Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: In India, currently four pair trade opportunities persist across two sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In India, currently four pair trade opportunities persist across two sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

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.

<ul>
<li>Over past 10 weeks, India derated sharply. Headline forward PE is down 10% and valuations of some stocks and sectors more so. India's valuations are now close to long-term average.</li>
<li>We repeat our 10th August study of screening stocks with decent and robust growth forecast, reasonable valuations, healthy balance sheets. In August, 20 stocks showed up; now there are 37.</li>
<li>23 of these 37 are financials, more so among large-caps (8 of 11). Mid-caps (7 of 16 are non-financial) are more diverse. Non-financials dominate among Small-caps (8 out of 10).</li>
</ul>


Over past 10 weeks, India derated sharply. Headline forward PE is down 10% and valuations of some stocks and sectors more so. India's valuations are now close to long-term average.
We repeat our 10th August study of screening stocks with decent and robust growth forecast, reasonable valuations, healthy balance sheets. In August, 20 stocks showed up; now there are 37.
23 of these 37 are financials, more so among large-caps (8 of 11). Mid-caps (7 of 16 are non-financial) are more diverse. Non-financials dominate among Small-caps (8 out of 10).


Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursements</li><li>Disbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY)</li><li>Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27</li></ul>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.

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursementsDisbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY)Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27Content 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: Cholamandalam Investment and Finance Company

HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement...

India

Aditya Birla Capital Ltd (ABCL) is a non-banking financial company and the financial services flagship of the Aditya Birla Group. It offers a comprehensive suite of financial solutions, including loans, investments, insurance, and payments. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 2007.

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Aditya Birla Capital (ABCAP IN)

India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

India is 10% cheaper over past 10 weeks, some sectors & stocks more so. We screen 37 high growth stocks with decent future growth, sound valuations...

Manishi Raychaudhuri

HSIE Results Daily: Cholamandalam Investment and Finance Company

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and...

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement...

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

​Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

​Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

India is 10% cheaper over past 10 weeks, some sectors & stocks more so. We screen 37 high growth stocks with decent future growth, sound valuations...

Manishi Raychaudhuri

HSIE Results Daily: Cholamandalam Investment and Finance Company

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and...

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement...

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and...

HDFC Securities

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.