Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics 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

Forensic Accounting

<ul>
<li>Paytm Payments Bank faces regulatory scrutiny and compliance challenges, impacting its trajectory and profitability amid ongoing supervisory action by the RBI.</li>
<li>With significant restrictions on operations and revenue streams, Paytm navigates a complex financial landscape, highlighting resilience amidst regulatory uncertainties and governance concerns.</li>
<li>Despite proactive measures, including partnership diversification and service continuity, Paytm's future hinges on addressing compliance lapses and fostering transparent governance to regain trust in the fintech sector.</li>
</ul>


Paytm Payments Bank faces regulatory scrutiny and compliance challenges, impacting its trajectory and profitability amid ongoing supervisory action by the RBI.
With significant restrictions on operations and revenue streams, Paytm navigates a complex financial landscape, highlighting resilience amidst regulatory uncertainties and governance concerns.
Despite proactive measures, including partnership diversification and service continuity, Paytm's future hinges on addressing compliance lapses and fostering transparent governance to regain trust in the fintech sector.


The Paytm Saga: A Tale of Non-Compliance and Controversy

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.

Event-Driven

<ul>
<li>In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. </li>
<li>The company is backed by <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>, <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and counts <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> among its investors. </li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. 
The company is backed by Alibaba (ADR) (BABA US), Softbank Group (9984 JP) and counts Berkshire Hathaway Inc Cl A (BRK/A US) among its investors. 
In this note, we will talk about the upcoming lockup expiry.


Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

Equity Bottom-Up

<ul>
<li>Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.</li>
<li>It is a branchless digital bank that only started operations in 2017. As of Sep 21, it had a loan book of US$21bn, deposit base of US$24bn and 17.4m customers.</li>
<li>Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea.</li>
</ul>


Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.
It is a branchless digital bank that only started operations in 2017. As of Sep 21, it had a loan book of US$21bn, deposit base of US$24bn and 17.4m customers.
Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea.


2022 High Conviction - Kakao Bank - A Long Way to Go

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>At present, 3 changes for the BSE 100 index and 7 changes for the BSE 200 index.</li>
<li>The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could get into such a trap.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
At present, 3 changes for the BSE 100 index and 7 changes for the BSE 200 index.
The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could get into such a trap.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Could Zomato's Share Price Rally Become a Problem?

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

<ul>
<li>Market sentiment remains optimistic, we anticipate the rally to continue with 20,200 on the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> as a trend check level. </li>
<li>There are concerns about <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a> growth in personal loans in the near term, but the merchant side provides a large enough opportunity.  </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>, <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN)</a>, and <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> </li>
</ul>


Market sentiment remains optimistic, we anticipate the rally to continue with 20,200 on the NIFTY Index (NIFTY INDEX) as a trend check level. 
There are concerns about Paytm (PAYTM IN) growth in personal loans in the near term, but the merchant side provides a large enough opportunity.  
Other names discussed include Eicher Motors (EIM IN), Poonawalla Fincorp (POONAWAL IN), and Five Star Business Finance (FIVESTAR IN) 


[Week 12] Namaste India 🙏 | Paytm (PAYTM IN) | Opportunity Size Outweigh Growth Concerns

India

One 97 Communications Limited provides payment solutions. The Company provides online services such as hotel booking, top ups, data processing, games, mobile content, and bill payments. One 97 Communications Limited serves customers worldwide.

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Paytm (PAYTM IN)

The Paytm Saga: A Tale of Non-Compliance and Controversy

Paytm Payments Bank faces regulatory scrutiny and supervisory action by the RBI. Despite measures, its future hinges on addressing compliance...

Nimish Maheshwari

Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. In this note, we talk about the upcoming...

Sumeet Singh

2022 High Conviction - Kakao Bank - A Long Way to Go

Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.

Sumeet Singh

[Week 12] Namaste India 🙏 | Paytm (PAYTM IN) | Opportunity Size Outweigh Growth Concerns

Market sentiment remains optimistic with the NIFTY Index as a trend check level. Concerns about Paytm's growth. Other names discussed: Eicher...

Pranav Bhavsar

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

The Paytm Saga: A Tale of Non-Compliance and Controversy

​Paytm Payments Bank faces regulatory scrutiny and supervisory action by the RBI. Despite measures, its future hinges on addressing compliance...

Nimish Maheshwari

Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. In this note, we talk about the upcoming...

Sumeet Singh

2022 High Conviction - Kakao Bank - A Long Way to Go

Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.

Sumeet Singh

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Could Zomato's Share Price Rally Become a Problem?

We see Zomato as a BSE 100 DEL for December 2024 as it currently violates one of the derivative linkage requirements. Zomato's fate will depend on...

Janaghan Jeyakumar, CFA

[Week 12] Namaste India 🙏 | Paytm (PAYTM IN) | Opportunity Size Outweigh Growth Concerns

​Market sentiment remains optimistic with the NIFTY Index as a trend check level. Concerns about Paytm's growth. Other names discussed: Eicher...

Pranav Bhavsar

Paytm Payments Bank faces regulatory scrutiny and supervisory action by the RBI. Despite measures, its future hinges on addressing compliance...

Quiddity Leaderboard BSE/SENSEX Dec 24: Could Zomato's Share Price Rally Become a Problem?

Market sentiment remains optimistic with the NIFTY Index as a trend check level. Concerns about Paytm's growth. Other names discussed: Eicher...