Specialist in Indian Banking and Economic Research

Hemindra Hazari

Thematic (Sector/Industry)

On the eve of the budget, shares on the stock market have rallied, raising hopes of the long delayed revival in private sector capital expenditure and corporate earnings. But against the backdrop of an already slowing economy followed by the ill-conceived, disastrously executed demonetisation and marginal room for a major fiscal stimulus might this be a false dawn?

On the eve of the budget, shares on the stock market have rallied, raising hopes of the long delayed revival in private sector capital expenditure and corporate earnings. But against the backdrop of an already slowing economy followed by the ill-conceived, disastrously executed demonetisation and marginal room for a major fiscal stimulus might this be a false dawn?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

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.

Euromonitor International’s Wealth and Income distribution model looks at 50 markets through a measure of income and accumulated wealth. Our model forecast the growth of these factors to 2030 and has valuable insight as to where consumers will exit poverty and enter the middle class over the forecast period. For consumer finance, these consumers that are recent additions to the middle class will represent a sizeable and bankable population. Companies that invest early and establish brand loyalty with these consumers will very likely benefit over the forecast period

Euromonitor International’s Wealth and Income distribution model looks at 50 markets through a measure of income and accumulated wealth. Our model forecast the growth of these factors to 2030 and has valuable insight as to where consumers will exit poverty and enter the middle class over the forecast period. For consumer finance, these consumers that are recent additions to the middle class will represent a sizeable and bankable population. Companies that invest early and establish brand loyalty with these consumers will very likely benefit over the forecast period

Markets Expected to Lower Poverty Rate the Most by 2030

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.

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to lag given that backdrop.</li>
<li>However, it has delivered a mediocre longer term return relative to the investor hype generated - the Sensex has seen only a 4.9% annualized return over the past five years and 2.7% over the past decade in USD.</li>
<li>That partly reflects the INR falling by a third since late 2011, underperforming even the commodity exposed IDR and MYR…</li>
</ul>


The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to lag given that backdrop.
However, it has delivered a mediocre longer term return relative to the investor hype generated - the Sensex has seen only a 4.9% annualized return over the past five years and 2.7% over the past decade in USD.
That partly reflects the INR falling by a third since late 2011, underperforming even the commodity exposed IDR and MYR…


Still Too Many Stale Bulls on India, as Structural Risks Deepen - 11th Jan 2017

India

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

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Kotak Mahindra Bank (KMB IN)

Pre-Budget: Marginal Room for Stimulus

On the eve of the budget, shares on the stock market have rallied, raising hopes of the long delayed revival in private sector capital expenditure...

Hemindra Hazari

Cratering Loan Growth in India

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been...

Daniel Tabbush

Markets Expected to Lower Poverty Rate the Most by 2030

Euromonitor International’s Wealth and Income distribution model looks at 50 markets through a measure of income and accumulated wealth. Our model...

Euromonitor International Ltd.

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations...

Asia Advisors

Still Too Many Stale Bulls on India, as Structural Risks Deepen - 11th Jan 2017

The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to...

Sean Maher

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