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

Equity Bottom-Up

<ul>
<li>Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> - The core concerns that worry the street do warrant attention. While the management believes it is temporary, we anticipate some more incremental pain ahead. </li>
<li>Other interesting names highlighted include <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a>, <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a>, and <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN)</a>. </li>
</ul>


Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.

HDFC Bank (HDFCB IN) - The core concerns that worry the street do warrant attention. While the management believes it is temporary, we anticipate some more incremental pain ahead. 
Other interesting names highlighted include Delta Corp Ltd (DELTA IN), IndiaMart (INMART IN), Polycab India (POLYCAB IN), and Poonawalla Fincorp (POONAWAL IN). 


[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

<ul>
<li>The upcoming earnings season, along with the forthcoming Budget and Elections, should all contribute to keeping the undertone bullish for 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>. </li>
<li>
<a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> reported a minor dip in collections for the non-EEB portfolio, which has probably spooked the street.</li>
<li>Other names discussed include MMFS, POONAWAL, AUBANK, LTFH, and AAVAS.</li>
</ul>


The upcoming earnings season, along with the forthcoming Budget and Elections, should all contribute to keeping the undertone bullish for the NIFTY Index (NIFTY INDEX). 

Bandhan Bank Ltd (BANDHAN IN) reported a minor dip in collections for the non-EEB portfolio, which has probably spooked the street.
Other names discussed include MMFS, POONAWAL, AUBANK, LTFH, and AAVAS.


[Week 16] Namaste India 🙏 | More Smoke for Bandhan?

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

India Shelter Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> raised around US$144m from its India IPO.</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



India Shelter Finance (0570670D IN) raised around US$144m from its India IPO.
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> is looking to raise US$144m from its India IPO.</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>In this note, we will look at past performance, and share our thoughts on valuation.</li>
</ul>



India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO.
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
In this note, we will look at past performance, and share our thoughts on valuation.


India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

<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

Poonawalla Fincorp Limited is a non-banking finance company that provides consumer and MSME financing services in India. The company offers a diversified product suite including personal, business, and asset-backed loans, along with supply chain financing and insurance products. It was incorporated in 1978 and is headquartered in Pune, India.

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Poonawalla Fincorp (POONAWAL IN)

[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

Pranav Bhavsar

[Week 16] Namaste India 🙏 | More Smoke for Bandhan?

The upcoming earnings season, Budget, and Elections are expected to keep the NIFTY Index bullish. Bandhan Bank's dip in collections for non-EEB...

Pranav Bhavsar

India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

India Shelter Finance (0570670D IN) raised around US$144m from its India IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO. In this note, we will look at past performance, and share our...

Clarence Chu

[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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

​During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

Pranav Bhavsar

[Week 16] Namaste India 🙏 | More Smoke for Bandhan?

​The upcoming earnings season, Budget, and Elections are expected to keep the NIFTY Index bullish. Bandhan Bank's dip in collections for non-EEB...

Pranav Bhavsar

India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

India Shelter Finance (0570670D IN) raised around US$144m from its India IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO. In this note, we will look at past performance, and share our...

Clarence Chu

[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

During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

The upcoming earnings season, Budget, and Elections are expected to keep the NIFTY Index bullish. Bandhan Bank's dip in collections for non-EEB...

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