Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently 14 pair trade opportunities across four markets and six sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently 14 pair trade opportunities across four markets and six sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Oct)

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Canara Robeco AMC / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-robeco-amc" target="_blank" data-smartkarma-citation="entities:45178:1" rel="noopener">Canara Robeco AMC (570515Z IN)</a> a JV between <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> and <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591 JP)</a> is the second oldest but the latest AMC to list in India</li>
<li>A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)</li>
<li>However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn't leave room for material upside.</li>
</ul>



Canara Robeco AMC (570515Z IN) a JV between Canara Bank (CBK IN) and Orix Corp (8591 JP) is the second oldest but the latest AMC to list in India
A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)
However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn't leave room for material upside.


Canara Robeco AMC: Can a Laggard Get off the Block Now?

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently nine pair trade opportunities across four markets and five sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently nine pair trade opportunities across four markets and five sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Oct)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently ten pair trade opportunities across four markets and four sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently ten pair trade opportunities across four markets and four sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (29 Sep)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/punjab-national-bank" target="_blank" data-smartkarma-citation="entities:542:1" rel="noopener">Punjab National Bank (PNB IN)</a> vs. <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Punjab National Bank (PNB IN) and short Canara Bank (CBK IN) targets a 4% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Punjab National Bank (PNB IN) vs. Canara Bank (CBK IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Punjab National Bank (PNB IN) and short Canara Bank (CBK IN) targets a 4% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Long Punjab National Bank (PNB IN) Vs. Short Canara Bank (CBK IN): Statistical Arbitrage Opportunity

India

Canara Bank Ltd. provides a full range of banking services throughout India. The Group's activities include retail banking, commercial and personal banking, investment management, treasury & NRI services, cash management and assorted ATM facilities.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Canara Bank (CBK IN)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Oct)

Statistical methodology identifies 14 pair trade opportunities across four markets and six sectors, offering unique insights into relative value.

Gaudenz Schneider

Canara Robeco AMC: Can a Laggard Get off the Block Now?

Canara Robeco AMC, a JV between Canara Bank and Orix Corp, is the latest AMC to list in India with strong financials but declining SIP book, IPO...

Himanshu Dugar

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Oct)

Statistical methodology identifies nine pair trade opportunities across four markets and five sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (29 Sep)

Ten pair trade opportunities across four markets and four sectors, based on quantitative methodology. Offering unique insights into relative value.

Gaudenz Schneider

Long Punjab National Bank (PNB IN) Vs. Short Canara Bank (CBK IN): Statistical Arbitrage Opportunity

The price-ratio deviation between Punjab National Bank and Canara Bank presents a potential 4% return opportunity for quantitative traders seeking...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Oct)

​Statistical methodology identifies 14 pair trade opportunities across four markets and six sectors, offering unique insights into relative value.

Gaudenz Schneider

Canara Robeco AMC: Can a Laggard Get off the Block Now?

​Canara Robeco AMC, a JV between Canara Bank and Orix Corp, is the latest AMC to list in India with strong financials but declining SIP book, IPO...

Himanshu Dugar

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Oct)

​Statistical methodology identifies nine pair trade opportunities across four markets and five sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (29 Sep)

Ten pair trade opportunities across four markets and four sectors, based on quantitative methodology. Offering unique insights into relative value.

Gaudenz Schneider

Long Punjab National Bank (PNB IN) Vs. Short Canara Bank (CBK IN): Statistical Arbitrage Opportunity

​The price-ratio deviation between Punjab National Bank and Canara Bank presents a potential 4% return opportunity for quantitative traders seeking...

Gaudenz Schneider

Statistical methodology identifies 14 pair trade opportunities across four markets and six sectors, offering unique insights into relative value.

Canara Robeco AMC, a JV between Canara Bank and Orix Corp, is the latest AMC to list in India with strong financials but declining SIP book, IPO...

Statistical methodology identifies nine pair trade opportunities across four markets and five sectors, offering unique insights into relative value.

The price-ratio deviation between Punjab National Bank and Canara Bank presents a potential 4% return opportunity for quantitative traders seeking...