Independent Economist, Forecaster and Strategist

Thomas Lam

Macroeconomics

<ul>
<li>The financial shock and greater uncertainty, all else equal, imply a disinflationary backdrop</li>
<li>The current trade posture alone implies either a one-off or a more persistent inflationary environment</li>
<li>But comprehending the shocks might not be the real challenge, rather it is about unraveling what is harnessed as a pretext and what is not     </li>
</ul>


The financial shock and greater uncertainty, all else equal, imply a disinflationary backdrop
The current trade posture alone implies either a one-off or a more persistent inflationary environment
But comprehending the shocks might not be the real challenge, rather it is about unraveling what is harnessed as a pretext and what is not     


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>Tata Sons will reinvest Rs. 43,900 crore received from TCS dividends into new-age businesses, this strategic capital shift aims to fuel long-term growth across tech, digital, and clean energy sectors.</li>
<li>Delhivery is acquiring Ecom Express for Rs. 5,000 crore to expand scale and reduce operating costs in order to strengthen its logistics footprint and improves profitability with low integration risk.</li>
<li>Adani Group has proposed Rs. 50,000 crore investments in Assam after talks with CM Sarma. The plan promises major infrastructure upgrades and job creation across the Northeast.</li>
</ul>


Tata Sons will reinvest Rs. 43,900 crore received from TCS dividends into new-age businesses, this strategic capital shift aims to fuel long-term growth across tech, digital, and clean energy sectors.
Delhivery is acquiring Ecom Express for Rs. 5,000 crore to expand scale and reduce operating costs in order to strengthen its logistics footprint and improves profitability with low integration risk.
Adani Group has proposed Rs. 50,000 crore investments in Assam after talks with CM Sarma. The plan promises major infrastructure upgrades and job creation across the Northeast.


#134 India Insight: Tata Sons Taps TCS Div, Delhivery’s ₹5k Cr Ecom Bet, Adani’s Assam Push

<ul>
<li>India’s P/E ratio corrected approx 16%, due to which forward PE has come down from 23.8 to 19.7, hitting a below average 1 yr forward PE.</li>
<li>India’s earnings CAGR of 14.3% (CY24–26E) remains among the world’s highest, justifying premium valuations i.e. highest in the world.</li>
<li>India now offers better risk-reward, with strong fundamentals, lower valuation multiples, and a tailwind from recovering consumption and sectoral revival in Q4.</li>
</ul>


India’s P/E ratio corrected approx 16%, due to which forward PE has come down from 23.8 to 19.7, hitting a below average 1 yr forward PE.
India’s earnings CAGR of 14.3% (CY24–26E) remains among the world’s highest, justifying premium valuations i.e. highest in the world.
India now offers better risk-reward, with strong fundamentals, lower valuation multiples, and a tailwind from recovering consumption and sectoral revival in Q4.


Chartered Insights: Understanding India's Current Valuation Amidst Market Correction

Global Macro Strategist, Westbourne Research Services

Sharmila Whelan

Global Macro Strategist

Macroeconomic, Geopolitical and Policy Forecasting

Westbourne Research Services

Westbourne Research is a global macroeconomic, geopolitical and policy forecasting and strategic advisory consultancy. Located in London, UK and serving clients globally. Our knowledge is deep, spanning all asset classes and key industrial sectors. Our perspective is global. Our presence is expansive, with 30 years analysing and working in developed and emerging markets. We are uniquely India and China specialists.

Cross Asset Strategy

<ul>
<li>Taiwan stands out, despite facing in 90 days a 34% reciprocal tariff rate imposed by Trump. </li>
<li>Corporate profits, investment and credit are all on the upswing, while the cost of capital remains extremely  indicating  that the business cycle has further to run.</li>
<li>The economy is firing on all cylinders:  domestic demand is rising strongly and so are exports.</li>
</ul>


Taiwan stands out, despite facing in 90 days a 34% reciprocal tariff rate imposed by Trump. 
Corporate profits, investment and credit are all on the upswing, while the cost of capital remains extremely  indicating  that the business cycle has further to run.
The economy is firing on all cylinders:  domestic demand is rising strongly and so are exports.


Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

<ul>
<li>No country in the world will be spared damage in a trade war.</li>
<li>Both the U.S. and China have outlined positions that are little more than posturing.</li>
<li>However, a game theory analysis of the relative positions indicates that the U.S. holds a weaker hand than China.</li>
</ul>


No country in the world will be spared damage in a trade war.
Both the U.S. and China have outlined positions that are little more than posturing.
However, a game theory analysis of the relative positions indicates that the U.S. holds a weaker hand than China.


Mongolia
Insights on Mongolia

Pretexts, My Dear Boy, Pretexts

Do we need to distinguish between shocks and pretexts to better navigate the current environment of heightened uncertainty?

Thomas Lam

#134 India Insight: Tata Sons Taps TCS Div, Delhivery’s ₹5k Cr Ecom Bet, Adani’s Assam Push

Tata Sons to reinvest TCS dividends for growth, Delhivery acquires Ecom Express for expansion, Adani Group plans major investments in Assam for...

Sudarshan Bhandari

Chartered Insights: Understanding India's Current Valuation Amidst Market Correction

India's P/E ratio correction presents a buying opportunity with strong earnings growth potential and attractive valuations.

Sudarshan Bhandari

Stay Overweight Taiwan

Despite facing a 34% tariff rate from Trump, Taiwan's economy is thriving with rising corporate profits, investment, and domestic demand.

Sharmila Whelan

A Game Theory Analysis of the Trade War

No country in the world will be spared damage in a trade war. A game theory analysis of the relative positions indicates that the U.S. holds a...

Cam Hui

Pretexts, My Dear Boy, Pretexts

Do we need to distinguish between shocks and pretexts to better navigate the current environment of heightened uncertainty?

Thomas Lam

#134 India Insight: Tata Sons Taps TCS Div, Delhivery’s ₹5k Cr Ecom Bet, Adani’s Assam Push

​Tata Sons to reinvest TCS dividends for growth, Delhivery acquires Ecom Express for expansion, Adani Group plans major investments in Assam for...

Sudarshan Bhandari

Chartered Insights: Understanding India's Current Valuation Amidst Market Correction

​India's P/E ratio correction presents a buying opportunity with strong earnings growth potential and attractive valuations.

Sudarshan Bhandari

Stay Overweight Taiwan

​Despite facing a 34% tariff rate from Trump, Taiwan's economy is thriving with rising corporate profits, investment, and domestic demand.

Sharmila Whelan

A Game Theory Analysis of the Trade War

No country in the world will be spared damage in a trade war. A game theory analysis of the relative positions indicates that the U.S. holds a...

Cam Hui

Tata Sons to reinvest TCS dividends for growth, Delhivery acquires Ecom Express for expansion, Adani Group plans major investments in Assam for...

India's P/E ratio correction presents a buying opportunity with strong earnings growth potential and attractive valuations.

Despite facing a 34% tariff rate from Trump, Taiwan's economy is thriving with rising corporate profits, investment, and domestic demand.