Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>With INR 145cr revenue in the FMCG business in Q3FY25, RPSGV has sustained its INR 550cr+ annualized revenue run-rate from the last quarter, which implies it is scaling up well.</li>
<li>The BPO business ("Firstsource") has normalized after seeing tough times a few quarters ago. Q3FY25 revenue grew 30%+ YoY and 10%+ QoQ. EBIT margin has been steady at 11% QoQ.</li>
<li>Within the Sports business, the IPL franchise, Lucknow Super Giants, announced a new captain, Rishabh Pant, under whose leadership there is likely to be more aggression towards result orientation.</li>
</ul>


With INR 145cr revenue in the FMCG business in Q3FY25, RPSGV has sustained its INR 550cr+ annualized revenue run-rate from the last quarter, which implies it is scaling up well.
The BPO business ("Firstsource") has normalized after seeing tough times a few quarters ago. Q3FY25 revenue grew 30%+ YoY and 10%+ QoQ. EBIT margin has been steady at 11% QoQ.
Within the Sports business, the IPL franchise, Lucknow Super Giants, announced a new captain, Rishabh Pant, under whose leadership there is likely to be more aggression towards result orientation.


RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Growing Now

<ul>
<li>The FMCG business continues to sustain annualized revenue of INR 500cr+ and with Q2FY25 revenue at INR 146cr, it is possible that annualized revenue may now sustain at INR 550cr+.</li>
<li>After having bottomed out a couple of quarters ago, the BPO business - <a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions ("FSL")</a>, is now performing strong with 6.9% QoQ and 22.7% YoY growth in revenue.</li>
<li>Revenue in the Sports business varies significantly each quarter based on scheduling of the sports events. Accordingly, in Q2FY25, revenues were not significant at INR 20cr.</li>
</ul>


The FMCG business continues to sustain annualized revenue of INR 500cr+ and with Q2FY25 revenue at INR 146cr, it is possible that annualized revenue may now sustain at INR 550cr+.
After having bottomed out a couple of quarters ago, the BPO business - Firstsource Solutions ("FSL"), is now performing strong with 6.9% QoQ and 22.7% YoY growth in revenue.
Revenue in the Sports business varies significantly each quarter based on scheduling of the sports events. Accordingly, in Q2FY25, revenues were not significant at INR 20cr.


RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up

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>Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..</li>
<li>... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.</li>
<li>Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..
... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.
Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond


Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

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.

Event-Driven

Medi Assist Healthcare Services / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

<ul>
<li>The FMCG business has been now sustaining an annualized revenue run-rate of INR 500cr+. Q4FY24 FMCG revenue was INR 135cr+, similar to Q3FY24 and a growth of 30%+ YoY.</li>
<li>
<a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions ("Firstsource")</a> , the BPO business, has been sustaining its recovery after a lull period for two years. Its revenue grew 4.2% QoQ and 4.5% YoY in constant currency.</li>
<li>The Sports business revenue continue to be dominated by IPL. Having played three seasons now, RPSGV's IPL franchise, Lucknow Super Giants (LSG), has made its place and holds significant value.</li>
</ul>


The FMCG business has been now sustaining an annualized revenue run-rate of INR 500cr+. Q4FY24 FMCG revenue was INR 135cr+, similar to Q3FY24 and a growth of 30%+ YoY.

Firstsource Solutions ("Firstsource") , the BPO business, has been sustaining its recovery after a lull period for two years. Its revenue grew 4.2% QoQ and 4.5% YoY in constant currency.
The Sports business revenue continue to be dominated by IPL. Having played three seasons now, RPSGV's IPL franchise, Lucknow Super Giants (LSG), has made its place and holds significant value.


RPSG Ventures: FMCG Business Is Scaling Up Well

India

Firstsource Solutions Limited provides business process outsourcing services. The Company provides services globally to companies in the banking, financial services, and insurance industries.

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Firstsource Solutions (FSOL IN)

RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Growing Now

RPSGV's FMCG and Sports businesses are scaling up well and has significant value unlocking potential which could narrow the holding company...

Ankit Agrawal, CFA

RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up

RPSGV is scaling up its FMCG business well, which is the core of our thesis. Its Sports business also has significant value unlocking potential via...

Ankit Agrawal, CFA

Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Ride the Trend Higher in MSCI $ACWI and $SPX; We are still bullish as Risk-On Signals Dominate. Ideas to buy/stay long in global Discretionary,...

Vermilion Research

Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024. Coming up for six-month lockup expiry are the firm's pre-IPO...

Clarence Chu

RPSG Ventures: FMCG Business Is Scaling Up Well

RPSGV's FMCG business is scaling up well with an annualized revenue run-rate of INR 500cr+ vs INR 400cr+, a year ago. At current valuation, RPSGV...

Ankit Agrawal, CFA

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