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>This edition focuses on earnings commentary from Financials highlighting the commentary on costs, growth, and elections. </li>
<li>Earnings review includes <a href="https://www.smartkarma.com/entities/au-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:24196:1" rel="noopener">AU Small Finance Bank Limited (AUBANK IN), </a><a href="https://www.smartkarma.com/entities/home-first-finance-company-india" target="_blank" data-smartkarma-citation="entities:28865:1" rel="noopener">Home First Finance (HOMEFIRS IN)</a>, <a href="https://www.smartkarma.com/entities/iifl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20197:1" rel="noopener">IIFL Holdings (IIFL IN)</a>, <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL 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.
This edition focuses on earnings commentary from Financials highlighting the commentary on costs, growth, and elections. 
Earnings review includes AU Small Finance Bank Limited (AUBANK IN), Home First Finance (HOMEFIRS IN), IIFL Holdings (IIFL IN), Shriram Finance (SHFL IN). 


[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (1363943D IN)</a> is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.</li>
<li>Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>In our previous note, we looked at the company’s performance. In this note, we talk about the company’s RHP updates and share our quick thoughts on peer comp and valuation.</li>
</ul>



Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.
Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
In our previous note, we looked at the company’s performance. In this note, we talk about the company’s RHP updates and share our quick thoughts on peer comp and valuation.


Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Forensic Accounting

Spandana Sphoorty Financial / Forensic Accounting

Spandana Sphoorty Financial (SPANDANA IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/spandana-sphoorty-financial" target="_blank" data-smartkarma-citation="entities:28229:1" rel="noopener">Spandana Sphoorty Financial (SPANDANA IN)</a> or "SSFL" has been struggling  after the exile of its promoter founder (refer <a href="https://www.smartkarma.com/insights/spandana-spoorthy-another-tale-of-investor-and-promoter-tussle" target="_blank" data-smartkarma-citation="insights:60205" rel="noopener">Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle</a>)   </li>
<li>SSFL has had continuous business relations with Abhiram Marketing Services Ltd, a promoter owned entity engaged in the business of Consumer Durables. Abhiram's financial health was atrociously poor.</li>
<li>Moreover SSFL also indirectly used the former as a margin management exercise. With the promoter now gone, Abhiram's impact on SSFL can turn to be a focal point.</li>
</ul>



Spandana Sphoorty Financial (SPANDANA IN) or "SSFL" has been struggling  after the exile of its promoter founder (refer Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle)   
SSFL has had continuous business relations with Abhiram Marketing Services Ltd, a promoter owned entity engaged in the business of Consumer Durables. Abhiram's financial health was atrociously poor.
Moreover SSFL also indirectly used the former as a margin management exercise. With the promoter now gone, Abhiram's impact on SSFL can turn to be a focal point.


Spandana Sphoorthy: Will the Related Party Fairytale Come to an End?

<a href="https://www.smartkarma.com/entities/spandana-sphoorty-financial" target="_blank" data-smartkarma-citation="entities:28229:1" rel="noopener">Spandana Sphoorty Financial (SPANDANA IN) </a> was one of the leading microfinance lender before Andhra Pradesh crisis. Post that the company has gone for CDR and after getting backing from private equity player led consortium led by Kedaara Capital (Kedaara) and later it got listed on the Indian bourses. In past one year Spandana has witnessed few high profile exits, the most recent one of exit of Ms. Padmaja G Reddy, the managing director and founder. This exit of Ms. Reddy is one of the tale of investor-promoter spat happening in various companies in India.

Spandana Sphoorty Financial (SPANDANA IN)  was one of the leading microfinance lender before Andhra Pradesh crisis. Post that the company has gone for CDR and after getting backing from private equity player led consortium led by Kedaara Capital (Kedaara) and later it got listed on the Indian bourses. In past one year Spandana has witnessed few high profile exits, the most recent one of exit of Ms. Padmaja G Reddy, the managing director and founder. This exit of Ms. Reddy is one of the tale of investor-promoter spat happening in various companies in India.

Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Spandana Sphoorty Financial / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/spandana-sphoorty-financial-ltd" target="_blank" data-smartkarma-citation="entities:28229:1" rel="noopener">Spandana Sphoorty Financial (SSFL IN)</a> raised around US$174m in its IPO. In my previous insights I've covered the company background, its projected growth and compared it to its main listed peers:<ul>
<li><a href="https://www.smartkarma.com/insights/spandana-sphoorty-ipo-looks-expensive-versus-peers" target="_blank" rel="noopener">Spandana Sphoorty IPO - Looks Expensive Versus Peers</a></li>
<li> <a href="https://www.smartkarma.com/insights/spandana-sphoorty-pre-ipo-coming-back-to-life" target="_blank" rel="noopener">Spandana Sphoorty Pre-IPO - Coming Back to Life. </a>
</li>
</ul>In this insight, I will re-visit some of the deal dynamics and provide a table with implied valuations.

Spandana Sphoorty Financial (SSFL IN) raised around US$174m in its IPO. In my previous insights I've covered the company background, its projected growth and compared it to its main listed peers:
Spandana Sphoorty IPO - Looks Expensive Versus Peers
 Spandana Sphoorty Pre-IPO - Coming Back to Life. 

In this insight, I will re-visit some of the deal dynamics and provide a table with implied valuations.

Spandana Sphoorty IPO Trading Update - Still Some Way to Go

India

Spandana Sphoorty Financial Limited is a Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) in India, primarily providing small-value unsecured loans to low-income women entrepreneurs in rural and semi-urban areas. The company's key products include Joint Liability Group (JLG) loans, Loan Against Property (LAP), and Nano Enterprise loans. It is headquartered in Hyderabad, India, and was incorporated on March 10, 2003, having started as an NGO in 1998.

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Spandana Sphoorty Financial (SPANDANA IN)

[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...

Pranav Bhavsar

Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.

Ethan Aw

Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle

Any failure in getting shareholder's approval may put Spandana into trouble and given few governance issues being highlighted by us, these hidden...

Nitin Mangal

Spandana Sphoorty IPO Trading Update - Still Some Way to Go

Spandana Sphoorty Financial (SSFL IN) raised around US$174m in its IPO. In my previous insights I've covered the company background, its projected...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

​This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...

Pranav Bhavsar

Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.

Ethan Aw

Spandana Sphoorthy: Will the Related Party Fairytale Come to an End?

SSFL has had continuous business relations with Abhiram, a promoter owned entity with a hazy balance sheet. Now that the promoter has resigned,...

Nitin Mangal

Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle

Any failure in getting shareholder's approval may put Spandana into trouble and given few governance issues being highlighted by us, these hidden...

Nitin Mangal

Spandana Sphoorty IPO Trading Update - Still Some Way to Go

Spandana Sphoorty Financial (SSFL IN) raised around US$174m in its IPO. In my previous insights I've covered the company background, its projected...

Sumeet Singh

This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...