Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. </li>
<li>Top-Picks in China are <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>,<a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> &amp; <a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea Group Holdings (1585 HK)</a>. In Japan its <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>,<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>&amp;<a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a>.</li>
<li>In Indian auto it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> &amp; <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>.We also like the recently listed <a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (570643Z IN)</a>.</li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. 
Top-Picks in China are Haier Smart Home (6690 HK),Midea Group (300 HK) &amp; Yadea Group Holdings (1585 HK). In Japan its Suzuki Motor (7269 JP),ROHM Co Ltd (6963 JP)&amp;Aisin (7259 JP).
In Indian auto it is Mahindra &amp; Mahindra (MM IN) &amp; Ashok Leyland (AL IN).We also like the recently listed ICICI Prudential AMC (570643Z IN).


Shortlist Of High Conviction Ideas Across China, Japan, India - December 2025

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>Currency drove a third or more of earnings at key Japanese automakers, but the market rewarded headline growth instead of earnings quality.</li>
<li>Nissan and Suzuki improved on largely unaided fundamentals, while Honda and Subaru are priced for more than they delivered.</li>
<li>The quarter was less about who beat expectations than who generated earnings without relying on the weak yen.</li>
</ul>


Currency drove a third or more of earnings at key Japanese automakers, but the market rewarded headline growth instead of earnings quality.
Nissan and Suzuki improved on largely unaided fundamentals, while Honda and Subaru are priced for more than they delivered.
The quarter was less about who beat expectations than who generated earnings without relying on the weak yen.


Japan Autos: The Weak Yen Illusion in Q1 FY2027 — Toyota, Honda, Nissan, Subaru, Mazda, Suzuki

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a> had a disappointing Q1FY2025 driven by lower sales in India &amp; Europe and impact of raw material cost and foreign exchange rates.</li>
<li>However, we expect business performance should revive in H2FY2025 driven by booster shot from India.</li>
<li>We remain positive on long term prospects of the company driven by its maiden EV launch and long term growth plans though near term valuation appears to be full.</li>
</ul>



Suzuki Motor (7269 JP) had a disappointing Q1FY2025 driven by lower sales in India &amp; Europe and impact of raw material cost and foreign exchange rates.
However, we expect business performance should revive in H2FY2025 driven by booster shot from India.
We remain positive on long term prospects of the company driven by its maiden EV launch and long term growth plans though near term valuation appears to be full.


Suzuki Motor (7269 JP) - Booster Shot, Maiden EV Launch, Long-Term Growth Ahead

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.</li>
<li>This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.</li>
<li>Based on these new results and guidance, we will update the list of top ideas accordingly.</li>
</ul>


We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.
This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.
Based on these new results and guidance, we will update the list of top ideas accordingly.


Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd-3fd31c4e-aba6-43af-bdf8-c5a7af8cf9b2" target="_blank" data-smartkarma-citation="entities:44473:1" rel="noopener">Chery Automobile</a> raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

Japan

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

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Suzuki Motor (7269 JP)

Shortlist Of High Conviction Ideas Across China, Japan, India - December 2025

The calendar year 2025 ended on a positive note for the companies mentioned in our insight. Maruti Suzuki India reported robust sales volume in...

Sreemant Dudhoria

Japan Autos: The Weak Yen Illusion in Q1 FY2027 — Toyota, Honda, Nissan, Subaru, Mazda, Suzuki

A weak yen flattered Japanese auto earnings, but the market mispriced the source of the beat. We favour Nissan and Suzuki, fade Honda and Subaru,...

Mo Aziz