Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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

Forensic Accounting

Amber Enterprises India / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amber-enterprises-india-ltd" target="_blank" data-smartkarma-citation="entities:32202:1" rel="noopener">Amber Enterprises India (AMBER IN)</a>  is one of the key ODM players in the RAC and related industry.</li>
<li>However, there are couple of puzzling forensic takeaways, especially in F22 where company had reported high growth in numbers.</li>
<li>These primarily include the rationale behind debt increase, puzzling subsidiary numbers, discrepancy in inventory verification, etc.</li>
</ul>



Amber Enterprises India (AMBER IN)  is one of the key ODM players in the RAC and related industry.
However, there are couple of puzzling forensic takeaways, especially in F22 where company had reported high growth in numbers.
These primarily include the rationale behind debt increase, puzzling subsidiary numbers, discrepancy in inventory verification, etc.


Amber Enterprises India Ltd: Forensic Analysis

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-fih" target="_blank" data-smartkarma-citation="entities:36101:1" rel="noopener">Bharat FIH (BFIH IN)</a> is India's largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. </li>
<li>It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August. </li>
<li>The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.</li>
</ul>



Bharat FIH (BFIH IN) is India's largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to Xiaomi Corp (1810 HK). 
It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August. 
The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.


External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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.

Equity Bottom-Up

Amber Enterprises India / Equity Bottom-Up

<p>Healthy performance ahead of season, beat our estimates</p><div><em>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.</em></div>

Healthy performance ahead of season, beat our estimatesContent 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.

Amber Enterprises India Ltd | Q3FY22 Result Update

<p>In-line PAT despite miss on revenue/EBITDA front</p><div class="content-highlight"><em>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.</em></div>

In-line PAT despite miss on revenue/EBITDA frontContent 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.

Amber Enterprises India Ltd. | Q2FY22 Result Update

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Thematic (Sector/Industry)

<p>Inspired by <a href="https://thetranscript.substack.com/" target="_blank" rel="noopener">"The Transcript"</a>, We build our very own version of the same called "The Narrative".</p>
<p>The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. </p>
<p>For the narrative, we will be covering commentary on Demand environment and overall Industry, Consumer behaviour and premiumisation, Commodity costs, Pricing action, new product launches, Capex, PLI, Inventory, Competition and market share, Exports, E-commerce, Competitiveness with China and Future outlook.   </p>
<p>Companies covered include <a href="https://www.smartkarma.com/entities/amber-enterprises-india-ltd" target="_blank" data-smartkarma-citation="entities:32202:1" rel="noopener">Amber Enterprises India (AMBER IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> , <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> , <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> , <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a></p>

Inspired by "The Transcript", We build our very own version of the same called "The Narrative".
The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. 
For the narrative, we will be covering commentary on Demand environment and overall Industry, Consumer behaviour and premiumisation, Commodity costs, Pricing action, new product launches, Capex, PLI, Inventory, Competition and market share, Exports, E-commerce, Competitiveness with China and Future outlook.   
Companies covered include Amber Enterprises India (AMBER IN), Bajaj Electricals (BJE IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) , Symphony Ltd (SYML IN) , TTK Prestige (TTKPT IN)

The Narrative | Q1 FY22 | India Household Durables - AMBER, BJE, CROMPTON, SYML, TTKPT

India

Amber Enterprises India Limited manufactures heating and ventilation equipment. The Company offers refrigerators, heat exchangers, air conditioners, home appliances, vacuum forming, and lighting products. Amber Enterprises also produces auto parts, injection molding, and sheet metal components. Amber Enterprises serves clients in India.

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Amber Enterprises India (AMBER IN)

Amber Enterprises India Ltd: Forensic Analysis

Key forensic takeaways include the rationale behind debt increase, puzzling subsidiary numbers, discrepancy in inventory verification.

Nitin Mangal

Bharat FIH IPO: Rife with Bottlenecks

The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We...

Arun George

Amber Enterprises India Ltd | Q3FY22 Result Update

Healthy performance ahead of season, beat our estimates

Edelweiss

Amber Enterprises India Ltd. | Q2FY22 Result Update

In-line PAT despite miss on revenue/EBITDA front

Edelweiss

The Narrative | Q1 FY22 | India Household Durables - AMBER, BJE, CROMPTON, SYML, TTKPT

The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks.

Pranav Bhavsar

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