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

Equity Bottom-Up

<ul>
<li>SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover</li>
<li>The impact of this would 10-20% on earnings in short term</li>
<li>The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading</li>
</ul>


SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover
The impact of this would 10-20% on earnings in short term
The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading


External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Clearing corporations (CCs) play a crucial role in the exchange ecosystem</li><li>They are entirely owned by exchanges and perform essential functions such as clearing, settlement and risk management</li><li>The revenue from clearing corporations has registered a strong 2Y CAGR of 71% and constitutes ~8/15% of the exchange’s consolidated revenue and profits</li></ul>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.

Clearing corporations (CCs) play a crucial role in the exchange ecosystemThey are entirely owned by exchanges and perform essential functions such as clearing, settlement and risk managementThe revenue from clearing corporations has registered a strong 2Y CAGR of 71% and constitutes ~8/15% of the exchange’s consolidated revenue and profitsContent 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.

Exchanges: Clearing Corporations’ Regulations—no Major Impact

<ul><li>Cholamandalam Investment and Finance Company: Chola’s Q1FY25 earnings were marginally lower than our estimates with strong AUM growth (+35% YoY) and improving opex intensity (3.1% of AUM), offset by higher credit costs (155bps)</li><li>Disbursement growth remained steady (+22% YoY), driven by LAP and CSEL segments, with subdued disbursals in vehicle finance (+13% YoY)</li><li>Credit costs were elevated, stemming from vehicle finance and the CSEL segments, with normalisation in LAP and HL portfolios</li></ul>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.

Cholamandalam Investment and Finance Company: Chola’s Q1FY25 earnings were marginally lower than our estimates with strong AUM growth (+35% YoY) and improving opex intensity (3.1% of AUM), offset by higher credit costs (155bps)Disbursement growth remained steady (+22% YoY), driven by LAP and CSEL segments, with subdued disbursals in vehicle finance (+13% YoY)Credit costs were elevated, stemming from vehicle finance and the CSEL segments, with normalisation in LAP and HL portfoliosContent 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.

HSIE Results Daily: Cholamandalam Investment and Finance Company, Colgate Palmolive

HSIE Results Daily: Cholamandalam Investment and Finance Company

<ul><li>MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)</li><li>The profitability will improve as the cost structure has normalised post the transition</li><li>We expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% QoQ</li></ul>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.

MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)The profitability will improve as the cost structure has normalised post the transitionWe expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% QoQContent 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.

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

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Multi Commodity Exchange India (MCX IN)

BSE - A Regulatory Accident?

BSE - Regulatory Fee Hike Impact Is a Short-Term Overhang In Long-Term Multifold Growth. Impact on future business strategies and treatment of this...

Sudarshan Bhandari

Exchanges: Clearing Corporations’ Regulations—no Major Impact

We have a BUY on MCX and increase our target price to INR 5,000 (vs INR 4,700 earlier) and maintain our REDUCE rating on BSE.

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company, Colgate Palmolive

Chola’s Q1FY25 earnings were marginally lower than our estimates with strong AUM growth (+35% YoY) and improving opex intensity (3.1% of AUM),...

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company

Chola’s Q1FY25 earnings were marginally lower than our estimates with strong AUM growth (+35% YoY) and improving opex intensity (3.1% of AUM),...

HDFC Securities

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume...

HDFC Securities

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Market Cap (USDm)

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