India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

Himanshu is a SEBI registered independent equity research analyst (SEBI Reg No. INH200009944, BSE Enlistment No. 5593). He has 11+ years of experience in buy-side equity research through his stints at CRISIL and Miras investments.
At CRISIL, he has conducted deep analysis in multiple sectors ranging from consumer discretionary to pharma/ chemicals as well as consumer staples.
At Miras Investments, his role was to analyse late-stage investment opportunities in India focusing on Pre-IPO and IPOs.

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. Our bottom-up ideas range from IPO/QIPs to special situations; the underlying criteria is to identify market dislocations that can generate 20+% IRR with a reasonable safety margin.
As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>JM Financial is a diversified financial services group spanning investment banking its primary franchise, complemented by lending, distressed credit and asset management.</li>
<li>With IPOs and deal-making gathering pace in recent weeks, JM is attractively priced for quick moves. Further, turnaround in the wealth and asset management business will add extra flavor.</li>
<li>Our SOTP-based Fair Value indicates 40% upside, however, re-rating depends on continuing deal momentum. The key concern is persistent SEBI investigations across businesses.</li>
</ul>


JM Financial is a diversified financial services group spanning investment banking its primary franchise, complemented by lending, distressed credit and asset management.
With IPOs and deal-making gathering pace in recent weeks, JM is attractively priced for quick moves. Further, turnaround in the wealth and asset management business will add extra flavor.
Our SOTP-based Fair Value indicates 40% upside, however, re-rating depends on continuing deal momentum. The key concern is persistent SEBI investigations across businesses.


JM Financial: ECM Demand Picking Up, Wealth Turnaround Underway, Time for a Quick Move