Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>We expect a favorable risk-reward with EPC sector at cyclically low valuation.</li><li>One can add strong balance sheet plays as (1) ordering remaining strong in renewables, T&amp;D, buildings, and revival expected in water &amp; railways, while roads will be muted, (2) asset monetization fructifying, (3) strong balance sheets and stable NWC days, and (4) likely improvement in cash flow generation.</li><li>LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.</li></ul>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.

We expect a favorable risk-reward with EPC sector at cyclically low valuation.One can add strong balance sheet plays as (1) ordering remaining strong in renewables, T&amp;D, buildings, and revival expected in water &amp; railways, while roads will be muted, (2) asset monetization fructifying, (3) strong balance sheets and stable NWC days, and (4) likely improvement in cash flow generation.LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.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.

Industrials (Q1FY26 Results Preview): Ordering pick-up awaited

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

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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

<ul><li>Healthy order inflows of Rs. 28,000-47,500 crore during Q2FY2025 led by two mega orders from the Middle East, which comprise over 60% of the order intake.</li><li>L&amp;T targets order inflow growth of 10% y-o-y, revenue growth of 15% y-o-y and an 8-8.25% OPM for core P&amp;M business for FY2025. Order book at an all-time high of ~Rs 4.91 lakh crore (2.1x TTM revenues).</li><li>We expect it to benefit from healthy order intake from international segment led by Middle East and pick up in domestic order inflows in H2FY2025.</li></ul>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.

Healthy order inflows of Rs. 28,000-47,500 crore during Q2FY2025 led by two mega orders from the Middle East, which comprise over 60% of the order intake.L&amp;T targets order inflow growth of 10% y-o-y, revenue growth of 15% y-o-y and an 8-8.25% OPM for core P&amp;M business for FY2025. Order book at an all-time high of ~Rs 4.91 lakh crore (2.1x TTM revenues).We expect it to benefit from healthy order intake from international segment led by Middle East and pick up in domestic order inflows in H2FY2025.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.

Larsen & Toubro Ltd - Q2 Order Intake Healthy; to Improve in H2

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

Industrials (Q1FY26 Results Preview): Ordering pick-up awaited

LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.

HDFC Securities

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Larsen & Toubro Ltd - Q2 Order Intake Healthy; to Improve in H2

L&T targets order inflow growth of 10% y-o-y, revenue growth of 15% y-o-y and an 8-8.25% OPM for core P&M business for FY2025. Order book at an all...

Sharekhan

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

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