raise USD 1.38bn for the group. The deal was initially marketed at a discount of 4.17-5.9% implying a range of INR 2,872-2,925. As of December 2017, Tata Sons holding in TCS was 73.5%. TCS shares fell over 5% during the day, the most in 16 months. </p><p>This news comes less than a <a href="https://economictimes.indiatimes.com/markets/stocks/news/tata-sons-pockets-over-rs-10000-crore-from-tcs-buyback/articleshow/59039417.cms" target="_blank">year </a>…</p>

Tata Sons, the holding company of the Tata Group, conducted a series of block trades during which a total of 28.3m shares of Tata Consultancy Svcs Ltd (TCS IN), or 1.5% of the total outstanding shares, changed hands to raise USD 1.38bn for the group. The deal was initially marketed at a discount of 4.17-5.9% implying a range of INR 2,872-2,925. As of December 2017, Tata Sons holding in TCS was 73.5%. TCS shares fell over 5% during the day, the most in 16 months. This news comes less than a year …

Is Tata Sons' "Spreading of the Wealth" Restraining TCS's Growth?

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

<ul><li>In a world where computer code is trusted more than human-run operations – especially amongst tech-savvy, urban Millennials – blockchain is a concept whose time has begun.</li><li>The blockchain protocol will come to be seen as a powerful antidote to the high fees charged by intermediaries such as banks, law firms and other “middlemen”.</li><li>Most blockchain projects are still in development mode.</li><li>But, over the next decade, DLT will hasten disruption in many sectors, including payments, lending, share trading, real estate, healthcare and infrastructure.</li><li>In this report, we look at the likely movers and shakers.</li></ul>

In a world where computer code is trusted more than human-run operations – especially amongst tech-savvy, urban Millennials – blockchain is a concept whose time has begun.The blockchain protocol will come to be seen as a powerful antidote to the high fees charged by intermediaries such as banks, law firms and other “middlemen”.Most blockchain projects are still in development mode.But, over the next decade, DLT will hasten disruption in many sectors, including payments, lending, share trading, real estate, healthcare and infrastructure.In this report, we look at the likely movers and shakers.

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.</li>
<li>Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month</li>
<li>Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.</li>
<li>Prices seem to be…</li>
</ul>


Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.
Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month
Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.
Prices seem to be…


As China Digs for Growth, Can Korea Break Chaebol Dominance?

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul>
<li>We had a breakfast meeting with Ben Bernanke, a man who needs no introduction.</li>
<li>Bernanke is optimistic given a confluence of positive factors (Trumponomics, improved global economy, and higher productivity return to name a few).</li>
<li>We are bullish on financials, infrastructure, technology, and consumer discretionary in Sino-ASEAN region. </li>
</ul><p>Last Friday, we were invited by Schwab to have a breakfast meeting with Ben Bernanke, former Fed Chairman (two terms: 2006-2010 and 2010-2014 before Janet Yellen…</p>


We had a breakfast meeting with Ben Bernanke, a man who needs no introduction.
Bernanke is optimistic given a confluence of positive factors (Trumponomics, improved global economy, and higher productivity return to name a few).
We are bullish on financials, infrastructure, technology, and consumer discretionary in Sino-ASEAN region. 
Last Friday, we were invited by Schwab to have a breakfast meeting with Ben Bernanke, former Fed Chairman (two terms: 2006-2010 and 2010-2014 before Janet Yellen…

Sino-ASEAN Strategy: What Does a Breakfast With Bernanke Reveal?

Ireland

Accenture PLC provides management and technology consulting services and solutions.  The Company delivers a range of specialized capabilities and solutions to clients across all industries on a worldwide basis.  Accenture's network of businesses provides consulting, technology, outsourcing, and alliances.

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Accenture Plc Cl A (ACN US)

Infosys (INFO IN): Nothing Too Bad About 1Q Results, but the Market May Still Be Disappointed

Infosys Ltd (INFO IN) has delivered a reasonable performance but that's about itInfosys Ltd (INFO IN) has reported 1Q FY19 results (Information...

Pankaj Sharma

Is Tata Sons' "Spreading of the Wealth" Restraining TCS's Growth?

Tata Sons, the holding company of the Tata Group, conducted a series of block trades during which a total of 28.3m shares of Tata Consultancy Svcs...

Chacko Jacob

Blockchain as an Investment Theme

In a world where computer code is trusted more than human-run operations – especially amongst tech-savvy, urban Millennials – blockchain is a...

CM Research

As China Digs for Growth, Can Korea Break Chaebol Dominance?

Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by...

Sean Maher

Sino-ASEAN Strategy: What Does a Breakfast With Bernanke Reveal?

We had a breakfast meeting with Ben Bernanke, a man who needs no introduction. Bernanke is optimistic given a confluence of positive factors...

Johannes Salim, CFA

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