EM Strategy: MSCI EM Approaching Resistance; India Breaking Out to New Highs -- Add Exposure
The MSCI EM index has recovered over the last couple of weeks and is now approaching a logical resistance level. We reiterate: avoid broad EM...
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HDFC AMC IPO - Already a Leader in Profitability, On the Verge of Becoming One in Size as Well
HDFC Asset Management Co Ltd (1479Z IN) aims to raise US$400m in its IPO via an issuance of secondary shares. We had covered most aspects of the...
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PNB Housing: Growth on the Menu, BUY
PNB Housing Finance Ltd (PNBHOUSI IN) is India’s 5th largest housing finance company (HFC) focused on the mass affluent segment. India’s housing...
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HDFC Asset Management Pre-IPO - Trying Hard to Be Different
Housing Development Finance (HDFC IN) and Standard Life PLC (SL/ LN) aim to raise up to US$400m by selling some of their stake in HDFC Asset...
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HDFC’s Strange Refusal to Classify Reliance Naval as an NPA
Why should one of India’s most respected firms, one which trades at 5.2x consolidated book value, with total gross NPAs of barely over 1 per cent,...
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