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)

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

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.

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

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Historically, India’s net oil subsidy was a myth after factoring taxes on petroleum products. But in the last two years, as oil prices declined internationally, the Government went further, and shifted to an oppressive regime of punitive oil taxes. In earlier years, economists linked to the capital market were vociferous in their condemnation of oil subsidies, and advocated ‘market pricing’ of this key resource, as subsidies, they argued, distorted the market. Even at that time, their argument ignored the glaring fact of taxes on petroleum products. However, it is even more remarkable that for the past two years the same economists populating policy-making, credit rating and capital markets appear to have lost their voices when the Indian government violated market prices in the contrary direction, sharply raising the rate of petroleum taxes. This was done despite the demand slowdown in the economy. Heavy petroleum taxes have no doubt helped to meet fiscal deficit commitments and satisfying global investors. But they have helped suppress an already faltering consumer demand.

Historically, India’s net oil subsidy was a myth after factoring taxes on petroleum products. But in the last two years, as oil prices declined internationally, the Government went further, and shifted to an oppressive regime of punitive oil taxes. In earlier years, economists linked to the capital market were vociferous in their condemnation of oil subsidies, and advocated ‘market pricing’ of this key resource, as subsidies, they argued, distorted the market. Even at that time, their argument ignored the glaring fact of taxes on petroleum products. However, it is even more remarkable that for the past two years the same economists populating policy-making, credit rating and capital markets appear to have lost their voices when the Indian government violated market prices in the contrary direction, sharply raising the rate of petroleum taxes. This was done despite the demand slowdown in the economy. Heavy petroleum taxes have no doubt helped to meet fiscal deficit commitments and satisfying global investors. But they have helped suppress an already faltering consumer demand.

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

This weekend saw the retirement of long-serving Saudi oil minister Ali al-Naimi and his replacement by the Chairman of Aramco, Khalid al-Falih.At 80 years of age, the retirement of al-Naimi had been on the cards for a number of years, with some indications that it had been scheduled to occur five years ago, but was postponed given the need for stability as the Arab Spring erupted in the region.Now that he has moved on to a position as advisor to the Royal Court, whether Saudi oil policy will…

This weekend saw the retirement of long-serving Saudi oil minister Ali al-Naimi and his replacement by the Chairman of Aramco, Khalid al-Falih.At 80 years of age, the retirement of al-Naimi had been on the cards for a number of years, with some indications that it had been scheduled to occur five years ago, but was postponed given the need for stability as the Arab Spring erupted in the region.Now that he has moved on to a position as advisor to the Royal Court, whether Saudi oil policy will…

New Saudi Oil Minister, Old Saudi Oil Policy

It has been an interesting few weeks for observers of Saudi Arabia as Doha oil freeze talks failed, concerns re-emerged over the stability of the Saudi-US relationship and months of press coverage culminated in the announcement of Saudi Vision 2030 today.This note analyses some of the drivers of the changes we have seen in Saudi policy and the likely impact of these going forward on local markets and the oil price.The upshot is that I am, just as was the case in 2015, once more bearish on oil and oil-related equities into summer, although I retain my bullish view longer term.This should also prevent significant appreciation in Middle East markets short-term, although it is likely to be an interesting few years ahead as reforms, many of which necessitate increased economic and market liberalization and sharp increases in FDI, start to come in force.

It has been an interesting few weeks for observers of Saudi Arabia as Doha oil freeze talks failed, concerns re-emerged over the stability of the Saudi-US relationship and months of press coverage culminated in the announcement of Saudi Vision 2030 today.This note analyses some of the drivers of the changes we have seen in Saudi policy and the likely impact of these going forward on local markets and the oil price.The upshot is that I am, just as was the case in 2015, once more bearish on oil and oil-related equities into summer, although I retain my bullish view longer term.This should also prevent significant appreciation in Middle East markets short-term, although it is likely to be an interesting few years ahead as reforms, many of which necessitate increased economic and market liberalization and sharp increases in FDI, start to come in force. 

India

Gujarat Mineral Development Corporation Limited is a Indian mining company, which specializes in lignite mining in the Gujarat area. The Company also invests in property.

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Gujarat Mineral Development (GMDC IN)

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September...

Speeda Research

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

Oil Cess - Squeezing the Economy

Historically, India’s net oil subsidy was a myth after factoring taxes on petroleum products. But in the last two years, as oil prices declined...

Hemindra Hazari

New Saudi Oil Minister, Old Saudi Oil Policy

This weekend saw the retirement of long-serving Saudi oil minister Ali al-Naimi and his replacement by the Chairman of Aramco, Khalid al-Falih.At...

Emad Mostaque

Saudi: A New Hope?

It has been an interesting few weeks for observers of Saudi Arabia as Doha oil freeze talks failed, concerns re-emerged over the stability of the...

Emad Mostaque

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