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

Forensic Accounting

Newgen Software Technologies / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/newgen-software-technologies" target="_blank" data-smartkarma-citation="entities:26704:1" rel="noopener">Newgen Software Technologies (NEWGEN IN)</a> is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities.</li>
<li>The company continues to exhibit aggressive accounting practice in FY25, where growth driven by overseas subsidiaries was majorly tied up in credit period. Higher provision on debtors is further concerning. </li>
<li>High remuneration to promoters and independent directors, insider trading complaints, are few governance concerns</li>
</ul>



Newgen Software Technologies (NEWGEN IN) is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities.
The company continues to exhibit aggressive accounting practice in FY25, where growth driven by overseas subsidiaries was majorly tied up in credit period. Higher provision on debtors is further concerning. 
High remuneration to promoters and independent directors, insider trading complaints, are few governance concerns


Newgen Software Technologies- Forensic Update

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

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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

Newgen Software Technologies / Equity Bottom-Up

<p>Robust deal wins to drive growth</p><div class="content-highlight"><em>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.</em></div>

Robust deal wins to drive growthContent 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.

Newgen Software Technologies Ltd. | Q3FY22 Result Updare

<p>Multiple transitions to drive growth</p><div class="content-highlight"><em>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.</em></div>

Multiple transitions to drive growthContent 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.

Long Term Recommendation | Newgen Software Technologies Ltd.

Thematic (Sector/Industry)

<p>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. </p>
<p>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.</p>

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.

India

Newgen Software Technologies Limited provides IT services. The Company offers software development, document management system, workflow and process automation, business process, enterprise content, and customer communication management services. Newgen Software Technologies serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Newgen Software Technologies (NEWGEN IN)

Newgen Software Technologies- Forensic Update

Newgen's growth driven by overseas subsidiaries is mostly through extensive credit. Debtor provisions, growth in unbilled revenue further raise...

Nitin Mangal

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Newgen Software Technologies Ltd. | Q3FY22 Result Updare

Robust deal wins to drive growth

Edelweiss

Long Term Recommendation | Newgen Software Technologies Ltd.

Multiple transitions to drive growth

Edelweiss

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)