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>We visit dealers of <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> , <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> and <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> to understand the current demand environment for Electric Vehicles(EV).</li>
<li>High fuel prices and a very low base lead to high growth for EV OEMs</li>
<li>Customers are waiting for launches from legacy players and a reduction in battery cost to decide the best alternative, but this is costing the overall 2W industry lower volumes. </li>
</ul>


We visit dealers of Honda Motor (7267 JP) , Hero Motocorp (HMCL IN) and TVS Motor (TVSL IN) to understand the current demand environment for Electric Vehicles(EV).
High fuel prices and a very low base lead to high growth for EV OEMs
Customers are waiting for launches from legacy players and a reduction in battery cost to decide the best alternative, but this is costing the overall 2W industry lower volumes. 


India Channel Insight #28 | What Is the Two-Wheeler EV Scene in India?

Thematic (Sector/Industry)

<ul>
<li>The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing Legislative elections. </li>
<li>The objective is to know the on-ground narrative about business and elections and is not aimed at forecasting the outcome of the event. </li>
<li>Business sentiment is not very encouraging, however, most of them seem to be hinting at the ruling party BJP remaining in power. </li>
</ul>


The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing Legislative elections. 
The objective is to know the on-ground narrative about business and elections and is not aimed at forecasting the outcome of the event. 
Business sentiment is not very encouraging, however, most of them seem to be hinting at the ruling party BJP remaining in power. 


India Channel Insight # 27 | Postcard from Uttar Pradesh (UP) | BJP Likely to Remain in Power

<ul>
<li>We interact with six dealers of <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> and Royal Enfield (<a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>)</li>
<li>The demand environment for <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> remains weak.</li>
<li>The supply situation and demand environment for Royal Enfield is improving. </li>
</ul>


We interact with six dealers of Hero Motocorp (HMCL IN) and Royal Enfield (Eicher Motors (EIM IN))
The demand environment for Hero Motocorp (HMCL IN) remains weak.
The supply situation and demand environment for Royal Enfield is improving. 


India Channel Insight #21 | Hero Motocorp, Royal Enfield (Eicher Motors)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>As expected, the December review of the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> sees <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> added and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> deleted.</li>
<li>Buying on Wipro is 2.5 days of ADV and 8.2 days of delivery volume, while selling on Bajaj Auto is 4.5 days of ADV and 8.9 days of delivery volume.</li>
<li>The overweight of the Information Technology sector in the Sensex gets even bigger and the Consumer Discretionary sector gets even more underweighted vs the BSE All Cap Index.</li>
</ul>


As expected, the December review of the S&amp;P BSE SENSEX Index (SENSEX INDEX) sees Wipro Ltd (WPRO IN) added and Bajaj Auto Ltd (BJAUT IN) deleted.
Buying on Wipro is 2.5 days of ADV and 8.2 days of delivery volume, while selling on Bajaj Auto is 4.5 days of ADV and 8.9 days of delivery volume.
The overweight of the Information Technology sector in the Sensex gets even bigger and the Consumer Discretionary sector gets even more underweighted vs the BSE All Cap Index.


SENSEX Dec 21 Index Rebalance: Wipro Added, Bajaj Auto Deleted

<h3>About The Narrative</h3>
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> / <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> / <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> / <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> 
We have separated the quotes to highlight Business Performance, Exports &amp; Premiumization, Commodity Inflation, Price Increases, Supply Chains and Margins, New Launches, EV, Demand  Environment &amp; Outlook.

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of TVS Motor (TVSL IN) / Eicher Motors (EIM IN) / Bajaj Auto Ltd (BJAUT IN) / Hero Motocorp (HMCL IN) 
We have separated the quotes to highlight Business Performance, Exports &amp; Premiumization, Commodity Inflation, Price Increases, Supply Chains and Margins, New Launches, EV, Demand  Environment &amp; Outlook.

The Narrative | Q2 FY22 | India 2Ws - TVS Motor / Eicher / Bajaj Auto/ Hero Motocorp

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

India Channel Insight #28 | What Is the Two-Wheeler EV Scene in India?

We visit dealers of Honda Motor (7267 JP) , Hero Motocorp (HMCL IN) and TVS Motor (TVSL IN) to understand the current demand environment for...

Pranav Bhavsar

India Channel Insight # 27 | Postcard from Uttar Pradesh (UP) | BJP Likely to Remain in Power

The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing...

Pranav Bhavsar

India Channel Insight #21 | Hero Motocorp, Royal Enfield (Eicher Motors)

For this India Channel Insight, we interact with six dealers of Hero Motocorp (HMCL IN) and Royal Enfield (Eicher Motors (EIM IN)) to understand...

Pranav Bhavsar

SENSEX Dec 21 Index Rebalance: Wipro Added, Bajaj Auto Deleted

Wipro will be added to the Sensex in December while Bajaj Auto will be deleted. Impact on both stocks is over 8 days of delivery volume to trade....

Brian Freitas

The Narrative | Q2 FY22 | India 2Ws - TVS Motor / Eicher / Bajaj Auto/ Hero Motocorp

The edition focuses on key quotes from the earnings transcripts of TVS Motor / Eicher Motors / Bajaj Auto / Hero Motocorp

Pranav Bhavsar

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