Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Equity Capital Markets

Macrotech Developers / Equity Capital Markets

<p>The bull run is never really mature until we get a few large real estate IPOs and we finally have Lodha kicking off the proceedings in real estate with plans to raise Rs55bn from the primary market (a first real estate IPO since Oberoi realty in 2010). The company is in a rush to complete the IPO fundraise as accounting rules for real estate in India change from the next quarter and from the percentage completion method of revenue recognition used currently, the companies will have to recognise…</p>

The bull run is never really mature until we get a few large real estate IPOs and we finally have Lodha kicking off the proceedings in real estate with plans to raise Rs55bn from the primary market (a first real estate IPO since Oberoi realty in 2010). The company is in a rush to complete the IPO fundraise as accounting rules for real estate in India change from the next quarter and from the percentage completion method of revenue recognition used currently, the companies will have to recognise…

Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt

Value investor- India mid & small caps

Bhaskar Chakraborty

Thematic (Sector/Industry)

<ul><li>New accounting norm on revenue recognition forces developers to shift from percentage completion to project completion</li><li>This increases volatility in revenue recognition in P&amp;L while giving no information on project profitability and true sense of cashflow from operations for a developer</li><li><a href="https://www.smartkarma.com/entities/11106" target="_blank" data-smartkarma-citation="entities:11106:1">Dlf Ltd (DLFU IN)</a> treats entire Phase V- Gurgaon as one project for revenue recognition purposes. This helped it to accrue large amounts of floor space index/floor area ratio (FSI/FAR) as the Delhi metro stretched further into DLF City. Now, it can’t recognize any revenues from its ongoing projects till all developments in entire Phase V are completed. This could easily take a decade. We expect sharp drop off in reported revenues and profits FY19 onwards.</li></ul>

New accounting norm on revenue recognition forces developers to shift from percentage completion to project completionThis increases volatility in revenue recognition in P&amp;L while giving no information on project profitability and true sense of cashflow from operations for a developerDlf Ltd (DLFU IN) treats entire Phase V- Gurgaon as one project for revenue recognition purposes. This helped it to accrue large amounts of floor space index/floor area ratio (FSI/FAR) as the Delhi metro stretched further into DLF City. Now, it can’t recognize any revenues from its ongoing projects till all developments in entire Phase V are completed. This could easily take a decade. We expect sharp drop off in reported revenues and profits FY19 onwards.

India Real Estate: New Accounting Norms Pose Major Dilemma for DLF

India

Sunteck Realty Ltd. develops real estate.

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Sunteck Realty (SRIN IN)

Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt

The bull run is never really mature until we get a few large real estate IPOs and we finally have Lodha kicking off the proceedings in real estate...

Asia Advisors

India Real Estate: New Accounting Norms Pose Major Dilemma for DLF

New accounting norm on revenue recognition forces developers to shift from percentage completion to project completion This increases volatility...

Bhaskar Chakraborty

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52-week Range

Market Cap (USDm)

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