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>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  </li>
<li>India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  </li>
<li>India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.</li>
</ul>



Bain Capital Specialty Finan (BCSF US) finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  
India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  
India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.


#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

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

Five Star Business Finance / Equity Capital Markets

<ul>
<li>Three PE investors are looking to raise up to US$158m via selling 5.9% of <a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> (FSB).</li>
<li>Five-Star Business is a non-banking financial company that provides secured business loans to micro-entrepreneurs and self-employed individuals. FSB had raised around US$190m in its India IPO in Nov 2022.</li>
<li>In this note, we will talk about the deal dynamics and updates since our last note.</li>
</ul>


Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB).
Five-Star Business is a non-banking financial company that provides secured business loans to micro-entrepreneurs and self-employed individuals. FSB had raised around US$190m in its India IPO in Nov 2022.
In this note, we will talk about the deal dynamics and updates since our last note.


Five Star Placement - Well Flagged but Have a Lot More Stock to Get Through

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> raised around US$190m in its India IPO in Nov 2022.</li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (0958461D IN)</a> is looking to raise around US$250m in its upcoming India IPO. </li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we talk about the RHP updates and undertake a peer comparison.</li>
</ul>



Five Star Business Finance (0958461D IN) is looking to raise around US$250m in its upcoming India IPO. 
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we talk about the RHP updates and undertake a peer comparison.


Five-Star Business IPO - RHP Updates and Peer Comparion

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

Indiabulls Housing Finance / Equity Bottom-Up

<ul>
<li>IndiaBulls reported FY 3Q22 results of INR 3.0 bn, improving INR 167 mn (5.8%) linked quarter; results were of poor quality; </li>
<li>Net new NPLs had increased INR 7.1 bn for the quarter for an annualized rate of increase of 139.6%; and </li>
<li>Given the continued break in credit, loss reserves appear light close to INR 28 bn – representing seven quarters of PBT and 17.1% of stated equity. </li>
</ul>


IndiaBulls reported FY 3Q22 results of INR 3.0 bn, improving INR 167 mn (5.8%) linked quarter; results were of poor quality; 
Net new NPLs had increased INR 7.1 bn for the quarter for an annualized rate of increase of 139.6%; and 
Given the continued break in credit, loss reserves appear light close to INR 28 bn – representing seven quarters of PBT and 17.1% of stated equity. 


IndiaBulls Housing Finance – Manufactured Bottom-Line

India

Manappuram Finance Ltd. is a non-banking finance company. The Company offers loans against gold collateral, business loans, vehicle loans, foreign exchange and money transfer services; and sells gold coins.

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Manappuram Finance (MGFL IN)

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

Five Star Placement - Well Flagged but Have a Lot More Stock to Get Through

Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB). In this note, we talk...

Sumeet Singh

Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022. Its US$1.3bn worth IPO lockup expiry is coming up soon.

Sumeet Singh

Five-Star Business IPO - RHP Updates and Peer Comparion

Five Star Business Finance is looking to raise around US$250m in its upcoming India IPO. In this note, we talk about the RHP updates and undertake...

Sumeet Singh

IndiaBulls Housing Finance – Manufactured Bottom-Line

I-BULLS: IndiaBulls reported a poor quality QOQ FY 3Q22 results increase of 5.8%.Net new NPLs increased at 139.6% annualized, while loss reserves...

Thomas J. Monaco

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

​Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

Five Star Placement - Well Flagged but Have a Lot More Stock to Get Through

Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB). In this note, we talk...

Sumeet Singh

Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022. Its US$1.3bn worth IPO lockup expiry is coming up soon.

Sumeet Singh

Five-Star Business IPO - RHP Updates and Peer Comparion

Five Star Business Finance is looking to raise around US$250m in its upcoming India IPO. In this note, we talk about the RHP updates and undertake...

Sumeet Singh

IndiaBulls Housing Finance – Manufactured Bottom-Line

I-BULLS: IndiaBulls reported a poor quality QOQ FY 3Q22 results increase of 5.8%.Net new NPLs increased at 139.6% annualized, while loss reserves...

Thomas J. Monaco

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...