Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial newspapers such as Wall Street Journal, Business Standard etc

Forensic Analyst

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 Capital Markets

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a> much awaited INR 116.1 bn IPO is set to open for subscription this week. It's a complete OFS by the Korean Parent.</li>
<li>While LG is the market leader, there are huge litigation liabilities ~74% of net-worth which could pose a serious threat to the financials, with particular attention to AMP spends proceedings.</li>
<li>We also find it disturbing to note that the parent has taken out 175% of the free cash flows in FY23 and FY24 as interim dividends.</li>
</ul>



LG Electronics India (123D IN) much awaited INR 116.1 bn IPO is set to open for subscription this week. It's a complete OFS by the Korean Parent.
While LG is the market leader, there are huge litigation liabilities ~74% of net-worth which could pose a serious threat to the financials, with particular attention to AMP spends proceedings.
We also find it disturbing to note that the parent has taken out 175% of the free cash flows in FY23 and FY24 as interim dividends.


LG Electronics India IPO- Strained in Legal Heat