Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

Thematic (Sector/Industry)

<p>The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.</p>

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

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>INR 13 lakh crore (~$150 bn) of equity value has been erased as investors reassess the terminal durability of Indian IT’s effort-based revenue model in an AI-accelerated cost structure.</li>
<li>Management execution matters, but ownership discipline matters equally; absent capital pressure during visible disruption amplified the scale and speed of the valuation reset.</li>
<li>In a genuine market economy, capital must be vocal during disruption; without visible investor scrutiny and measurable demands, strategic urgency weakens and terminal value risk compounds.</li>
</ul>


INR 13 lakh crore (~$150 bn) of equity value has been erased as investors reassess the terminal durability of Indian IT’s effort-based revenue model in an AI-accelerated cost structure.
Management execution matters, but ownership discipline matters equally; absent capital pressure during visible disruption amplified the scale and speed of the valuation reset.
In a genuine market economy, capital must be vocal during disruption; without visible investor scrutiny and measurable demands, strategic urgency weakens and terminal value risk compounds.


Indian IT | AI Reckoning Is a Governance Story

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

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.</li>
<li>It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)</li>
<li>Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.</li>
</ul>


Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.
It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)
Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.


Fractal Analytics - An AI First Enterprise SAAS Offering from India

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.</li>
<li>Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.</li>
</ul>


There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.
Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.


NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

<ul>
<li>There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).</li>
<li>The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.</li>
</ul>


There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.


NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

India

Coforge Limited is an Indian multinational information technology company specializing in digital transformation, consulting, and IT services. It provides solutions in areas such as artificial intelligence, cloud, data, and automation to industries including banking, financial services, insurance, travel, and healthcare. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1992.

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Coforge (COFORGE IN)

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

Indian IT | AI Reckoning Is a Governance Story

Investors are reevaluating the sustainability of Indian IT's revenue model but equality Important is Ownership discipline and investor scrutiny to...

Pranav Bhavsar

Fractal Analytics - An AI First Enterprise SAAS Offering from India

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

The Nifty200 Momentum30 Index rebalances at the close today. On average, the adds have outperformed the deletes by 2.76% since announcement of the...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

Indian IT | AI Reckoning Is a Governance Story

​Investors are reevaluating the sustainability of Indian IT's revenue model but equality Important is Ownership discipline and investor scrutiny to...

Pranav Bhavsar

Fractal Analytics - An AI First Enterprise SAAS Offering from India

​Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

The Nifty200 Momentum30 Index rebalances at the close today. On average, the adds have outperformed the deletes by 2.76% since announcement of the...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

Investors are reevaluating the sustainability of Indian IT's revenue model but equality Important is Ownership discipline and investor scrutiny to...

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...