Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Event-Driven

<ul>
<li>Aica-Kogyo of Japan now holds 40% of Stylam and sits as joint-promoter, after one branch of the founding Gupta family exited entirely and another stayed on to run the company.</li>
<li>A boardroom rift that had capped Stylam's valuation multiple is now resolved, and HDFC Securities has re-rated the stock on governance clarity alone, before counting any Aica synergy.</li>
<li>The real story is not the stake sale, it's the asymmetry: who left, who stayed, and what that split implies for capital allocation, exports and the next capacity cycle.</li>
</ul>


Aica-Kogyo of Japan now holds 40% of Stylam and sits as joint-promoter, after one branch of the founding Gupta family exited entirely and another stayed on to run the company.
A boardroom rift that had capped Stylam's valuation multiple is now resolved, and HDFC Securities has re-rated the stock on governance clarity alone, before counting any Aica synergy.
The real story is not the stake sale, it's the asymmetry: who left, who stayed, and what that split implies for capital allocation, exports and the next capacity cycle.


Stylam Industries: Promoter Change, A New Era?

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>Through Earnings Season we like to track volume spikes pre-earnings announcement. For some of the volume spikes we can find legitimate reasons and for some we cannot. We start with names that are expected to announce earnings in the next 3 days and then limit the screen to companies with spikes in volume. Below are the results from yesterday. </p><p>The two names in the screen below that do not have apparent news around yesterday's volume spikes are <a href="https://www.smartkarma.com/entities/8135" target="_blank" data-smartkarma-citation="entities:8135:1">Amano Corp (6436 JP)</a> and <a href="https://www.smartkarma.com/entities/9671" target="_blank" data-smartkarma-citation="entities:9671:1">Aica Kogyo Co Ltd (4206 JP)</a>.</p>…

Through Earnings Season we like to track volume spikes pre-earnings announcement. For some of the volume spikes we can find legitimate reasons and for some we cannot. We start with names that are expected to announce earnings in the next 3 days and then limit the screen to companies with spikes in volume. Below are the results from yesterday. The two names in the screen below that do not have apparent news around yesterday's volume spikes are Amano Corp (6436 JP) and Aica Kogyo Co Ltd (4206 JP).…

Leakage Report - Names that Moved on Volume Yesterday, Days Before They Announce Earnings....

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the March rebalance of this global index ended 31 December, the changes should be announced on 20 February and implemented at the close on 20 March.</li>
<li>We forecast 41 changes across the index with 12 inclusions to the AC Index, 4 migrations from AC to AW, 11 migrations from AW to AC, and 14 deletions.</li>
<li>An equally weighted basket of the adds and upward migrations has outperformed the deletes and the downward migrations over the last 4 months with significant outperformance in the near-term too.</li>
</ul>


The review period for the March rebalance of this global index ended 31 December, the changes should be announced on 20 February and implemented at the close on 20 March.
We forecast 41 changes across the index with 12 inclusions to the AC Index, 4 migrations from AC to AW, 11 migrations from AW to AC, and 14 deletions.
An equally weighted basket of the adds and upward migrations has outperformed the deletes and the downward migrations over the last 4 months with significant outperformance in the near-term too.


Japan: (Forecast) Global Index Changes in March & Big Outperformance

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>On Monday, 30 September, shareholders of US$1.4bn market cap chemicals and housing materials supplier <a href="https://www.smartkarma.com/entities/aica-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:9671:1" rel="noopener">Aica Kogyo (4206 JP)</a> announced a Secondary Share Sale. It's small at 2% of market cap.</li>
<li>The Offering is 2.1mm shares including greenshoe. The company also raised its H1 dividend guidance slightly (¥53/share to ¥56/share) and announced a buyback which should cover 57% of the offering.</li>
<li>It's a small deal. There are a lot more cross-holdings behind that but the company is cash-rich and the company is very cheap/underlevered on an LBO basis.</li>
</ul>


On Monday, 30 September, shareholders of US$1.4bn market cap chemicals and housing materials supplier Aica Kogyo (4206 JP) announced a Secondary Share Sale. It's small at 2% of market cap.
The Offering is 2.1mm shares including greenshoe. The company also raised its H1 dividend guidance slightly (¥53/share to ¥56/share) and announced a buyback which should cover 57% of the offering.
It's a small deal. There are a lot more cross-holdings behind that but the company is cash-rich and the company is very cheap/underlevered on an LBO basis.


Aica Kogyo (4206) - Small Offering Chips Away At Cross-Holdings

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 index rebal event to come in August 2024 based on trading data as of end-January 2024.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.
Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 index rebal event to come in August 2024 based on trading data as of end-January 2024.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Jan 2024

Japan

Aica Kogyo Company, Limited manufactures adhesives, melamine boards, and housing materials.  The Company also produces printed circuit boards through subsidiaries.

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

Aica Kogyo (4206 JP)

Stylam Industries: Promoter Change, A New Era?

A Japanese laminates major has bought its way into the founding family's boardroom, and only part of the family sold. What that split says about...

Nimish Maheshwari

Leakage Report - Names that Moved on Volume Yesterday, Days Before They Announce Earnings....

Through Earnings Season we like to track volume spikes pre-earnings announcement. For some of the volume spikes we can find legitimate reasons and...

Custom Products Group

Japan: (Forecast) Global Index Changes in March & Big Outperformance

There could be 41 changes for the index in March. The passive trading impact is high for most stocks. The adds and upward migrations have...

Brian Freitas

Aica Kogyo (4206) - Small Offering Chips Away At Cross-Holdings

Aica Kogyo yesterday announced a small secondary offering designed to allow financial cross-holders to start selling down. There more to come...

Travis Lundy

Quiddity JPX-Nikkei 400 Rebal 2024: End-Jan 2024

Four weeks ago, I suggested going SHORT DELs MED vs the JPX-Nikkei 400 index and since then the SHORTs have underperformed the index by ~3%. I...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)