India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Thematic (Sector/Industry)

<h2>What happened at Thoothukudi on 22nd May 2018?</h2><p>On May 22, 2018, violence claimed thirteen lives at Thoothukudi (Tuticorin) in Tamil Nadu. These people were killed when police opened fire to control the protesters, who attacked the local administration office and the quarters of the Sterlite's copper plant employees. The agitation was against the adverse environmental impact of the operations of Sterlite which runs a copper smelter in the area. The local people wanted a closure of the plants and…</p>

What happened at Thoothukudi on 22nd May 2018?On May 22, 2018, violence claimed thirteen lives at Thoothukudi (Tuticorin) in Tamil Nadu. These people were killed when police opened fire to control the protesters, who attacked the local administration office and the quarters of the Sterlite's copper plant employees. The agitation was against the adverse environmental impact of the operations of Sterlite which runs a copper smelter in the area. The local people wanted a closure of the plants and…

India: Why One "Thoothukudi" Is More Powerful than a Thousand "Make in India"?

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

<p>There is so much of negative news emanating from India as of late regarding the slowdown in the economy, most macro numbers have worsened, fiscal deficit is higher than projected,  CAD is at a 3 years high, oil prices are at 3 years high, corporate earnings have been a mixed bag, the government seems to be floundering its way through in the last few months. The headlines and the recent market corrections have possibly brought unwarranted skepticism about the India story.</p><p>The reason I am writing…</p>

There is so much of negative news emanating from India as of late regarding the slowdown in the economy, most macro numbers have worsened, fiscal deficit is higher than projected,  CAD is at a 3 years high, oil prices are at 3 years high, corporate earnings have been a mixed bag, the government seems to be floundering its way through in the last few months. The headlines and the recent market corrections have possibly brought unwarranted skepticism about the India story.The reason I am writing…

Encouraging Signs -Observations from a Road Trip to Steel Country Side.

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<p><a href="https://www.smartkarma.com/entities/22202" target="_blank" data-smartkarma-citation="entities:22202:1">Vedanta Resources PLC (VED LN)</a> (Vedanta) 9M FY18 results, ended last December, were within our expectation. Zinc and oil businesses contributed 77% of EBITDA driven by buoyant commodity prices. We expect the company’s EBITDA to continue improving in 2018 on favorable zinc and oil prices.</p><p>Vedanta’s operating subsidiaries continue to raise dividend payouts. The recent announcement of USD1.2bn dividend by Vedanta Limited (VL) in March 2018, will result in payout of USD600m to Vedanta, which could be…</p>

Vedanta Resources PLC (VED LN) (Vedanta) 9M FY18 results, ended last December, were within our expectation. Zinc and oil businesses contributed 77% of EBITDA driven by buoyant commodity prices. We expect the company’s EBITDA to continue improving in 2018 on favorable zinc and oil prices.Vedanta’s operating subsidiaries continue to raise dividend payouts. The recent announcement of USD1.2bn dividend by Vedanta Limited (VL) in March 2018, will result in payout of USD600m to Vedanta, which could be…

Vedanta Resources: 9-Month Results on Track

Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p>The wait for Essar Steel’s lenders only got longer as the Consortium of Creditors that replaced its board rejected bids from Numetal and <a href="https://www.smartkarma.com/entities/21125" target="_blank" data-smartkarma-citation="entities:21125:1">ArcelorMittal (MT NA)</a> after finding them ineligible under revised bankruptcy laws. Essar Steel owes over INR 450bn to its lenders comprising about 22 banks. We take a quick look at the Company and the potential bidders in round two.</p><h2><strong>The Background</strong></h2><p>Essar Steel is an integrated steel producer with an annual capacity of 10MT that was established by the Ruia family…</p>

The wait for Essar Steel’s lenders only got longer as the Consortium of Creditors that replaced its board rejected bids from Numetal and ArcelorMittal (MT NA) after finding them ineligible under revised bankruptcy laws. Essar Steel owes over INR 450bn to its lenders comprising about 22 banks. We take a quick look at the Company and the potential bidders in round two.The BackgroundEssar Steel is an integrated steel producer with an annual capacity of 10MT that was established by the Ruia family…

Essar Steel: Liquidation Looms Large as Bidding Forced into Round Two

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<p>Corporate malaise is the reality in India. This is clear in corporate financial analysis, with high debt/EBITDA and low interest coverage. The largest 51 debtors in India in our S&amp;P sample set have total debt of US$320 billion as at the latest full year. <a href="https://www.smartkarma.com/entities/6614" target="_blank" data-smartkarma-citation="entities:6614:1">Jindal Steel &amp; Power Ltd (JSP IN)</a> is included in this group. While the average interest cover ratio may be high, there are many at 1x or less. These companies hold US$68 billion in total debt and have an average interest cover ratio of 0.4x…</p>

Corporate malaise is the reality in India. This is clear in corporate financial analysis, with high debt/EBITDA and low interest coverage. The largest 51 debtors in India in our S&amp;P sample set have total debt of US$320 billion as at the latest full year. Jindal Steel &amp; Power Ltd (JSP IN) is included in this group. While the average interest cover ratio may be high, there are many at 1x or less. These companies hold US$68 billion in total debt and have an average interest cover ratio of 0.4x…

HDFC Bank: Finding the Next Jindal Steel & Power

India

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

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Vedanta Ltd (VEDL IN)

India: Why One "Thoothukudi" Is More Powerful than a Thousand "Make in India"?

What happened at Thoothukudi on 22nd May 2018?On May 22, 2018, violence claimed thirteen lives at Thoothukudi (Tuticorin) in Tamil Nadu....

Pankaj Sharma

Encouraging Signs -Observations from a Road Trip to Steel Country Side.

There is so much of negative news emanating from India as of late regarding the slowdown in the economy, most macro numbers have worsened, fiscal...

Das Capital Management and Advisors

Vedanta Resources: 9-Month Results on Track

Vedanta Resources PLC (VED LN) (Vedanta) 9M FY18 results, ended last December, were within our expectation. Zinc and oil businesses contributed 77%...

Bondcritic

Essar Steel: Liquidation Looms Large as Bidding Forced into Round Two

The wait for Essar Steel’s lenders only got longer as the Consortium of Creditors that replaced its board rejected bids from Numetal and...

Chacko Jacob

HDFC Bank: Finding the Next Jindal Steel & Power

Corporate malaise is the reality in India. This is clear in corporate financial analysis, with high debt/EBITDA and low interest coverage. The...

Daniel Tabbush

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