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>In this Insight, we highlight industry and company-specific developments based on the annual reports of various companies related to the apparel industry.</li>
<li>The industry has encountered challenges, primarily due to a slowdown in demand and rising inflation. Most companies are now hoping for a turnaround.</li>
<li>Companies in Focus <a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a>, <a href="https://www.smartkarma.com/entities/arvind-fashions" target="_blank" data-smartkarma-citation="entities:28960:1" rel="noopener">Arvind Fashions (ARVINDFA IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a>, <a href="https://www.smartkarma.com/entities/go-fashion-india-private-limited" target="_blank" data-smartkarma-citation="entities:36625:1" rel="noopener">Go Fashion India (GOCOLORS IN)</a> and <a href="https://www.smartkarma.com/entities/credo-brands-marketing-limited" target="_blank" data-smartkarma-citation="entities:40400:1" rel="noopener">Credo Brands Marketing (CREDO IN)</a>.  </li>
</ul>


In this Insight, we highlight industry and company-specific developments based on the annual reports of various companies related to the apparel industry.
The industry has encountered challenges, primarily due to a slowdown in demand and rising inflation. Most companies are now hoping for a turnaround.
Companies in Focus Aditya Birla Fashion and Retail Ltd (ABFRL IN), Arvind Fashions (ARVINDFA IN), Vedant Fashions (MANYAVAR IN), Go Fashion India (GOCOLORS IN) and Credo Brands Marketing (CREDO IN).  


Namaste India 🙏 | Catching up with Fashion

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (1342Z IN)</a> plans India’s largest IPO, valued at Rs. 27,870 crore.</li>
<li>Historical data shows large IPOs often underperform, raising concerns about valuation and market timing.</li>
<li>Caution is essential; analyzing fundamentals over hype is crucial for IPO investments.</li>
</ul>



Hyundai Motor India (1342Z IN) plans India’s largest IPO, valued at Rs. 27,870 crore.
Historical data shows large IPOs often underperform, raising concerns about valuation and market timing.
Caution is essential; analyzing fundamentals over hype is crucial for IPO investments.


Thematic Report : How India’s Biggest IPOs Have Performed?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$130m in its India IPO.
It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we talk about the company’s historical performance.


Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HMIL)</a> 's USD 3 billion+ IPO opens today, 15th October, at 10:00 am IST. The bidding will remain open until 4:30 pm IST on 17th October.</li>
<li>
Near-Term Outlook: Limited Short-Term Gain Potential. While Hyundai is likely to outperform Maruti Suzuki given the valuation discount, it may underperform the broader sector in the near term.</li>
<li>
Long-Term Opportunity: For investors with a longer-term horizon, Hyundai presents a relatively low-risk opportunity. Its established brand and world-class manufacturing facilities offer the potential for steady, long-term growth.</li>
</ul>



Hyundai Motor India (HMIL) 's USD 3 billion+ IPO opens today, 15th October, at 10:00 am IST. The bidding will remain open until 4:30 pm IST on 17th October.

Near-Term Outlook: Limited Short-Term Gain Potential. While Hyundai is likely to outperform Maruti Suzuki given the valuation discount, it may underperform the broader sector in the near term.

Long-Term Opportunity: For investors with a longer-term horizon, Hyundai presents a relatively low-risk opportunity. Its established brand and world-class manufacturing facilities offer the potential for steady, long-term growth.


Hyundai Motor India IPO: The Good, The Bad and The Valuation. Not for Quick Gain Seekers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (1342Z IN)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/hyundai-motor-co-44d5ac4e-94e3-4be9-b34f-5f3155e7a3d6" target="_blank" data-smartkarma-citation="entities:26936:1" rel="noopener">Hyundai Motor (005385 KS)</a>, aims to raise up to US$3.3 billion at a valuation of US$19 billion.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/hyundai-motor-india-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:151701" rel="noopener">Hyundai Motor India IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/hyundai-motor-india-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:152017" rel="noopener">Hyundai Motor India IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/hyundai-motor-india-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:162052" rel="noopener">Hyundai Motor India IPO: The Investment Case</a>. </li>
<li>Our valuation analysis suggests that the IPO price range of Rs1,865-1,960 per share is attractive. Therefore, we would participate in the IPO.</li>
</ul>



Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.3 billion at a valuation of US$19 billion.
We previously discussed the IPO in Hyundai Motor India IPO: The Bull Case, Hyundai Motor India IPO: The Bear Case and Hyundai Motor India IPO: The Investment Case. 
Our valuation analysis suggests that the IPO price range of Rs1,865-1,960 per share is attractive. Therefore, we would participate in the IPO.


Hyundai Motor India IPO: Valuation Insights

South Korea

Hyundai Motor India Limited (HMIL) designs and manufactures automobiles. The Company offers cars, vans, sedans, and sport utility vehicles along with financing, leasing, and maintenance services. HMIL serves customers globally.

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Hyundai Motor India (HYUNDAI IN)

Namaste India 🙏 | Catching up with Fashion

Exploring the challenges and growth projections of the Indian apparel industry, with companies like Aditya Birla Fashion and Retail Ltd and Arvind...

Pranav Bhavsar

Thematic Report : How India’s Biggest IPOs Have Performed?

Hyundai Motor India plans India's largest IPO valued at Rs. 27,870 crore, but historical data suggests caution is needed as large IPOs often...

Nimish Maheshwari

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Hyundai Motor India IPO: The Good, The Bad and The Valuation. Not for Quick Gain Seekers

HMIL likely to outperform Maruti Suzuki thanks to Valuation discount but both may underperform broader sector in the near term. Limited short term...

Devi Subhakesan

Hyundai Motor India IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs1,865-1,960 per share is attractive. Therefore, we would participate in the IPO.

Arun George

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52-week Range

Market Cap (USDm)

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Namaste India 🙏 | Catching up with Fashion

​Exploring the challenges and growth projections of the Indian apparel industry, with companies like Aditya Birla Fashion and Retail Ltd and Arvind...

Pranav Bhavsar

Thematic Report : How India’s Biggest IPOs Have Performed?

​Hyundai Motor India plans India's largest IPO valued at Rs. 27,870 crore, but historical data suggests caution is needed as large IPOs often...

Nimish Maheshwari

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Hyundai Motor India IPO: The Good, The Bad and The Valuation. Not for Quick Gain Seekers

HMIL likely to outperform Maruti Suzuki thanks to Valuation discount but both may underperform broader sector in the near term. Limited short term...

Devi Subhakesan

Hyundai Motor India IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs1,865-1,960 per share is attractive. Therefore, we would participate in the IPO.

Arun George

Exploring the challenges and growth projections of the Indian apparel industry, with companies like Aditya Birla Fashion and Retail Ltd and Arvind...

Hyundai Motor India plans India's largest IPO valued at Rs. 27,870 crore, but historical data suggests caution is needed as large IPOs often...