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>With the urban population set to double to 814 million by 2050, India faces numerous challenges in providing housing to the masses. The Pradhan Mantri Awas Yojana (PMAY) was introduced by the Modi government to allay these issues by providing urban housing for all by 2022. While we dig deeper into the scheme we will also analyse some of the industries within that will gain from this program.</p>

With the urban population set to double to 814 million by 2050, India faces numerous challenges in providing housing to the masses. The Pradhan Mantri Awas Yojana (PMAY) was introduced by the Modi government to allay these issues by providing urban housing for all by 2022. While we dig deeper into the scheme we will also analyse some of the industries within that will gain from this program.

Housing for All Scheme: Growth Story for Cement and Prefab Manufacturers?

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>The markets closed below our stop of 19,900, primarily driven by weakness in global market sentiments. </li>
<li>For <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> while the street seems to be worried about asset quality, trends in whistle-blower complaints and the timing of the merger also raise alarms.  </li>
<li>Other names discussed this week include <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a> and <a href="https://www.smartkarma.com/entities/godrej-properties-ltd" target="_blank" data-smartkarma-citation="entities:3971:1" rel="noopener">Godrej Properties (GPL IN)</a>.  </li>
</ul>


The markets closed below our stop of 19,900, primarily driven by weakness in global market sentiments. 
For HDFC Bank (HDFCB IN) while the street seems to be worried about asset quality, trends in whistle-blower complaints and the timing of the merger also raise alarms.  
Other names discussed this week include Delta Corp Ltd (DELTA IN) and Godrej Properties (GPL IN).  


[Week 4] Namaste India 🙏 | HDFC Bank (HDFCB IN) | Asset Quality Concerns, but Why Now?

APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

Elevate Campuses Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elevate-campuses-limited" target="_blank" data-smartkarma-citation="entities:45910:1" rel="noopener">Elevate Campuses Limited (1638929D IN)</a> is looking to raise about US$287m in its upcoming India IPO.</li>
<li>ECL owns, operates, and manages on-campus student accommodation for Higher Education Institutions and owns K-12 assets, operating its student housing portfolio under the ‘Good Host Spaces’ and ‘ScholarZ’ brands.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Elevate Campuses Limited (1638929D IN) is looking to raise about US$287m in its upcoming India IPO.
ECL owns, operates, and manages on-campus student accommodation for Higher Education Institutions and owns K-12 assets, operating its student housing portfolio under the ‘Good Host Spaces’ and ‘ScholarZ’ brands.
In this note, we talk about the company’s historical performance.


Aequitas: Elevate Campuses Pre-IPO-Dominant Education Infrastructure Platform at an Inflection Point

SignatureGlobal India Pvt Ltd / Equity Bottom-Up

SignatureGlobal India Pvt Ltd (1468641D IN)

<ul>
<li>Deferred payment schemes (≈10% upfront, no EMI for ~36 months) are inflating NCR booking optics by converting housing demand into option-like investor positions rather than cash-funded end-user purchases.</li>
<li>Developers such as <a href="https://www.smartkarma.com/entities/signatureglobal-india-pvt-ltd" target="_blank" data-smartkarma-citation="entities:36158:1" rel="noopener">SignatureGlobal India Pvt Ltd (1468641D IN)</a>  appear optically resilient due to stable collections, but project-financed models embed a lagged cash-conversion and ROE risk as payment cliffs approach.</li>
<li>This is not a solvency thesis; but a timing mismatch where earnings and valuation risk emerge with a delay, first visible in NCR and structurally portable to similar investor-heavy markets.</li>
</ul>


Deferred payment schemes (≈10% upfront, no EMI for ~36 months) are inflating NCR booking optics by converting housing demand into option-like investor positions rather than cash-funded end-user purchases.
Developers such as SignatureGlobal India Pvt Ltd (1468641D IN)  appear optically resilient due to stable collections, but project-financed models embed a lagged cash-conversion and ROE risk as payment cliffs approach.
This is not a solvency thesis; but a timing mismatch where earnings and valuation risk emerge with a delay, first visible in NCR and structurally portable to similar investor-heavy markets.


Signature Global and NCR Housing | When Deferred Payments Distort Demand

Akshat Shah

Kalpataru Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> raised about US$184m in its India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</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>



Kalpataru Limited (KTARU IN) raised about US$184m in its India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
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.


Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

India

Godrej Properties, Ltd. is a real estate development company.

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Godrej Properties (GPL IN)

Housing for All Scheme: Growth Story for Cement and Prefab Manufacturers?

With the urban population set to double to 814 million by 2050, India faces numerous challenges in providing housing to the masses. The Pradhan...

Speeda Research

[Week 4] Namaste India 🙏 | HDFC Bank (HDFCB IN) | Asset Quality Concerns, but Why Now?

HDFCB’s “perceived gold standard” in governance and asset quality is showing cracks flagged as early as 2023—rising stress in non-retail housing...

Pranav Bhavsar

Aequitas: Elevate Campuses Pre-IPO-Dominant Education Infrastructure Platform at an Inflection Point

Elevate Campuses Ltd (ECL) is looking to raise about US$287m in its upcoming India IPO.It owns, operates and manages on-campus student...

Kajal Jain

Signature Global and NCR Housing | When Deferred Payments Distort Demand

Q3 exposed the mismatch: 73% YoY drop in units sold, optically higher margins (40%), and weak cash conversion as deferred-payment demand ran ahead...

Pranav Bhavsar

Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

Kalpataru Limited (KL) raised about US$184m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

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