Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

Equity Bottom-Up

<ul>
<li>Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> - The core concerns that worry the street do warrant attention. While the management believes it is temporary, we anticipate some more incremental pain ahead. </li>
<li>Other interesting names highlighted include <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a>, <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a>, and <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN)</a>. </li>
</ul>


Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.

HDFC Bank (HDFCB IN) - The core concerns that worry the street do warrant attention. While the management believes it is temporary, we anticipate some more incremental pain ahead. 
Other interesting names highlighted include Delta Corp Ltd (DELTA IN), IndiaMart (INMART IN), Polycab India (POLYCAB IN), and Poonawalla Fincorp (POONAWAL IN). 


[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

Analyst

Steve Zhou, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint Holdings (4612 JP)</a> announced a better-than-expected 3Q23 results this week, mainly driven by a resilient China decorative paint business. </li>
<li>The company also raised 2023 operating profit guidance, expecting around 6% higher operating profit (Y168bn from Y158bn previously).</li>
<li>At 21x forward PE, the company is attractively valued given the growth profile and strong market share position in most end-markets.  </li>
</ul>



Nippon Paint Holdings (4612 JP) announced a better-than-expected 3Q23 results this week, mainly driven by a resilient China decorative paint business. 
The company also raised 2023 operating profit guidance, expecting around 6% higher operating profit (Y168bn from Y158bn previously).
At 21x forward PE, the company is attractively valued given the growth profile and strong market share position in most end-markets.  


Nippon Paint (4612 JP):  Results Beat On Resilient China 2C Business

<ul>
<li>We believe the undertone in the market is bullish, Large Caps are "out of flavour" and hence an L/S (Long/Short) strategy with INDA/SMIN could be an interesting pair to track. </li>
<li>We visited a <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> showroom in Western India gathering hints of the defensive strategy in India. </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a>, <a href="https://www.smartkarma.com/entities/ce-info-systems-mapmyindia" target="_blank" data-smartkarma-citation="entities:34215:1" rel="noopener">CE Info Systems (MapmyIndia) (1052633Z IN)</a> and <a href="https://www.smartkarma.com/entities/ebix-inc" target="_blank" data-smartkarma-citation="entities:4022:1" rel="noopener">Ebix (EBIX US)</a>.  </li>
</ul>


We believe the undertone in the market is bullish, Large Caps are "out of flavour" and hence an L/S (Long/Short) strategy with INDA/SMIN could be an interesting pair to track. 
We visited a BYD (1211 HK) showroom in Western India gathering hints of the defensive strategy in India. 
Other names discussed include Asian Paints (APNT IN), CE Info Systems (MapmyIndia) (1052633Z IN) and Ebix (EBIX US).  


[Week 5] Namaste India 🙏 | BYD (1211 HK) | Playing Defence

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


India

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

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Asian Paints (APNT IN)

[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

Pranav Bhavsar

Nippon Paint (4612 JP): Results Beat On Resilient China 2C Business

Nippon Paint Holdings reported strong 3Q23 results, mainly driven by its resilient China decorative paint business. The company also raised its...

Steve Zhou, CFA

[Week 5] Namaste India 🙏 | BYD (1211 HK) | Playing Defence

Bullish market sentiment favours INDA/SMIN Long/Short strategy; BYD showroom visit reveals defensive strategy in India; other names include Asian...

Pranav Bhavsar

Screening for GEMs: October 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Screening for GEMs: September 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

​During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

Pranav Bhavsar

Nippon Paint (4612 JP): Results Beat On Resilient China 2C Business

​Nippon Paint Holdings reported strong 3Q23 results, mainly driven by its resilient China decorative paint business. The company also raised its...

Steve Zhou, CFA

[Week 5] Namaste India 🙏 | BYD (1211 HK) | Playing Defence

​Bullish market sentiment favours INDA/SMIN Long/Short strategy; BYD showroom visit reveals defensive strategy in India; other names include Asian...

Pranav Bhavsar

Screening for GEMs: October 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Screening for GEMs: September 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

Nippon Paint Holdings reported strong 3Q23 results, mainly driven by its resilient China decorative paint business. The company also raised its...

Bullish market sentiment favours INDA/SMIN Long/Short strategy; BYD showroom visit reveals defensive strategy in India; other names include Asian...