India Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

India Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Event-Driven

<ul>
<li>We cover the multiple factors which led to the operational and financial mess at Pierer Mobility AG, the holding company of KTM.</li>
<li>This insight highlights the past not so great track record of Indian companies acquiring European businesses due to cultural, operational integration and higher restructuring costs.</li>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> remains strong domestically, but KTM's losses, debt, and integration hurdles risk compressing margins and return ratios at the consolidated level. We recommend Shorting Bajaj Auto.</li>
</ul>


We cover the multiple factors which led to the operational and financial mess at Pierer Mobility AG, the holding company of KTM.
This insight highlights the past not so great track record of Indian companies acquiring European businesses due to cultural, operational integration and higher restructuring costs.

Bajaj Auto Ltd (BJAUT IN) remains strong domestically, but KTM's losses, debt, and integration hurdles risk compressing margins and return ratios at the consolidated level. We recommend Shorting Bajaj Auto.


KTM Saga, Short Bajaj Auto – There's a Lot to Chew On

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

<ul>
<li>Bajaj Auto will take majority control of KTM AG by buying out its Austrian partner in Pierer Bajaj AG and injecting €800 million to close KTM’s court-approved restructuring.</li>
<li>The deal rescues a flagship European brand from insolvency, safeguards KTM’s supply chain, and vaults Bajaj into the global premium-sport segment as an OEM rather than a contract partner.</li>
<li>Bajaj’s pivot from passive investor to turnaround owner adds earnings volatility near-term, but long-term it secures technology, brand equity, and a bigger share of high-margin 400-1,000 cc bikes.</li>
</ul>


Bajaj Auto will take majority control of KTM AG by buying out its Austrian partner in Pierer Bajaj AG and injecting €800 million to close KTM’s court-approved restructuring.
The deal rescues a flagship European brand from insolvency, safeguards KTM’s supply chain, and vaults Bajaj into the global premium-sport segment as an OEM rather than a contract partner.
Bajaj’s pivot from passive investor to turnaround owner adds earnings volatility near-term, but long-term it secures technology, brand equity, and a bigger share of high-margin 400-1,000 cc bikes.


Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

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>Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls</li>
<li>Top Large Cap Bullish Ideas include <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/d-b-corp-ltd" target="_blank" data-smartkarma-citation="entities:6044:1" rel="noopener">D.B. Corp Ltd (DBCL IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> &amp; <a href="https://www.smartkarma.com/entities/gopal-snacks-ltd" target="_blank" data-smartkarma-citation="entities:40960:1" rel="noopener">Gopal Snacks (GOPAL IN)</a> are names that we have a bearish view on. </li>
</ul>


Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls
Top Large Cap Bullish Ideas include HDFC Asset Management Co Ltd (HDFCAMC IN), Bajaj Auto Ltd (BJAUT IN) &amp; Pvr Inox (PVRINOX IN).

D.B. Corp Ltd (DBCL IN), IndiaMart (INMART IN) &amp; Gopal Snacks (GOPAL IN) are names that we have a bearish view on. 


Namaste India 🙏 | Earnings Editions Are Back

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.


Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

KTM Saga, Short Bajaj Auto – There's a Lot to Chew On

Bajaj Auto International Holdings B.V. (BAIH), a wholly owned subsidiary of Bajaj Auto, has exercised its call option to acquire 26,000 shares of...

Sreemant Dudhoria,CFA

Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

Bajaj Auto to take majority control of KTM AG, injecting €800 million to rescue the brand, secure technology, and expand into premium-sport segment.

Nimish Maheshwari

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

Sai Life Sciences (SLS) raised around US$360m in its India IPO in Dec 2024. Its six month lockup will expire on 16th June 2025.

Akshat Shah

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52-week Range

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KTM Saga, Short Bajaj Auto – There's a Lot to Chew On

Bajaj Auto International Holdings B.V. (BAIH), a wholly owned subsidiary of Bajaj Auto, has exercised its call option to acquire 26,000 shares of...

Sreemant Dudhoria,CFA

Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

​Bajaj Auto to take majority control of KTM AG, injecting €800 million to rescue the brand, secure technology, and expand into premium-sport segment.

Nimish Maheshwari

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

Sai Life Sciences (SLS) raised around US$360m in its India IPO in Dec 2024. Its six month lockup will expire on 16th June 2025.

Akshat Shah

Bajaj Auto to take majority control of KTM AG, injecting €800 million to rescue the brand, secure technology, and expand into premium-sport segment.

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...