Specialist in Indian Banking and Economic Research

Hemindra Hazari

Thematic (Sector/Industry)

The deregulation of India’s life insurance industry in 2000 and the eventual direct listing of private life insurance companies, with ICICI Prudential Life being the first, offer opportunities for investors requiring exposure to this sector in India.  Increasing penetration, enhancing long-term savings and mobilizing much-needed investments for infrastructure were expected to be the outcomes from such a policy. The liberalization process transformed the infrastructure sector from a low risk, public sector asset to a high-risk investment and introduced high volatility in penetration as insurance companies became stock market players and exposed policy holders to the vagaries of the capital market.For those interested in conventional life insurance companies, they may have to wait indefinitely for the listing of the government-owned Life Insurance Corporation as many private sector insurance companies have adopted a mutual fund model.   In the alternative, they may consider some of the companies less exposed to the capital market  and may have to wait for the eventual listing of HDFC-Max Life, Bajaj Life and Birla Sun Life.

The deregulation of India’s life insurance industry in 2000 and the eventual direct listing of private life insurance companies, with ICICI Prudential Life being the first, offer opportunities for investors requiring exposure to this sector in India.  Increasing penetration, enhancing long-term savings and mobilizing much-needed investments for infrastructure were expected to be the outcomes from such a policy. The liberalization process transformed the infrastructure sector from a low risk, public sector asset to a high-risk investment and introduced high volatility in penetration as insurance companies became stock market players and exposed policy holders to the vagaries of the capital market.For those interested in conventional life insurance companies, they may have to wait indefinitely for the listing of the government-owned Life Insurance Corporation as many private sector insurance companies have adopted a mutual fund model.   In the alternative, they may consider some of the companies less exposed to the capital market  and may have to wait for the eventual listing of HDFC-Max Life, Bajaj Life and Birla Sun Life.

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Banking sector results in this quarter have been pretty much a mixed bag with SoE banks (also referred to as PSU or public sector banks) along with large private sector banks ( ICICI) recording weak business growth and rise in NPA ratio while retail-focused private sector banks (Yes bank, IndusInd) continuing to outperform in growth and asset quality. Across the board rally in the banks with strong moves in SOE banks , therefore comes as a surprise. From the lows recorded in Feb/Mar, PSU banks…

Banking sector results in this quarter have been pretty much a mixed bag with SoE banks (also referred to as PSU or public sector banks) along with large private sector banks ( ICICI) recording weak business growth and rise in NPA ratio while retail-focused private sector banks (Yes bank, IndusInd) continuing to outperform in growth and asset quality. Across the board rally in the banks with strong moves in SOE banks , therefore comes as a surprise. From the lows recorded in Feb/Mar, PSU banks…

Indian Banks: Wary of SoE Bank Rally; Keep Focus on Retail Lenders as Consumer Credit Booms

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

The government’s capital injection for India’s state banks is miniscule compared with what they may need. The data is not hidden, so it is unclear to us, how the government can miscalculate by such a magnitude. For four state banks, the proposed capital injection is only 0.3% of assets! Our analysis below focuses on the four state banks where we have complete details, while the overall government capital injection package is for INR229 billion for 13 PSU banks.New proposed government capital as…

The government’s capital injection for India’s state banks is miniscule compared with what they may need. The data is not hidden, so it is unclear to us, how the government can miscalculate by such a magnitude. For four state banks, the proposed capital injection is only 0.3% of assets! Our analysis below focuses on the four state banks where we have complete details, while the overall government capital injection package is for INR229 billion for 13 PSU banks.New proposed government capital as…

New Capital for India's Banks: Microscopic

<ul><li>The commercial office property market in India is showing good signs of revival since last year</li><li>Demand indicators as seen through the leasing activity, rental movement and the fall in vacancy rates points to positive trends for the sector that has lagged its residential counterpart since 2012</li><li>The offers promising yields of 9-10% across the top cities along with chances of capital appreciation</li><li>High Yield has attracted many global PE &amp; pension funds and Blackstone today has emerged as the largest owner of grade-A office space in India with a portfolio of over 30msf (million square feet)</li><li>Impending creation and listing of REITs in India will be another positive trigger for the sector as developers and asset owners unlock capital from tenanted properties  </li></ul>

The commercial office property market in India is showing good signs of revival since last yearDemand indicators as seen through the leasing activity, rental movement and the fall in vacancy rates points to positive trends for the sector that has lagged its residential counterpart since 2012The offers promising yields of 9-10% across the top cities along with chances of capital appreciationHigh Yield has attracted many global PE &amp; pension funds and Blackstone today has emerged as the largest owner of grade-A office space in India with a portfolio of over 30msf (million square feet)Impending creation and listing of REITs in India will be another positive trigger for the sector as developers and asset owners unlock capital from tenanted properties  

Looking for Yield? India Office Property Offers 10%; Sector on an Uptick; REIT Listings Next Trigger

The reforms credentials of Modi government have been dented with news of exit of Raghuram Rajan, Governor Reserve Bank of India (RBI) in September. Rajan is widely credited for initiating monetary policy reforms, maintaining the independence of RBI and also raising its stature as a strong institution globally. Failure to retain him will cost the economy in the medium to long run especially if any of the reforms undertaken are diluted. Many of the critics of Rajan state that a country does not…

The reforms credentials of Modi government have been dented with news of exit of Raghuram Rajan, Governor Reserve Bank of India (RBI) in September. Rajan is widely credited for initiating monetary policy reforms, maintaining the independence of RBI and also raising its stature as a strong institution globally. Failure to retain him will cost the economy in the medium to long run especially if any of the reforms undertaken are diluted. Many of the critics of Rajan state that a country does not…

Post Rajan World: Potential Red Flags to Watch & Why Strong Personality Head Imp in EMs Institutions

India

Manappuram Finance Limited is an Indian non-banking financial company (NBFC) specializing primarily in gold loans. The company has diversified its portfolio to include microfinance, home loans, vehicle loans, and SME lending. It was founded in 1949 and is headquartered in Valapad, Thrissur, Kerala, India.

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Manappuram Finance (MGFL IN)

Life Insurance: License for a Casino

The deregulation of India’s life insurance industry in 2000 and the eventual direct listing of private life insurance companies, with ICICI...

Hemindra Hazari

Indian Banks: Wary of SoE Bank Rally; Keep Focus on Retail Lenders as Consumer Credit Booms

Banking sector results in this quarter have been pretty much a mixed bag with SoE banks (also referred to as PSU or public sector banks) along with...

Asia Advisors

New Capital for India's Banks: Microscopic

The government’s capital injection for India’s state banks is miniscule compared with what they may need. The data is not hidden, so it is unclear...

Daniel Tabbush

Looking for Yield? India Office Property Offers 10%; Sector on an Uptick; REIT Listings Next Trigger

The commercial office property market in India is showing good signs of revival since last year Demand indicators as seen through the leasing...

Asia Advisors

Post Rajan World: Potential Red Flags to Watch & Why Strong Personality Head Imp in EMs Institutions

The reforms credentials of Modi government have been dented with news of exit of Raghuram Rajan, Governor Reserve Bank of India (RBI) in September....

Asia Advisors

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