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

Equity Bottom-Up

Godfrey Phillips India / Equity Bottom-Up

<ul>
<li>Godfrey Phillips delivered 23% gross sales growth and 22% profit growth in H1 FY26, then faced Sweeping Excise and GST Overhaul that led the stock down 40% from 52-Week high</li>
<li>Tax shock is biggest structural reset for Indian tobacco. How Godfrey Phillips with 14% market share and near-zero debt navigates pricing, volume and illicit trade will define next earnings cycle</li>
<li>The company's balance sheet is one of the cleanest in the sector, but margin recovery depends on volume holding up through aggressive price hikes. Watch Q4 FY26 results closely.</li>
</ul>


Godfrey Phillips delivered 23% gross sales growth and 22% profit growth in H1 FY26, then faced Sweeping Excise and GST Overhaul that led the stock down 40% from 52-Week high
Tax shock is biggest structural reset for Indian tobacco. How Godfrey Phillips with 14% market share and near-zero debt navigates pricing, volume and illicit trade will define next earnings cycle
The company's balance sheet is one of the cleanest in the sector, but margin recovery depends on volume holding up through aggressive price hikes. Watch Q4 FY26 results closely.


Godfrey Phillips: Strong Numbers and Steeper Taxes

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Thematic (Sector/Industry)

Thailand is probably the second biggest tobacco market in ASEAN after Indonesia. Heck, it's not easy to compete with a market where some kids start smoking at 8, but 16 is not an unusual age for Thai teens to start, so it isn't surprising that the boldly named TMT (Tobbaco Monopoly of Thailand) was once the country's biggest contributor of state revenues in the past yo! Of course, this is something that doctors and medical experts have always opposed, since they feel that any state revenue…

Thailand is probably the second biggest tobacco market in ASEAN after Indonesia. Heck, it's not easy to compete with a market where some kids start smoking at 8, but 16 is not an unusual age for Thai teens to start, so it isn't surprising that the boldly named TMT (Tobbaco Monopoly of Thailand) was once the country's biggest contributor of state revenues in the past yo! Of course, this is something that doctors and medical experts have always opposed, since they feel that any state revenue…

Tax Troubles Backfire for Thailand's Big Tobacco

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

With tougher government regulation, cigarette consumption is observing a decline internationally. In response, in order to maintain its competitive edge, Japan Tobacco Inc’s acquisitions in Asia Pacific, namely in the Philippines and Indonesia, are seen as part of its international strategy to maintain long-term growth. Furthermore, this will enable JTI to be more well-balanced than before; in a better position to compete directly with Philip Morris International and British American Tobacco. Besides examining the impact of the company’s expansion in both the Philippines and Indonesia, this briefing seeks to highlight the future outlook and potential markets for JTI’s growth within Asia Pacific.

With tougher government regulation, cigarette consumption is observing a decline internationally. In response, in order to maintain its competitive edge, Japan Tobacco Inc’s acquisitions in Asia Pacific, namely in the Philippines and Indonesia, are seen as part of its international strategy to maintain long-term growth. Furthermore, this will enable JTI to be more well-balanced than before; in a better position to compete directly with Philip Morris International and British American Tobacco. Besides examining the impact of the company’s expansion in both the Philippines and Indonesia, this briefing seeks to highlight the future outlook and potential markets for JTI’s growth within Asia Pacific.

Part 2: Japan Tobacco Inc: Expansion in Asia Pacific

Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

We visited Yoyogi Park in Tokyo last weekend with the hope of relishing some fresh seafood at the annual Hokkaido Food Festival. But the long queues in front of every food stall assured us that it would take more than an hour to lay our hands on any of the delicacies and so, naturally, we made our way to the beer stands where the wait was a little less than five minutes for a glass of cold craft beer. What caught our eye in the midst of all the commotion was the IQOS smoking stands that were…

We visited Yoyogi Park in Tokyo last weekend with the hope of relishing some fresh seafood at the annual Hokkaido Food Festival. But the long queues in front of every food stall assured us that it would take more than an hour to lay our hands on any of the delicacies and so, naturally, we made our way to the beer stands where the wait was a little less than five minutes for a glass of cold craft beer. What caught our eye in the midst of all the commotion was the IQOS smoking stands that were…

Friday Musings - IQOS: License to Smoke…Anywhere?

Part 1: Japan Tobacco Inc: Expansion in Asia Pacific

United States

Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America.  The Company's portfolio comprises both international and local brands.

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Philip Morris International (PM US)

Godfrey Phillips: Strong Numbers and Steeper Taxes

Godfrey Phillips sees strong growth in H1 FY26, but faces 40% stock drop due to tax overhaul. Clean balance sheet and market share key to...

Sudarshan Bhandari

Tax Troubles Backfire for Thailand's Big Tobacco

Thailand is probably the second biggest tobacco market in ASEAN after Indonesia. Heck, it's not easy to compete with a market where some kids start...

Athaporn Arayasantiparb, CFA

Part 2: Japan Tobacco Inc: Expansion in Asia Pacific

With tougher government regulation, cigarette consumption is observing a decline internationally. In response, in order to maintain its competitive...

Euromonitor International Ltd.

Friday Musings - IQOS: License to Smoke…Anywhere?

We visited Yoyogi Park in Tokyo last weekend with the hope of relishing some fresh seafood at the annual Hokkaido Food Festival. But the long...

Chacko Jacob

Part 1: Japan Tobacco Inc: Expansion in Asia Pacific

With tougher government regulation, cigarette consumption is observing a decline internationally. In response, in order to maintain its competitive...

Euromonitor International Ltd.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Godfrey Phillips: Strong Numbers and Steeper Taxes

​Godfrey Phillips sees strong growth in H1 FY26, but faces 40% stock drop due to tax overhaul. Clean balance sheet and market share key to...

Sudarshan Bhandari

Tax Troubles Backfire for Thailand's Big Tobacco

Thailand is probably the second biggest tobacco market in ASEAN after Indonesia. Heck, it's not easy to compete with a market where some kids start...

Athaporn Arayasantiparb, CFA

Part 2: Japan Tobacco Inc: Expansion in Asia Pacific

With tougher government regulation, cigarette consumption is observing a decline internationally. In response, in order to maintain its competitive...

Euromonitor International Ltd.

Friday Musings - IQOS: License to Smoke…Anywhere?

We visited Yoyogi Park in Tokyo last weekend with the hope of relishing some fresh seafood at the annual Hokkaido Food Festival. But the long...

Chacko Jacob

Part 1: Japan Tobacco Inc: Expansion in Asia Pacific

With tougher government regulation, cigarette consumption is observing a decline internationally. In response, in order to maintain its competitive...

Euromonitor International Ltd.

Godfrey Phillips sees strong growth in H1 FY26, but faces 40% stock drop due to tax overhaul. Clean balance sheet and market share key to...