In today’s briefing:
- Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Dec)
- The Thermal Vs Renewable Debate: JSW Energy – 2026 High Conviction Idea
- Insider Activity: Who Bought Their Own Stock in November?
- 2026 High Conviction: Tenneco Clean Air
- Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Dec)
- Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
- Opportunity: Currently eight pair trade opportunities across four markets and five sectors persist.
- Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.
The Thermal Vs Renewable Debate: JSW Energy – 2026 High Conviction Idea
- JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production.
- We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).
- We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.
Insider Activity: Who Bought Their Own Stock in November?
- Despite the broad-based weakness in Indian equity market, insider buying in November 2025 was strong and broad-based.
- We highlight large and small cap companies that experienced significant insider buying during November 2025, as reported on the stock exchanges.
- We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
2026 High Conviction: Tenneco Clean Air
- Tenneco Clean Air India Ltd (1880671D IN) is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.
- It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.
- Since its listing, the stock is up 19%, but there is still upside potential.
Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak
- Wakefit Innovations (1684049D IN) raised US$144m in its India IPO.
- Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
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