IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ebixcash" target="_blank" data-smartkarma-citation="entities:36390:1" rel="noopener">EbixCash (EBIXC IN)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/ebix-inc" target="_blank" data-smartkarma-citation="entities:4022:1" rel="noopener">Ebix Inc (EBIX US)</a> and India’s largest end-to-end financial exchange, is seeking to launch an Rs60 billion (US$730 million) in July.   </li>
<li>EbixCash’s Forex operations have emerged as a leader in India’s airport Forex business. Also, EbixCash’s inward remittance business in India is the clear market leader.</li>
<li>The key elements of the bull case rest on fast-paced growth, growth runaway from the post-COVID recovery, declining contract assets, improving balance sheet, and declining leverage.</li>
</ul>



EbixCash (EBIXC IN), a subsidiary of Ebix Inc (EBIX US) and India’s largest end-to-end financial exchange, is seeking to launch an Rs60 billion (US$730 million) in July.   
EbixCash’s Forex operations have emerged as a leader in India’s airport Forex business. Also, EbixCash’s inward remittance business in India is the clear market leader.
The key elements of the bull case rest on fast-paced growth, growth runaway from the post-COVID recovery, declining contract assets, improving balance sheet, and declining leverage.


Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

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<li>
<a href="https://www.smartkarma.com/entities/easy-trip-planners-ltd" target="_blank" data-smartkarma-citation="entities:34149:1" rel="noopener">Easy Trip Planners (EASEMYTR IN)</a> has had a good run on its bourses and is probably one of the very few new-age companies which is profitable. </li>
<li>However, the overall narrative does not look attractive to us when we deep dive into the forensics, including the cost drivers and balance sheet risks to the company.</li>
<li>Perplexing business model, customer concentration and high valuations make it unattractive inspite of high profitability.</li>
</ul>



Easy Trip Planners (EASEMYTR IN) has had a good run on its bourses and is probably one of the very few new-age companies which is profitable. 
However, the overall narrative does not look attractive to us when we deep dive into the forensics, including the cost drivers and balance sheet risks to the company.
Perplexing business model, customer concentration and high valuations make it unattractive inspite of high profitability.


Easy Trip Planners: Unattractive Inspite of High Profitability

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Easy Trip Planners or EaseMyTrip.com (EMT) is the fastest growing and only profitable company in the online travel portal in India</li><li>The company offers a comprehensive range of travel-related products and services</li><li>Airline tickets accounted for 94.0% of revenues (pre-Covid levels) while hotels and other services contributed 5.4% and 0.6% of revenues, respectively</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Easy Trip Planners or EaseMyTrip.com (EMT) is the fastest growing and only profitable company in the online travel portal in IndiaThe company offers a comprehensive range of travel-related products and servicesAirline tickets accounted for 94.0% of revenues (pre-Covid levels) while hotels and other services contributed 5.4% and 0.6% of revenues, respectivelyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>All ingredients in place for fine trip</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

All ingredients in place for fine tripContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Long Term Recommendation | Easy Trip Planners Ltd.

Indian Railway Catering & Tourism / Equity Bottom-Up

Indian Railway Catering & Tourism (IRCTC IN)

<p><a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">Indian Railway Catering and Tourism (IRCTC IN)</a> has given a superficial return to the shareholders since it has got listed on the Indian bourses. The company is in news post the announced split of shares in the ratio of 1:5. On October 28, 2021, the split of share of the company got effected.</p><p>On the same day i.e. October 28, 2021, post market hours, the company informed exchanges that Ministry of Railways vide above referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f.  November 1, 2021.  The stock got hammered next morning by more than 28%; later during the day i.e. October 29, 2021, the company again informed exchanges that Ministry of Railways has withdrawn its order for sharing convenience fee, as a result stock got recovered and closed at ~7.5% down from the previous close.</p><p>There are few grey areas in the news created around the company and in this insight we try to analyse the situation and possible way ahead the Ministry may be eyeing for.</p>

Indian Railway Catering and Tourism (IRCTC IN) has given a superficial return to the shareholders since it has got listed on the Indian bourses. The company is in news post the announced split of shares in the ratio of 1:5. On October 28, 2021, the split of share of the company got effected.On the same day i.e. October 28, 2021, post market hours, the company informed exchanges that Ministry of Railways vide above referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f.  November 1, 2021.  The stock got hammered next morning by more than 28%; later during the day i.e. October 29, 2021, the company again informed exchanges that Ministry of Railways has withdrawn its order for sharing convenience fee, as a result stock got recovered and closed at ~7.5% down from the previous close.There are few grey areas in the news created around the company and in this insight we try to analyse the situation and possible way ahead the Ministry may be eyeing for.

IRCTC Limited: The Possible Implication Of Regulatory Fiasco

India

Easy Trip Planners Ltd. (EaseMyTrip) is an Indian online travel company that provides a comprehensive range of travel-related products and services. These include airline tickets, hotel reservations, holiday packages, train and bus bookings, and ancillary services like travel insurance. The company operates through B2C, B2B2C, and B2E channels, offering a 'no-convenience-fee' strategy for customers. Headquartered in New Delhi, India, the company was founded in 2008.

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Easy Trip Planners (EASEMYTR IN)

EbixCash IPO: The Bull Case

The key elements of the bull case rest on fast-paced growth, growth runaway from the post-COVID recovery, declining contract assets, improving...

Arun George

Easy Trip Planners: Unattractive Inspite of High Profitability

The overall narrative does not look attractive to us when we deep dive into the forensics, including the cost drivers, balance sheet risks to the...

Nitin Mangal

Easy Trip Planners: Turns Ex-Bonus Today

About the stock: Easy Trip Planners or EaseMyTrip.com (EMT) is the fastest growing and only profitable company in the online travel portal in...

ICICI Securities Limited

Long Term Recommendation | Easy Trip Planners Ltd.

All ingredients in place for fine trip

Edelweiss

IRCTC Limited: The Possible Implication Of Regulatory Fiasco

There are few grey areas in the news created around the company regarding convenience fee sharing. In this insight we try to analyse the situation...

Nitin Mangal

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