Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Macroeconomics

<ul>
<li>The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.</li>
<li>The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.</li>
<li>Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.</li>
</ul>


The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.
The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.
Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.


Maha Kumbh 2025- How Big Is It for Economy?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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 <div class='content-caption'>AA REIT-CEO</div>
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Engineer by training Koh Wee Lih has always been fascinated by the constantly shifting dynamics of the real estate industry.

“The changing nature of property use and property development is something that appeals to me,” the CEO of the manager of SGX-listed AIMS APAC REIT (AA REIT) said with a smile.

“As an engineer, I enjoy creating and assembling things – these same traits can be found in real estate, where you build structures from the ground up, and witness the gradual transformation of human lives that use these properties.”

Koh holds a Master of Business Administration, a Master of Science in Industrial and Operations Engineering, and a Bachelor of Science (Summa Cum Laude) in Aerospace Engineering from the University of Michigan.

He has nearly a quarter of a century of experience in investment, corporate finance and asset management, of which more than 16 years were in direct real estate, covering investments, developments, asset management and real estate private equity in the Asia Pacific region.

“Over the course of my career, which spanned several crises, including the bursting of the dot-com bubble and the Asian Financial Crisis, I have learned many lessons, such as saving for rainy days, maintaining robust cashflows, and prudent risk management,” Koh recalled.

“Learning is a lifelong process, and these lessons – big or small – help to shape who we are, and who we will be in the future. At the end of the day, change is the only constant, and it’s up to us to stay relevant.”

Koh was appointed Chief Executive of AIMS APAC REIT Management Ltd, the manager of AA REIT in January 2014. Prior to this appointment, he was the Head of Real Estate for the manager since October 2011, and its Senior Investment Manager since December 2008.

“During my career, I’ve been involved in office, residential and mixed-use developments, but my focus now is on industrial and light industrial properties, ranging from logistics facilities to warehouses and data centres,” he noted.

“These may not be your shiny, beautiful CBD Grade A office assets, but they are still the rear engine that keeps the economy humming, and are among some of the most resilient asset classes out there.”

AA REIT, previously known as MacarthurCook Industrial REIT (MI-REIT), listed on SGX in April 2007. During the 2009 Global Financial Crisis, MI-REIT was in dire financial straits when AIMS Financial Group acquired the distressed ASX-listed fund manager Macarthur Cook Ltd, which was owner of the manager of MI-REIT.

AIMS Financial Group is a diversified financial services and investment group, active in areas of mortgage lending, securitisation, investment banking, fund management, property investment, stockbroking and high-tech investment. AIMS Financial Group is also a strategic investor in the Sydney Stock Exchange.

Under AIMS Financial Group’s guidance as a Sponsor, and AIMS APAC REIT Management Ltd as its new manager, AA REIT was recapitalised, renamed, and turned around.

Raising Plot Ratios

Since then, AA REIT has grown significantly, with a market capitalisation of S$848.0 million and S$1.8 billion in total assets as at 30 September 2020.

It was established with the principal investment objective of owning and investing in a diversified portfolio of income-producing industrial, logistics, and business park real estate assets in the Asia-Pacific region.

The REIT’s existing portfolio comprises 28 properties, of which 26 are located throughout Singapore, with two in Australia – the first situated in Gold Coast, Queensland, and the other, its 49%-owned business park property Optus Centre, located in New South Wales.

To strengthen its portfolio for the long term, AA REIT will focus on asset enhancement initiatives, building out its properties with under-utilised plot ratios, and refurbishing older assets to ensure they remain contemporary and relevant.

It will also target the delivery of build-to-suit facilities for its tenants to help them grow and transform their businesses.

“Such organic growth strategies will help boost our rentals and total AUM value,” Koh said.

“Prospective tenants will naturally migrate to properties with better quality specs and facilities – that will help us lock-in longer dated leases, boost our portfolio occupancy rates, as well as improve our WALE,” he added, referring to weighted average lease expiry, a key industry yardstick.

The second prong of its growth strategy involves acquisitions. “A series of metrics will be used to analyse each opportunity, to see how they fit into the overall portfolio, including location, tenant profiles, and whether it is DPU-accretive – not just in the short term, but also over the long term,” Koh said, referring to distributions per unit, another closely watched sector benchmark.

AA REIT’s S$129.6 million acquisition of a logistics warehouse – 7 Bulim Street that was completed last month – is a case in point. “This deal will help us in the next stage of our growth,” he added.

With this purchase, AA REIT becomes the first industrial REIT with a presence in Singapore’s Jurong Innovation District, an advanced manufacturing campus with good connectivity to major expressways, as well as proximity to the future Tuas Mega Port and Tuas Checkpoint.

The inclusion of this modern, high-quality warehouse, 100% leased to a master tenant with a strong lease covenant, boosts AA REIT’s overall portfolio occupancy rate to 95.0%.

Shifting Demand Trends

Nevertheless, the REIT will continue to exercise prudence and caution in evaluating opportunities in the current environment. “We need to ensure that our capital management strategies are sound, as a robust balance sheet is required to support our growth efforts.”

Meanwhile, demand for industrial space, particularly for logistics and warehouse assets in Australia and Singapore, have proved resilient in the current environment, Koh said.

“More and more businesses have realised it’s critical to have a strong supply chain, and they cannot rely on a just-in-time inventory system – they need to stockpile or keep buffers for unexpected situations,” he added. “All these have driven overall demand for warehousing space from existing as well as new tenants.”

Demand patterns also continue to evolve, with information technology, biomedical and life sciences tenants seeking more business park space. “That’s where the new trends are,” Koh said.

“We’re keeping a close eye on JTC policies, which will provide clues on new segments that the government is focusing on,” he added, referring to Jurong Town Corporation, Singapore’s largest industrial landlord.

Nonetheless, navigating the REIT through a fluid environment brought about by the coronavirus pandemic is not without its challenges, Koh admitted.

“We’re adapting to the new normal, and steering in the direction that is relevant for all stakeholders,” he noted. “At the same time, we are trying to find meaningful and sustainable growth opportunities in this market.”

Another key focus for the REIT is managing relationships with its tenants and meeting their growth needs.

“Many of our tenants have been with us since our IPO, which was more than 12 years ago,” he added.

“We always tell them, ‘Focus on your core business, and let us take care of the real estate and real estate-related issues, so that you can achieve your best performance’. And when they perform well, we perform well too.”

When Koh is not managing the day-to-day operations of the REIT, he is spending time with his son and daughter, both in their pre-teens.

Apart from the principle of hard work, he wants his children to develop their moral compass early on. “This will equip them to make the right decisions in life,” he said.

“I also want them to understand the meaning of perseverance – because it’s always darkest before dawn – and to strive for excellence,” he added.

“The world is constantly evolving – they need to be able to keep ahead of the challenges and changes so as to deliver the best outcomes – for themselves as well as others around them.” 
 

AIMS APAC REIT

Managed by the Manager, AA REIT was established with the principal investment objective of owning and investing in a diversified portfolio of income-producing industrial, logistics and business park real estate, located throughout the Asia Pacific region. The real estate assets are utilised for a variety of purposes, including but not limited to warehousing and distribution activities, business park activities and manufacturing activities. AA REIT’s existing portfolio consists of 28 properties, of which 26 properties are located throughout Singapore, a property located in Gold Coast, Queensland, Australia and a 49.0% interest in one business park property, Optus Centre, which is located in Macquarie Park, New South Wales, Australia. 
AIMS Financial Group is the sole sponsor of AA REIT. Established in 1991, AIMS is a diversified financial services and investment group, active in the areas of mortgage lending, securitisation, investment banking, funds management, property investment, stock broking and high-tech investment. AIMS is also a strategic investor in the Sydney Stock Exchange.

The company website is: <a href="http://www.aimsapacreit.com/">www.aimsapacreit.com</a> 
Click <a href="https://www.sgx.com/securities/equities/O5RU">here </a>for the company's StockFacts page. 
For the three months ended 30 September 2020 financial results, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/UG0QV4ZHZF6OA8FS/636490_AA_REIT_2Q_FY2021_Media_Release.pdf">here</a>.

 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="https://www.sgx.com/research-education/market-dialogues">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="///C:/Users/tanje/Downloads/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.

 
</body></html>


      
    
    AA REIT-CEO


Engineer by training Koh Wee Lih has always been fascinated by the constantly shifting dynamics of the real estate industry.

“The changing nature of property use and property development is something that appeals to me,” the CEO of the manager of SGX-listed AIMS APAC REIT (AA REIT) said with a smile.

“As an engineer, I enjoy creating and assembling things – these same traits can be found in real estate, where you build structures from the ground up, and witness the gradual transformation of human lives that use these properties.”

Koh holds a Master of Business Administration, a Master of Science in Industrial and Operations Engineering, and a Bachelor of Science (Summa Cum Laude) in Aerospace Engineering from the University of Michigan.

He has nearly a quarter of a century of experience in investment, corporate finance and asset management, of which more than 16 years were in direct real estate, covering investments, developments, asset management and real estate private equity in the Asia Pacific region.

“Over the course of my career, which spanned several crises, including the bursting of the dot-com bubble and the Asian Financial Crisis, I have learned many lessons, such as saving for rainy days, maintaining robust cashflows, and prudent risk management,” Koh recalled.

“Learning is a lifelong process, and these lessons – big or small – help to shape who we are, and who we will be in the future. At the end of the day, change is the only constant, and it’s up to us to stay relevant.”

Koh was appointed Chief Executive of AIMS APAC REIT Management Ltd, the manager of AA REIT in January 2014. Prior to this appointment, he was the Head of Real Estate for the manager since October 2011, and its Senior Investment Manager since December 2008.

“During my career, I’ve been involved in office, residential and mixed-use developments, but my focus now is on industrial and light industrial properties, ranging from logistics facilities to warehouses and data centres,” he noted.

“These may not be your shiny, beautiful CBD Grade A office assets, but they are still the rear engine that keeps the economy humming, and are among some of the most resilient asset classes out there.”

AA REIT, previously known as MacarthurCook Industrial REIT (MI-REIT), listed on SGX in April 2007. During the 2009 Global Financial Crisis, MI-REIT was in dire financial straits when AIMS Financial Group acquired the distressed ASX-listed fund manager Macarthur Cook Ltd, which was owner of the manager of MI-REIT.

AIMS Financial Group is a diversified financial services and investment group, active in areas of mortgage lending, securitisation, investment banking, fund management, property investment, stockbroking and high-tech investment. AIMS Financial Group is also a strategic investor in the Sydney Stock Exchange.

Under AIMS Financial Group’s guidance as a Sponsor, and AIMS APAC REIT Management Ltd as its new manager, AA REIT was recapitalised, renamed, and turned around.

Raising Plot Ratios

Since then, AA REIT has grown significantly, with a market capitalisation of S$848.0 million and S$1.8 billion in total assets as at 30 September 2020.

It was established with the principal investment objective of owning and investing in a diversified portfolio of income-producing industrial, logistics, and business park real estate assets in the Asia-Pacific region.

The REIT’s existing portfolio comprises 28 properties, of which 26 are located throughout Singapore, with two in Australia – the first situated in Gold Coast, Queensland, and the other, its 49%-owned business park property Optus Centre, located in New South Wales.

To strengthen its portfolio for the long term, AA REIT will focus on asset enhancement initiatives, building out its properties with under-utilised plot ratios, and refurbishing older assets to ensure they remain contemporary and relevant.

It will also target the delivery of build-to-suit facilities for its tenants to help them grow and transform their businesses.

“Such organic growth strategies will help boost our rentals and total AUM value,” Koh said.

“Prospective tenants will naturally migrate to properties with better quality specs and facilities – that will help us lock-in longer dated leases, boost our portfolio occupancy rates, as well as improve our WALE,” he added, referring to weighted average lease expiry, a key industry yardstick.

The second prong of its growth strategy involves acquisitions. “A series of metrics will be used to analyse each opportunity, to see how they fit into the overall portfolio, including location, tenant profiles, and whether it is DPU-accretive – not just in the short term, but also over the long term,” Koh said, referring to distributions per unit, another closely watched sector benchmark.

AA REIT’s S$129.6 million acquisition of a logistics warehouse – 7 Bulim Street that was completed last month – is a case in point. “This deal will help us in the next stage of our growth,” he added.

With this purchase, AA REIT becomes the first industrial REIT with a presence in Singapore’s Jurong Innovation District, an advanced manufacturing campus with good connectivity to major expressways, as well as proximity to the future Tuas Mega Port and Tuas Checkpoint.

The inclusion of this modern, high-quality warehouse, 100% leased to a master tenant with a strong lease covenant, boosts AA REIT’s overall portfolio occupancy rate to 95.0%.

Shifting Demand Trends

Nevertheless, the REIT will continue to exercise prudence and caution in evaluating opportunities in the current environment. “We need to ensure that our capital management strategies are sound, as a robust balance sheet is required to support our growth efforts.”

Meanwhile, demand for industrial space, particularly for logistics and warehouse assets in Australia and Singapore, have proved resilient in the current environment, Koh said.

“More and more businesses have realised it’s critical to have a strong supply chain, and they cannot rely on a just-in-time inventory system – they need to stockpile or keep buffers for unexpected situations,” he added. “All these have driven overall demand for warehousing space from existing as well as new tenants.”

Demand patterns also continue to evolve, with information technology, biomedical and life sciences tenants seeking more business park space. “That’s where the new trends are,” Koh said.

“We’re keeping a close eye on JTC policies, which will provide clues on new segments that the government is focusing on,” he added, referring to Jurong Town Corporation, Singapore’s largest industrial landlord.

Nonetheless, navigating the REIT through a fluid environment brought about by the coronavirus pandemic is not without its challenges, Koh admitted.

“We’re adapting to the new normal, and steering in the direction that is relevant for all stakeholders,” he noted. “At the same time, we are trying to find meaningful and sustainable growth opportunities in this market.”

Another key focus for the REIT is managing relationships with its tenants and meeting their growth needs.

“Many of our tenants have been with us since our IPO, which was more than 12 years ago,” he added.

“We always tell them, ‘Focus on your core business, and let us take care of the real estate and real estate-related issues, so that you can achieve your best performance’. And when they perform well, we perform well too.”

When Koh is not managing the day-to-day operations of the REIT, he is spending time with his son and daughter, both in their pre-teens.

Apart from the principle of hard work, he wants his children to develop their moral compass early on. “This will equip them to make the right decisions in life,” he said.

“I also want them to understand the meaning of perseverance – because it’s always darkest before dawn – and to strive for excellence,” he added.

“The world is constantly evolving – they need to be able to keep ahead of the challenges and changes so as to deliver the best outcomes – for themselves as well as others around them.”  
 

AIMS APAC REIT

Managed by the Manager, AA REIT was established with the principal investment objective of owning and investing in a diversified portfolio of income-producing industrial, logistics and business park real estate, located throughout the Asia Pacific region. The real estate assets are utilised for a variety of purposes, including but not limited to warehousing and distribution activities, business park activities and manufacturing activities. AA REIT’s existing portfolio consists of 28 properties, of which 26 properties are located throughout Singapore, a property located in Gold Coast, Queensland, Australia and a 49.0% interest in one business park property, Optus Centre, which is located in Macquarie Park, New South Wales, Australia. 
AIMS Financial Group is the sole sponsor of AA REIT. Established in 1991, AIMS is a diversified financial services and investment group, active in the areas of mortgage lending, securitisation, investment banking, funds management, property investment, stock broking and high-tech investment. AIMS is also a strategic investor in the Sydney Stock Exchange.

The company website is: www.aimsapacreit.com  
Click here for the company's StockFacts page.  
For the three months ended 30 September 2020 financial results, click here.

 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.

 



AIMS APAC REIT Builds on Expanding Industrial Demand

Forensic Accounting

Of late, <a href="https://www.smartkarma.com/entities/cox-and-kings-ltd" target="_blank" data-smartkarma-citation="entities:14232:1" rel="noopener">Cox And Kings (COXK IN)</a> ’ financials and important events on its corporate timeline suggest that the Company might have taken a logic-defying detour. The Company defaulted on commercial paper of about INR 5.5 bn. Did the liquidity crunch cause the default? At least the Company financials do not indicate so. At FY19 year-end, the Company was having around INR 18 bn as cash and cash equivalents in the books, still, they failed to repay the commercial papers on maturity. Interestingly, with such large cash pile in its books, the promoter stake in Cox &amp; Kings reduced by 10% and now stands at 39.73%. The receding promoter stake was the consequence of its lenders have invoked pledged shares. Cox &amp; Kings has also demonstrated concerns on high debts with the intent to trim debt; the company has sold assets in the UK.

Of late, Cox And Kings (COXK IN) ’ financials and important events on its corporate timeline suggest that the Company might have taken a logic-defying detour. The Company defaulted on commercial paper of about INR 5.5 bn. Did the liquidity crunch cause the default? At least the Company financials do not indicate so. At FY19 year-end, the Company was having around INR 18 bn as cash and cash equivalents in the books, still, they failed to repay the commercial papers on maturity. Interestingly, with such large cash pile in its books, the promoter stake in Cox &amp; Kings reduced by 10% and now stands at 39.73%. The receding promoter stake was the consequence of its lenders have invoked pledged shares. Cox &amp; Kings has also demonstrated concerns on high debts with the intent to trim debt; the company has sold assets in the UK.

Cox & Kings: On A Logic Defying ‘Detour’

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

In Friday's Union Budget presentation, the Finance Minister proposed increasing the Minimum Public Shareholding (MPS) in listed companies from 25% to 35% and has asked the Securities and Exchange Board of India (SEBI) to consider raising the threshold. If and when implemented, promoters will need to either sell down their stake to meet the 35% threshold or buy back their stock and delist from the exchanges.In this piece, we look at multinational companies that have subsidiaries listed in India that do not meet the 35% threshold currently, and possible action on their part based on the current stock price, delisting guidelines and other considerations.

In Friday's Union Budget presentation, the Finance Minister proposed increasing the Minimum Public Shareholding (MPS) in listed companies from 25% to 35% and has asked the Securities and Exchange Board of India (SEBI) to consider raising the threshold. If and when implemented, promoters will need to either sell down their stake to meet the 35% threshold or buy back their stock and delist from the exchanges.In this piece, we look at multinational companies that have subsidiaries listed in India that do not meet the 35% threshold currently, and possible action on their part based on the current stock price, delisting guidelines and other considerations.

Asia consumer research, Investory

Shilpa Krishnan

Asia consumer research

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Mahindra Holidays & Resorts / Equity Bottom-Up

Does a good product make for a great stock or a lousy one? I won’t buy a stock for its product alone, but I will definitely personally vouch for the holiday product of Club Mahindra. This is the company that has managed to convince over 222,000 Indian families that they deserve a break from their hard work, 7 days a year, and pampers them at its resorts with great locations, spacious rooms, a smorgasbord of treats at the restaurant, spa, club facilities and the works. My non-Indian friends own timeshares at Marriott Vacations (VAC US) and Hilton Grand (HGV US). The comparisons intrigued me. MHRL’s member numbers are just 10-15% lower than those of its overseas peers, and with 50 resorts MHRL is comparable to HGV. But HGV has 2x MHRL’s room-inventory, 5x its revenues, 10x its profit, and 5x the market capitalization. Read on for why I think MHRL is not just another case of overestimating the discretionary consumption power of the Indian middle class.

Does a good product make for a great stock or a lousy one? I won’t buy a stock for its product alone, but I will definitely personally vouch for the holiday product of Club Mahindra. This is the company that has managed to convince over 222,000 Indian families that they deserve a break from their hard work, 7 days a year, and pampers them at its resorts with great locations, spacious rooms, a smorgasbord of treats at the restaurant, spa, club facilities and the works. My non-Indian friends own timeshares at Marriott Vacations (VAC US) and Hilton Grand (HGV US). The comparisons intrigued me. MHRL’s member numbers are just 10-15% lower than those of its overseas peers, and with 50 resorts MHRL is comparable to HGV. But HGV has 2x MHRL’s room-inventory, 5x its revenues, 10x its profit, and 5x the market capitalization. Read on for why I think MHRL is not just another case of overestimating the discretionary consumption power of the Indian middle class.

How Do You Make Money When (Others Are) On Vacation

India

Thomas Cook (India) Ltd. operates as an authorized dealer in foreign exchange and as a travel agent. The Company also offers packaged tours, cargo services and travel related insurance. Thomas Cook (India) has offices and foreign exchange counters at various international airports in major cities in India.

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Thomas Cook (India) (TC IN)

Maha Kumbh 2025- How Big Is It for Economy?

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

AIMS APAC REIT Builds on Expanding Industrial Demand

Engineer by training Koh Wee Lih has always been fascinated by the constantly shifting dynamics of the real estate...

Singapore Exchange Ltd (SGX)

Cox & Kings: On A Logic Defying ‘Detour’

Of late, Cox And Kings (COXK IN) ’ financials and important events on its corporate timeline suggest that the Company might have taken a...

Nitin Mangal

India - Stake Sale or Delisting?

In Friday's Union Budget presentation, the Finance Minister proposed increasing the Minimum Public Shareholding (MPS) in listed companies from 25%...

Brian Freitas

How Do You Make Money When (Others Are) On Vacation

Does a good product make for a great stock or a lousy one? I won’t buy a stock for its product alone, but I will definitely personally vouch for...

Shilpa Krishnan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Maha Kumbh 2025- How Big Is It for Economy?

​The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

AIMS APAC REIT Builds on Expanding Industrial Demand

Engineer by training Koh Wee Lih has always been fascinated by the constantly shifting dynamics of the real estate...

Singapore Exchange Ltd (SGX)

Cox & Kings: On A Logic Defying ‘Detour’

Of late, Cox And Kings (COXK IN) ’ financials and important events on its corporate timeline suggest that the Company might have taken a...

Nitin Mangal

India - Stake Sale or Delisting?

In Friday's Union Budget presentation, the Finance Minister proposed increasing the Minimum Public Shareholding (MPS) in listed companies from 25%...

Brian Freitas

How Do You Make Money When (Others Are) On Vacation

Does a good product make for a great stock or a lousy one? I won’t buy a stock for its product alone, but I will definitely personally vouch for...

Shilpa Krishnan

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...