India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. </li>
<li>Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. </li>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (0656504D IN)</a> is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. </li>
</ul>


Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. 
Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. 

Waaree Energies (0656504D IN) is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. 


#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>JCI experienced a sharp correction (-4.0% wow) and was the second worst performer after KOSPI, as foreign and domestic funds selling continued on the back of hawkish statement from Fed’s Powell and as BI maintained its policy rate at 6%.</li><li>Foreign funds outflow amounted to -US$253mn, with all EM peers experiencing outlfows. </li><li>BMRI posted soft Nov24 (bank only) net profit of Rp4.1tr (+1% mom, -10% yoy), impacted by lower other operating income, lower NIM and higher opex.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

JCI experienced a sharp correction (-4.0% wow) and was the second worst performer after KOSPI, as foreign and domestic funds selling continued on the back of hawkish statement from Fed’s Powell and as BI maintained its policy rate at 6%.Foreign funds outflow amounted to -US$253mn, with all EM peers experiencing outlfows. BMRI posted soft Nov24 (bank only) net profit of Rp4.1tr (+1% mom, -10% yoy), impacted by lower other operating income, lower NIM and higher opex.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week – EM Market YTD Flow (US$mn, as of 20 Dec24)

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

<ul><li>PTTEP has announced a 3% increase in its expenditures plan (Capex and Opex) for 2025-29E compared to the previous plan, along with a lower petroleum sales volume growth target of a 3.4% CAGR (vs.  +4.9% CAGR during 2024-28E).</li><li>We have revised down the net profit estimates for 2024-25E by 2% and 4%, respectively, while maintaining the 2026E net profit forecast, reflecting the updated 5-year plan.</li><li>The 2-year core EPS estimate is now revised downward to a -6% CAGR, underperforming the sector, owing to a downward trend in unit margins.</li></ul>

PTTEP has announced a 3% increase in its expenditures plan (Capex and Opex) for 2025-29E compared to the previous plan, along with a lower petroleum sales volume growth target of a 3.4% CAGR (vs.  +4.9% CAGR during 2024-28E).We have revised down the net profit estimates for 2024-25E by 2% and 4%, respectively, while maintaining the 2026E net profit forecast, reflecting the updated 5-year plan.The 2-year core EPS estimate is now revised downward to a -6% CAGR, underperforming the sector, owing to a downward trend in unit margins.

Ptt Exploration and Production -5-Year Expenditures Plan and Petroleum Sales Target

Thai Oil Public Company Limited is an oil refinery company. The Company imports crude oil and refines it into gasoline.  It also produces oil related products including liquefied petroleum gas (LPG), kerosene, fuel oil and chemicals. Thai oil supplies its products to domestic market where its major customers include Shell, Caltex Oil and the Petroleum Authority of Thailand.

<ul><li>The risks associated with the CFP are higher than previously expected (e.g., significant cost overruns, COD delayed by three years, risks regarding remaining construction, and the funding plan).</li><li>TOP’s share price is trading at a higher-than-usual ERP to compensate for these risks.</li><li>We have revised down our 2025-26E profit forecasts by 24-28% due to higher interest expenses from a bond issuance and/or borrowings, resulting in negative 2-year core EPS growth (-20% CAGR) that underperforms the sector. </li></ul>

The risks associated with the CFP are higher than previously expected (e.g., significant cost overruns, COD delayed by three years, risks regarding remaining construction, and the funding plan).TOP’s share price is trading at a higher-than-usual ERP to compensate for these risks.We have revised down our 2025-26E profit forecasts by 24-28% due to higher interest expenses from a bond issuance and/or borrowings, resulting in negative 2-year core EPS growth (-20% CAGR) that underperforms the sector. 

Thai Oil - The CFP Entails Higher than Previously Expected Risks

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>OCBC lowers SingPost fair value following departures of CEO and CFO, indicating concerns about company's leadership stability.</li><li>DBS supports CDLHT's expansion into long-stay lodging by acquiring Liverpool PBSA, highlighting growth potential in this sector.</li><li>DBS applauds OUE REIT's sale of Shanghai property, considering it a strategic move to optimize portfolio and maximize returns.</li></ul>

OCBC lowers SingPost fair value following departures of CEO and CFO, indicating concerns about company's leadership stability.DBS supports CDLHT's expansion into long-stay lodging by acquiring Liverpool PBSA, highlighting growth potential in this sector.DBS applauds OUE REIT's sale of Shanghai property, considering it a strategic move to optimize portfolio and maximize returns.

Singapore Market Roundup (23-Dec-2024): OCBC lowers SingPost value after exec exits.

ASEAN
Insights on ASEAN countries

#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

BRIDS Market Pulse: Chart of the Week – EM Market YTD Flow (US$mn, as of 20 Dec24)

BMRI posted soft Nov24 (bank only) net profit of Rp4.1tr (+1% mom, -10% yoy), impacted by lower other operating income, lower NIM and higher opex.

BRI Danareksa Research

Ptt Exploration and Production -5-Year Expenditures Plan and Petroleum Sales Target

PTTEP has announced a 3% increase in its expenditures plan (Capex and Opex) for 2025-29E compared to the previous plan, along with a lower...

Krungthai XSpring

Thai Oil - The CFP Entails Higher than Previously Expected Risks

The risks associated with the CFP are higher than previously expected (e.g., significant cost overruns, COD delayed by three years, risks regarding...

Krungthai XSpring

Singapore Market Roundup (23-Dec-2024): OCBC lowers SingPost value after exec exits.

OCBC downgrades SingPost, DBS approves CDLHT's acquisition, views OUE REIT's asset sale positively.

Singapore Market Roundup

#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

​Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

BRIDS Market Pulse: Chart of the Week – EM Market YTD Flow (US$mn, as of 20 Dec24)

BMRI posted soft Nov24 (bank only) net profit of Rp4.1tr (+1% mom, -10% yoy), impacted by lower other operating income, lower NIM and higher opex.

BRI Danareksa Research

Ptt Exploration and Production -5-Year Expenditures Plan and Petroleum Sales Target

PTTEP has announced a 3% increase in its expenditures plan (Capex and Opex) for 2025-29E compared to the previous plan, along with a lower...

Krungthai XSpring

Thai Oil - The CFP Entails Higher than Previously Expected Risks

The risks associated with the CFP are higher than previously expected (e.g., significant cost overruns, COD delayed by three years, risks regarding...

Krungthai XSpring

Singapore Market Roundup (23-Dec-2024): OCBC lowers SingPost value after exec exits.

OCBC downgrades SingPost, DBS approves CDLHT's acquisition, views OUE REIT's asset sale positively.

Singapore Market Roundup

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...