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>
Profitable Arbitrage: Generates positive FCF by monetizing logistics spreads (Valmo) and ad-tech, effectively acting as a profitable toll booth for unorganized retail rather than a traditional commission-based marketplace.</li>
<li>
The Moat: Monopolizes "India 2" (&lt;INR 300 AOV) via low-cost logistics infrastructure, creating a defensive barrier against Amazon and Flipkart’s higher-cost premium models.</li>
<li>
 Downside Risk: Supply-side flywheel is fragile; high return rates driving seller churn could pose significant threats to long-term sustainability.</li>
</ul>



Profitable Arbitrage: Generates positive FCF by monetizing logistics spreads (Valmo) and ad-tech, effectively acting as a profitable toll booth for unorganized retail rather than a traditional commission-based marketplace.

The Moat: Monopolizes "India 2" (&lt;INR 300 AOV) via low-cost logistics infrastructure, creating a defensive barrier against Amazon and Flipkart’s higher-cost premium models.

 Downside Risk: Supply-side flywheel is fragile; high return rates driving seller churn could pose significant threats to long-term sustainability.


Meesho IPO | Seller Operations and Nuances | India Internet Dynamics

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.

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.</li><li>After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.</li><li>Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.</li></ul>

Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.

Amazon.com Inc - Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

Shanghai Shenzhen CSI 300 Index / Equity Derivatives

<ul>
<li>A tactical snapshot of the Asian indices and stocks we cover.</li>
<li>Many Asian stocks we track are flashing very oversold signals—creating tactical long setups worth considering.</li>
<li>We find no overbought stocks or indices in Asia at present. US equities are aligned with this view, this is a global market pullback, probably about to end.</li>
</ul>


A tactical snapshot of the Asian indices and stocks we cover.
Many Asian stocks we track are flashing very oversold signals—creating tactical long setups worth considering.
We find no overbought stocks or indices in Asia at present. US equities are aligned with this view, this is a global market pullback, probably about to end.


Asian Stocks Tactical Outlook (Week Nov 24 – Nov 28)

Writing about Companies with an Unfair Advantage, Unfair Advantage

Unfair Advantage

Writing about Companies with an Unfair Advantage

I write about companies that have an unfair advantage. I might invest in them as well.

Thematic (Sector/Industry)

<ul><li>Much has been written these days on the bloating AI capex spends across the tech majors.</li><li>A JP Morgan report said we need to create a stratospheric revenue number of $650B to justify a 10% IRR, given current AI capex levels.</li><li>Yet everyone agrees AI is a fundamental shift that is redefining business models across industries.</li></ul>

Much has been written these days on the bloating AI capex spends across the tech majors.A JP Morgan report said we need to create a stratospheric revenue number of $650B to justify a 10% IRR, given current AI capex levels.Yet everyone agrees AI is a fundamental shift that is redefining business models across industries.

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Meesho IPO | Seller Operations and Nuances | India Internet Dynamics

Meesho is a narrative of profitable arbitrage in logistics and ad-tech, creating a moat in low-cost retail market. Primary downside risk due to...

Pranav Bhavsar

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

Amazon.com Inc - Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?

Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry...

Baptista Research

Asian Stocks Tactical Outlook (Week Nov 24 – Nov 28)

Most Asian stocks are showing very oversold signals in our models, creating potential long setups. US equities are in line with this trend,...

Nico Rosti

Investor's guide to AI Capex

Much has been written these days on the bloating AI capex spends across the tech majors. A JP Morgan report said we need to create a stratospheric...

Unfair Advantage

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho IPO | Seller Operations and Nuances | India Internet Dynamics

​Meesho is a narrative of profitable arbitrage in logistics and ad-tech, creating a moat in low-cost retail market. Primary downside risk due to...

Pranav Bhavsar

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

Amazon.com Inc - Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?

Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry...

Baptista Research

Asian Stocks Tactical Outlook (Week Nov 24 – Nov 28)

​Most Asian stocks are showing very oversold signals in our models, creating potential long setups. US equities are in line with this trend,...

Nico Rosti

Investor's guide to AI Capex

Much has been written these days on the bloating AI capex spends across the tech majors. A JP Morgan report said we need to create a stratospheric...

Unfair Advantage

Meesho is a narrative of profitable arbitrage in logistics and ad-tech, creating a moat in low-cost retail market. Primary downside risk due to...

Most Asian stocks are showing very oversold signals in our models, creating potential long setups. US equities are in line with this trend,...