Small & Mid Cap focused Value Investor

Gokul Raj. P

Equity Bottom-Up

Indiabulls stock is up 18% from our initial coverage note a month back. We believe the major reason for this re-rating is the increasing belief on the street that the whole demonetization exercise hasn't affected the mortgage finance space and has instead brought clarity to investors about the inherent strength of the mortgage finance business model and the large growth opportunities therein. It is not just Indiabulls, but the entire mortgage finance space (Gruh Finance, DHFL, PNB Housing…

Indiabulls stock is up 18% from our initial coverage note a month back. We believe the major reason for this re-rating is the increasing belief on the street that the whole demonetization exercise hasn't affected the mortgage finance space and has instead brought clarity to investors about the inherent strength of the mortgage finance business model and the large growth opportunities therein. It is not just Indiabulls, but the entire mortgage finance space (Gruh Finance, DHFL, PNB Housing…

Indiabulls Housing - Q3 FY 17 Results Strengthens Our Investment Thesis !!

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Thematic (Sector/Industry)

On the eve of the budget, shares on the stock market have rallied, raising hopes of the long delayed revival in private sector capital expenditure and corporate earnings. But against the backdrop of an already slowing economy followed by the ill-conceived, disastrously executed demonetisation and marginal room for a major fiscal stimulus might this be a false dawn?

On the eve of the budget, shares on the stock market have rallied, raising hopes of the long delayed revival in private sector capital expenditure and corporate earnings. But against the backdrop of an already slowing economy followed by the ill-conceived, disastrously executed demonetisation and marginal room for a major fiscal stimulus might this be a false dawn?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

Independent Insight Provider

Stewart Paterson

Taurus Advisors LLP

Macroeconomics

While earnings integers on a number of equity market indices have been falling for a while, equities have held up extremely well globally and indeed made strong gains over the last five years. As measured by MSCI world, equities have risen 48% in USD terms, compounding at 8%. MXAPJ has done less well , up only 10% in 5 years for a Cagr of 2%. Index earnings have actually fallen  over that period in Asia in dollar terms by about 15% but the lack of a meaningful risk free rate of return has kept…

While earnings integers on a number of equity market indices have been falling for a while, equities have held up extremely well globally and indeed made strong gains over the last five years. As measured by MSCI world, equities have risen 48% in USD terms, compounding at 8%. MXAPJ has done less well , up only 10% in 5 years for a Cagr of 2%. Index earnings have actually fallen  over that period in Asia in dollar terms by about 15% but the lack of a meaningful risk free rate of return has kept…

Money Matters: Is the Fed Behind the Curve?

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Euromonitor International’s Wealth and Income distribution model looks at 50 markets through a measure of income and accumulated wealth. Our model forecast the growth of these factors to 2030 and has valuable insight as to where consumers will exit poverty and enter the middle class over the forecast period. For consumer finance, these consumers that are recent additions to the middle class will represent a sizeable and bankable population. Companies that invest early and establish brand loyalty with these consumers will very likely benefit over the forecast period

Euromonitor International’s Wealth and Income distribution model looks at 50 markets through a measure of income and accumulated wealth. Our model forecast the growth of these factors to 2030 and has valuable insight as to where consumers will exit poverty and enter the middle class over the forecast period. For consumer finance, these consumers that are recent additions to the middle class will represent a sizeable and bankable population. Companies that invest early and establish brand loyalty with these consumers will very likely benefit over the forecast period

Markets Expected to Lower Poverty Rate the Most by 2030

India

Housing Development Finance Corporation Ltd. HDFC provides housing finance company. The Company provides wide range of housing loans, loan for home improvement, extensions, top ups, and non housing loans and loans for non resident Indian (NRI). HDFC serves customers in India, kuwait, Singapore, Oman, UAE, and the United Kingdom.

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HDFC Limited (HDFC IN)

Indiabulls Housing - Q3 FY 17 Results Strengthens Our Investment Thesis !!

Indiabulls stock is up 18% from our initial coverage note a month back. We believe the major reason for this re-rating is the increasing belief on...

Gokul Raj. P

Pre-Budget: Marginal Room for Stimulus

On the eve of the budget, shares on the stock market have rallied, raising hopes of the long delayed revival in private sector capital expenditure...

Hemindra Hazari

Cratering Loan Growth in India

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been...

Daniel Tabbush

Money Matters: Is the Fed Behind the Curve?

While earnings integers on a number of equity market indices have been falling for a while, equities have held up extremely well globally and...

Stewart Paterson

Markets Expected to Lower Poverty Rate the Most by 2030

Euromonitor International’s Wealth and Income distribution model looks at 50 markets through a measure of income and accumulated wealth. Our model...

Euromonitor International Ltd.

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