Equity Analyst

Gihan Bandara

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.

Equity Bottom-Up

JSW Steel released its earnings for FY03/18 and 4QFY03/18 on 16 May beating both our forecasts and consensus estimates in terms of revenue and net profit. It generated revenue of INR700bn (+18.4% YoY) and OP of INR115.7bn (+22.6% YoY) mainly because of an increase in production, market share and favorable raw material and steel prices. During the period, hot rolled steel prices increased from USD 600 per ton levels to USD 900 per ton levels and iron ore prices decreased by almost 23% from USD 88…

JSW Steel released its earnings for FY03/18 and 4QFY03/18 on 16 May beating both our forecasts and consensus estimates in terms of revenue and net profit. It generated revenue of INR700bn (+18.4% YoY) and OP of INR115.7bn (+22.6% YoY) mainly because of an increase in production, market share and favorable raw material and steel prices. During the period, hot rolled steel prices increased from USD 600 per ton levels to USD 900 per ton levels and iron ore prices decreased by almost 23% from USD 88…

JSW Steel Earnings Release FY03/18 – Three All-Time Highs in a Row

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Recent USD strength has weighed on EM’s relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for some backing-and-filling of the USD, and (3) MSCI EM price and relative strength support levels continuing to hold, we see recent weakness as a buying opportunity.  The MSCI BRIC index has reasserted its leadership status. In addition to China, fellow BRIC countries Brazil and India exhibit attractive setups, while Chile’sIPSA also presents opportunities. Today’s report includes a wide variety of bottom-up recommendations across the EM universe, spanning most sectors and all market capitalizations.

Recent USD strength has weighed on EM’s relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for some backing-and-filling of the USD, and (3) MSCI EM price and relative strength support levels continuing to hold, we see recent weakness as a buying opportunity.  The MSCI BRIC index has reasserted its leadership status. In addition to China, fellow BRIC countries Brazil and India exhibit attractive setups, while Chile’sIPSA also presents opportunities. Today’s report includes a wide variety of bottom-up recommendations across the EM universe, spanning most sectors and all market capitalizations.

Emerging Markets Strategy: Attractive Setups in China, Brazil, India, and Chile

We believe the secular mobile payments theme has room to run, and we expect related stocks to continue outperforming... see pages 2-4 for actionable stocks. We reiterate our overweight metals and mining.. see pages 5 and 9-12 for actionable stocks. Though lagging across many global markets, Utilities are particularly attractive in Europe and Japan... see pages 6 and 13-17 for actionable stocks.

We believe the secular mobile payments theme has room to run, and we expect related stocks to continue outperforming... see pages 2-4 for actionable stocks. We reiterate our overweight metals and mining.. see pages 5 and 9-12 for actionable stocks. Though lagging across many global markets, Utilities are particularly attractive in Europe and Japan... see pages 6 and 13-17 for actionable stocks.

Global Strategy: Opportunities Within Mobile Payments, Metals & Mining, and Utilities

Event-Driven

<ul class=""><li>India’s biggest steelmaker, <a href="https://www.smartkarma.com/entities/18561" target="_blank" data-smartkarma-citation="entities:18561:1">JSW Steel Ltd </a>(JSWL), is looking for possible acquisitions in the steel industry for future expansions.</li></ul><ul><li>The acquisition of <a href="https://www.smartkarma.com/entities/2423" target="_blank" data-smartkarma-citation="entities:2423:1">Monnet Ispat &amp; Energy Ltd (MISP IN)</a> by JSW-Aion partnership is already approved by its SBI led creditors’ committee and the deal is expected to close during this month.</li><li>We believe this acquisition will impact positively both JSW and Monnet Ispat and Energy Ltd in the long term.</li><li>According to our valuations, we expect Monnet's top line to increase by three times by FY03/23 and a target price of INR125.2 compared to the current price of INR15.95.</li></ul>

India’s biggest steelmaker, JSW Steel Ltd (JSWL), is looking for possible acquisitions in the steel industry for future expansions.The acquisition of Monnet Ispat &amp; Energy Ltd (MISP IN) by JSW-Aion partnership is already approved by its SBI led creditors’ committee and the deal is expected to close during this month.We believe this acquisition will impact positively both JSW and Monnet Ispat and Energy Ltd in the long term.According to our valuations, we expect Monnet's top line to increase by three times by FY03/23 and a target price of INR125.2 compared to the current price of INR15.95.

JSW Steel: Acquisition of Monnet Ispat Looks Attractive

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Thematic (Sector/Industry)

There is so much of negative news emanating from India as of late regarding the slowdown in the economy, most macro numbers have worsened, fiscal deficit is higher than projected,  CAD is at a 3 years high, oil prices are at 3 years high, corporate earnings have been a mixed bag, the government seems to be floundering its way through in the last few months. The headlines and the recent market corrections have possibly brought unwarranted skepticism about the India story.The reason I am writing…

There is so much of negative news emanating from India as of late regarding the slowdown in the economy, most macro numbers have worsened, fiscal deficit is higher than projected,  CAD is at a 3 years high, oil prices are at 3 years high, corporate earnings have been a mixed bag, the government seems to be floundering its way through in the last few months. The headlines and the recent market corrections have possibly brought unwarranted skepticism about the India story.The reason I am writing…

Encouraging Signs -Observations from a Road Trip to Steel Country Side.

India

JSW Steel Limited is an integrated steel producer with manufacturing facilities in Karnataka, Tamil Nadu and the western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

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JSW Steel Ltd (JSTL IN)

JSW Steel Earnings Release FY03/18 – Three All-Time Highs in a Row

JSW Steel released its earnings for FY03/18 and 4QFY03/18 on 16 May beating both our forecasts and consensus estimates in terms of revenue and net...

Gihan Bandara

Emerging Markets Strategy: Attractive Setups in China, Brazil, India, and Chile

Recent USD strength has weighed on EM’s relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for...

Vermilion Research

Global Strategy: Opportunities Within Mobile Payments, Metals & Mining, and Utilities

We believe the secular mobile payments theme has room to run, and we expect related stocks to continue outperforming... see pages 2-4 for...

Vermilion Research

JSW Steel: Acquisition of Monnet Ispat Looks Attractive

India’s biggest steelmaker, JSW Steel Ltd (JSWL), is looking for possible acquisitions in the steel industry for future expansions. The acquisition...

Gihan Bandara

Encouraging Signs -Observations from a Road Trip to Steel Country Side.

There is so much of negative news emanating from India as of late regarding the slowdown in the economy, most macro numbers have worsened, fiscal...

Das Capital Management and Advisors

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