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>Pakistan’s suspension of bilateral trade with India impacts supply chains, but India’s diversified trade routes through third countries like Dubai and Singapore provide resilience.  </li>
<li>India’s trade surplus with Pakistan is at risk, particularly in key sectors like pharmaceuticals, tea, and fertilizers, which could cause supply disruptions in Pakistan.</li>
<li>India’s economy remains largely unaffected due to negligible imports of $0.48 Million, while Pakistan faces heightened inflation and shortages of critical goods, deepening economic strain.</li>
</ul>


Pakistan’s suspension of bilateral trade with India impacts supply chains, but India’s diversified trade routes through third countries like Dubai and Singapore provide resilience.  
India’s trade surplus with Pakistan is at risk, particularly in key sectors like pharmaceuticals, tea, and fertilizers, which could cause supply disruptions in Pakistan.
India’s economy remains largely unaffected due to negligible imports of $0.48 Million, while Pakistan faces heightened inflation and shortages of critical goods, deepening economic strain.


Chartered Insights: The Fallout of Indo-Pak Trade Suspension April,2025

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>We use quantamental screens to identify overvalued stocks in Asia, with weak fundamentals – consistently low earnings growth, forecast return ratios less than cost of capital, and over-leveraged balance sheets.</li>
<li>We screen Asia-listed stocks above US$1bn market cap on declining EPS CAGR over next 2 years, less than 10% ROE, higher than 1x PEG and P/BV, more than 80% D/E.</li>
<li>We identify 30 stocks: 11 from HK/China, 9 from Japan, 4 from Taiwan, 3 from India, and one each from Korea, Malaysia and Singapore. Financials, property, industrials dominate the list.</li>
</ul>


We use quantamental screens to identify overvalued stocks in Asia, with weak fundamentals – consistently low earnings growth, forecast return ratios less than cost of capital, and over-leveraged balance sheets.
We screen Asia-listed stocks above US$1bn market cap on declining EPS CAGR over next 2 years, less than 10% ROE, higher than 1x PEG and P/BV, more than 80% D/E.
We identify 30 stocks: 11 from HK/China, 9 from Japan, 4 from Taiwan, 3 from India, and one each from Korea, Malaysia and Singapore. Financials, property, industrials dominate the list.


Asian Equities: The Overvalued, Low Growth, Over-Leveraged Stocks

Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul>
<li>After much talk about de-risking from China, countries are now applying the same lens in reviewing their economic, security, and technological dependencies on the US.</li>
<li>Countries will seek to expand and deepen trading links with other partners, but it will be hard to fully compensate for the closing down of the world’s largest consumer market.</li>
<li>No economic or geopolitical law mandates the existence of a global hegemon. The economic and security order is becoming more fragmented and decentralized.</li>
</ul>


After much talk about de-risking from China, countries are now applying the same lens in reviewing their economic, security, and technological dependencies on the US.
Countries will seek to expand and deepen trading links with other partners, but it will be hard to fully compensate for the closing down of the world’s largest consumer market.
No economic or geopolitical law mandates the existence of a global hegemon. The economic and security order is becoming more fragmented and decentralized.


De-Risking Returns, This Time Towards America

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

<ul>
<li>Geely’s deliveries reached 46% of BYD in 1Q25, while the number was 23% in 2024.</li>
<li>The delivery growth rate accelerated since December 2024 and reached 54% YoY in March 2025.</li>
<li>We believe, even without production capacity expansion, BEV deliveries can grow significantly YoY in 2Q25 and 3Q25.</li>
</ul>


Geely’s deliveries reached 46% of BYD in 1Q25, while the number was 23% in 2024.
The delivery growth rate accelerated since December 2024 and reached 54% YoY in March 2025.
We believe, even without production capacity expansion, BEV deliveries can grow significantly YoY in 2Q25 and 3Q25.


Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Tam Jai International Co. Limited operates restaurants. The Company provides specialties, fast food products, desserts, drinks, and other related products. Tam Jai International markets its products throughout Hong Kong.

<ul>
<li>Tam Jai's performance in recent years has been consistently below expectations. Its fundamentals have undergone negative changes after IPO. Consumers’ preference change may disrupt Tam Jai's business model.</li>
<li>Based on our forecast and the Cancellation Price of HK$1.58/share, P/E will be higher than the industry average. Considering the low trading liquidity and concerns on outlook, HK$1.58/share is acceptable.</li>
<li>The fundamentals/prospects of Tam Jai are different from the situation of Henlius' privatization.We recommend investors not reject the privatization easily because internationalization won’t bring significant positive changes in short term.</li>
</ul>


Tam Jai's performance in recent years has been consistently below expectations. Its fundamentals have undergone negative changes after IPO. Consumers’ preference change may disrupt Tam Jai's business model.
Based on our forecast and the Cancellation Price of HK$1.58/share, P/E will be higher than the industry average. Considering the low trading liquidity and concerns on outlook, HK$1.58/share is acceptable.
The fundamentals/prospects of Tam Jai are different from the situation of Henlius' privatization.We recommend investors not reject the privatization easily because internationalization won’t bring significant positive changes in short term.


Tam Jai International (2217 HK) Privatization - The Offer Price Is Good

Hong Kong
Insights on Hong Kong

Chartered Insights: The Fallout of Indo-Pak Trade Suspension April,2025

Pakistan's suspension of trade with India impacts supply chains, but India's routes through third countries provide resilience, risking India's...

Sudarshan Bhandari

Asian Equities: The Overvalued, Low Growth, Over-Leveraged Stocks

Quantamental screens reveal overvalued Asian stocks with low earnings growth, low return ratios, and high leverage. 30 stocks identified across...

Manishi Raychaudhuri

De-Risking Returns, This Time Towards America

Countries are reevaluating their economic, security, and technological dependencies on the US, seeking to diversify partners on these various...

Manu Bhaskaran

Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

Geely’s deliveries reached 46% of BYD in 1Q25. The delivery growth rate accelerated since December 2024. We believe BEV deliveries can grow...

Ming Lu

Tam Jai International (2217 HK) Privatization - The Offer Price Is Good

Tam Jai’s net profit will be down 30%-35%YoY in FY2025 (or HK$77.4-83.3 million) due to sluggish economy/increasing northbound travel, high...

Xinyao (Criss) Wang

Chartered Insights: The Fallout of Indo-Pak Trade Suspension April,2025

​Pakistan's suspension of trade with India impacts supply chains, but India's routes through third countries provide resilience, risking India's...

Sudarshan Bhandari

Asian Equities: The Overvalued, Low Growth, Over-Leveraged Stocks

​Quantamental screens reveal overvalued Asian stocks with low earnings growth, low return ratios, and high leverage. 30 stocks identified across...

Manishi Raychaudhuri

De-Risking Returns, This Time Towards America

​Countries are reevaluating their economic, security, and technological dependencies on the US, seeking to diversify partners on these various...

Manu Bhaskaran

Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

Geely’s deliveries reached 46% of BYD in 1Q25. The delivery growth rate accelerated since December 2024. We believe BEV deliveries can grow...

Ming Lu

Tam Jai International (2217 HK) Privatization - The Offer Price Is Good

Tam Jai’s net profit will be down 30%-35%YoY in FY2025 (or HK$77.4-83.3 million) due to sluggish economy/increasing northbound travel, high...

Xinyao (Criss) Wang

Pakistan's suspension of trade with India impacts supply chains, but India's routes through third countries provide resilience, risking India's...

Quantamental screens reveal overvalued Asian stocks with low earnings growth, low return ratios, and high leverage. 30 stocks identified across...

Countries are reevaluating their economic, security, and technological dependencies on the US, seeking to diversify partners on these various...