Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
<em><strong> Macro data points:</strong></em> Chinese industrial production, retail sales, and fixed asset investment data.</li>
<li>
<em><strong>Companies mentioned:</strong></em><a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/tata-group" target="_blank" data-smartkarma-citation="entities:25998:1" rel="noopener">Tata Group (1396Z IN)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: Chinese industrial production, retail sales, and fixed asset investment data.

Companies mentioned:Samsung Electronics (005930 KS), Xiaomi Corp (1810 HK), Tata Group (1396Z IN)



GEMWeekly (20 Sep 2024): China Macro Disappoints; Samsung, Xiaomi, Tata

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Renesas and Tata Group companies have announced a new partnership in electronic systems and wireless telecom for automotive and other applications.</li>
<li>Specifically, they are working on the development of electric vehicles and industrial system solutions combining their semiconductor, IT system and manufacturing expertise.</li>
<li>This should provide a significant boost to their business in India and global markets. As Mio Kato wrote in late April, <a href="https://www.smartkarma.com/insights/renesas-like-we-said-accelerating" target="_blank" data-smartkarma-citation="insights:69073" rel="noopener">Renesas – Like We Said… Accelerating</a> </li>
</ul>


Renesas and Tata Group companies have announced a new partnership in electronic systems and wireless telecom for automotive and other applications.
Specifically, they are working on the development of electric vehicles and industrial system solutions combining their semiconductor, IT system and manufacturing expertise.
This should provide a significant boost to their business in India and global markets. As Mio Kato wrote in late April, Renesas – Like We Said… Accelerating 


Renesas Electronics (6723 JP): Tie-Ups with Tata Group Add to Growth Potential

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight">
<p>This week, <a href="https://www.smartkarma.com/entities/24188" target="_blank" data-smartkarma-citation="entities:24188:1">Tejas Networks Limited (TEJASNET IN)</a> surprised everyone by closing 17.7% above deal price on Friday despite having an exceedingly low subscription rate of 1.9x by India standards. <a href="https://www.smartkarma.com/entities/24180" target="_blank" data-smartkarma-citation="entities:24180:1">Eris Lifesciences Limited (ERIS IN)</a> and <a href="https://www.smartkarma.com/entities/24064" target="_blank" data-smartkarma-citation="entities:24064:1">Jeil Holdings (003380 KS)</a> made a weak debut, closing 0.3% and 7.8% below deal price respectively.</p>
<p>Last week was a mad rush in the placement space…</p>
</div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.
This week, Tejas Networks Limited (TEJASNET IN) surprised everyone by closing 17.7% above deal price on Friday despite having an exceedingly low subscription rate of 1.9x by India standards. Eris Lifesciences Limited (ERIS IN) and Jeil Holdings (003380 KS) made a weak debut, closing 0.3% and 7.8% below deal price respectively.
Last week was a mad rush in the placement space…


Smartkarma: ECM Coverage Weekly Update (1 July 2017)

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Tejas Networks Limited / Equity Capital Markets

<p>The post by Toh Zen Zhou <a href="https://www.smartkarma.com/insights/tejas-network-ipo-review-a-short-term-bet-on-the-growth-on-india-s-internet" target="_blank" data-smartkarma-citation="insights:11386">Tejas Network IPO Review - A Short-Term Bet on the Growth of India’s Internet</a> is well researched and comprehensive. We agree with most of the view expressed in the note but would like to add few more observations regarding the proposed IPO.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/028/025/original/Capture.PNG?1497508627" class="editor-image img-responsive" data-smartkarma-image-id="28025"></figure><div class="content-highlight"><h2><strong>Utilization of net proceeds from the IPO</strong></h2></div><table class="table table-striped"><tbody>
<tr>
<td><strong>Particulars</strong></td>
<td>
<strong>Amount (in </strong>Rs<strong> mn)</strong>
</td>
<td><strong>Amount(USD mn)</strong></td>
</tr>
<tr>
<td><strong>Capital expenditure towards payment of salaries to R&amp;D</strong></td>
<td>452</td>
<td>6.7</td>
</tr>
<tr>
<td><strong>Working capital </strong></td>
<td>3030</td>
<td>45</td>
</tr>
</tbody></table><div class="content-highlight"><h2>
<strong> </strong><strong>Key growth drivers for the company<br></strong>
</h2></div><p><strong>Increased use of smartphone and</strong>…</p>

The post by Toh Zen Zhou Tejas Network IPO Review - A Short-Term Bet on the Growth of India’s Internet is well researched and comprehensive. We agree with most of the view expressed in the note but would like to add few more observations regarding the proposed IPO.Utilization of net proceeds from the IPO

Particulars

Amount (in Rs mn)

Amount(USD mn)


Capital expenditure towards payment of salaries to R&amp;D
452
6.7


Working capital 
3030
45


 Key growth drivers for the company 
Increased use of smartphone and…

Tejas Networks- Reasonably Valued Unique Opportunity.

<p><a href="https://www.smartkarma.com/entities/24188" target="_blank" data-smartkarma-citation="entities:24188:1">Tejas Networks Limited (7177549Z IN)</a> is raising about US$120m from its upcoming IPO through the issuance of primary and secondary shares. Proceeds raised from primary shares will be mainly used for working capital and general corporate purposes.</p><p>In this insight, we will review Tejas Network's business model, past performance, and government projects and initiatives in India's telecommunication industry. We will also run the deal through our ECM framework as usual and value the company against peers.</p>

Tejas Networks Limited (7177549Z IN) is raising about US$120m from its upcoming IPO through the issuance of primary and secondary shares. Proceeds raised from primary shares will be mainly used for working capital and general corporate purposes.In this insight, we will review Tejas Network's business model, past performance, and government projects and initiatives in India's telecommunication industry. We will also run the deal through our ECM framework as usual and value the company against peers.

Tejas Network IPO Review - A Short-Term Bet on the Growth of India's Internet

India

Tejas Networks Limited produces optical and data networking products. The Company offers products such as converged packet optical, packet transport network, and enterprise ethernet switches. Tejas Networks serves telecom carriers, utilities, media, and defense sectors worldwide.

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