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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a>'s volume growth is expected to under-power in 2022 due to both internal and external factors. The company might struggle to acquire increasing growth in subscribers.</li>
<li>Cost savings are likely to perish in future. This would put margins under pressure.</li>
<li>As a proxy for SMEs and MSMEs, lack of business confidence and hazy pent-up demand can turn into major headwinds.</li>
</ul>



IndiaMart (INMART IN)'s volume growth is expected to under-power in 2022 due to both internal and external factors. The company might struggle to acquire increasing growth in subscribers.
Cost savings are likely to perish in future. This would put margins under pressure.
As a proxy for SMEs and MSMEs, lack of business confidence and hazy pent-up demand can turn into major headwinds.


2022 High Conviction- IndiaMart (INMART IN)- Bet Against Growth Propellants

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

CE Info Systems (MapmyIndia) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ce-info-systems-mapmyindia" target="_blank" data-smartkarma-citation="entities:34215:1" rel="noopener">CE Info Systems (MapmyIndia) (CE IN)</a> is looking to raise up to US$138m in its India IPO.</li>
<li>CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>Unlike most Indian tech companies that have listed this year, CE Info Systems is profitable.</li>
</ul>



CE Info Systems (MapmyIndia) (CE IN) is looking to raise up to US$138m in its India IPO.
CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost &amp; Sullivan (F&amp;S).
Unlike most Indian tech companies that have listed this year, CE Info Systems is profitable.


CE Info Systems (MapmyIndia) IPO - Profitable and Growing, Map Your Way to the Bankers

RateGain Travel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rategain-travel-technologies" target="_blank" data-smartkarma-citation="entities:35265:1" rel="noopener">RateGain Travel Technologies (1920810D IN)</a> is looking to raise up to US$177m in its upcoming India IPO.</li>
<li>The deal will comprise a mix of primary and secondary shares, where the Promoters and a Pre-IPO investor, Wagner, are looking to pare down their stakes. </li>
<li>In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.</li>
</ul>



RateGain Travel Technologies (1920810D IN) is looking to raise up to US$177m in its upcoming India IPO.
The deal will comprise a mix of primary and secondary shares, where the Promoters and a Pre-IPO investor, Wagner, are looking to pare down their stakes. 
In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.


RateGain Travel Technologies IPO - First SaaS Listing in India and Could Be a Recovery Play

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Paytm (PAYTM IN) raised around US$2.5bn via selling a mix of primary and secondary shares in its India IPO.</li>
<li>The company is backed by <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a>, <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and counts <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> among its investors.</li>
<li>In this note, we will talk about the subscription levels and the trading dynamics.</li>
</ul>


Paytm (PAYTM IN) raised around US$2.5bn via selling a mix of primary and secondary shares in its India IPO.
The company is backed by Ant Financial Services Group (6688 HK), Softbank Group (9984 JP) and counts Berkshire Hathaway Inc Cl A (BRK/A US) among its investors.
In this note, we will talk about the subscription levels and the trading dynamics.


Paytm IPO Trading - Largest IPO with Lowest Coverage, Skipped by Domestics

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> / <a href="https://www.smartkarma.com/entities/just-dial-ltd" target="_blank" data-smartkarma-citation="entities:4070:1" rel="noopener">Just Dial Ltd (JUST IN)</a> / <a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</a> / <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a> 
We have separated the quotes to highlight Business Performance, Business Model and New Developments, Margin and Outlook / Guidance.

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of IndiaMart (INMART IN) / Just Dial Ltd (JUST IN) / Makemytrip Ltd (MMYT US) / Info Edge India (INFOE IN) 
We have separated the quotes to highlight Business Performance, Business Model and New Developments, Margin and Outlook / Guidance. 

The Narrative | Q2 FY22 | India Internet - IndiaMart / Just Dial / Makemytrip / Info Edge India

India

IndiaMart InterMesh Limited operates as an e-commerce company. The Company offers air coolers, tower fans, washing machines, mixer grinders, barcode printers, steel pipes, tubes, water tanks, roofing supplies, mobile phones, computers, automobile parts, and machine tools. IndiaMart Intermesh markets its products in India

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IndiaMart (INMART IN)

2022 High Conviction- IndiaMart (INMART IN)- Bet Against Growth Propellants

IndiaMart's volume growth is expected to under-power in 2022 due to both internal and external factors. The company might struggle to acquire...

Nitin Mangal

CE Info Systems (MapmyIndia) IPO - Profitable and Growing, Map Your Way to the Bankers

CE Info Systems (MapmyIndia) (CE IN) is looking to raise up to US$138m in its India IPO. Unlike most Indian tech companies that have listed this...

Clarence Chu

RateGain Travel Technologies IPO - First SaaS Listing in India and Could Be a Recovery Play

RateGain Travel Technologies (1920810D IN) is looking to raise up to US$177m in its India IPO. The listing will be the first SaaS listing in India.

Clarence Chu

Paytm IPO Trading - Largest IPO with Lowest Coverage, Skipped by Domestics

Paytm (PAYTM IN) raised around US$2.5bn via selling a mix of primary and secondary shares in its India IPO. In this note, we will talk about the...

Sumeet Singh

The Narrative | Q2 FY22 | India Internet - IndiaMart / Just Dial / Makemytrip / Info Edge India

The edition focuses on key quotes from the earnings transcripts of IndiaMart / Just Dial Ltd / Makemytrip Ltd / Info Edge India

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)