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

Datamatics Global Services / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/datamatics-global-services" target="_blank" data-smartkarma-citation="entities:4172:1" rel="noopener">Datamatics Global Services (DATA IN)</a> or DGSL has seen a good operational performance especially since F23, on the back of a difficult IT macro environment. </li>
<li>Yet there are some discomforts on the forensic side, especially related to cash component. Low cash yield due to significant current account balances in subsidiaries raises alarm bells. </li>
<li>We find opaqueness regarding some important disclosures including Ind AS 115- Revenues and Ind AS 116- Leases. Decision to increase remuneration cap size also leaves us perplexed.</li>
</ul>



Datamatics Global Services (DATA IN) or DGSL has seen a good operational performance especially since F23, on the back of a difficult IT macro environment. 
Yet there are some discomforts on the forensic side, especially related to cash component. Low cash yield due to significant current account balances in subsidiaries raises alarm bells. 
We find opaqueness regarding some important disclosures including Ind AS 115- Revenues and Ind AS 116- Leases. Decision to increase remuneration cap size also leaves us perplexed.


Datamatics Global Services Ltd: Forensic Analysis

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

Medi Assist Healthcare Services / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Equity Capital Markets

Medi Assist Healthcare Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> raised around US$140m in its India IPO.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> is looking to raise around US$140m in its India IPO.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>In this note, we will look at the firm’s past performance, and share our thoughts on valuation.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
In this note, we will look at the firm’s past performance, and share our thoughts on valuation.


Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

Thematic (Sector/Industry)

<p>The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.</p>

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

India

Datamatics Global Services Ltd. offers end-to-end solutions in publishing, finance, accounting, human resources, insurance and healthcare. The Company also offers consultancy services in the document management, workflow, and data warehousing space.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Datamatics Global Services (DATA IN)

Datamatics Global Services Ltd: Forensic Analysis

Datamatics Global Services has shown strong operational performance despite challenges in the IT industry, but concerns arise over low cash yield...

Nitin Mangal

Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024. Coming up for six-month lockup expiry are the firm's pre-IPO...

Clarence Chu

Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO. In this note, we will talk about the demand and trading...

Clarence Chu

Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO. In this note, we will look at the firm’s past...

Clarence Chu

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Datamatics Global Services Ltd: Forensic Analysis

​Datamatics Global Services has shown strong operational performance despite challenges in the IT industry, but concerns arise over low cash yield...

Nitin Mangal

Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024. Coming up for six-month lockup expiry are the firm's pre-IPO...

Clarence Chu

Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO. In this note, we will talk about the demand and trading...

Clarence Chu

Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO. In this note, we will look at the firm’s past...

Clarence Chu

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

Datamatics Global Services has shown strong operational performance despite challenges in the IT industry, but concerns arise over low cash yield...