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

Thematic (Sector/Industry)

<ul>
<li>U.S. imposes 26% tariff on Indian imports to be enforced in two phases i.e. 10% from April 5 and 16% from April 10 , although India sees no major setback.</li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> to raise India’s iPhone output to 25% by 2028 from 14% in FY24, boosting local manufacturing and to meet the projected demand.</li>
<li>SEBI warns HDFC Bank for non-compliance; analysts project a 12% upside in share price.</li>
</ul>


U.S. imposes 26% tariff on Indian imports to be enforced in two phases i.e. 10% from April 5 and 16% from April 10 , although India sees no major setback.

Apple (AAPL US) to raise India’s iPhone output to 25% by 2028 from 14% in FY24, boosting local manufacturing and to meet the projected demand.
SEBI warns HDFC Bank for non-compliance; analysts project a 12% upside in share price.


#132 India Insight: U.S. 26% Tariff on India, Apple’s 25% Output Surge, HDFC Bank Regulatory Warning

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>That “Oh sh#t moment” has just struck many investors in US markets</li>
<li>Within Hong Kong , Tech most at risk as investors take profit</li>
<li>Our alternative sector selection  has performed both absolutely and in relative terms</li>
</ul>


That “Oh sh#t moment” has just struck many investors in US markets
Within Hong Kong , Tech most at risk as investors take profit
Our alternative sector selection  has performed both absolutely and in relative terms


Investors Have that “Oh Sh#t Moment” - Part 1:  Hong Kong Strategy

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Media report 2nm “Customers Lined Up To Pay An Estimated $30,000 Per Unit”. Capacity is full but small. Wafer price at 28k. US$30bn revenue in 4Q25 is very likely.</li>
<li>UMC Singapore Fab expansion is nearing completion and will increase capacity in Singapore to 22% of total. UMC needs GlobalFoundries to diversify?</li>
<li>TSMC is trading just slightly below average PE at 15.0x forward EPS. Similarly for UMC trading at 12.3x forward EPS. As such, we’re far from valuations support levels.</li>
</ul>


Media report 2nm “Customers Lined Up To Pay An Estimated $30,000 Per Unit”. Capacity is full but small. Wafer price at 28k. US$30bn revenue in 4Q25 is very likely.
UMC Singapore Fab expansion is nearing completion and will increase capacity in Singapore to 22% of total. UMC needs GlobalFoundries to diversify?
TSMC is trading just slightly below average PE at 15.0x forward EPS. Similarly for UMC trading at 12.3x forward EPS. As such, we’re far from valuations support levels.


TSMC 2nm Capacity, Wafer Price. UMC Singapore Fab Starting. Both Stocks Trading Just Below Avg PEx

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is looking to raise around US$5.3bn via selling 3% additional shares.</li>
<li>The shares have done exceedingly well this year and are now trading at their all time highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares.
The shares have done exceedingly well this year and are now trading at their all time highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.</li>
<li>While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.</li>
<li>Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.</li>
</ul>


Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.
While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.
Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.


Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

#132 India Insight: U.S. 26% Tariff on India, Apple’s 25% Output Surge, HDFC Bank Regulatory Warning

U.S. imposes 26% tariff on Indian imports, India remains unfazed. Apple to increase iPhone production in India. SEBI warns HDFC Bank, analysts...

Sudarshan Bhandari

Investors Have that “Oh Sh#t Moment” - Part 1: Hong Kong Strategy

Investors in US markets face a sudden realization, with Hong Kong Tech most vulnerable as profit-taking occurs. Our alternative sector selection...

Rikki Malik

TSMC 2nm Capacity, Wafer Price. UMC Singapore Fab Starting. Both Stocks Trading Just Below Avg PEx

Customers are willing to pay top dollar for 2nm chips, UMC's Singapore expansion nears completion. TSMC and UMC trading below average PE ratios....

Nicolas Baratte

Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#132 India Insight: U.S. 26% Tariff on India, Apple’s 25% Output Surge, HDFC Bank Regulatory Warning

​U.S. imposes 26% tariff on Indian imports, India remains unfazed. Apple to increase iPhone production in India. SEBI warns HDFC Bank, analysts...

Sudarshan Bhandari

Investors Have that “Oh Sh#t Moment” - Part 1: Hong Kong Strategy

​Investors in US markets face a sudden realization, with Hong Kong Tech most vulnerable as profit-taking occurs. Our alternative sector selection...

Rikki Malik

TSMC 2nm Capacity, Wafer Price. UMC Singapore Fab Starting. Both Stocks Trading Just Below Avg PEx

​Customers are willing to pay top dollar for 2nm chips, UMC's Singapore expansion nears completion. TSMC and UMC trading below average PE ratios....

Nicolas Baratte

Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

​Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

U.S. imposes 26% tariff on Indian imports, India remains unfazed. Apple to increase iPhone production in India. SEBI warns HDFC Bank, analysts...

Investors in US markets face a sudden realization, with Hong Kong Tech most vulnerable as profit-taking occurs. Our alternative sector selection...

Customers are willing to pay top dollar for 2nm chips, UMC's Singapore expansion nears completion. TSMC and UMC trading below average PE ratios....

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.