Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Equity Bottom-Up

SBI Cards & Payment Services / Equity Bottom-Up

SBI Cards and Payment Services Private Limited provides credit card services. The Company offers payment products and services in the form of corporate and credit cards with incentive and rewards programs. SBI Cards and Payment Services serves customers in India.

SBI Cards & Payment Services (SBICARD IN)

<ul>
<li>Q2FY26 witnessed sequential NIM stability at 11.2%, but the adverse product mix shift toward transactors, coupled with higher operating costs, led to a lower pre-provision operating profit and PAT.</li>
<li>The company is actively sacrificing immediate yield for better asset quality and volume growth through RuPay/UPI integration, addressing key regulatory and positioning itself to capture theTier II-III consumption base.</li>
<li>If the stabilization of funding costs and the anticipated moderation of credit costs materialise, the premium valuation may be justified by renewed focus on higher-yielding revolving assets.
</li>
</ul>


Q2FY26 witnessed sequential NIM stability at 11.2%, but the adverse product mix shift toward transactors, coupled with higher operating costs, led to a lower pre-provision operating profit and PAT.
The company is actively sacrificing immediate yield for better asset quality and volume growth through RuPay/UPI integration, addressing key regulatory and positioning itself to capture theTier II-III consumption base.
If the stabilization of funding costs and the anticipated moderation of credit costs materialise, the premium valuation may be justified by renewed focus on higher-yielding revolving assets.



The Beat Ideas: SBI Cards - Is the Worst Now Behind Us?

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>GIC has made a significant investment of $500 million in Japan's residential sector via Hillhouse's Samty.</li><li>JD and Rava's EZA Hill have successfully acquired four warehouses in Singapore for $237 million from CapitaLand REIT.</li><li>The Australian Retirement Trust is poised to purchase a 48.5% stake in the $1.1 billion Mirvac Build-to-Rent Fund.</li></ul>

GIC has made a significant investment of $500 million in Japan's residential sector via Hillhouse's Samty.JD and Rava's EZA Hill have successfully acquired four warehouses in Singapore for $237 million from CapitaLand REIT.The Australian Retirement Trust is poised to purchase a 48.5% stake in the $1.1 billion Mirvac Build-to-Rent Fund.

Asia Real Estate Tracker (22-Dec-2025): GIC invests $500M in Japan residential through Samty.

Global Healthcare Analyst

Tina Banerjee

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.</li>
<li>In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. </li>
<li>Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.</li>
</ul>



Samsung Biologics (207940 KS) reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.
In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. 
Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.


Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Kangwon Land Inc. is a casino and hotel services provider located in the Kangwon province area of South Korea.  The Company develops abandoned mines and builds gaming and entertainment facilities.  Kangwon Land operates a number of game tables and slot machines for domestic and international customers under its gaming licenses.

<ul>
<li>LARGE stands at 99 post-HD Hyundai Mipo merger; March sees 5 into LARGE (including Samsung Epis), 4 to MID, with top movers comfortably above cutoff and MID gaps watchable.</li>
<li>Two points: any names riding carryover rally momentum and mid-cap flows rising on sector rotation; LARGE candidates are hitting a pause phase, while top MID movers show clear rebound.</li>
<li>Distortion risks should ease by T-1M; if sector rotation ramps, price action could occur earlier than usual—worth monitoring.</li>
</ul>


LARGE stands at 99 post-HD Hyundai Mipo merger; March sees 5 into LARGE (including Samsung Epis), 4 to MID, with top movers comfortably above cutoff and MID gaps watchable.
Two points: any names riding carryover rally momentum and mid-cap flows rising on sector rotation; LARGE candidates are hitting a pause phase, while top MID movers show clear rebound.
Distortion risks should ease by T-1M; if sector rotation ramps, price action could occur earlier than usual—worth monitoring.


March KOSPI Size Rebalance: Sanity-Check for Front-Run Angles

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

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

Kajaria Ceramics Limited manufactures glazed and unglazed ceramic tiles. The Company sells its products in India and it also exports them to other countries.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kajaria-ceramics-ltd" target="_blank" data-smartkarma-citation="entities:13916:1" rel="noopener">Kajaria Ceramics (KJC IN)</a> is in the limelight after it reported a fraudulent activity in its step-down subsidiary, KGPL. </li>
<li>The funds were embezzled and siphoned by CFO of its subsidiary over a period of two years. Amount involved was INR 200 mn, corresponding to 6-7% of consolidated FY25 PAT. </li>
<li>This raises questions on both internal controls and role of statutory auditors. Also, we note a very high gross PPE turnover ratio in KGPL which leads doubt on revenue recognition/capex.</li>
</ul>



Kajaria Ceramics (KJC IN) is in the limelight after it reported a fraudulent activity in its step-down subsidiary, KGPL. 
The funds were embezzled and siphoned by CFO of its subsidiary over a period of two years. Amount involved was INR 200 mn, corresponding to 6-7% of consolidated FY25 PAT. 
This raises questions on both internal controls and role of statutory auditors. Also, we note a very high gross PPE turnover ratio in KGPL which leads doubt on revenue recognition/capex.


Kajaria Ceramics Fraud- Capex and Control Failure

Asia (APAC)
Insights on Asia Pacific (APAC)

The Beat Ideas: SBI Cards - Is the Worst Now Behind Us?

The shift to transactors and higher costs led to lower profits. Company prioritizes asset quality and growth through RuPay/UPI integration and...

Nimish Maheshwari

Asia Real Estate Tracker (22-Dec-2025): GIC invests $500M in Japan residential through Samty.

GIC invested $500M in Japan's residential sector, JD and Rava's EZA Hill bought Singapore warehouses for $237M, and Australian Retirement Trust...

Asia Real Estate Tracker

Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Samsung Biologics secures first U.S. manufacturing site through acquiring a GSK biologics facility, having 60K liters of drug substance capacity...

Tina Banerjee

March KOSPI Size Rebalance: Sanity-Check for Front-Run Angles

This post checks the March KOSPI rebalance for potential front-run angles, highlighting LARGE ↔ MID movers, market-cap gaps, and recent momentum...

Sanghyun Park

Kajaria Ceramics Fraud- Capex and Control Failure

Kajaria Ceramics under limelight for fraudulent activity in step down subsidiary. Subsidiary's CFO embezzled INR 200 mn over 2 years, raising...

Nitin Mangal

The Beat Ideas: SBI Cards - Is the Worst Now Behind Us?

The shift to transactors and higher costs led to lower profits. Company prioritizes asset quality and growth through RuPay/UPI integration and...

Nimish Maheshwari

Asia Real Estate Tracker (22-Dec-2025): GIC invests $500M in Japan residential through Samty.

GIC invested $500M in Japan's residential sector, JD and Rava's EZA Hill bought Singapore warehouses for $237M, and Australian Retirement Trust...

Asia Real Estate Tracker

Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Samsung Biologics secures first U.S. manufacturing site through acquiring a GSK biologics facility, having 60K liters of drug substance capacity...

Tina Banerjee

March KOSPI Size Rebalance: Sanity-Check for Front-Run Angles

This post checks the March KOSPI rebalance for potential front-run angles, highlighting LARGE ↔ MID movers, market-cap gaps, and recent momentum...

Sanghyun Park

Kajaria Ceramics Fraud- Capex and Control Failure

​Kajaria Ceramics under limelight for fraudulent activity in step down subsidiary. Subsidiary's CFO embezzled INR 200 mn over 2 years, raising...

Nitin Mangal

Kajaria Ceramics under limelight for fraudulent activity in step down subsidiary. Subsidiary's CFO embezzled INR 200 mn over 2 years, raising...