Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carsome-group" target="_blank" data-smartkarma-citation="entities:35913:1" rel="noopener">Carsome (CARSOME1 SP)</a>, Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange</a>.</li>
<li>Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.</li>
<li>The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.</li>
</ul>



Carsome (CARSOME1 SP), Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and Singapore Exchange.
Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.
The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.


Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Government Considers Ethanol Price Increase to Meet Blending 20% Targets</li>
<li>Torrent Pharma is seeking up to $3 billion to buy KKR’s 54% stake in JB Chemicals.</li>
<li>Cochin Shipyard will deliver a new dredger worth INR 800 crore to DCI by September 2025.</li>
</ul>


Government Considers Ethanol Price Increase to Meet Blending 20% Targets
Torrent Pharma is seeking up to $3 billion to buy KKR’s 54% stake in JB Chemicals.
Cochin Shipyard will deliver a new dredger worth INR 800 crore to DCI by September 2025.


# 46 India Insight: Ethanol Price Increase, Torrent Pharma and JB Chemicals, Cochin Shipyard Dredger

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Sheikh Hasina resigned, leading to chaos in Bangladesh and the formation of an interim government in Bangladesh.</li>
<li>Political instability could disrupt India-Bangladesh trade, delay the FTA, and intensify regional strategic concerns, including China's growing influence.</li>
<li>Indian companies will also be impacted by this geopolitical issue, as India exports 35% of its cotton to Bangladesh and imports ready-made garments from the same country.</li>
</ul>


Sheikh Hasina resigned, leading to chaos in Bangladesh and the formation of an interim government in Bangladesh.
Political instability could disrupt India-Bangladesh trade, delay the FTA, and intensify regional strategic concerns, including China's growing influence.
Indian companies will also be impacted by this geopolitical issue, as India exports 35% of its cotton to Bangladesh and imports ready-made garments from the same country.


The Bangladesh Crisis: What Does It Mean for India?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-December and/or end-March.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 12 stocks with passive inflows from global trackers while 5 could see passive outflows in August.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-December and/or end-March.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 12 stocks with passive inflows from global trackers while 5 could see passive outflows in August.


India: Potential Free Float Changes & Passive Flows in August

<ul>
<li>Reliance Retail Ventures will launch Shein in India, four years after its ban</li>
<li>Indian Railways plans 10,000 non-AC coaches by 2025-26 to alleviate overcrowding issues</li>
<li>The coal sector achieved a notable 10.2% growth in May, leading key infrastructure industries</li>
</ul>


Reliance Retail Ventures will launch Shein in India, four years after its ban
Indian Railways plans 10,000 non-AC coaches by 2025-26 to alleviate overcrowding issues
The coal sector achieved a notable 10.2% growth in May, leading key infrastructure industries


#25 India Insight: LIC Stake in IDFC, INOX Wind Soars 13%, Reliance Retail to Launch Shein IPO

India

Life Insurance Corporation of India operates as an insurance company. The Company provides life, pension, health, and micro insurance products and services. Life Insurance serves customers in India.

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Life Insurance of India (LICI IN)

Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

Carsome has reportedly filed for an IPO (dual Nasdaq/SGX listing), and has a great ESG story to tell investors including the role that used car...

Kyle Rudden

# 46 India Insight: Ethanol Price Increase, Torrent Pharma and JB Chemicals, Cochin Shipyard Dredger

Government may raise ethanol prices to achieve 20% blending target; Torrent Pharma eyes $3 billion for JB Chemicals stake; Cochin Shipyard to...

Sudarshan Bhandari

The Bangladesh Crisis: What Does It Mean for India?

Sheikh Hasina's resignation in Bangladesh sparks geo-political chaos, uncertainty over FTA Discussion. Some Indian Companies impacted by these...

Nimish Maheshwari

India: Potential Free Float Changes & Passive Flows in August

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 4...

Brian Freitas

#25 India Insight: LIC Stake in IDFC, INOX Wind Soars 13%, Reliance Retail to Launch Shein IPO

Reliance Retail Ventures to bring back Shein in India, Indian Railways to add 10,000 non-AC coaches, coal sector sees 10.2% growth in May.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

Carsome has reportedly filed for an IPO (dual Nasdaq/SGX listing), and has a great ESG story to tell investors including the role that used car...

Kyle Rudden

# 46 India Insight: Ethanol Price Increase, Torrent Pharma and JB Chemicals, Cochin Shipyard Dredger

​Government may raise ethanol prices to achieve 20% blending target; Torrent Pharma eyes $3 billion for JB Chemicals stake; Cochin Shipyard to...

Sudarshan Bhandari

The Bangladesh Crisis: What Does It Mean for India?

​Sheikh Hasina's resignation in Bangladesh sparks geo-political chaos, uncertainty over FTA Discussion. Some Indian Companies impacted by these...

Nimish Maheshwari

India: Potential Free Float Changes & Passive Flows in August

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 4...

Brian Freitas

#25 India Insight: LIC Stake in IDFC, INOX Wind Soars 13%, Reliance Retail to Launch Shein IPO

​Reliance Retail Ventures to bring back Shein in India, Indian Railways to add 10,000 non-AC coaches, coal sector sees 10.2% growth in May.

Sudarshan Bhandari

Government may raise ethanol prices to achieve 20% blending target; Torrent Pharma eyes $3 billion for JB Chemicals stake; Cochin Shipyard to...

Sheikh Hasina's resignation in Bangladesh sparks geo-political chaos, uncertainty over FTA Discussion. Some Indian Companies impacted by these...

Reliance Retail Ventures to bring back Shein in India, Indian Railways to add 10,000 non-AC coaches, coal sector sees 10.2% growth in May.