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

Thematic (Sector/Industry)

<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

Managing Partner, Ampersand Investment Advisors

Rahul Singh

Managing Partner

Ampersand Investment Advisors

We have been incessantly cautioning for a corrective phase in our stock markets mainly due to excessive valuations based of unrealistic growth expectations. While we expected a correction, it came from completely unexpected quarters. The beneficiaries from the favorable macro tidings (monsoons, pay commission) in what was supposed to be a very strong 2HFY17 have suffered a setback post-demonetization. This prompts us to re-evaluate our sector and market cap preferences in this edition of the Ampersand newsletter.

We have been incessantly cautioning for a corrective phase in our stock markets mainly due to excessive valuations based of unrealistic growth expectations. While we expected a correction, it came from completely unexpected quarters. The beneficiaries from the favorable macro tidings (monsoons, pay commission) in what was supposed to be a very strong 2HFY17 have suffered a setback post-demonetization. This prompts us to re-evaluate our sector and market cap preferences in this edition of the Ampersand newsletter.

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.

Equity Capital Markets

L&amp;T Infotech Ltd. (LTIL) launched its INR 12.4 bn ($185m) Initial Public Offering (IPO) on 11th July 2016. The IPO comprises an Offer for Sale (OFS) of 17.5 mn shares by the parent, Larsen &amp; Toubro (L&amp;T), in a price band of INR 705-710. Post the successful completion of IPO, L&amp;T’s holding in LTIL will come down from 94.94% to 84.64%.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/084/original/IPO%20summary%20table.PNG?1468280788" class="editor-image img-responsive" data-smartkarma-image-id="10084"></figure><h2>Company Description</h2>Incorporated in 1996, L&amp;T Infotech is India’s 6th largest IT services company and among the top 20 globally. The company offers an extensive range…

L&amp;T Infotech Ltd. (LTIL) launched its INR 12.4 bn ($185m) Initial Public Offering (IPO) on 11th July 2016. The IPO comprises an Offer for Sale (OFS) of 17.5 mn shares by the parent, Larsen &amp; Toubro (L&amp;T), in a price band of INR 705-710. Post the successful completion of IPO, L&amp;T’s holding in LTIL will come down from 94.94% to 84.64%.Company DescriptionIncorporated in 1996, L&amp;T Infotech is India’s 6th largest IT services company and among the top 20 globally. The company offers an extensive range…

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Larsen &amp; Toubro Infotech (LTI) plans to raise up to US$184m in its IPO through a sell down by its parent, <a href="https://www.smartkarma.com/entities/2499" target="_blank" data-smartkarma-citation="entities:2499:1">Larsen &amp; Toubro Ltd</a>.In our earlier insight, <a href="https://www.smartkarma.com/insights/l-t-infotech-pre-ipo-review-doesn-t-stand-out-from-the-pack" target="_blank">L&amp;T Infotech Pre-IPO Review - Doesn’t Stand Out from the Pack</a>, we had a look at the company fundamentals. In this insight, we run the deal through our framework, analyse the updates from the Red Herring and comment on valuation.

Larsen &amp; Toubro Infotech (LTI) plans to raise up to US$184m in its IPO through a sell down by its parent, Larsen &amp; Toubro Ltd.In our earlier insight, L&amp;T Infotech Pre-IPO Review - Doesn’t Stand Out from the Pack, we had a look at the company fundamentals. In this insight, we run the deal through our framework, analyse the updates from the Red Herring and comment on valuation. 

L&T Infotech IPO - Inexpensive but Unexciting

Larsen &amp; Toubro Infotech plans to raise around US$200m in its IPO slated to take place later this year. The company has been trying to list for a while and recently filed an updated DRHP.Given that there is no dearth of listed IT plays in India, in this insight, we compare the company with its already listed peers while looking at some company specific issues.

Larsen &amp; Toubro Infotech plans to raise around US$200m in its IPO slated to take place later this year. The company has been trying to list for a while and recently filed an updated DRHP.Given that there is no dearth of listed IT plays in India, in this insight, we compare the company with its already listed peers while looking at some company specific issues.

L&T Infotech Pre-IPO Review - Doesn't Stand Out from the Pack

India

LTIMindtree Limited provides information technology services and solutions. The Company offers analytics and information management, enterprise integration, applications management, cloud computing, testing, and consulting services, as well as geographical information and manufacturing execution systems. LTIMindtree serves customers worldwide.

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LTIMindtree (LTIM IN)

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

L&T Infotech IPO: A Quick Yes or No

L&T Infotech Ltd. (LTIL) launched its INR 12.4 bn ($185m) Initial Public Offering (IPO) on 11th July 2016. The IPO comprises an Offer for Sale...

Asia Advisors

L&T Infotech IPO - Inexpensive but Unexciting

Larsen & Toubro Infotech (LTI) plans to raise up to US$184m in its IPO through a sell down by its parent, Larsen & Toubro Ltd.In our...

Sumeet Singh

L&T Infotech Pre-IPO Review - Doesn't Stand Out from the Pack

Larsen & Toubro Infotech plans to raise around US$200m in its IPO slated to take place later this year. The company has been trying to list for...

Sumeet Singh

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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

Taking Fresh Guard - Nov 16 Newsletter

We have been incessantly cautioning for a corrective phase in our stock markets mainly due to excessive valuations based of unrealistic growth...

Ampersand Investment Advisors

L&T Infotech IPO: A Quick Yes or No

L&T Infotech Ltd. (LTIL) launched its INR 12.4 bn ($185m) Initial Public Offering (IPO) on 11th July 2016. The IPO comprises an Offer for Sale...

Asia Advisors

L&T Infotech IPO - Inexpensive but Unexciting

Larsen & Toubro Infotech (LTI) plans to raise up to US$184m in its IPO through a sell down by its parent, Larsen & Toubro Ltd.In our...

Sumeet Singh

L&T Infotech Pre-IPO Review - Doesn't Stand Out from the Pack

Larsen & Toubro Infotech plans to raise around US$200m in its IPO slated to take place later this year. The company has been trying to list for...

Sumeet Singh