Managing Partner, Ampersand Investment Advisors

Rahul Singh

Managing Partner

Ampersand Investment Advisors

Thematic (Sector/Industry)

<p>In our second newsletter, we highlight some of the key trends/observations from the host of meetings, calls and analyst meets we attended in the last month –</p><ol><li>High growth in NBFCs targeting bottom-of-the-pyramid,</li><li>Recovery in Hotels, and</li><li>Perceptible progress in Government’s flagship schemes.</li></ol><p>We also do a quick update of the specialty chemicals picks (Navin Fluorine and SRF) covered in the April edition. Finally, we take a closer look at the risk-reward across the various Non-Banking Financial Company (NBFC) segments. From a 6-12 month perspective, we see greater valuation upside in (i) gold loan NBFCs (viz. Muthoot , Manappuram) and (ii) embedded value plays (viz. ABNL) compared to the (i) cyclical recovery &amp; monsoon beneficiaries (viz. M&amp;M Financial, Shriram Transport) and (ii) the newly-listed MFI-to-be-small banks (Equitas, Ujjivan).</p>

In our second newsletter, we highlight some of the key trends/observations from the host of meetings, calls and analyst meets we attended in the last month –High growth in NBFCs targeting bottom-of-the-pyramid,Recovery in Hotels, andPerceptible progress in Government’s flagship schemes.We also do a quick update of the specialty chemicals picks (Navin Fluorine and SRF) covered in the April edition. Finally, we take a closer look at the risk-reward across the various Non-Banking Financial Company (NBFC) segments. From a 6-12 month perspective, we see greater valuation upside in (i) gold loan NBFCs (viz. Muthoot , Manappuram) and (ii) embedded value plays (viz. ABNL) compared to the (i) cyclical recovery &amp; monsoon beneficiaries (viz. M&amp;M Financial, Shriram Transport) and (ii) the newly-listed MFI-to-be-small banks (Equitas, Ujjivan).

India

Rallis India Limited manufactures and exports chemicals and allied products. Through its subsidiaries, the Company produces pesticides, fertilizers, textiles and garments, marine products and leather tanning materials.  Rallis also provides farm advisory services.

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Rallis India (RALI IN)

Ear to the Ground - May 2016

In our second newsletter, we highlight some of the key trends/observations from the host of meetings, calls and analyst meets we attended in the...

Ampersand Investment Advisors

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