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>The index seems to be finding support at 19,500 for the second consecutive week. Bullish momentum could resume when we close above 19,800 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> .</li>
<li>Names discussed include <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> and <a href="https://www.smartkarma.com/entities/metro-brands" target="_blank" data-smartkarma-citation="entities:35289:1" rel="noopener">Metro Brands (METROBRA IN)</a>.  </li>
<li>We also introduce the Earnings Diary which will be part of the publication, tracking estimates and narratives around over coverage. </li>
</ul>


The index seems to be finding support at 19,500 for the second consecutive week. Bullish momentum could resume when we close above 19,800 on the NIFTY Index (NIFTY INDEX) .
Names discussed include Titan Co Ltd (TTAN IN), Maruti Suzuki India (MSIL IN) and Metro Brands (METROBRA IN).  
We also introduce the Earnings Diary which will be part of the publication, tracking estimates and narratives around over coverage. 


[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

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.

Equity Capital Markets

Sai Silk Kalamandir / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-silks-kalamandir-ltd" target="_blank" data-smartkarma-citation="entities:36216:1" rel="noopener">Sai Silk Kalamandir (SSKL IN)</a> is looking to raise about US$145m in its India IPO.</li>
<li>Sai Silk Kalamandir (SSK) is one of the largest retailers of ethnic apparel in South India, particularly in sarees, according to Technopak.</li>
<li>In this note, we look at the company’s past performance and provide our thoughts on valuations.</li>
</ul>



Sai Silk Kalamandir (SSKL IN) is looking to raise about US$145m in its India IPO.
Sai Silk Kalamandir (SSK) is one of the largest retailers of ethnic apparel in South India, particularly in sarees, according to Technopak.
In this note, we look at the company’s past performance and provide our thoughts on valuations.


Sai Silks Kalamandir IPO - Not Particularly Exciting but Is Relatively Cheap

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

We continue our focus on the coverage of IPO bound start-ups and next is none other than <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (1003622D IN)</a>. However, Nykaa stands apart from the rest since it is the one of those rare finds that have a positive profitability and this is why it looks promising in nature. Another differentiating aspect is that Nykaa operates as an omni-channel entity, having as many as 73 physical stores across the country. (However, most of the revenue is generated online).Nykaa was founded only in 2012 and has gained a strong foothold in the beauty and personal care (BPC) space especially in the last few years. According to RedSeer, the company is the largest Specialty BPC platform in India in terms of value of products sold in F21. The company manages its BPC predominantly through inventory model, not to forget that it also has its own brands which it outsources the manufacturing. Nykaa has also started the ball rolling in the fashion territory in 2018, for which it mostly acts as a market place for its consumers and vendors.Nykaa has a strong operational characteristics, there is hardly any doubt; however, one needs to look beyond it to get a more comprehensive view of the financials and governance. There are a few concerns on the accounting front that should not be overlooked. We also find stains on the governance, primarily related to remuneration of MD. Further, there were several small risk factors which were disclosed, that had acted as a resistance force in the past.

We continue our focus on the coverage of IPO bound start-ups and next is none other than FSN E-Commerce Ventures (Nykaa) (1003622D IN). However, Nykaa stands apart from the rest since it is the one of those rare finds that have a positive profitability and this is why it looks promising in nature. Another differentiating aspect is that Nykaa operates as an omni-channel entity, having as many as 73 physical stores across the country. (However, most of the revenue is generated online).Nykaa was founded only in 2012 and has gained a strong foothold in the beauty and personal care (BPC) space especially in the last few years. According to RedSeer, the company is the largest Specialty BPC platform in India in terms of value of products sold in F21. The company manages its BPC predominantly through inventory model, not to forget that it also has its own brands which it outsources the manufacturing. Nykaa has also started the ball rolling in the fashion territory in 2018, for which it mostly acts as a market place for its consumers and vendors.Nykaa has a strong operational characteristics, there is hardly any doubt; however, one needs to look beyond it to get a more comprehensive view of the financials and governance. There are a few concerns on the accounting front that should not be overlooked. We also find stains on the governance, primarily related to remuneration of MD. Further, there were several small risk factors which were disclosed, that had acted as a resistance force in the past.

Mindspace Business Parks REIT / Equity Capital Markets

Mindspace Business Park REIT (MBP) aims to raise around US$500m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. Its portfolio comprises 19.8 msf of completed, 6.1 msf of under construction and 3.6 msf of future development area, as of Jun 2019. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. However, not all of the assets in the portfolio are so called prime assets, with its largest Mumbai assets being located far away from the CBD. In addition, not all the assets have been performing well either.

Mindspace Business Park REIT (MBP) aims to raise around US$500m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. Its portfolio comprises 19.8 msf of completed, 6.1 msf of under construction and 3.6 msf of future development area, as of Jun 2019. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. However, not all of the assets in the portfolio are so called prime assets, with its largest Mumbai assets being located far away from the CBD. In addition, not all the assets have been performing well either. 

Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal

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TCNS Clothing Co. / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/26778" target="_blank" data-smartkarma-citation="entities:26778:1">TCNS Clothing Co Ltd (0365999Z IN)</a> plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our earlier write-up <a href="https://www.smartkarma.com/insights/tcns-clothing-pre-ipo-fast-growth-growing-segment-and-a-good-track-record" target="_blank">TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record</a>. In this insight, we will look at the FY18 performance along with the impact of restated financials. We will also compare the company versus some of its listed and unlisted peers, and run the deal through our framework.The company's heady growth over the past few years seems to be slowing down with growth increasingly being driven by store addition rather than SSSG. Its FY18 numbers seem to imply that SSSG might have turned negative for some type of stores in 2H18, which is a concern. While the standalone p/e doesn't appear appetising given the slowing growth, the IPO doesn't seem as expensive given the peer group's vertigo-inducing valuations.

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our earlier write-up TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record. In this insight, we will look at the FY18 performance along with the impact of restated financials. We will also compare the company versus some of its listed and unlisted peers, and run the deal through our framework.The company's heady growth over the past few years seems to be slowing down with growth increasingly being driven by store addition rather than SSSG. Its FY18 numbers seem to imply that SSSG might have turned negative for some type of stores in 2H18, which is a concern. While the standalone p/e doesn't appear appetising given the slowing growth, the IPO doesn't seem as expensive given the peer group's vertigo-inducing valuations. 

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

India

Shoppers Stop is a leading Indian retailer that operates department stores, specialty beauty outlets, and value fashion formats, focusing on a "premiumisation" strategy. The company offers a wide range of household and consumer products, including apparel, cosmetics, personal accessories, home wares, and electronics, and distributes international beauty brands. Shoppers Stop was founded in 1991 and is headquartered in Mumbai, Maharashtra, India.

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Shoppers Stop (SHOP IN)

[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...

Pranav Bhavsar

Sai Silks Kalamandir IPO - Not Particularly Exciting but Is Relatively Cheap

Sai Silk Kalamandir (SSKL IN) is looking to raise about US$145m in its India IPO. In this note, we look at the company's past performance and talk...

Sumeet Singh

Nykaa IPO: Not Perfectly Elegant

Nykaa has a strong operational characteristics, there is hardly any doubt, but concerns on the accounting front that should not be overlooked,...

Nitin Mangal

Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal

Mindspace Business Park REIT (MBP) aims to raise around US$500m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own...

Sumeet Singh

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

​Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...

Pranav Bhavsar

Sai Silks Kalamandir IPO - Not Particularly Exciting but Is Relatively Cheap

Sai Silk Kalamandir (SSKL IN) is looking to raise about US$145m in its India IPO. In this note, we look at the company's past performance and talk...

Sumeet Singh

Nykaa IPO: Not Perfectly Elegant

Nykaa has a strong operational characteristics, there is hardly any doubt, but concerns on the accounting front that should not be overlooked,...

Nitin Mangal

Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal

Mindspace Business Park REIT (MBP) aims to raise around US$500m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own...

Sumeet Singh

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our...

Sumeet Singh

Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...