Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Pranav Bhavsar & the team at India Independent Insight (Iii), provide research on consumer companies operating or have exposure to in India. The research methodology focuses on carrying out on-the-ground channel surveillance/checks that include supplier/distributor/customer interactions, access to industry experts, and bespoke primary data sources that aid in providing unique insights and counter consensus ideas.  

Leveraging the team's forensic analysis along with channel surveillance, the team at Iii also aids investors in early identification of changing consumer trends, identification and quantification of accounting/governance risks, and the associated impact on the business model of the company.

Pranav has over 15 years of experience in the Indian equity market, and has worked with some of the global activists, long only and PE funds for their India projects. Prior roles also include building and leading an institutional sell-side desk. In his free time, Pranav is a traveler, biker, and a young Indian contributing to the country’s social and economic development.

Consumer Analyst / Channel Surveillance Specialist

Titan (TTAN IN) | Interaction with Watch Store Franchisees

Asian Jewellery Retailers | Titan Vs Chow Tai Fook

Chow Tai Fook Jewellery: Play the Recovery

Postcard from Surat (India) | Studded Jewellery Unlikely to Aid in Margin Expansion for Titan

Titan | Takeaways from Interaction with a Tanishq Franchise Store Owner

Titan Co Ltd (TTAN IN) | Channel Checks Suggest Revenue Growth Might Beat Consensus

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> posted a strong set of earnings for Q3 FY2020, better than expected EBIT margin in the Jewellery segment was the key highlight. Considering the lowered guidance post Q2, margins at these levels were not anticipated. </p>
<p>Driven by a higher share of studded jewellery, tight control on cost and discounts, we see a strong possibility of these margins to be maintained. Our estimates highlighted in <a href="https://www.smartkarma.com/insights/titan-takeaways-from-interaction-with-a-tanishq-franchise-store-owner" target="_blank" data-smartkarma-citation="insights:34443" rel="noopener">Titan | Takeaways from Interaction with a Tanishq Franchise Store Owner</a> remain unchanged. Our price target for TTAN stands at INR 1,255 valuing the company at 50x FY21 EPS of 25. There might not be much upside at current levels, however, any opportunity arising due to volatility should be used to Buy.</p>

Titan Co Ltd (TTAN IN) posted a strong set of earnings for Q3 FY2020, better than expected EBIT margin in the Jewellery segment was the key highlight. Considering the lowered guidance post Q2, margins at these levels were not anticipated. 
Driven by a higher share of studded jewellery, tight control on cost and discounts, we see a strong possibility of these margins to be maintained. Our estimates highlighted in Titan | Takeaways from Interaction with a Tanishq Franchise Store Owner remain unchanged. Our price target for TTAN stands at INR 1,255 valuing the company at 50x FY21 EPS of 25. There might not be much upside at current levels, however, any opportunity arising due to volatility should be used to Buy.

Titan (TTAN IN) | Jewellery Margins Surprise