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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> is a leading retail company in India known for its diverse range of fashion and lifestyle brands like Westside and Zudio. </li>
<li>With its own labels, operating efficiencies, and leverage at work, Trent has been able to expand its margins substantially. </li>
<li>We anticipate the strong operational performance to continue. We believe it will take a couple of years for peers to catch up to Trent's execution prowess.</li>
</ul>



Trent Ltd (TRENT IN) is a leading retail company in India known for its diverse range of fashion and lifestyle brands like Westside and Zudio. 
With its own labels, operating efficiencies, and leverage at work, Trent has been able to expand its margins substantially. 
We anticipate the strong operational performance to continue. We believe it will take a couple of years for peers to catch up to Trent's execution prowess.


Narrative and Numbers | Trent Ltd (TRENT IN) | FY24

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> and <a href="https://www.smartkarma.com/entities/bharat-electronics-ltd" target="_blank" data-smartkarma-citation="entities:6636:1" rel="noopener">Bharat Electronics (BHE IN)</a> are shoo-ins to replace <a href="https://www.smartkarma.com/entities/ltimindtree-ltd" target="_blank" data-smartkarma-citation="entities:22778:1" rel="noopener">LTIMindtree (LTIM IN)</a> and <a href="https://www.smartkarma.com/entities/divi-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:4871:1" rel="noopener">Divi's Laboratories (DIVI IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> in September.</li>
<li>Passive <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> trackers will need to trade at least 3.3x ADV and 7.7x delivery volume on the stocks. There is some opposite flow from <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> trackers.</li>
<li>Cumulative excess volume has increased in all stocks but there are some stocks where there will still be more positioning over the next few weeks.</li>
</ul>



Trent Ltd (TRENT IN) and Bharat Electronics (BHE IN) are shoo-ins to replace LTIMindtree (LTIM IN) and Divi's Laboratories (DIVI IN) in the NIFTY Index (NIFTY INDEX) in September.
Passive NIFTY Index trackers will need to trade at least 3.3x ADV and 7.7x delivery volume on the stocks. There is some opposite flow from Nifty Next 50 Index trackers.
Cumulative excess volume has increased in all stocks but there are some stocks where there will still be more positioning over the next few weeks.


NIFTY50 Index Rebalance Preview: Big Flow, Big Impact, Big Positioning

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Overall, Cantabil Retail is a well-managed company with a solid track record and a clear growth strategy. </li>
<li>With a focus on expanding into new markets, maintaining high profitability, and strong promoter and FII confidence, Cantabil is poised for continued success in the Indian retail sector. </li>
<li>Investors looking for a promising investment opportunity in the apparel industry should consider Cantabil Retail for its strong financial performance and growth potential.</li>
</ul>


Overall, Cantabil Retail is a well-managed company with a solid track record and a clear growth strategy. 
With a focus on expanding into new markets, maintaining high profitability, and strong promoter and FII confidence, Cantabil is poised for continued success in the Indian retail sector. 
Investors looking for a promising investment opportunity in the apparel industry should consider Cantabil Retail for its strong financial performance and growth potential.


The Beat Ideas: What Makes Cantabil Retail an Interesting Bet on the Apparel Market?

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

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.

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>SHEIN's fast-fashion apparel is set to hit India through Reliance Retail's platforms, marking a major comeback after the 2020 ban.</li>
<li>This partnership could be a win-win, tapping into India's booming fashion demand and offering Shein access to the world's largest youth market, ahead of its proposed IPO.</li>
<li>With Shein's affordable styles and Reliance's extensive network, this alliance targets the youth market, challenging brands like Tata Group's <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> owned Zudio.</li>
</ul>


SHEIN's fast-fashion apparel is set to hit India through Reliance Retail's platforms, marking a major comeback after the 2020 ban.
This partnership could be a win-win, tapping into India's booming fashion demand and offering Shein access to the world's largest youth market, ahead of its proposed IPO.
With Shein's affordable styles and Reliance's extensive network, this alliance targets the youth market, challenging brands like Tata Group's Trent Ltd (TRENT IN) owned Zudio.


SHEIN: Teaming up with Reliance Retail to Re-Enter India. A Win-Win Move

Bharat Heavy Electricals / Index Rebalance

<ul>
<li>With a substantial part of the review period complete, there could potentially be 7 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>Estimated one-way turnover is 17.7% resulting in a one-way trade of INR 47.2bn (US$566m). 8 stocks will have over 1x ADV to trade from passive trackers.</li>
<li>There are a bunch of stocks that are potential migrations between Mid Cap and Large Cap segments in the AMFI Classification system and there will be flows from active managers.</li>
</ul>


With a substantial part of the review period complete, there could potentially be 7 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
Estimated one-way turnover is 17.7% resulting in a one-way trade of INR 47.2bn (US$566m). 8 stocks will have over 1x ADV to trade from passive trackers.
There are a bunch of stocks that are potential migrations between Mid Cap and Large Cap segments in the AMFI Classification system and there will be flows from active managers.


NIFTY NEXT50 Index Rebalance Preview: Active Meets Passive

India

Trent Limited is an Indian retail company and a part of the Tata Group, primarily engaged in the retailing of apparel, footwear, accessories, beauty products, and home decor. It operates various retail formats, including Westside for fashion and lifestyle, Zudio for value fashion, Utsa for Indian ethnic wear, and Star Bazaar for groceries. The company is headquartered in Mumbai, Maharashtra, India, and was originally incorporated in 1952 as Lakme Limited before being renamed Trent Limited in 1998.

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Trent (TRENT IN)

Narrative and Numbers | Trent Ltd (TRENT IN) | FY24

Trent Ltd in India stands out in retail with diverse brands like Westside and Zudio, showing strong margins and operational performance that peers...

Pranav Bhavsar

NIFTY50 Index Rebalance Preview: Big Flow, Big Impact, Big Positioning

There are 2 high probability changes for the NIFTY in Sep. New stocks added to the FnO list could increase the number of changes. There is big flow...

Brian Freitas

The Beat Ideas: What Makes Cantabil Retail an Interesting Bet on the Apparel Market?

Cantabil Retail is a well-managed company with a clear growth strategy, poised for success in the Indian retail sector, making it a promising...

Sudarshan Bhandari

SHEIN: Teaming up with Reliance Retail to Re-Enter India. A Win-Win Move

Shein's partnership with Reliance could be a win-win - tapping into India's booming fashion demand and offering Shein access to the world's largest...

Devi Subhakesan

NIFTY NEXT50 Index Rebalance Preview: Active Meets Passive

There could be 7 changes for the NIFTY NEXT50 in Sep. 2 of those changes are migrations to/from the NIFTY50. There are stocks that will have flows...

Brian Freitas

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52-week Range

Market Cap (USDm)

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Narrative and Numbers | Trent Ltd (TRENT IN) | FY24

​Trent Ltd in India stands out in retail with diverse brands like Westside and Zudio, showing strong margins and operational performance that peers...

Pranav Bhavsar

NIFTY50 Index Rebalance Preview: Big Flow, Big Impact, Big Positioning

There are 2 high probability changes for the NIFTY in Sep. New stocks added to the FnO list could increase the number of changes. There is big flow...

Brian Freitas

The Beat Ideas: What Makes Cantabil Retail an Interesting Bet on the Apparel Market?

​Cantabil Retail is a well-managed company with a clear growth strategy, poised for success in the Indian retail sector, making it a promising...

Sudarshan Bhandari

SHEIN: Teaming up with Reliance Retail to Re-Enter India. A Win-Win Move

Shein's partnership with Reliance could be a win-win - tapping into India's booming fashion demand and offering Shein access to the world's largest...

Devi Subhakesan

NIFTY NEXT50 Index Rebalance Preview: Active Meets Passive

There could be 7 changes for the NIFTY NEXT50 in Sep. 2 of those changes are migrations to/from the NIFTY50. There are stocks that will have flows...

Brian Freitas

Trent Ltd in India stands out in retail with diverse brands like Westside and Zudio, showing strong margins and operational performance that peers...

Cantabil Retail is a well-managed company with a clear growth strategy, poised for success in the Indian retail sector, making it a promising...