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>We believe the undertone in the market is bullish, Large Caps are "out of flavour" and hence an L/S (Long/Short) strategy with INDA/SMIN could be an interesting pair to track. </li>
<li>We visited a <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> showroom in Western India gathering hints of the defensive strategy in India. </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a>, <a href="https://www.smartkarma.com/entities/ce-info-systems-mapmyindia" target="_blank" data-smartkarma-citation="entities:34215:1" rel="noopener">CE Info Systems (MapmyIndia) (1052633Z IN)</a> and <a href="https://www.smartkarma.com/entities/ebix-inc" target="_blank" data-smartkarma-citation="entities:4022:1" rel="noopener">Ebix (EBIX US)</a>.  </li>
</ul>


We believe the undertone in the market is bullish, Large Caps are "out of flavour" and hence an L/S (Long/Short) strategy with INDA/SMIN could be an interesting pair to track. 
We visited a BYD (1211 HK) showroom in Western India gathering hints of the defensive strategy in India. 
Other names discussed include Asian Paints (APNT IN), CE Info Systems (MapmyIndia) (1052633Z IN) and Ebix (EBIX US).  


[Week 5] Namaste India 🙏 | BYD (1211 HK) | Playing Defence

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

AWL Agri Business / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> raised around US$500m in its India IPO.</li>
<li>Anchor quality wasn't the greatest, in our view, and were the firm to trade towards its peers' trailing average, it would imply a 21.8% downside potential. </li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>



Adani Wilmar (6596700Z IN) raised around US$500m in its India IPO.
Anchor quality wasn't the greatest, in our view, and were the firm to trade towards its peers' trailing average, it would imply a 21.8% downside potential. 
In this note we will talk about the subscription levels and trading dynamics.


Adani Wilmar IPO Trading - Listing Sentiment Isn’t the Greatest

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> is looking to raise up to US$482m in its upcoming India IPO.</li>
<li>In our view, we doubt that the firm would be able to trade close to its blue chip FMCG peers, given its small FMCG component combined with overall weaker margins.</li>
<li>In this note, we will look at updates since our last note, undertake a peer comparison, and share our thoughts on valuation.</li>
</ul>



Adani Wilmar (6596700Z IN) is looking to raise up to US$482m in its upcoming India IPO.
In our view, we doubt that the firm would be able to trade close to its blue chip FMCG peers, given its small FMCG component combined with overall weaker margins.
In this note, we will look at updates since our last note, undertake a peer comparison, and share our thoughts on valuation.


Adani Wilmar IPO - Has the Capabilities to Thrive but Needs to Prove Itself to Trade Higher

Waaree Renewable Technologies / Equity Capital Markets

Waaree Renewable Technologies (WAREERTL IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Energies Limited (0656504D IN)</a> is looking to raise up to US$202m in its upcoming India IPO. The deal will be run by Axis Capital, HSBC, ICICI Securities.</li>
<li>As of Aug 2021, it had 24% market share out of total enlisted capacity as per the Approved List of Models and Manufacturers for solar PV module manufacturing in India</li>
<li>It currently operates three manufacturing facilities comprising four factories in India.</li>
</ul>



Waaree Energies Limited (0656504D IN) is looking to raise up to US$202m in its upcoming India IPO. The deal will be run by Axis Capital, HSBC, ICICI Securities.
As of Aug 2021, it had 24% market share out of total enlisted capacity as per the Approved List of Models and Manufacturers for solar PV module manufacturing in India
It currently operates three manufacturing facilities comprising four factories in India.


CE Info Systems (MapmyIndia) / Equity Capital Markets

CE Info Systems (MapmyIndia) (1052633Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ce-info-systems-mapmyindia" target="_blank" data-smartkarma-citation="entities:34215:1" rel="noopener">CE Info Systems (MapmyIndia) (1052633Z IN)</a> raised around US$138m in its India IPO.</li>
<li>CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>In our view, the best way to value the firm would be to compare it against its India peers which, based on our assumptions, provide an upside potential of 70.5-80.6%.</li>
</ul>



CE Info Systems (MapmyIndia) (1052633Z IN) raised around US$138m in its India IPO.
CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost &amp; Sullivan (F&amp;S).
In our view, the best way to value the firm would be to compare it against its India peers which, based on our assumptions, provide an upside potential of 70.5-80.6%.


CE Info Systems (MapmyIndia) IPO Trading - Poised for a Solid Debut

India

CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost & Sullivan (F&S).

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CE Info Systems (MapmyIndia) (1052633Z IN)

[Week 5] Namaste India 🙏 | BYD (1211 HK) | Playing Defence

Bullish market sentiment favours INDA/SMIN Long/Short strategy; BYD showroom visit reveals defensive strategy in India; other names include Asian...

Pranav Bhavsar

Adani Wilmar IPO Trading - Listing Sentiment Isn’t the Greatest

Adani Wilmar (6596700Z IN) raised around US$500m in its India IPO. In this note we will talk about the subscription levels and trading dynamics.

Clarence Chu

Adani Wilmar IPO - Has the Capabilities to Thrive but Needs to Prove Itself to Trade Higher

Adani Wilmar is looking to raise up to US$482m in its India IPO. In this note, we will look at updates since our last note, undertake a peer...

Clarence Chu

Waaree Energies Pre-IPO Tearsheet

Waaree Energies Limited (0656504D IN) is looking to raise up to US$202m in its upcoming India IPO. The deal will be run by Axis Capital, HSBC,...

Clarence Chu

CE Info Systems (MapmyIndia) IPO Trading - Poised for a Solid Debut

CE Info Systems (MapmyIndia) (1052633Z IN) raised around US$138m in its India IPO. Past deals with similar strong subscription rates have performed...

Clarence Chu

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52-week Range

Market Cap (USDm)

P/E

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[Week 5] Namaste India 🙏 | BYD (1211 HK) | Playing Defence

​Bullish market sentiment favours INDA/SMIN Long/Short strategy; BYD showroom visit reveals defensive strategy in India; other names include Asian...

Pranav Bhavsar

Adani Wilmar IPO Trading - Listing Sentiment Isn’t the Greatest

Adani Wilmar (6596700Z IN) raised around US$500m in its India IPO. In this note we will talk about the subscription levels and trading dynamics.

Clarence Chu

Adani Wilmar IPO - Has the Capabilities to Thrive but Needs to Prove Itself to Trade Higher

Adani Wilmar is looking to raise up to US$482m in its India IPO. In this note, we will look at updates since our last note, undertake a peer...

Clarence Chu

Waaree Energies Pre-IPO Tearsheet

Waaree Energies Limited (0656504D IN) is looking to raise up to US$202m in its upcoming India IPO. The deal will be run by Axis Capital, HSBC,...

Clarence Chu

CE Info Systems (MapmyIndia) IPO Trading - Poised for a Solid Debut

CE Info Systems (MapmyIndia) (1052633Z IN) raised around US$138m in its India IPO. Past deals with similar strong subscription rates have performed...

Clarence Chu

Bullish market sentiment favours INDA/SMIN Long/Short strategy; BYD showroom visit reveals defensive strategy in India; other names include Asian...