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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (BARBEQUE IN)</a> has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.</li>
<li>Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.</li>
<li>ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.</li>
</ul>



Barbeque Nation Hospitality (BARBEQUE IN) has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.
Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.
ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.


Trends in Casual Dining, Quick Service and Online Food Delivery

Equity Bottom-Up

<ul>
<li>The street is excited about <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> 's profitability, we are not.</li>
<li>Zomato's execution is strong, driving improved profitability despite the margin-dilutive Gold offering.</li>
<li>Caution warranted due to market dynamics: slow growth, margin pressure, and increased competition.</li>
</ul>


The street is excited about Zomato (ZOMATO IN) 's profitability, we are not.
Zomato's execution is strong, driving improved profitability despite the margin-dilutive Gold offering.
Caution warranted due to market dynamics: slow growth, margin pressure, and increased competition.


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

LG Energy Solution / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2023 Asia IPO Pipeline - India, ADRs, Korea, Japan and ASEAN

<ul>
<li>Over the last five quarters, monthly transacting customers have increased by 36%, QoQ, the pace could be slower, but the trend remains upwards. </li>
<li>AOVs and Order frequency have the potential to inch up, but only over the long term.</li>
<li>Take rates are inching up, delivery fees are going higher, and with a higher market share <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> 's food delivery business is expected to continue improving. </li>
</ul>


Over the last five quarters, monthly transacting customers have increased by 36%, QoQ, the pace could be slower, but the trend remains upwards. 
AOVs and Order frequency have the potential to inch up, but only over the long term.
Take rates are inching up, delivery fees are going higher, and with a higher market share Zomato (ZOMATO IN) 's food delivery business is expected to continue improving. 


Zomato (ZOMATO IN) | Food Delivery Expected to Continue Improving

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<ul>
<li>Q1FY23 earnings came in strong for RPPL led by robust demand and margin expansion. Volumes grew by 23.6% YoY and 24.5% QoQ.</li>
<li>Operational EBITDA per kg grew by 25%+ YoY and 36%+ QoQ to INR 37.5+ per kg as the price rise in raw materials was passed on.</li>
<li>RPPL has guided for a strong FY23. It can clock a volume of 10500+ MT and EBITDA of INR 35+ per kg, barring any adverse volatility in raw material prices.</li>
</ul>


Q1FY23 earnings came in strong for RPPL led by robust demand and margin expansion. Volumes grew by 23.6% YoY and 24.5% QoQ.
Operational EBITDA per kg grew by 25%+ YoY and 36%+ QoQ to INR 37.5+ per kg as the price rise in raw materials was passed on.
RPPL has guided for a strong FY23. It can clock a volume of 10500+ MT and EBITDA of INR 35+ per kg, barring any adverse volatility in raw material prices.


RPPL: Strong Earnings Led by Robust Demand and Margin Expansion

India

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

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Swiggy (SWIGGY IN)

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

Zomato (ZOMATO IN) | The Big Picture

Zomato's execution improves profitability, but caution warranted due to slow growth, margin pressure, and increased competition.

Pranav Bhavsar

Aequitas 2023 Asia IPO Pipeline - India, ADRs, Korea, Japan and ASEAN

In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.

Sumeet Singh

Zomato (ZOMATO IN) | Food Delivery Expected to Continue Improving

Our channel interaction with one of the top restaurateur suggests improvement in Zomato's food delivery business is expected to continue.

Pranav Bhavsar

RPPL: Strong Earnings Led by Robust Demand and Margin Expansion

RPPL is taking all the right steps to enhance its product offerings to deepen wallet share with existing clients. At current price, an investment...

Ankit Agrawal, CFA

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