Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

Equity Bottom-Up

<ul>
<li>ATH for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a>,  Going ahead, we expect the momentum in the market to continue. </li>
<li>Healthcare and Information Technology remain interesting pockets to watch when it comes to <a href="https://www.smartkarma.com/entities/ishares-msci-india-etf" target="_blank" data-smartkarma-citation="entities:282:1" rel="noopener">iShares MSCI India ETF (INDA US)</a>. </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>, <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a>, <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> and <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a>.  </li>
</ul>


ATH for the NIFTY Index (NIFTY INDEX),  Going ahead, we expect the momentum in the market to continue. 
Healthcare and Information Technology remain interesting pockets to watch when it comes to iShares MSCI India ETF (INDA US). 
Other names discussed include Bajaj Auto Ltd (BJAUT IN), Hindustan Unilever (HUVR IN), Bandhan Bank Ltd (BANDHAN IN) and Vedant Fashions (MANYAVAR IN).  


[Week 3] Namaste India 🙏 | Bajaj Auto Ltd (BJAUT IN) | Exports Could Improve Further

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.

<ul><li>Our interaction with HUL management reinforced our thesis that demand pickup will be gradual and meaningful volume recovery will not be visible in the near term.</li><li>The rural trend remains stable, with no further improvement or deterioration over the last quarter.</li><li>Urban demand sustained recovery. With HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence between volume and value growth. A</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.

Our interaction with HUL management reinforced our thesis that demand pickup will be gradual and meaningful volume recovery will not be visible in the near term.The rural trend remains stable, with no further improvement or deterioration over the last quarter.Urban demand sustained recovery. With HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence between volume and value growth. AContent 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.

Hindustan Unilever - Growth Lagging Expectation. Maintain REDUCE

Thematic (Sector/Industry)

<ul><li>Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%</li><li>Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY</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.

Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoYContent 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.

India Equity Strategy: Input cost deflation hurts topline but boosts profitability

India

Hindustan Unilever Limited manufactures and distributes consumer products. The Company offers soap, detergent, personal care products and processed food, ice creams, cooking oils, and other related products. Hindustan Unilever serves customers worldwide.

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Hindustan Unilever (HUVR IN)

Screening for GEMs: October 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

[Week 3] Namaste India 🙏 | Bajaj Auto Ltd (BJAUT IN) | Exports Could Improve Further

NIFTY Index hits ATH, market momentum expected to continue. Bajaj Auto, Hindustan Unilever, Bandhan Bank, and Vedant Fashions are names discussed.

Pranav Bhavsar

Hindustan Unilever - Growth Lagging Expectation. Maintain REDUCE

Our interaction with HUL management reinforced our thesis that demand pickup will be gradual and meaningful volume recovery will not be visible in...

HDFC Securities

Screening for GEMs: September 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

India Equity Strategy: Input cost deflation hurts topline but boosts profitability

Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Screening for GEMs: October 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

[Week 3] Namaste India 🙏 | Bajaj Auto Ltd (BJAUT IN) | Exports Could Improve Further

​NIFTY Index hits ATH, market momentum expected to continue. Bajaj Auto, Hindustan Unilever, Bandhan Bank, and Vedant Fashions are names discussed.

Pranav Bhavsar

Hindustan Unilever - Growth Lagging Expectation. Maintain REDUCE

Our interaction with HUL management reinforced our thesis that demand pickup will be gradual and meaningful volume recovery will not be visible in...

HDFC Securities

Screening for GEMs: September 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

India Equity Strategy: Input cost deflation hurts topline but boosts profitability

Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY

HDFC Securities

NIFTY Index hits ATH, market momentum expected to continue. Bajaj Auto, Hindustan Unilever, Bandhan Bank, and Vedant Fashions are names discussed.