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

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.</li>
<li>
Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.</li>
<li>
Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.</li>
</ul>



India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.

Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.

Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.


India Equities: Stocks to Watch After Deep Underperformance

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, we see only one ADD/DEL but there are other names lurking close to the border.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, we see only one ADD/DEL but there are other names lurking close to the border.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea (1585 HK)</a> result was not great, and its share price suffered as a result. However, <a href="https://www.smartkarma.com/entities/aima-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:40125:1" rel="noopener">AIMA Technology Group (603529 CH)</a> results were much worse than Yadea. </li>
<li>The industry is going through consolidation, so whichever company has a stronger war chest should be better off.  </li>
<li>Yadea's valuation is near a historical low, but it has great support from the 6% dividend yield. Expect the share price to diverge from Aima Tech.  </li>
</ul>



Yadea (1585 HK) result was not great, and its share price suffered as a result. However, AIMA Technology Group (603529 CH) results were much worse than Yadea. 
The industry is going through consolidation, so whichever company has a stronger war chest should be better off.  
Yadea's valuation is near a historical low, but it has great support from the 6% dividend yield. Expect the share price to diverge from Aima Tech.  


Yadea (1585) Vs Aima (603529): Spread Should Widen

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>VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.</li>
<li>The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.</li>
<li>EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.</li>
</ul>


VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.
The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.
EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.


Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

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)

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

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Yadea (1585) Vs Aima (603529): Spread Should Widen

The EV 2 wheeler industry is consolidating in China, as a result, Yadea and AIMA tech share prices move in tandem. It should not be the case as...

Henry Soediarko

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Yadea (1585) Vs Aima (603529): Spread Should Widen

The EV 2 wheeler industry is consolidating in China, as a result, Yadea and AIMA tech share prices move in tandem. It should not be the case as...

Henry Soediarko

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

​VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

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

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...