Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul><li>Strong US and UK PMIs boosted the US economy, however, low CPI hindered the bullish effect on the BoE. The UK government manipulated its Spring Statement to adhere to its rules, resulting in increased issuance due to slippage.</li><li>Next week's flash EA inflation is expected to be low, with impending US tariff announcements causing concern.</li><li>The most significant monetary policy announcement is expected from the RBA, with numerous other speeches and US payrolls data set to influence expectations.</li></ul>

Strong US and UK PMIs boosted the US economy, however, low CPI hindered the bullish effect on the BoE. The UK government manipulated its Spring Statement to adhere to its rules, resulting in increased issuance due to slippage.Next week's flash EA inflation is expected to be low, with impending US tariff announcements causing concern.The most significant monetary policy announcement is expected from the RBA, with numerous other speeches and US payrolls data set to influence expectations.

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>We believe addressing these three key areas remains essential for strengthening the investment thesis and enhancing investors' confidence in the company's long-term value proposition.</li>
<li>1) The company's differentiation strategy within the relatively crowded Hong Kong and Singapore insurance marketplaces; 2) its insurance offerings' product market fit; 3) disclosure on cross-selling metrics going forward</li>
<li>We think articulating a comprehensive strategy and detailed implementation roadmap, targeting these key areas, can enhance investor confidence and potentially provide support for the company's valuation.</li>
</ul>


We believe addressing these three key areas remains essential for strengthening the investment thesis and enhancing investors' confidence in the company's long-term value proposition.
1) The company's differentiation strategy within the relatively crowded Hong Kong and Singapore insurance marketplaces; 2) its insurance offerings' product market fit; 3) disclosure on cross-selling metrics going forward
We think articulating a comprehensive strategy and detailed implementation roadmap, targeting these key areas, can enhance investor confidence and potentially provide support for the company's valuation.


MoneyHero: Three Key Questions Critical to the Investment Thesis

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>The cabinet approved a Rs. 22,919 cr PLI for non-semiconductor electronics to boost domestic manufacturing, aiming for significant investment and job creation.</li>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a>'s IPO, initially filed in 2016, faces a potential two-year delay due to regulatory concerns flagged by SEBI, despite recent improvements in share transfer efficiency.</li>
<li>India's defence manufacturing achieved Rs. 1.27 lakh crore output in FY24 and aims for Rs. 3 lakh crore by 2029 through indigenous development and policy reforms.</li>
</ul>


The cabinet approved a Rs. 22,919 cr PLI for non-semiconductor electronics to boost domestic manufacturing, aiming for significant investment and job creation.

National Stock Exchange (NSEIN IN)'s IPO, initially filed in 2016, faces a potential two-year delay due to regulatory concerns flagged by SEBI, despite recent improvements in share transfer efficiency.
India's defence manufacturing achieved Rs. 1.27 lakh crore output in FY24 and aims for Rs. 3 lakh crore by 2029 through indigenous development and policy reforms.


#129 India Insight: GOI’s 23k Cr PLI for EMS, NSE 2 Yrs IPO Delay?, Indian Defence Soars

Equity Derivatives

Bombay Stock Exchange / Equity Derivatives

<ul>
<li>SEBI's March 27 proposal suggests standardising expiry dates: Thursdays for <a href="https://www.smartkarma.com/entities/bombay-stock-exchange" target="_blank" data-smartkarma-citation="entities:23694:1" rel="noopener">Bombay Stock Exchange (BSE IN)</a> and Tuesdays for <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> .</li>
<li>NSE's previous strategic expiry days aimed at better liquidity, marginalising BSE's Tuesday expiry, potentially impacting it's trading volumes.</li>
<li>Post-Consultation was released, NSE faces a setback, deferring its planned monday expiry shift for Nifty contracts, indirectly protecting BSE from market share erosion.</li>
</ul>


SEBI's March 27 proposal suggests standardising expiry dates: Thursdays for Bombay Stock Exchange (BSE IN) and Tuesdays for National Stock Exchange (NSEIN IN) .
NSE's previous strategic expiry days aimed at better liquidity, marginalising BSE's Tuesday expiry, potentially impacting it's trading volumes.
Post-Consultation was released, NSE faces a setback, deferring its planned monday expiry shift for Nifty contracts, indirectly protecting BSE from market share erosion.


How SEBI's Expiry Date Proposal Could Halt BSE’s Market Share Erosion?

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>VEON’s Q424 results were robust, with revenues marginally ahead, EBITDA 11% ahead of our forecast and a lower-than-expected tax rate resulting in a 44% beat at the EPS level. VEON continues to aggressively expand its digital solutions businesses, which grew 63% in 2024 as it executes its strategy to become ‘a digital services company with a telecoms licence’. We upgrade our adjusted EPS estimates by 7.5% for FY25 and 10.4% for FY26. With no change to our core DCF assumptions, our new fair value is US$60.4/share, from US$56.5. Our estimates are below guidance, suggesting potential for further upside if VEON executes to plan. Potential catalysts include stabilisation in Bangladesh, the planned IPO of VEON’s Kyivstar business in H225 and the US$35m buyback announced at the FY24 results.</p>

VEON’s Q424 results were robust, with revenues marginally ahead, EBITDA 11% ahead of our forecast and a lower-than-expected tax rate resulting in a 44% beat at the EPS level. VEON continues to aggressively expand its digital solutions businesses, which grew 63% in 2024 as it executes its strategy to become ‘a digital services company with a telecoms licence’. We upgrade our adjusted EPS estimates by 7.5% for FY25 and 10.4% for FY26. With no change to our core DCF assumptions, our new fair value is US$60.4/share, from US$56.5. Our estimates are below guidance, suggesting potential for further upside if VEON executes to plan. Potential catalysts include stabilisation in Bangladesh, the planned IPO of VEON’s Kyivstar business in H225 and the US$35m buyback announced at the FY24 results.

VEON — 2025 – the year of the catalyst

HEW: Braced For Reciprocal Tariffs

Strong US and UK PMIs boosted the US economy, however, low CPI hindered the bullish effect on the BoE. The UK government manipulated its Spring...

Phil Rush

MoneyHero: Three Key Questions Critical to the Investment Thesis

MoneyHero must address three key questions to fortify the investment thesis and cultivate shareholder confidence in its long-term value proposition.

Alec Tseung

#129 India Insight: GOI’s 23k Cr PLI for EMS, NSE 2 Yrs IPO Delay?, Indian Defence Soars

Cabinet approves PLI for non-semiconductor electronics, NSEIN's IPO faces delay, India aims for Rs. 3 lakh crore defence manufacturing output by...

Sudarshan Bhandari

VEON — 2025 – the year of the catalyst

VEON’s Q424 results were robust, with revenues marginally ahead, EBITDA 11% ahead of our forecast and a lower-than-expected tax rate resulting in a...

Edison Investment Research

HEW: Braced For Reciprocal Tariffs

Strong US and UK PMIs boosted the US economy, however, low CPI hindered the bullish effect on the BoE. The UK government manipulated its Spring...

Phil Rush

MoneyHero: Three Key Questions Critical to the Investment Thesis

MoneyHero must address three key questions to fortify the investment thesis and cultivate shareholder confidence in its long-term value proposition.

Alec Tseung

#129 India Insight: GOI’s 23k Cr PLI for EMS, NSE 2 Yrs IPO Delay?, Indian Defence Soars

​Cabinet approves PLI for non-semiconductor electronics, NSEIN's IPO faces delay, India aims for Rs. 3 lakh crore defence manufacturing output by...

Sudarshan Bhandari

How SEBI's Expiry Date Proposal Could Halt BSE’s Market Share Erosion?

​SEBI proposes standardising expiry dates for BSE and NSE, impacting liquidity and trading volumes, with NSE facing setback in shifting to Monday...

Sudarshan Bhandari

VEON — 2025 – the year of the catalyst

VEON’s Q424 results were robust, with revenues marginally ahead, EBITDA 11% ahead of our forecast and a lower-than-expected tax rate resulting in a...

Edison Investment Research

Cabinet approves PLI for non-semiconductor electronics, NSEIN's IPO faces delay, India aims for Rs. 3 lakh crore defence manufacturing output by...

SEBI proposes standardising expiry dates for BSE and NSE, impacting liquidity and trading volumes, with NSE facing setback in shifting to Monday...