Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to lag given that backdrop.</li>
<li>However, it has delivered a mediocre longer term return relative to the investor hype generated - the Sensex has seen only a 4.9% annualized return over the past five years and 2.7% over the past decade in USD.</li>
<li>That partly reflects the INR falling by a third since late 2011, underperforming even the commodity exposed IDR and MYR…</li>
</ul>


The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to lag given that backdrop.
However, it has delivered a mediocre longer term return relative to the investor hype generated - the Sensex has seen only a 4.9% annualized return over the past five years and 2.7% over the past decade in USD.
That partly reflects the INR falling by a third since late 2011, underperforming even the commodity exposed IDR and MYR…


Still Too Many Stale Bulls on India, as Structural Risks Deepen - 11th Jan 2017

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

An estimated $10 billion underserved market  in India according to new research.Wth Japan gaming now approved, new light in on the potential of India arises. <a href="https://www.smartkarma.com/entities/23740" target="_blank" data-smartkarma-citation="entities:23740">Silver Heritage Group Ltd (SVH AU)</a> small scale integrated casino resort on the Nepal side of the Sikkim India border is set to open next month--the first ever directly targeted at the Indian market. Should you play Silver Heritage now or wait for first earnings reports?

An estimated $10 billion underserved market  in India according to new research.Wth Japan gaming now approved, new light in on the potential of India arises. Silver Heritage Group Ltd (SVH AU) small scale integrated casino resort on the Nepal side of the Sikkim India border is set to open next month--the first ever directly targeted at the Indian market. Should you play Silver Heritage now or wait for first earnings reports?

Could India Be Gaming's Next Big Expansion Move?

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Emerging markets, following a slowdown in traditional toy sales due to macroeconomic volatility, are expected to recover through 2020 and once again drive traditional toys and games growth globally. However, emerging market growth will differ based on the income and demographic trends of emerging countries, from growth markets like China that will have positive income and child demographic trends, to stalled markets like Brazil that face negative trends. While the macro environment in many emerging markets could remain unstable in the short to medium term, research detailed in the new report “<a target="_blank">The Shifting Dynamics of Traditional Toys in Emerging Markets</a>” points to improving prospects in India, Sub-Saharan Africa, Russia and China in 2020-2030, as well as possible long term issues in the Brazilian market.

Emerging markets, following a slowdown in traditional toy sales due to macroeconomic volatility, are expected to recover through 2020 and once again drive traditional toys and games growth globally. However, emerging market growth will differ based on the income and demographic trends of emerging countries, from growth markets like China that will have positive income and child demographic trends, to stalled markets like Brazil that face negative trends. While the macro environment in many emerging markets could remain unstable in the short to medium term, research detailed in the new report “The Shifting Dynamics of Traditional Toys in Emerging Markets” points to improving prospects in India, Sub-Saharan Africa, Russia and China in 2020-2030, as well as possible long term issues in the Brazilian market.

How Incomes & Demographics Will Drive Traditional Toys/Games Spending Shifts in Key Emerging Markets

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

"Jugaad" is the popular Indian word for "Hustle", as the self-proclaimed hustling CEO Travis Kalanick who has been pushing legal boundaries for Uber across cities, learnt during one of his early India visits. He was exhorting Indians to be hustlers during a guest lecture to aspiring tech entrepreneurs.  And India definitely seems to have lived up to its reputation of Jugaad/Hustlers once again after demonetization, as more than half of the outstanding High-Value notes (Rs8trn out of Rs15.3trn)…

"Jugaad" is the popular Indian word for "Hustle", as the self-proclaimed hustling CEO Travis Kalanick who has been pushing legal boundaries for Uber across cities, learnt during one of his early India visits. He was exhorting Indians to be hustlers during a guest lecture to aspiring tech entrepreneurs.  And India definitely seems to have lived up to its reputation of Jugaad/Hustlers once again after demonetization, as more than half of the outstanding High-Value notes (Rs8trn out of Rs15.3trn)…

'Indian Hustle' Undermines Govt Efforts to Curb Black Money: Demonetization May Be A Costly Mistake!

Managing Partner, Ampersand Investment Advisors

Rahul Singh

Managing Partner

Ampersand Investment Advisors

We have been incessantly cautioning for a corrective phase in our stock markets mainly due to excessive valuations based of unrealistic growth expectations. While we expected a correction, it came from completely unexpected quarters. The beneficiaries from the favorable macro tidings (monsoons, pay commission) in what was supposed to be a very strong 2HFY17 have suffered a setback post-demonetization. This prompts us to re-evaluate our sector and market cap preferences in this edition of the Ampersand newsletter.

We have been incessantly cautioning for a corrective phase in our stock markets mainly due to excessive valuations based of unrealistic growth expectations. While we expected a correction, it came from completely unexpected quarters. The beneficiaries from the favorable macro tidings (monsoons, pay commission) in what was supposed to be a very strong 2HFY17 have suffered a setback post-demonetization. This prompts us to re-evaluate our sector and market cap preferences in this edition of the Ampersand newsletter.

India

Bharat Forge is an Indian multinational company and a global leader in manufacturing high-performance, safety-critical forged and machined components for the automotive, aerospace, defense, railways, and industrial equipment sectors. The company provides a wide range of products including crankshafts, connecting rods, chassis components, and powertrain solutions. Bharat Forge was founded on June 19, 1961, and is headquartered in Pune, Maharashtra, India.

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Bharat Forge (BHFC IN)

Still Too Many Stale Bulls on India, as Structural Risks Deepen - 11th Jan 2017

The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to...

Sean Maher

Could India Be Gaming's Next Big Expansion Move?

An estimated $10 billion underserved market in India according to new research.Wth Japan gaming now approved, new light in on the potential of...

Howard J Klein

How Incomes & Demographics Will Drive Traditional Toys/Games Spending Shifts in Key Emerging Markets

Emerging markets, following a slowdown in traditional toy sales due to macroeconomic volatility, are expected to recover through 2020 and once...

Euromonitor International Ltd.

'Indian Hustle' Undermines Govt Efforts to Curb Black Money: Demonetization May Be A Costly Mistake!

"Jugaad" is the popular Indian word for "Hustle", as the self-proclaimed hustling CEO Travis Kalanick who has been pushing legal boundaries for...

Asia Advisors

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Still Too Many Stale Bulls on India, as Structural Risks Deepen - 11th Jan 2017

The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to...

Sean Maher

Could India Be Gaming's Next Big Expansion Move?

An estimated $10 billion underserved market in India according to new research.Wth Japan gaming now approved, new light in on the potential of...

Howard J Klein

How Incomes & Demographics Will Drive Traditional Toys/Games Spending Shifts in Key Emerging Markets

Emerging markets, following a slowdown in traditional toy sales due to macroeconomic volatility, are expected to recover through 2020 and once...

Euromonitor International Ltd.

'Indian Hustle' Undermines Govt Efforts to Curb Black Money: Demonetization May Be A Costly Mistake!

"Jugaad" is the popular Indian word for "Hustle", as the self-proclaimed hustling CEO Travis Kalanick who has been pushing legal boundaries for...

Asia Advisors

Taking Fresh Guard - Nov 16 Newsletter

We have been incessantly cautioning for a corrective phase in our stock markets mainly due to excessive valuations based of unrealistic growth...

Ampersand Investment Advisors