Managing Partner, Ampersand Investment Advisors

Rahul Singh

Managing Partner

Ampersand Investment Advisors

Thematic (Sector/Industry)

In our second newsletter, we highlight some of the key trends/observations from the host of meetings, calls and analyst meets we attended in the last month –<ol><li>High growth in NBFCs targeting bottom-of-the-pyramid,</li><li>Recovery in Hotels, and</li><li>Perceptible progress in Government’s flagship schemes.</li></ol>We also do a quick update of the specialty chemicals picks (Navin Fluorine and SRF) covered in the April edition. Finally, we take a closer look at the risk-reward across the various Non-Banking Financial Company (NBFC) segments. From a 6-12 month perspective, we see greater valuation upside in (i) gold loan NBFCs (viz. Muthoot , Manappuram) and (ii) embedded value plays (viz. ABNL) compared to the (i) cyclical recovery &amp; monsoon beneficiaries (viz. M&amp;M Financial, Shriram Transport) and (ii) the newly-listed MFI-to-be-small banks (Equitas, Ujjivan).

In our second newsletter, we highlight some of the key trends/observations from the host of meetings, calls and analyst meets we attended in the last month –High growth in NBFCs targeting bottom-of-the-pyramid,Recovery in Hotels, andPerceptible progress in Government’s flagship schemes.We also do a quick update of the specialty chemicals picks (Navin Fluorine and SRF) covered in the April edition. Finally, we take a closer look at the risk-reward across the various Non-Banking Financial Company (NBFC) segments. From a 6-12 month perspective, we see greater valuation upside in (i) gold loan NBFCs (viz. Muthoot , Manappuram) and (ii) embedded value plays (viz. ABNL) compared to the (i) cyclical recovery &amp; monsoon beneficiaries (viz. M&amp;M Financial, Shriram Transport) and (ii) the newly-listed MFI-to-be-small banks (Equitas, Ujjivan).

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Vedanta Resources</li>
<li>The UST curve twisted flatter marginally yesterday, with oil prices holding steady as markets await the outcome of US-Iran ceasefire negotiations. The yield on the 2Y UST rose 1 bp to 3.85%, while the yield on the 10Y UST fell 1 bp to 4.33%. Equities advanced for the fourth straight day, with the S&amp;P 500 and Nasdaq up 0.4% and 0.5%, respectively.</li>
<li>US President Donald Trump has repeated threats to destroy Iran’s civilian infrastructure, including bridges and power plants, if Tehran does not agree to a deal before 8 pm ET today. Mr Trump acknowledged a Pakistani-brokered proposal for a 45-day ceasefire, calling it a "significant step" but ultimately "not good enough", as any deal must include the immediate reopening of the Strait of Hormuz.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Vedanta Resources
The UST curve twisted flatter marginally yesterday, with oil prices holding steady as markets await the outcome of US-Iran ceasefire negotiations. The yield on the 2Y UST rose 1 bp to 3.85%, while the yield on the 10Y UST fell 1 bp to 4.33%. Equities advanced for the fourth straight day, with the S&amp;P 500 and Nasdaq up 0.4% and 0.5%, respectively.
US President Donald Trump has repeated threats to destroy Iran’s civilian infrastructure, including bridges and power plants, if Tehran does not agree to a deal before 8 pm ET today. Mr Trump acknowledged a Pakistani-brokered proposal for a 45-day ceasefire, calling it a "significant step" but ultimately "not good enough", as any deal must include the immediate reopening of the Strait of Hormuz.


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: AAC Technologies, Vedanta Resources, Hanwha TotalEnergies</li>
<li>UST yields climbed on Friday in a holiday-shortened session, following the release of stronger than expected March nonfarm payroll numbers. The yield on the 2Y UST rose 4 bps to 3.84%, while that on the 10Y UST was up 3 bps at 4.34%.</li>
<li>Equities closed slightly higher on Thursday, as investors focused on the potential re-opening of the Strait of Hormuz. The S&amp;P 500 and Nasdaq advanced 0.1% and 0.2% to 6,583 and 21,879, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: AAC Technologies, Vedanta Resources, Hanwha TotalEnergies
UST yields climbed on Friday in a holiday-shortened session, following the release of stronger than expected March nonfarm payroll numbers. The yield on the 2Y UST rose 4 bps to 3.84%, while that on the 10Y UST was up 3 bps at 4.34%.
Equities closed slightly higher on Thursday, as investors focused on the potential re-opening of the Strait of Hormuz. The S&amp;P 500 and Nasdaq advanced 0.1% and 0.2% to 6,583 and 21,879, respectively.


Information Technology Consultant

Ishita Jain

On Feb 13th, 2016, "Make in India" week was flagged off in Mumbai. 5000 delegates from 190 companies based in 60 countries participated in the event and it was nothing short of a carnival celebrating the prospects of a brighter future for India’s manufacturing industry. This was the first of many events planned for Narendra Modi's flagship Make in India campaign launched in 2014. The initiative hopes to attract capital and technological investment to India and make it the top destination globally for foreign direct investment. Make in India is an exciting venture. In the following insight, I have given an overview of the initiative and stated some of the good things and some of the gaps around it. I am going to present more analysis as I discover more in the coming few days. Look out for the forks!

On Feb 13th, 2016, "Make in India" week was flagged off in Mumbai. 5000 delegates from 190 companies based in 60 countries participated in the event and it was nothing short of a carnival celebrating the prospects of a brighter future for India’s manufacturing industry. This was the first of many events planned for Narendra Modi's flagship Make in India campaign launched in 2014. The initiative hopes to attract capital and technological investment to India and make it the top destination globally for foreign direct investment. Make in India is an exciting venture. In the following insight, I have given an overview of the initiative and stated some of the good things and some of the gaps around it. I am going to present more analysis as I discover more in the coming few days. Look out for the forks!

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Central Mine Planning Design Institute Ltd (CMPDIL) / Equity Capital Markets

Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)

Central Mine Planning Design Institute Ltd (CMPDIL)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/central-mine-planning-design-institute-ltd-cmpdil" target="_blank" data-smartkarma-citation="entities:45267:1" rel="noopener">Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)</a> raised around US$200m in its all-secondary India IPO.</li>
<li>CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN) raised around US$200m in its all-secondary India IPO.
CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

United Kingdom

Vedanta Resources is a diversified natural resources conglomerate specializing in metals and mining. The company's primary products include zinc, lead, silver, oil and gas, iron ore, steel, aluminium, and power. Headquartered in London, United Kingdom, Vedanta Resources was founded in 1976.

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Vedanta Resources (VED LN)

Ear to the Ground - May 2016

In our second newsletter, we highlight some of the key trends/observations from the host of meetings, calls and analyst meets we attended in the...

Ampersand Investment Advisors

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Vedanta Resources

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: AAC Technologies, Vedanta Resources, Hanwha...

Lucror Analytics

Make in India – A Leap of Faith

On Feb 13th, 2016, "Make in India" week was flagged off in Mumbai. 5000 delegates from 190 companies based in 60 countries participated in the...

Ishita Jain

Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

Central Mine Planning Design Institute Ltd (CMPDI) raised around US$200m in its all-secondary India IPO. In this note, we talk about the demand and...

Akshat Shah

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