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>Our popular, text-only weekly is back, hopefully in an improved version, and aims to be more consistent throughout this financial year.</li>
<li>The market structure and momentum seem to be positive. Upcoming earnings season and elections are likely to be key drivers going forward.</li>
<li>Stocks discussed include <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>, <a href="https://www.smartkarma.com/entities/sbi-cards-payment-services-limited" target="_blank" data-smartkarma-citation="entities:28662:1" rel="noopener">SBI Cards &amp; Payment Services (SBICARD IN)</a>, <a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> and <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> </li>
</ul>


Our popular, text-only weekly is back, hopefully in an improved version, and aims to be more consistent throughout this financial year.
The market structure and momentum seem to be positive. Upcoming earnings season and elections are likely to be key drivers going forward.
Stocks discussed include Bajaj Finance Ltd (BAF IN), SBI Cards &amp; Payment Services (SBICARD IN), Honasa Consumer (HONASA IN) and Delta Corp Ltd (DELTA IN) 


[#20] Namaste India 🙏 | Bajaj Finance's Catch Up

<ul>
<li>We screen our coverage universe for earnings surprises, EPS upgrades, and management narratives to identify fundamental longs.</li>
<li>Stocks discussed include <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/nestle-india-ltd" target="_blank" data-smartkarma-citation="entities:13101:1" rel="noopener">Nestle India (NEST IN)</a>, and <a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> </li>
<li>TVSL EVs could surprise, NEST offers the right safety in the current environment, and for HONASA there is a possibility of turning around. </li>
</ul>


We screen our coverage universe for earnings surprises, EPS upgrades, and management narratives to identify fundamental longs.
Stocks discussed include TVS Motor (TVSL IN), Nestle India (NEST IN), and Honasa Consumer (HONASA IN) 
TVSL EVs could surprise, NEST offers the right safety in the current environment, and for HONASA there is a possibility of turning around. 


Fundamental Longs - TVS Motors | Nestle India | Honasa

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/juniper-hotels" target="_blank" data-smartkarma-citation="entities:40186:1" rel="noopener">Juniper Hotels</a> is looking to raise up to US$217m in its upcoming India IPO.</li>
<li>Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we provide our thoughts on valuations.</li>
</ul>



Juniper Hotels is looking to raise up to US$217m in its upcoming India IPO.
Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.
We have looked at the company’s past performance in our previous note. In this note, we provide our thoughts on valuations.


Juniper Hotels IPO - Looks Somewhat Fairly Valued

Apeejay Surrendra Park Hotel / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apeejay-surrendra-park-hotel" target="_blank" data-smartkarma-citation="entities:40871:1" rel="noopener">Apeejay Surrendra Park Hotel (PARK IN)</a> (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.</li>
<li>ASPH ranks as the eighth largest in India in terms of chain affiliated hotel rooms inventory as of Sep 2023, as per Horwath HTL Report.</li>
<li>In this note, we talk about the past performance and our thoughts on valuations.</li>
</ul>



Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.
ASPH ranks as the eighth largest in India in terms of chain affiliated hotel rooms inventory as of Sep 2023, as per Horwath HTL Report.
In this note, we talk about the past performance and our thoughts on valuations.


Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry</a> is looking to raise up to US$700m in its upcoming India IPO.</li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



FirstCry is looking to raise up to US$700m in its upcoming India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In this note, we talk about the not-so-positive aspects of the deal.


Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

India

Honasa Consumer Limited, doing business as Mamaearth, provides e-commerce services. The Company offers baby, skin, body, and hair care products, as well as mosquito protection roll on and creams. Mamaearth serves customers in India.

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Honasa Consumer (HONASA IN)

[#20] Namaste India 🙏 | Bajaj Finance's Catch Up

Text-only weekly returning with improvements, Stocks discussed include Bajaj Finance, SBI Cards, Honasa Consumer, and Delta Corp.

Pranav Bhavsar

Fundamental Longs - TVS Motors | Nestle India | Honasa

Identifying fundamental longs through earnings surprises, EPS upgrades, and management narratives. TVS Motor, Nestle India, and Honasa Consumer.

Pranav Bhavsar

Juniper Hotels IPO - Looks Somewhat Fairly Valued

Juniper Hotels is looking to raise up to US$217m in its upcoming India IPO. We have looked at the past performance earlier. In this note, we talk...

Sumeet Singh

Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.

Sumeet Singh

Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

FirstCry is looking to raise up to US$700m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[#20] Namaste India 🙏 | Bajaj Finance's Catch Up

​Text-only weekly returning with improvements, Stocks discussed include Bajaj Finance, SBI Cards, Honasa Consumer, and Delta Corp.

Pranav Bhavsar

Fundamental Longs - TVS Motors | Nestle India | Honasa

​Identifying fundamental longs through earnings surprises, EPS upgrades, and management narratives. TVS Motor, Nestle India, and Honasa Consumer.

Pranav Bhavsar

Juniper Hotels IPO - Looks Somewhat Fairly Valued

Juniper Hotels is looking to raise up to US$217m in its upcoming India IPO. We have looked at the past performance earlier. In this note, we talk...

Sumeet Singh

Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.

Sumeet Singh

Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

FirstCry is looking to raise up to US$700m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Text-only weekly returning with improvements, Stocks discussed include Bajaj Finance, SBI Cards, Honasa Consumer, and Delta Corp.

Identifying fundamental longs through earnings surprises, EPS upgrades, and management narratives. TVS Motor, Nestle India, and Honasa Consumer.