Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

"Jugaad" is the popular Indian word for "Hustle", as the self-proclaimed hustling CEO Travis Kalanick who has been pushing legal boundaries for Uber across cities, learnt during one of his early India visits. He was exhorting Indians to be hustlers during a guest lecture to aspiring tech entrepreneurs.  And India definitely seems to have lived up to its reputation of Jugaad/Hustlers once again after demonetization, as more than half of the outstanding High-Value notes (Rs8trn out of Rs15.3trn)…

"Jugaad" is the popular Indian word for "Hustle", as the self-proclaimed hustling CEO Travis Kalanick who has been pushing legal boundaries for Uber across cities, learnt during one of his early India visits. He was exhorting Indians to be hustlers during a guest lecture to aspiring tech entrepreneurs.  And India definitely seems to have lived up to its reputation of Jugaad/Hustlers once again after demonetization, as more than half of the outstanding High-Value notes (Rs8trn out of Rs15.3trn)…

'Indian Hustle' Undermines Govt Efforts to Curb Black Money: Demonetization May Be A Costly Mistake!

Specialist in Indian Banking and Economic Research

Hemindra Hazari

In a move unprecedented in its scale in independent India, the Reserve Bank of India demonetised the Rs500 and Rs1,000 rupee note on November 8, 2016. The withdrawing and replacing of 86% of the currency in circulation in a cash economy like India has led to an upheaval in markets leading to a severe shortage of cash. While supporters of the prime minister have hailed the move as a “surgical strike” against black money, there is nothing surgical or precision-guided about it and the entire…

In a move unprecedented in its scale in independent India, the Reserve Bank of India demonetised the Rs500 and Rs1,000 rupee note on November 8, 2016. The withdrawing and replacing of 86% of the currency in circulation in a cash economy like India has led to an upheaval in markets leading to a severe shortage of cash. While supporters of the prime minister have hailed the move as a “surgical strike” against black money, there is nothing surgical or precision-guided about it and the entire…

There are high hopes that Urjit Patel, the new RBI governor will attempt to revive bank lending, and thereby stimulate capital investment in the Indian economy. But that would require his having the right diagnosis in the first place. The current approach is that India suffers from a 'balance sheet' issue of over-leveraged large corporates and banks burdened with poor asset quality. Resolving these issues through stringent asset recognition norms and recovery mechanisms combined with economic reforms will put India back on the track of high investments. However, RBI's own data shifts the spotlight elsewhere but strangely nobody appears interested in exploring further as it challenges the mainstream view.

There are high hopes that Urjit Patel, the new RBI governor will attempt to revive bank lending, and thereby stimulate capital investment in the Indian economy. But that would require his having the right diagnosis in the first place. The current approach is that India suffers from a 'balance sheet' issue of over-leveraged large corporates and banks burdened with poor asset quality. Resolving these issues through stringent asset recognition norms and recovery mechanisms combined with economic reforms will put India back on the track of high investments. However, RBI's own data shifts the spotlight elsewhere but strangely nobody appears interested in exploring further as it challenges the mainstream view.

The deregulation of India’s life insurance industry in 2000 and the eventual direct listing of private life insurance companies, with ICICI Prudential Life being the first, offer opportunities for investors requiring exposure to this sector in India.  Increasing penetration, enhancing long-term savings and mobilizing much-needed investments for infrastructure were expected to be the outcomes from such a policy. The liberalization process transformed the infrastructure sector from a low risk, public sector asset to a high-risk investment and introduced high volatility in penetration as insurance companies became stock market players and exposed policy holders to the vagaries of the capital market.For those interested in conventional life insurance companies, they may have to wait indefinitely for the listing of the government-owned Life Insurance Corporation as many private sector insurance companies have adopted a mutual fund model.   In the alternative, they may consider some of the companies less exposed to the capital market  and may have to wait for the eventual listing of HDFC-Max Life, Bajaj Life and Birla Sun Life.

The deregulation of India’s life insurance industry in 2000 and the eventual direct listing of private life insurance companies, with ICICI Prudential Life being the first, offer opportunities for investors requiring exposure to this sector in India.  Increasing penetration, enhancing long-term savings and mobilizing much-needed investments for infrastructure were expected to be the outcomes from such a policy. The liberalization process transformed the infrastructure sector from a low risk, public sector asset to a high-risk investment and introduced high volatility in penetration as insurance companies became stock market players and exposed policy holders to the vagaries of the capital market.For those interested in conventional life insurance companies, they may have to wait indefinitely for the listing of the government-owned Life Insurance Corporation as many private sector insurance companies have adopted a mutual fund model.   In the alternative, they may consider some of the companies less exposed to the capital market  and may have to wait for the eventual listing of HDFC-Max Life, Bajaj Life and Birla Sun Life.

Managing Partner, Ampersand Investment Advisors

Rahul Singh

Managing Partner

Ampersand Investment Advisors

In what has been a range bound market, the element which stood out in recent times is increased participation of small/micro caps with relatively unknown names or proven track record. Even as foreign inflows through ETFs chased the large caps, domestic flows have led to a surge in midcap valuations and growth expectations in several names are bordering on the unrealistic now. This has to be a concern and could be a lead indicator of market volatility and imminent correction.Since the overriding sentiment in this newsletter is that the markets will correct, the most prudent course of action would be to partially book profits wherever valuations don't support fundamentals. Meanwhile, we would continually scout for new ideas as well as consolidate existing position in stocks/sectors we strongly believe can generate absolute returns i.e. Cement, NBFCs, Speciality Chemicals. Beneficiaries of rising construction equipment demand is in focus in this edition.

In what has been a range bound market, the element which stood out in recent times is increased participation of small/micro caps with relatively unknown names or proven track record. Even as foreign inflows through ETFs chased the large caps, domestic flows have led to a surge in midcap valuations and growth expectations in several names are bordering on the unrealistic now. This has to be a concern and could be a lead indicator of market volatility and imminent correction.Since the overriding sentiment in this newsletter is that the markets will correct, the most prudent course of action would be to partially book profits wherever valuations don't support fundamentals. Meanwhile, we would continually scout for new ideas as well as consolidate existing position in stocks/sectors we strongly believe can generate absolute returns i.e. Cement, NBFCs, Speciality Chemicals. Beneficiaries of rising construction equipment demand is in focus in this edition.

Big Money, Small Ideas - Sep 16 Newsletter

India

Edelweiss Financial Services Ltd. provides financial services.  The Company offers financial services including lines of credit, investment banking, institutional and retail broking, financial planning, asset advisory, life insurance, and investment management services.

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'Indian Hustle' Undermines Govt Efforts to Curb Black Money: Demonetization May Be A Costly Mistake!

"Jugaad" is the popular Indian word for "Hustle", as the self-proclaimed hustling CEO Travis Kalanick who has been pushing legal boundaries for...

Asia Advisors

Demonetisation: Self Inflicted

In a move unprecedented in its scale in independent India, the Reserve Bank of India demonetised the Rs500 and Rs1,000 rupee note on November 8,...

Hemindra Hazari

Bank Credit Growth: Wrong Diagnosis ?

There are high hopes that Urjit Patel, the new RBI governor will attempt to revive bank lending, and thereby stimulate capital investment in the...

Hemindra Hazari

Life Insurance: License for a Casino

The deregulation of India’s life insurance industry in 2000 and the eventual direct listing of private life insurance companies, with ICICI...

Hemindra Hazari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

'Indian Hustle' Undermines Govt Efforts to Curb Black Money: Demonetization May Be A Costly Mistake!

"Jugaad" is the popular Indian word for "Hustle", as the self-proclaimed hustling CEO Travis Kalanick who has been pushing legal boundaries for...

Asia Advisors

Demonetisation: Self Inflicted

In a move unprecedented in its scale in independent India, the Reserve Bank of India demonetised the Rs500 and Rs1,000 rupee note on November 8,...

Hemindra Hazari

Bank Credit Growth: Wrong Diagnosis ?

There are high hopes that Urjit Patel, the new RBI governor will attempt to revive bank lending, and thereby stimulate capital investment in the...

Hemindra Hazari

Life Insurance: License for a Casino

The deregulation of India’s life insurance industry in 2000 and the eventual direct listing of private life insurance companies, with ICICI...

Hemindra Hazari

Big Money, Small Ideas - Sep 16 Newsletter

In what has been a range bound market, the element which stood out in recent times is increased participation of small/micro caps with relatively...

Ampersand Investment Advisors