Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.</li>
<li>China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.</li>
<li>AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.</li>
</ul>


OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.
China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.
AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.


This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

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

Power Finance Corporation / Equity Bottom-Up

<ul>
<li>The merger creates a sovereign-backed powerhouse with a Rs.11.5 trillion loan book to eliminate redundancies and lead India’s energy transition toward the "Viksit Bharat" 2047 vision.
</li>
<li>Unification removes the 30–35% "holding company discount" on PFC’s stock, streamlining capital raising and improving global borrowing efficiency through a single, massive balance sheet.</li>
<li>Combining entities prevents internal competition, optimizes risk management for renewable projects, and allows for massive lending diversification into logistics, smart metering, and EV infrastructure.</li>
</ul>


The merger creates a sovereign-backed powerhouse with a Rs.11.5 trillion loan book to eliminate redundancies and lead India’s energy transition toward the "Viksit Bharat" 2047 vision.

Unification removes the 30–35% "holding company discount" on PFC’s stock, streamlining capital raising and improving global borrowing efficiency through a single, massive balance sheet.
Combining entities prevents internal competition, optimizes risk management for renewable projects, and allows for massive lending diversification into logistics, smart metering, and EV infrastructure.


PFC - REC: Assessing the Potential Merger and Its Implication for the Shareholders

<ul>
<li>RBI finalized new provisioning norms for project finance (effective October 1, 2025), significantly softening earlier proposals. Provisioning for under-construction projects has been cut to 1–1.25% (from the proposed 5%).</li>
<li>The change reduces capital strain for lenders, preserves profitability metrics, and encourages fresh credit flow to infrastructure and commercial real estate (CRE) sectors.</li>
<li>Lenders must maintain or improve RoA/RoE while passing on marginal provisioning costs to borrowers. The credit environment for real estate and infrastructure segments could strengthen materially in FY26 and beyond</li>
</ul>


RBI finalized new provisioning norms for project finance (effective October 1, 2025), significantly softening earlier proposals. Provisioning for under-construction projects has been cut to 1–1.25% (from the proposed 5%).
The change reduces capital strain for lenders, preserves profitability metrics, and encourages fresh credit flow to infrastructure and commercial real estate (CRE) sectors.
Lenders must maintain or improve RoA/RoE while passing on marginal provisioning costs to borrowers. The credit environment for real estate and infrastructure segments could strengthen materially in FY26 and beyond


RBI’s Relief Push: How Easier Infra & Realty Credit Norms Could Impact Banks & NBFCs

<ul>
<li>PFC and BEML Sign MoU for Defence and Infrastructure Projects</li>
<li>Zee Entertainment Seeks Settlement with SEBI Over the Governance Issues</li>
<li>ONGC and BPCL Search for Global Partners to Build Greenfield Refineries</li>
</ul>


PFC and BEML Sign MoU for Defence and Infrastructure Projects
Zee Entertainment Seeks Settlement with SEBI Over the Governance Issues
ONGC and BPCL Search for Global Partners to Build Greenfield Refineries


# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Hindalco Industries, Adani Enterprises, Grasim Industries, Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank, Tata Motors Passenger Vehicles.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Hindalco Industries, Adani Enterprises, Grasim Industries, Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank, Tata Motors Passenger Vehicles.


MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

India

Power Finance Corporation Limited is an Indian public sector undertaking and a non-banking financial company (NBFC) that provides financial assistance to projects across the power sector, including generation, transmission, distribution, and renewable energy. It also offers financial consulting, investment banking, and loan management services, and has expanded into infrastructure and logistics financing. The company was founded in July 1986 and is headquartered in New Delhi, India.

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Power Finance Corporation (POWF IN)

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

This week in AI: OpenAI pushed IPO expectations beyond 2026, the AI slowdown debate reached markets and policy, and Chinese labs kept shipping models.

Ke Yan, CFA, FRM

PFC - REC: Assessing the Potential Merger and Its Implication for the Shareholders

Merger creates a sovereign-backed powerhouse with Rs.11.5 trillion loan book to lead India's energy transition and streamline capital raising.

Sudarshan Bhandari

RBI’s Relief Push: How Easier Infra & Realty Credit Norms Could Impact Banks & NBFCs

RBI eases project finance provisioning norms, boosting credit flow to infrastructure and real estate sectors while reducing capital strain for...

Sudarshan Bhandari

# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

Indian companies PFC, BEML, Zee Entertainment, ONGC, and BPCL are making strategic moves in defense, infrastructure, governance, and green energy...

Sudarshan Bhandari

MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

We analyzed MS-India's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Adani Enterprises (ADE/S IN), Grasim...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

This week in AI: OpenAI pushed IPO expectations beyond 2026, the AI slowdown debate reached markets and policy, and Chinese labs kept shipping models.

Ke Yan, CFA, FRM

PFC - REC: Assessing the Potential Merger and Its Implication for the Shareholders

​Merger creates a sovereign-backed powerhouse with Rs.11.5 trillion loan book to lead India's energy transition and streamline capital raising.

Sudarshan Bhandari

RBI’s Relief Push: How Easier Infra & Realty Credit Norms Could Impact Banks & NBFCs

​RBI eases project finance provisioning norms, boosting credit flow to infrastructure and real estate sectors while reducing capital strain for...

Sudarshan Bhandari

# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

​Indian companies PFC, BEML, Zee Entertainment, ONGC, and BPCL are making strategic moves in defense, infrastructure, governance, and green energy...

Sudarshan Bhandari

MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

We analyzed MS-India's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Adani Enterprises (ADE/S IN), Grasim...

Ke Yan, CFA, FRM

Merger creates a sovereign-backed powerhouse with Rs.11.5 trillion loan book to lead India's energy transition and streamline capital raising.

RBI eases project finance provisioning norms, boosting credit flow to infrastructure and real estate sectors while reducing capital strain for...

Indian companies PFC, BEML, Zee Entertainment, ONGC, and BPCL are making strategic moves in defense, infrastructure, governance, and green energy...