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

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

Nuvama Wealth Management / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama Wealth Management ("Nuvama")</a> has been seeing strong growth across all its businesses. Wealth management business is scaling up well. Capital markets business continues to benefit from the upbeat cycle.</li>
<li>The asset management business is in its infancy but is scaling up well. Nuvama launched a new real estate fund via a 50:50 JV with Cushman &amp; Wakefield.</li>
<li>Given wealth management is still nascent in India; the growth potential is huge for Nuvama. At the current valuation, an investment in Nuvama has potential to more than triple.</li>
</ul>



Nuvama Wealth Management ("Nuvama") has been seeing strong growth across all its businesses. Wealth management business is scaling up well. Capital markets business continues to benefit from the upbeat cycle.
The asset management business is in its infancy but is scaling up well. Nuvama launched a new real estate fund via a 50:50 JV with Cushman &amp; Wakefield.
Given wealth management is still nascent in India; the growth potential is huge for Nuvama. At the current valuation, an investment in Nuvama has potential to more than triple.


<ul>
<li>Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.</li>
<li>Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.</li>
<li>Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.</li>
</ul>


Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.
Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.
Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.


Nuvama: Stellar Start as an Independent Listed Entity

Forensics and Corporate Governance Analyst, Beat the Street

Nimish Maheshwari

Forensics and Corporate Governance Analyst

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

<ul>
<li>ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate</li>
<li>Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.</li>
<li>There could be potential upside of 20% if delisting fails.</li>
</ul>


ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate
Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.
There could be potential upside of 20% if delisting fails.


ICICI Securities : A Special Situation Play with Limited Downside

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.</li>
<li>Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> and <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> too.</li>
<li>The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.
Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the NIFTY Index and Nifty Next 50 Index too.
The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.


AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

India

Nuvama Wealth Management Limited provides financial services. The Company offers wealth management, portfolio management, and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. Nuvama Wealth Management serves customers India.

Nuvama Wealth Management (NUVAMA IN)

Nuvama: Stellar Growth Continues

The wealth management industry is in its infancy in India and presents a long runway for growth. Nuvama has established a strong synergistic...

Ankit Agrawal, CFA

Nuvama: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

Ankit Agrawal, CFA

ICICI Securities : A Special Situation Play with Limited Downside

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

Nuvama: Stellar Growth Continues

The wealth management industry is in its infancy in India and presents a long runway for growth. Nuvama has established a strong synergistic...

Ankit Agrawal, CFA

Nuvama: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

Ankit Agrawal, CFA

ICICI Securities : A Special Situation Play with Limited Downside

​ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.