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><strong>FY2018 - A Year to Forget for JK Tyres</strong></h2><p><a href="https://www.smartkarma.com/entities/8501" target="_blank" data-smartkarma-citation="entities:8501:1">Jk Tyre &amp; Industries Ltd (JKI IN)</a> had a rocky start to the fiscal period with consolidated revenue for 1HFY2018 declining nearly 1% YoY while net losses amounted to INR 1bn for the same period. The company’s woes were mainly blamed on rising raw material prices which account for 60% of the total cost of production. The increase in rubber prices at the beginning of the year seems to have caught the industry as a whole off guard, but it was JK that suffered…</p>

FY2018 - A Year to Forget for JK TyresJk Tyre &amp; Industries Ltd (JKI IN) had a rocky start to the fiscal period with consolidated revenue for 1HFY2018 declining nearly 1% YoY while net losses amounted to INR 1bn for the same period. The company’s woes were mainly blamed on rising raw material prices which account for 60% of the total cost of production. The increase in rubber prices at the beginning of the year seems to have caught the industry as a whole off guard, but it was JK that suffered…

High Debt Levels Leave Fewer Options For JK Tyres to Chart Course for Future Growth

Thematic (Sector/Industry)

<p>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.</p><p>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…</p>

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

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

<p>Emerging markets continue to outperform developed international equities, and within EM, the BRIC country grouping remains leadership.  In addition to sector and regional market comments, today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.</p>

Emerging markets continue to outperform developed international equities, and within EM, the BRIC country grouping remains leadership.  In addition to sector and regional market comments, today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

<p>Highlighted themes and actionable charts:</p><p> <strong>Reiterating BRIC overweight. </strong>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.</p>

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

<div class="content-highlight"><h2><strong>Mid to Long-Term Growth</strong></h2></div><p><strong>Ashok Leyland's Decision to Opt for iEGR Tech Instead of Industry-Wide SCR Likely to Be Seen as Favourable to Customers</strong></p><p>While the rest of the CV (commercial vehicle) manufacturers in the country have decided to stick to SCR (Selective Catalytic Reduction) technology to comply with BS-IV engine norms in India, <a href="https://www.smartkarma.com/entities/20104" target="_blank" data-smartkarma-citation="entities:20104:1">Ashok Leyland Ltd (AL IN)</a> has decided to go the EGR route by developing its own iEGR (intelligent Exhaust Gas Recirculation) technology. The iEGR technology will be…</p>

Mid to Long-Term GrowthAshok Leyland's Decision to Opt for iEGR Tech Instead of Industry-Wide SCR Likely to Be Seen as Favourable to CustomersWhile the rest of the CV (commercial vehicle) manufacturers in the country have decided to stick to SCR (Selective Catalytic Reduction) technology to comply with BS-IV engine norms in India, Ashok Leyland Ltd (AL IN) has decided to go the EGR route by developing its own iEGR (intelligent Exhaust Gas Recirculation) technology. The iEGR technology will be…

In the Age of BS-IV, Ashok Leyland Plays Renegade In Product Discounting and Technology Adoption

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

High Debt Levels Leave Fewer Options For JK Tyres to Chart Course for Future Growth

FY2018 - A Year to Forget for JK TyresJk Tyre & Industries Ltd (JKI IN) had a rocky start to the fiscal period with consolidated revenue for...

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

EM Equity Strategy: Overweight BRIC

Emerging markets continue to outperform developed international equities, and within EM, the BRIC country grouping remains leadership. In addition...

Vermilion Research

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

In the Age of BS-IV, Ashok Leyland Plays Renegade In Product Discounting and Technology Adoption

Mid to Long-Term GrowthAshok Leyland's Decision to Opt for iEGR Tech Instead of Industry-Wide SCR Likely to Be Seen as Favourable to CustomersWhile...

Chacko Jacob

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