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

Thematic (Sector/Industry)

<ul>
<li>A tectonic shift is reshaping Indian QSR. Homegrown QSRs are overtaking global giants by redefining taste rooted in local flavours, fuelled by digital agility and tier 2/3 dominance.</li>
<li>Global QSR giants are fighting back by Indianising their menus. Half of Burger King and McDonald’s offerings now cater to local tastes, marking  strategic pivot to stay relevant in changing market.</li>
<li>Markets have adjusted to this new paradigm as valuations derate across listed QSRs while local players witness improved access to capital. Will listed QSRs see their fortunes revive here on?</li>
</ul>


A tectonic shift is reshaping Indian QSR. Homegrown QSRs are overtaking global giants by redefining taste rooted in local flavours, fuelled by digital agility and tier 2/3 dominance.
Global QSR giants are fighting back by Indianising their menus. Half of Burger King and McDonald’s offerings now cater to local tastes, marking  strategic pivot to stay relevant in changing market.
Markets have adjusted to this new paradigm as valuations derate across listed QSRs while local players witness improved access to capital. Will listed QSRs see their fortunes revive here on?


Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>In our prior EM Strategy (August 7, 2023) we discussed how MSCI EM (EEM-US) was near major 1+ year resistance at $42.</li>
<li>After being unable to break out, EEM-US consolidation has continued, and is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023.</li>
<li>As long as EEM-US is above $37, we are buyers on this pullback.</li>
</ul>


In our prior EM Strategy (August 7, 2023) we discussed how MSCI EM (EEM-US) was near major 1+ year resistance at $42.
After being unable to break out, EEM-US consolidation has continued, and is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023.
As long as EEM-US is above $37, we are buyers on this pullback.


MSCI EM Index Approaching 10.5-Month Support; Remain Overweight India; Many EM Buys

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (BARBEQUE IN)</a> has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.</li>
<li>Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.</li>
<li>ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.</li>
</ul>



Barbeque Nation Hospitality (BARBEQUE IN) has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.
Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.
ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.


Trends in Casual Dining, Quick Service and Online Food Delivery

<ul>
<li>This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.</li>
<li>Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).</li>
<li>Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.</li>
</ul>


This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.
Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).
Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.


U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Raajmarg Infra Investment Trust / Equity Capital Markets

Raajmarg Infra Investment Trust (RIIT IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> raised around US$650m in its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) raised around US$650m in its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

India

Devyani International is one of India's largest and fastest-growing Quick Service Restaurant (QSR) operators, functioning as the largest franchisee for Yum! Brands, operating KFC and Pizza Hut outlets, and the exclusive franchisee for Costa Coffee in India. The company also develops its own brands, including Vaango and The Food Street. Devyani International was founded in 1991 and is headquartered in Gurugram, Haryana, India.

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Devyani International (DEVYANI IN)

Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...

Himanshu Dugar

MSCI EM Index Approaching 10.5-Month Support; Remain Overweight India; Many EM Buys

$EEM is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023. As long as $EEM is...

Vermilion Research

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

This is now the third week in a row where we are discussing an increasing number of country indexes with bullish 3.5-9-month downtrend reversals,...

Vermilion Research

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

​Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...

Himanshu Dugar

MSCI EM Index Approaching 10.5-Month Support; Remain Overweight India; Many EM Buys

$EEM is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023. As long as $EEM is...

Vermilion Research

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

This is now the third week in a row where we are discussing an increasing number of country indexes with bullish 3.5-9-month downtrend reversals,...

Vermilion Research

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...