India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>JSW launches coated steel product to substitute imports which has market of INR 2200 crore</li>
<li>Adani may tie up with Japan for renewable energy post-meeting between officials</li>
<li>FII short position highest before election results; India Q4 GDP beat analyst estimates</li>
</ul>


JSW launches coated steel product to substitute imports which has market of INR 2200 crore
Adani may tie up with Japan for renewable energy post-meeting between officials
FII short position highest before election results; India Q4 GDP beat analyst estimates


#5 India Insights: JSW Steel New Product, Adani-Japan May Tie Up, FII Shorts, India GDP

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

IDFC First Bank Limited / Equity Bottom-Up

<ul><li>IDFCFB reported robust loan growth momentum (up 28% YoY/ 5% QoQ) in Q4FY24 and NII growth of (24% YoY/4% QoQ).</li><li>The NIM contracted 7bps QoQ to 6.35%, largely owing to higher cost of deposits which increased by 7bps QoQ to 6.27%.</li><li>Other Income reported a healthy growth of 17/8% YoY/QoQ, largely led by growth in the fee income from the bank’s retail products. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

IDFCFB reported robust loan growth momentum (up 28% YoY/ 5% QoQ) in Q4FY24 and NII growth of (24% YoY/4% QoQ).The NIM contracted 7bps QoQ to 6.35%, largely owing to higher cost of deposits which increased by 7bps QoQ to 6.27%.Other Income reported a healthy growth of 17/8% YoY/QoQ, largely led by growth in the fee income from the bank’s retail products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDFC First Bank - Deposit-Led Growth to Be Supported by Operating Leverage Play

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> and <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> were in the market trying to raise over US$500m each.</li>
<li>Placements flow continued unabated this week as well, India, Taiwan and South Korea seeing large blocks.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, HD Hyundai Marine Solution (443060 KS) and Bharti Hexacom were in the market trying to raise over US$500m each.
Placements flow continued unabated this week as well, India, Taiwan and South Korea seeing large blocks.


ECM Weekly (1st Apr 2024) - Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> ( or IWL) and <a href="https://www.smartkarma.com/entities/inox-wind-energy-ltd" target="_blank" data-smartkarma-citation="entities:40911:1" rel="noopener">Inox Wind Energy (IWEL IN)</a> (or IWEL) have announced a merger, where IWEL will be amalgamated with IWL</li>
<li>The share swap ratio in the scheme of amalgamation gives a very evident arbitrage opportunity. </li>
<li>The arbitrage opportunity has become bigger than when announced in June 2023. While the strategy is still possible, we try to justify the market behaviour.</li>
</ul>



INOX India Limited (INOX IN) ( or IWL) and Inox Wind Energy (IWEL IN) (or IWEL) have announced a merger, where IWEL will be amalgamated with IWL
The share swap ratio in the scheme of amalgamation gives a very evident arbitrage opportunity. 
The arbitrage opportunity has become bigger than when announced in June 2023. While the strategy is still possible, we try to justify the market behaviour.


Equity Research Analyst - Long-Short

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/idfc-first-bank-limited" target="_blank" data-smartkarma-citation="entities:26934:1" rel="noopener">IDFC First Bank Limited (IDFCBK IN)</a>  management has provided long-term strategic guidance along with its 3Q24 results, which lays down a clear roadmap for the bank's progress.</li>
<li>The latest results are slightly below estimates but the medium-term factors for our thesis haven’t changed – viz. a strong franchise underscored by heavy retail footprint and incrementally improving unit-economics.</li>
<li>We reiterate "Long-term Buy", with 42% upside in near-term, as the bank continues to realize the benefits of its increasing scale on its earnings profile.</li>
</ul>



IDFC First Bank Limited (IDFCBK IN)  management has provided long-term strategic guidance along with its 3Q24 results, which lays down a clear roadmap for the bank's progress.
The latest results are slightly below estimates but the medium-term factors for our thesis haven’t changed – viz. a strong franchise underscored by heavy retail footprint and incrementally improving unit-economics.
We reiterate "Long-term Buy", with 42% upside in near-term, as the bank continues to realize the benefits of its increasing scale on its earnings profile.


IDFC First Bank (IDFCBK IN): Long-Term Guidance 2.0; Clarity of Thought Is a Source of Comfort

India

IDFC First Bank Limited provides a full range of commercial banking services for retail and institutional customers. The Bank offers fixed deposits, debit cards, savings account, cash management, and other services. IDFC Bank serves its customers in India.

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IDFC First Bank Limited (IDFCFB IN)

#5 India Insights: JSW Steel New Product, Adani-Japan May Tie Up, FII Shorts, India GDP

India Insights : JSW introduces coated steel product to reduce imports, Adani considers partnership with Japan for renewable energy, FII short...

Sudarshan Bhandari

IDFC First Bank - Deposit-Led Growth to Be Supported by Operating Leverage Play

IDFCFB reported robust loan growth momentum (up 28% YoY/ 5% QoQ) in Q4FY24 and NII growth of (24% YoY/4% QoQ). The NIM contracted 7bps QoQ to...

Axis Direct

ECM Weekly (1st Apr 2024) - Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Inox Wind Merger: Behind the Arbitrage

INOX India Limited and Inox Wind Energy have announced a merger, presenting a clear arbitrage opportunity. The opportunity has grown since the...

Nitin Mangal

IDFC First Bank (IDFCBK IN): Long-Term Guidance 2.0; Clarity of Thought Is a Source of Comfort

IDFC First Bank's 5-year guidance, unveiled in the latest results, adds comfort to its potential long-term success story which is already in motion.

Raj S, CA, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

#5 India Insights: JSW Steel New Product, Adani-Japan May Tie Up, FII Shorts, India GDP

​India Insights : JSW introduces coated steel product to reduce imports, Adani considers partnership with Japan for renewable energy, FII short...

Sudarshan Bhandari

IDFC First Bank - Deposit-Led Growth to Be Supported by Operating Leverage Play

IDFCFB reported robust loan growth momentum (up 28% YoY/ 5% QoQ) in Q4FY24 and NII growth of (24% YoY/4% QoQ). The NIM contracted 7bps QoQ to...

Axis Direct

ECM Weekly (1st Apr 2024) - Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Inox Wind Merger: Behind the Arbitrage

​INOX India Limited and Inox Wind Energy have announced a merger, presenting a clear arbitrage opportunity. The opportunity has grown since the...

Nitin Mangal

IDFC First Bank (IDFCBK IN): Long-Term Guidance 2.0; Clarity of Thought Is a Source of Comfort

IDFC First Bank's 5-year guidance, unveiled in the latest results, adds comfort to its potential long-term success story which is already in motion.

Raj S, CA, CFA

India Insights : JSW introduces coated steel product to reduce imports, Adani considers partnership with Japan for renewable energy, FII short...

INOX India Limited and Inox Wind Energy have announced a merger, presenting a clear arbitrage opportunity. The opportunity has grown since the...