Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.</li>
<li>We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.</li>
<li>We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.</li>
</ul>


India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.
We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.
We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.


Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ultratech-cement-ltd" target="_blank" data-smartkarma-citation="entities:181:1" rel="noopener">Ultratech Cement (UTCEM IN)</a> saw a resurgence in demand starting in December. CFO Atul Daga characterized this as a "positive storm," fueled by continuous demand increases that boosted cement prices.  </li>
<li>
<a href="https://www.smartkarma.com/entities/ambuja-cements-ltd" target="_blank" data-smartkarma-citation="entities:14745:1" rel="noopener">Ambuja Cements (ACEM IN)</a> is strategically expanding capacity, aiming for cost leadership, and leveraging group synergies to reach 140 million tons of cement capacity by FY28.  </li>
<li>
<a href="https://www.smartkarma.com/entities/jk-cement-ltd" target="_blank" data-smartkarma-citation="entities:9744:1" rel="noopener">JK Cement Ltd (JKCE IN)</a>’s proposed acquisition of 60% equity in Saifco Cements marks their penetration in Jammu-Kashmir(capacity- 0.42 Mn tons), which is expected to improve profitability, increase production capacity.</li>
</ul>



Ultratech Cement (UTCEM IN) saw a resurgence in demand starting in December. CFO Atul Daga characterized this as a "positive storm," fueled by continuous demand increases that boosted cement prices.  

Ambuja Cements (ACEM IN) is strategically expanding capacity, aiming for cost leadership, and leveraging group synergies to reach 140 million tons of cement capacity by FY28.  

JK Cement Ltd (JKCE IN)’s proposed acquisition of 60% equity in Saifco Cements marks their penetration in Jammu-Kashmir(capacity- 0.42 Mn tons), which is expected to improve profitability, increase production capacity.


Themes of India: Cement Industry Q3 Update

<ul>
<li>Promoter buying reflects insider confidence in the company's future, often driven by access to undisclosed positive developments and growth opportunities.</li>
<li>Increased promoter stake may indicate that the market has undervalued the company, potentially presenting an opportunity for investors to buy at a discount.</li>
<li>Consider the broader market environment, company fundamentals, and industry trends alongside promoter buying activity to form a comprehensive investment thesis.</li>
</ul>


Promoter buying reflects insider confidence in the company's future, often driven by access to undisclosed positive developments and growth opportunities.
Increased promoter stake may indicate that the market has undervalued the company, potentially presenting an opportunity for investors to buy at a discount.
Consider the broader market environment, company fundamentals, and industry trends alongside promoter buying activity to form a comprehensive investment thesis.


Contrarian Moves: Promoter Buying During Indian Equity Downturns

India

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

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Star Cement Ltd (STRCEM IN)

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Themes of India: Cement Industry Q3 Update

The overall indian cement industry is going under consolidation where 3-4 big players are gaining market share as well as acquiring different...

Nimish Maheshwari

Contrarian Moves: Promoter Buying During Indian Equity Downturns

There are 100 reasons to sell in the market, but only one reason to buy!! Taking a deep understanding of Promoter Buying in the Indian Landscape in...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

​India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Themes of India: Cement Industry Q3 Update

The overall indian cement industry is going under consolidation where 3-4 big players are gaining market share as well as acquiring different...

Nimish Maheshwari

Contrarian Moves: Promoter Buying During Indian Equity Downturns

There are 100 reasons to sell in the market, but only one reason to buy!! Taking a deep understanding of Promoter Buying in the Indian Landscape in...

Nimish Maheshwari

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...