Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-india-glass-ltd" target="_blank" data-smartkarma-citation="entities:14024:1" rel="noopener">Asahi India Glass (AISG IN)</a> is an integrated glass and window solutions company and engages both in the automotive and the building &amp; construction segments.</li>
<li>While capital allocation is not a major concern for the company, the only element that could warrant attention is CWIP as the company has several projects overdue.</li>
<li>Margins have been strong yet slightly fluctuating in the last two years. Overall, the balance sheet health looks okay.</li>
</ul>



Asahi India Glass (AISG IN) is an integrated glass and window solutions company and engages both in the automotive and the building &amp; construction segments.
While capital allocation is not a major concern for the company, the only element that could warrant attention is CWIP as the company has several projects overdue.
Margins have been strong yet slightly fluctuating in the last two years. Overall, the balance sheet health looks okay.


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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies</a> didn't disappoint Tata Group fans, at least on the subscription front.</li>
<li>The placements continued to flow in this week as well in Japan.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tata Technologies didn't disappoint Tata Group fans, at least on the subscription front.
The placements continued to flow in this week as well in Japan.


ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

S&P BSE SENSEX Index / Technical Analysis

<ul>
<li>We continue to see global equities as being in pullback mode, with the MSCI ACWI index (ACWI-US) already testing important support in the $86-87 range, highlighted last week.</li>
<li>A bounce here would be ideal for the bullish case, but we could easily see a test of the YTD lows near $81.50 if $86 fails to hold.</li>
<li>Japan's TOPIX/Nikkei225/TOPIX Small remain bullish, as does India's SENSEX -- add exposure. Seeing some failed breakouts in Europe, notably the EURO STOXX 50 and STOXX Europe 600; a concerning development.</li>
</ul>


We continue to see global equities as being in pullback mode, with the MSCI ACWI index (ACWI-US) already testing important support in the $86-87 range, highlighted last week.
A bounce here would be ideal for the bullish case, but we could easily see a test of the YTD lows near $81.50 if $86 fails to hold.
Japan's TOPIX/Nikkei225/TOPIX Small remain bullish, as does India's SENSEX -- add exposure. Seeing some failed breakouts in Europe, notably the EURO STOXX 50 and STOXX Europe 600; a concerning development.


Pullback Continues; Japan & India Remain Attractive

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

Equity Bottom-Up

<ul><li>We believe, it would be tough for Asahi India Glass (AIG) to sustain its present elevated profitability levels amidst steep rise in energy costs.</li><li>We expect it to surge a further ~400bps by Q1FY23E, assuming present natural gas and crude oil prices.</li><li>Also, logistics cost to sales is ~5-6%, and ~20% increase in fuel costs would add a further 100bps pressure on margins.</li></ul><div class="content-highlight"><em>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.</em></div>

We believe, it would be tough for Asahi India Glass (AIG) to sustain its present elevated profitability levels amidst steep rise in energy costs.We expect it to surge a further ~400bps by Q1FY23E, assuming present natural gas and crude oil prices.Also, logistics cost to sales is ~5-6%, and ~20% increase in fuel costs would add a further 100bps pressure on margins.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.

Energy cost inflation to drive margin reversion

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Thematic (Sector/Industry)

<div class="content-highlight"><h2><strong>Market Overview</strong></h2></div><p>The S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.</p><ul>
<li>The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.</li>
<li>The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…</li>
</ul>

Market OverviewThe S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.
The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.
The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…


Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

India

Asahi India Glass Limited manufactures automotive safety glass and float glass. The Company's product range includes laminated windshields, tempered glass, silver printed defogger glass, black ceramic printed flush fitting glass and PVC-encapsulated fixed glass.

Asahi India Glass (AISG IN)

Asahi India Glass Ltd: A.G.E. Analysis

AISG is a glass and window solutions company with a focus on automotive and building & construction segments. Margins have been strong and balance...

Nitin Mangal

ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Pullback Continues; Japan & India Remain Attractive

Stick with Japan & India. $ACWI bounce at $86 would be ideal for the bullish case (i.e., establishing a higher low), but we could easily see a test...

Vermilion Research

Energy cost inflation to drive margin reversion

We believe, it would be tough for Asahi India Glass (AIG) to sustain its present elevated profitability levels amidst steep rise in energy costs....

ICICI Securities Limited

Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Market OverviewThe S&P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017. The market witnessed a steady rise...

Das Capital Management and Advisors