India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

<ul>
<li>JM Financial has decadal experience of being the powerhouse of financial services giant. </li>
<li>The company has been a bad capital allocator for the years and hence could not participate in the mega bull run.  </li>
<li>What makes it interesting is a company is changing its strategy of capital allocation while cherry on the cake is attractive valuations and promoter buying.</li>
</ul>


JM Financial has decadal experience of being the powerhouse of financial services giant. 
The company has been a bad capital allocator for the years and hence could not participate in the mega bull run.  
What makes it interesting is a company is changing its strategy of capital allocation while cherry on the cake is attractive valuations and promoter buying.


JM Financial: An Undervalued Gem Poised for Breakout Growth

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>Asian Paints: APNT’s revenue declined 2.3% YoY in Q1 to INR 89.7bn (HSIE: INR 91.5bn)</li><li>Decorative clocked 7/-3% volume/value growth in Q1 and industrial business grew 5.8% YoY in Q1</li><li>Distemper, Neo Bharat (new product) and premium waterproofing performed well while economy emulsions struggled</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.

Asian Paints: APNT’s revenue declined 2.3% YoY in Q1 to INR 89.7bn (HSIE: INR 91.5bn)Decorative clocked 7/-3% volume/value growth in Q1 and industrial business grew 5.8% YoY in Q1Distemper, Neo Bharat (new product) and premium waterproofing performed well while economy emulsions struggledContent 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: Asian Paints, Angel One

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>SEBI asked Brokers to to be ‘true to the label’ in how they levy charges.</li>
<li>This can impact 10% of <a href="https://www.smartkarma.com/entities/zerodha" target="_blank" data-smartkarma-citation="entities:29664:1" rel="noopener">Zerodha (ZERO IN)</a> and 8% of <a href="https://www.smartkarma.com/entities/angel-one-ltd" target="_blank" data-smartkarma-citation="entities:33510:1" rel="noopener">Angel One (ANGELONE IN)</a> Topline.</li>
<li>Rationale behind this circular and its impact on the market.</li>
</ul>


SEBI asked Brokers to to be ‘true to the label’ in how they levy charges.
This can impact 10% of Zerodha (ZERO IN) and 8% of Angel One (ANGELONE IN) Topline.
Rationale behind this circular and its impact on the market.


SEBI’s New “True to Label” Circular: End of Zero Fee Era

<ul><li>In its efforts to clamp down on the rising irrationality in option volumes (F&amp;O), the SEBI has directed exchanges and market infrastructure institutions (MII) to discontinue the practice of charging turnover-linked slab-wise fee structures, and levy uniform transaction charges instead</li><li>While exchanges currently levy regressive slab-wise fees (higher the turnover, lower the fees), brokers usually charge their customers at the highest prescribed slab rate, resulting in excess profit residing with brokers, especially discount brokers, which is accounted as “ancillary transaction income”</li><li>Our analysis of ANGELONE’s disclosures suggests that this revenue stream contributes ~8% to revenues and a material 20% to pre-tax profits, which is likely to be vulnerable to the SEBI’s “True to Label” mandate that calls for a complete pass-through from customers to MIIs</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.

In its efforts to clamp down on the rising irrationality in option volumes (F&amp;O), the SEBI has directed exchanges and market infrastructure institutions (MII) to discontinue the practice of charging turnover-linked slab-wise fee structures, and levy uniform transaction charges insteadWhile exchanges currently levy regressive slab-wise fees (higher the turnover, lower the fees), brokers usually charge their customers at the highest prescribed slab rate, resulting in excess profit residing with brokers, especially discount brokers, which is accounted as “ancillary transaction income”Our analysis of ANGELONE’s disclosures suggests that this revenue stream contributes ~8% to revenues and a material 20% to pre-tax profits, which is likely to be vulnerable to the SEBI’s “True to Label” mandate that calls for a complete pass-through from customers to MIIsContent 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.

Angel One: SEBI Clamps Down on Frothy Revenue Pools. Maintain ADD

<ul>
<li>Overall, the introduction of the price-linked tick size mechanism by the NSE is a positive development as it leads to improving market efficiency and enhancing price discovery. </li>
<li>This move is likely to benefit investors by reducing slippage costs and improving liquidity, especially for small-cap and mid-cap stocks. </li>
<li>The move is also evidence of intense competition between NSE and BSE. BSE earlier was the only exchange to offer reduced tick size.</li>
</ul>


Overall, the introduction of the price-linked tick size mechanism by the NSE is a positive development as it leads to improving market efficiency and enhancing price discovery. 
This move is likely to benefit investors by reducing slippage costs and improving liquidity, especially for small-cap and mid-cap stocks. 
The move is also evidence of intense competition between NSE and BSE. BSE earlier was the only exchange to offer reduced tick size.


India's Largest Exchange Took Major Move To Improve Price Efficiency

India

Angel Broking Limited provides securities brokerage services. The Company offers e-broking, insurance, portfolio management, mutual funds, commodities trading, investment advisory, wealth management, IPO, and depository services. Angel Broking serves customers in India.

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Angel One (ANGELONE IN)

JM Financial: An Undervalued Gem Poised for Breakout Growth

JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

Sudarshan Bhandari

HSIE Results Daily: Asian Paints, Angel One

Asian Paints: APNT’s revenue declined 2.3% YoY in Q1 to INR 89.7bn (HSIE: INR 91.5bn). Decorative clocked 7/-3% volume/value growth in Q1 and...

HDFC Securities

SEBI’s New “True to Label” Circular: End of Zero Fee Era

SEBI's new directive on transparent charges could significantly affect Zerodha and Angel One's revenue, prompting market analysis on the rationale...

Nimish Maheshwari

Angel One: SEBI Clamps Down on Frothy Revenue Pools. Maintain ADD

We cut our PBT estimates by 11% and 23% for FY25E and FY26E to factor in the potential first-order impact, we also flag the potential second-order...

HDFC Securities

India's Largest Exchange Took Major Move To Improve Price Efficiency

The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JM Financial: An Undervalued Gem Poised for Breakout Growth

​JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

Sudarshan Bhandari

HSIE Results Daily: Asian Paints, Angel One

Asian Paints: APNT’s revenue declined 2.3% YoY in Q1 to INR 89.7bn (HSIE: INR 91.5bn). Decorative clocked 7/-3% volume/value growth in Q1 and...

HDFC Securities

SEBI’s New “True to Label” Circular: End of Zero Fee Era

​SEBI's new directive on transparent charges could significantly affect Zerodha and Angel One's revenue, prompting market analysis on the rationale...

Nimish Maheshwari

Angel One: SEBI Clamps Down on Frothy Revenue Pools. Maintain ADD

We cut our PBT estimates by 11% and 23% for FY25E and FY26E to factor in the potential first-order impact, we also flag the potential second-order...

HDFC Securities

India's Largest Exchange Took Major Move To Improve Price Efficiency

​The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...

Sudarshan Bhandari

JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

SEBI's new directive on transparent charges could significantly affect Zerodha and Angel One's revenue, prompting market analysis on the rationale...

The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...