Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

Bajaj Finance – Positive Turn In Credit

Bajaj Finance  - Shocking Net New NPL Increase

Bajaj Finance: Quick Update Post Q4FY20 Results

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance (BAF IN)</a> reported its earnings this week. While Bajaj Finance remains a strong franchise in an industry with strong long-term secular growth prospects, we anticipate that the business faces significant headwinds and uncertainty in the near-term. We believe the valuations at current levels of 6x P/B are quite optimistic in the face of this uncertainty. COVID cases are on the rise in India and while the government is not imposing lockdowns, the general public or local authorities in most affected areas are proactively self-imposing restraints like partial lock-downs, affecting the demand environment adversely vs that projected by BAF's management and that reflected by BAF's current valuation. As a result, we are near-term bearish with the caveat that on a long-term basis, BAF remains an attractive investment opportunity. Overall, we advise investors to exit at current levels and re-enter later on at better entry points at a more opportune time. </p>

Bajaj Finance (BAF IN) reported its earnings this week. While Bajaj Finance remains a strong franchise in an industry with strong long-term secular growth prospects, we anticipate that the business faces significant headwinds and uncertainty in the near-term. We believe the valuations at current levels of 6x P/B are quite optimistic in the face of this uncertainty. COVID cases are on the rise in India and while the government is not imposing lockdowns, the general public or local authorities in most affected areas are proactively self-imposing restraints like partial lock-downs, affecting the demand environment adversely vs that projected by BAF's management and that reflected by BAF's current valuation. As a result, we are near-term bearish with the caveat that on a long-term basis, BAF remains an attractive investment opportunity. Overall, we advise investors to exit at current levels and re-enter later on at better entry points at a more opportune time. 

Bajaj Finance: Limited Margin of Safety in Light of Near Term Headwinds

Bajaj Finance Ltd

Bajaj Finance: Limited Margin of Safety in Light of Near Term Headwinds