Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

<h2>Overview</h2><a href="https://www.smartkarma.com/entities/23580" target="_blank" data-smartkarma-citation="entities:23580:1">Makemytrip Ltd (MMYT US)</a> and <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180:1">Ctrip.com International (ADR) (CTRP US)</a> are both growth stocks: investors buy them expecting the companies to generate strong revenue and (eventually) earnings growth from booming demand for online travel services in India and China, respectively. But we believe MMYT, particularly since merging with rival Ibibo, is well-positioned to benefit from a broader range of demand growth drivers than CTRP in the medium-term. Furthermore, we believe MMYT does not yet…

OverviewMakemytrip Ltd (MMYT US) and Ctrip.com International (ADR) (CTRP US) are both growth stocks: investors buy them expecting the companies to generate strong revenue and (eventually) earnings growth from booming demand for online travel services in India and China, respectively. But we believe MMYT, particularly since merging with rival Ibibo, is well-positioned to benefit from a broader range of demand growth drivers than CTRP in the medium-term. Furthermore, we believe MMYT does not yet…

MakeMyTrip Boasts a Diversity of Growth Drivers & Appears Cheap Vs Ctrip.com on EV/Revenue

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

In 2015 the e-commerce market in India was estimated at US$19.2 billion and is expected to grow by more than 200% over 2015-2025. The growth of internet retailing is driven by a number of factors, such as increased penetration of the internet and smartphones, a growing online consumer base, changing lifestyles, as well as innovations in payment options. Moreover, the e-commerce retailing industry is on the verge of consolidation; global retailers such as Alibaba and Amazon, as well as <a href="http://www.portal.euromonitor.com/portal/?t%2fj%2fCdEUWNlkXTh6MysL3g%3d%3d" target="_blank">Walmart, have recently voiced their interest</a> in acquisitions or merger deals with top Indian online retailers. As a result, the opportunities for India’s logistics industry are growing, together with demand. The aggressive growth of e-commerce retailing will contribute strongly to India’s logistics industry being among the fastest growing performers in the world over the 2015-2025 period.

In 2015 the e-commerce market in India was estimated at US$19.2 billion and is expected to grow by more than 200% over 2015-2025. The growth of internet retailing is driven by a number of factors, such as increased penetration of the internet and smartphones, a growing online consumer base, changing lifestyles, as well as innovations in payment options. Moreover, the e-commerce retailing industry is on the verge of consolidation; global retailers such as Alibaba and Amazon, as well as Walmart, have recently voiced their interest in acquisitions or merger deals with top Indian online retailers. As a result, the opportunities for India’s logistics industry are growing, together with demand. The aggressive growth of e-commerce retailing will contribute strongly to India’s logistics industry being among the fastest growing performers in the world over the 2015-2025 period.

Logistics Future: Anticipated E-Commerce Boom Will Drive Logistics Industry in India

Specialist in Indian Banking and Economic Research

Hemindra Hazari

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.

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.

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the Line of Control (LoC) into Pakistan Occupied Kashmir. This is a first time that India has actually crossed the LoC to send a strong signal to Pakistan and this action, unfortunately, increases the risk of confrontation well into the future. Historically any tensions between India and Pakistan were defused by back channel intervention of global powers…

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the Line of Control (LoC) into Pakistan Occupied Kashmir. This is a first time that India has actually crossed the LoC to send a strong signal to Pakistan and this action, unfortunately, increases the risk of confrontation well into the future. Historically any tensions between India and Pakistan were defused by back channel intervention of global powers…

Rising Geopolitical Risks in Indian Sub-Continent: Towards a Worse-Off Sub-Optimal Nash Equilibrium

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

Jet Airways (India) Limited is an airline providing regular scheduled services on routes between all of India's major cities. The Company has also received permission from the Indian Government to fly to Singapore and Malaysia.

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Jet Airways India (JETIN IN)

MakeMyTrip Boasts a Diversity of Growth Drivers & Appears Cheap Vs Ctrip.com on EV/Revenue

OverviewMakemytrip Ltd (MMYT US) and Ctrip.com International (ADR) (CTRP US) are both growth stocks: investors buy them expecting the companies to...

Daniel Hellberg

Logistics Future: Anticipated E-Commerce Boom Will Drive Logistics Industry in India

In 2015 the e-commerce market in India was estimated at US$19.2 billion and is expected to grow by more than 200% over 2015-2025. The growth of...

Euromonitor International Ltd.

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

Rising Geopolitical Risks in Indian Sub-Continent: Towards a Worse-Off Sub-Optimal Nash Equilibrium

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the...

Asia Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MakeMyTrip Boasts a Diversity of Growth Drivers & Appears Cheap Vs Ctrip.com on EV/Revenue

OverviewMakemytrip Ltd (MMYT US) and Ctrip.com International (ADR) (CTRP US) are both growth stocks: investors buy them expecting the companies to...

Daniel Hellberg

Logistics Future: Anticipated E-Commerce Boom Will Drive Logistics Industry in India

In 2015 the e-commerce market in India was estimated at US$19.2 billion and is expected to grow by more than 200% over 2015-2025. The growth of...

Euromonitor International Ltd.

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

Rising Geopolitical Risks in Indian Sub-Continent: Towards a Worse-Off Sub-Optimal Nash Equilibrium

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the...

Asia Advisors

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