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.

Equity Bottom-Up

<h2>Company Overview</h2><a href="https://www.smartkarma.com/entities/2930" target="_blank" data-smartkarma-citation="entities:2930:1">Mrf Ltd (MRF IN)</a> traces its origin to a shack in Madras, India where it began as a manufacturer of rubber balloons in the 1940s. A decade later, the company started manufacturing tread rubber, thus beginning its foray into the tyre sector. The company went public in 1961 and in the same year partnered with US-based Mansfield Tire &amp; Rubber to manufacture and export tyres to the USA. Today, MRF operates 8 plants across India and uses its 4,500-strong dealers and 300 exclusive…

Company OverviewMrf Ltd (MRF IN) traces its origin to a shack in Madras, India where it began as a manufacturer of rubber balloons in the 1940s. A decade later, the company started manufacturing tread rubber, thus beginning its foray into the tyre sector. The company went public in 1961 and in the same year partnered with US-based Mansfield Tire &amp; Rubber to manufacture and export tyres to the USA. Today, MRF operates 8 plants across India and uses its 4,500-strong dealers and 300 exclusive…

MRF Set to Cement Leadership As Peers Strained By Capacity Constraints & High Debt Levels

Thematic (Sector/Industry)

Ever since Michelin first commercialized radial technology in the 1940s, it has been adopted as the standard design for all automobile tyres in most Western countries. This technology is not only the most important innovation in the tyre industry but also an index of the road infrastructure in a country.While radialisation was first introduced in India in 1977 by <a href="https://www.smartkarma.com/entities/8501" target="_blank" data-smartkarma-citation="entities:8501:1">Jk Tyre &amp; Industries Ltd (JKI IN)</a>, the trend caught on only in the passenger car segment. Even as the penetration of passenger radials…

Ever since Michelin first commercialized radial technology in the 1940s, it has been adopted as the standard design for all automobile tyres in most Western countries. This technology is not only the most important innovation in the tyre industry but also an index of the road infrastructure in a country.While radialisation was first introduced in India in 1977 by Jk Tyre &amp; Industries Ltd (JKI IN), the trend caught on only in the passenger car segment. Even as the penetration of passenger radials…

Truck Radialisation in India Gets a Boost From New Regulations & Improving Road Infra

<h2>Company and Industry Outlook for FY2019</h2>Strong Topline Growth Unlikely to Expand Margins as Startup Costs at Hungarian Plant Seep into FY2019 <a href="https://www.smartkarma.com/entities/8423" target="_blank" data-smartkarma-citation="entities:8423:1">Apollo Tyres Ltd (APTY IN)</a> had enjoyed EBITDA margins in the high teens until the beginning of FY2017 when it began to decline due to start-up costs at its Hungarian plant and higher raw material costs. The company stated that losses at its Hungarian plant have peaked in 3QFY2018 and are expected to decline as the company continues to ramp up capacity…

Company and Industry Outlook for FY2019Strong Topline Growth Unlikely to Expand Margins as Startup Costs at Hungarian Plant Seep into FY2019 Apollo Tyres Ltd (APTY IN) had enjoyed EBITDA margins in the high teens until the beginning of FY2017 when it began to decline due to start-up costs at its Hungarian plant and higher raw material costs. The company stated that losses at its Hungarian plant have peaked in 3QFY2018 and are expected to decline as the company continues to ramp up capacity…

Apollo Tyres: Capacity Constraints Hamper Radial Growth; Industry Expects RM Costs to Spike in FY19

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Highlighted themes and actionable charts: Reiterating BRIC overweight. This country grouping continues to outperform broad EM, and we believe BRIC will be a primary source of outperformance relative to the MSCI EM Index moving forward.  Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations within EM.

Highlighted themes and actionable charts: Reiterating BRIC overweight. This country grouping continues to outperform broad EM, and we believe BRIC will be a primary source of outperformance relative to the MSCI EM Index moving forward.  Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations within EM.

EM Equity Strategy: Indonesia Perking Up; Overweight BRIC, Tech, and Health Care

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Emerging Markets: Technical Strategy & Reccommendations

India

Apollo Tyres Limited manufactures tires and tubes for cars, trucks, farm equipment and light commercial vehicles. The Company also manufactures automobile flaps and retreading materials.

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Apollo Tyres (APTY IN)

MRF Set to Cement Leadership As Peers Strained By Capacity Constraints & High Debt Levels

Company OverviewMrf Ltd (MRF IN) traces its origin to a shack in Madras, India where it began as a manufacturer of rubber balloons in the 1940s. A...

Chacko Jacob

Truck Radialisation in India Gets a Boost From New Regulations & Improving Road Infra

Ever since Michelin first commercialized radial technology in the 1940s, it has been adopted as the standard design for all automobile tyres in...

Chacko Jacob

Apollo Tyres: Capacity Constraints Hamper Radial Growth; Industry Expects RM Costs to Spike in FY19

Company and Industry Outlook for FY2019Strong Topline Growth Unlikely to Expand Margins as Startup Costs at Hungarian Plant Seep into FY2019 Apollo...

Chacko Jacob

EM Equity Strategy: Indonesia Perking Up; Overweight BRIC, Tech, and Health Care

Highlighted themes and actionable charts: Reiterating BRIC overweight. This country grouping continues to outperform broad EM, and we believe BRIC...

Vermilion Research

Emerging Markets: Technical Strategy & Reccommendations

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of...

Vermilion Research

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