Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*Ford Deal Vanishes: Ford Motor Company (F.US) [Ford] and Mahindra &amp; Mahindra (MM.IN) [M&amp;M] entered into a definitive agreement to establish a joint venture (JV) in October 2019 to develop, market, and distribute Ford-branded vehicles in India and other emerging markets. Unfortunately for M&amp;M, Ford has decided to end the relationship on December 31, 2021 - prior to it even getting off the ground; and   *Ssangyong Bankruptcy Likely Cause Of JV Collapse: Purchased by M&amp;M in 2011, the 74.7%-owned SsangYong Motor Company (003620.KS) [Ssangyong] in South Korea filed an application for commencement of the rehabilitation procedure with the Seoul Bankruptcy Court. The agreement between M&amp;M and Ford appears to have legally expired in October yet the actual decision to terminate precariously comes on the heals of the Ssangyong petition where M&amp;M is on the hook with a guarantee which likely will challenge it financially going forward.

*Ford Deal Vanishes: Ford Motor Company (F.US) [Ford] and Mahindra &amp; Mahindra (MM.IN) [M&amp;M] entered into a definitive agreement to establish a joint venture (JV) in October 2019 to develop, market, and distribute Ford-branded vehicles in India and other emerging markets. Unfortunately for M&amp;M, Ford has decided to end the relationship on December 31, 2021 - prior to it even getting off the ground; and   *Ssangyong Bankruptcy Likely Cause Of JV Collapse: Purchased by M&amp;M in 2011, the 74.7%-owned SsangYong Motor Company (003620.KS) [Ssangyong] in South Korea filed an application for commencement of the rehabilitation procedure with the Seoul Bankruptcy Court. The agreement between M&amp;M and Ford appears to have legally expired in October yet the actual decision to terminate precariously comes on the heals of the Ssangyong petition where M&amp;M is on the hook with a guarantee which likely will challenge it financially going forward.

Mahindra & Mahindra – Found On Road Dead

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Thematic (Sector/Industry)

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

*Ssangyong Declares Bankruptcy: Purchased by Mahindra &amp; Mahindra (MM.IN) [M&amp;M] in 2011, the 74.7%-owned SsangYong Motor Company (003620.KS) [Ssangyong] in South Korea filed an application for commencement of the rehabilitation procedure with the Seoul Bankruptcy Court; and*M&amp;M Guarantee: Unfortunately for M&amp;M, it has provided a corporate guarantee on behalf of Ssangyong on loans up to IN 6.8bn. If no new investor steps in, M&amp;M will be required to pay the guarantee.

*Ssangyong Declares Bankruptcy: Purchased by Mahindra &amp; Mahindra (MM.IN) [M&amp;M] in 2011, the 74.7%-owned SsangYong Motor Company (003620.KS) [Ssangyong] in South Korea filed an application for commencement of the rehabilitation procedure with the Seoul Bankruptcy Court; and*M&amp;M Guarantee: Unfortunately for M&amp;M, it has provided a corporate guarantee on behalf of Ssangyong on loans up to IN 6.8bn. If no new investor steps in, M&amp;M will be required to pay the guarantee.

Mahindra & Mahindra – Ssanyong Goes Plotz

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Cholamandalam Investment and Finance / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/cholamandalam-investment-and" target="_blank" data-smartkarma-citation="entities:17583:1" rel="noopener">Cholamandalam Investment and Finance (CIFC IN)</a> ["Chola"] is an Indian NBFC with a focus on vehicle financing, especially commercial vehicles (CV), in rural and semi-urban areas. With the economy getting back on track post lockdown, CV cycle is poised to witness disproportionate recovery after going through a depressed cycle over the past couple of years. With rural and semi-urban economy recovering faster and seeing stronger resilience, Chola's CV financing book has all the more reasons to cheer given its strong focus on tier-II and below towns. Below we dive-deep into Chola's competitive strengths and potential for strong growth in the near future.

Cholamandalam Investment and Finance (CIFC IN) ["Chola"] is an Indian NBFC with a focus on vehicle financing, especially commercial vehicles (CV), in rural and semi-urban areas. With the economy getting back on track post lockdown, CV cycle is poised to witness disproportionate recovery after going through a depressed cycle over the past couple of years. With rural and semi-urban economy recovering faster and seeing stronger resilience, Chola's CV financing book has all the more reasons to cheer given its strong focus on tier-II and below towns. Below we dive-deep into Chola's competitive strengths and potential for strong growth in the near future.

2021 High Conviction | Cholamandalam Investment: A High Quality Play on CV Cycle Recovery in India

In our earlier extensive insight, <a href="https://www.smartkarma.com/insights/mahindra-and-mahindra-deceleration-accelerates-plateau-ahead" target="_blank" data-smartkarma-citation="insights:15530" rel="noopener">Mahindra and Mahindra: Deceleration Accelerates, Plateau Ahead</a> we spoke about how <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> had lost its mojo in the Indian auto industry, after having a purple patch till early 2010s. We highlighted severe operational, strategic and financial concerns that plagued the company, and that it will continue to underperform the Auto sector post 2017.
M&amp;M has struggled to cope up with its historic prowess in the sector, and has been a victim to market share and momentum loss in several segments (Standalone basis). 
The company has also announced a reshuffle of its leadership back in Dec 2019, and consequently has undergone several strategic business changes ranging from exit of investments to new tie ups. As a result, there has been a lot of optimism in the market about a more than average possibility of a revival, and that M&amp;M will regain the fortress back.
However on the contrary, looking at the dismal recent-past track record of the company, it is a herculean task for the management to turn around and so these decisions must be watched closely in the medium to long run before jumping on to the conclusions.

In our earlier extensive insight, Mahindra and Mahindra: Deceleration Accelerates, Plateau Ahead we spoke about how Mahindra &amp; Mahindra (MM IN) had lost its mojo in the Indian auto industry, after having a purple patch till early 2010s. We highlighted severe operational, strategic and financial concerns that plagued the company, and that it will continue to underperform the Auto sector post 2017.
M&amp;M has struggled to cope up with its historic prowess in the sector, and has been a victim to market share and momentum loss in several segments (Standalone basis). 
The company has also announced a reshuffle of its leadership back in Dec 2019, and consequently has undergone several strategic business changes ranging from exit of investments to new tie ups. As a result, there has been a lot of optimism in the market about a more than average possibility of a revival, and that M&amp;M will regain the fortress back.
However on the contrary, looking at the dismal recent-past track record of the company, it is a herculean task for the management to turn around and so these decisions must be watched closely in the medium to long run before jumping on to the conclusions.

Mahindra and Mahindra: Refurbished but Still Fragile

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

Mahindra & Mahindra – Found On Road Dead

MAHINDRA & MAHINDRA: Ford and M&M entered into a JV in 2019. Unfortunately Ford has decided to end the relationship. The Ssangyong bankruptcy and...

Thomas J. Monaco

Review for the Year 2020

We review our entire cloud of insights covered in 2020, and give a snapshot of how did they pay out in the market, including future prospects.

Nitin Mangal

Mahindra & Mahindra – Ssanyong Goes Plotz

MAHINDRA & MAHINDRA: 75% Owned Ssangyong Motors Declares Bankruptcy, and M&M Is Likely On The Hook For The Credit Guarantees.

Thomas J. Monaco

2021 High Conviction | Cholamandalam Investment: A High Quality Play on CV Cycle Recovery in India

Chola is a high quality franchise with a leading presence in the CV segment. As the CV cycle recovers in India, Chola has potential to deliver 50%+...

Ankit Agrawal, CFA

Mahindra and Mahindra: Refurbished but Still Fragile

Given dismal recent-past track record, it is a herculean task for the management to turn around and so these decisions must be watched closely...

Nitin Mangal

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