Equity Analyst, LightStream Research

Nuzran Sahib

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.

Thematic (Sector/Industry)

LNG buyers are seeking to renegotiate their long-term LNG contracts by capitalising on the supply glut to overcome oil-based pricing, destination restrictions and “take or pay” clauses while transferring the shipping costs by pricing on DES instead of FOB basis. Successful renegotiations involving major gas producers suggest the potential for more renegotiation as suppliers trade off flexibility and lower prices in order to increase their supply quantity. With LNG projects streaming in from Australia and North America further decreases in LNG contract prices are plausible in the short term.

LNG buyers are seeking to renegotiate their long-term LNG contracts by capitalising on the supply glut to overcome oil-based pricing, destination restrictions and “take or pay” clauses while transferring the shipping costs by pricing on DES instead of FOB basis. Successful renegotiations involving major gas producers suggest the potential for more renegotiation as suppliers trade off flexibility and lower prices in order to increase their supply quantity. With LNG projects streaming in from Australia and North America further decreases in LNG contract prices are plausible in the short term.

Renegotiation of LNG Contracts Will Be More Evident in Coming Years Amidst Depressed Spot Prices

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Equity Bottom-Up

Power Grid Corporation Of India / Equity Bottom-Up

<h2>After rating upgrade for India, the ratings for some PSUs have also been upgraded</h2>After upgrading India's sovereign rating to Baa2 stable from Baa3 positive, Moody's has upgraded the ratings of some State owned Enterprises (SoEs) or Public Sector Enterprises (PSUs) as well including the ratings for <a href="https://www.smartkarma.com/entities/11842" target="_blank" data-smartkarma-citation="entities:11842:1">NTPC Ltd (NTPC IN)</a> , <a href="https://www.smartkarma.com/entities/7826" target="_blank" data-smartkarma-citation="entities:7826:1">Nhpc Ltd (NHPC IN)</a> and <a href="https://www.smartkarma.com/entities/15263" target="_blank" data-smartkarma-citation="entities:15263:1">Gail India Ltd (GAIL IN)</a>.  "The upgrade in ratings for NTPC, NHPC, NHAI and GAIL follows the upgrade of the Indian sovereign rating and reflects the…

After rating upgrade for India, the ratings for some PSUs have also been upgradedAfter upgrading India's sovereign rating to Baa2 stable from Baa3 positive, Moody's has upgraded the ratings of some State owned Enterprises (SoEs) or Public Sector Enterprises (PSUs) as well including the ratings for NTPC Ltd (NTPC IN) , Nhpc Ltd (NHPC IN) and Gail India Ltd (GAIL IN).  "The upgrade in ratings for NTPC, NHPC, NHAI and GAIL follows the upgrade of the Indian sovereign rating and reflects the…

Moody's Rating Upgrade and How Does This Benefit Power Grid and NTPC?

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.

During our visit to New Delhi in December 2016, we had to defend ourselves from demonetization and the city’s choking air pollution. Even as India staggers to find a solution to the latter, four of its cities are among the world's top ten worst-ranked cities for air pollution. We wondered if the environment in the South would meet a similar fate and decided to look at steps taken in the North to curtail the calamity. While we have already spoken in detail about the status of piped natural gas in India in <a href="https://www.smartkarma.com/insights/falling-natural-gas-production-and-poor-import-infra-make-png-a-distant-dream-for-most-indians" target="_blank" data-smartkarma-citation="insights:9432">Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians</a>, we will look at the CNG segment in this report and how it can make a difference.

During our visit to New Delhi in December 2016, we had to defend ourselves from demonetization and the city’s choking air pollution. Even as India staggers to find a solution to the latter, four of its cities are among the world's top ten worst-ranked cities for air pollution. We wondered if the environment in the South would meet a similar fate and decided to look at steps taken in the North to curtail the calamity. While we have already spoken in detail about the status of piped natural gas in India in Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians, we will look at the CNG segment in this report and how it can make a difference. 

New CGD Networks Give South India the Potential to Lead CNG Growth in Second Half of the Decade

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

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.

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

India

GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

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Gail India (GAIL IN)

Renegotiation of LNG Contracts Will Be More Evident in Coming Years Amidst Depressed Spot Prices

LNG buyers are seeking to renegotiate their long-term LNG contracts by capitalising on the supply glut to overcome oil-based pricing, destination...

Nuzran Sahib

Moody's Rating Upgrade and How Does This Benefit Power Grid and NTPC?

After rating upgrade for India, the ratings for some PSUs have also been upgradedAfter upgrading India's sovereign rating to Baa2 stable from Baa3...

Pankaj Sharma

New CGD Networks Give South India the Potential to Lead CNG Growth in Second Half of the Decade

During our visit to New Delhi in December 2016, we had to defend ourselves from demonetization and the city’s choking air pollution. Even as India...

Speeda Research

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September...

Speeda Research

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this...

Asia Advisors

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