Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>The National Democratic Alliance (NDA) led by PM Narendra Modi won its 3rd consecutive parliamentary majority (293 seats) although BJP fell short of a majority (unlike in 2014 and 2019).</li>
<li>Modi will take office on Friday, but will be dependent on the 16 and 12 MPs of Chandrababu Naidu's TDP and Nitish Kumar's JD(U) respectively, CMs of Andhra and Bihar. </li>
<li>Naidu is an economic reformer, who's likely to support labour-market reform and privatisation. BJP's social agenda (UCC, single nationwide election) will need to be shelved, but economic reform will advance. </li>
</ul>


The National Democratic Alliance (NDA) led by PM Narendra Modi won its 3rd consecutive parliamentary majority (293 seats) although BJP fell short of a majority (unlike in 2014 and 2019).
Modi will take office on Friday, but will be dependent on the 16 and 12 MPs of Chandrababu Naidu's TDP and Nitish Kumar's JD(U) respectively, CMs of Andhra and Bihar. 
Naidu is an economic reformer, who's likely to support labour-market reform and privatisation. BJP's social agenda (UCC, single nationwide election) will need to be shelved, but economic reform will advance. 


NDA (Not BJP) Wins 3rd Consecutive Term; Economic Reform Will Still Gain

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>The Indian market saw correction due to a lower mandate for the ruling government in the current elections hinting towards moderate policy-level reforms. </li>
<li>Election outcome is having impact on ruling government's various agendas and reforms.</li>
<li>Historical trends suggest this crisis creates opportunities for long term investing</li>
</ul>


The Indian market saw correction due to a lower mandate for the ruling government in the current elections hinting towards moderate policy-level reforms. 
Election outcome is having impact on ruling government's various agendas and reforms.
Historical trends suggest this crisis creates opportunities for long term investing


Thematic: India Elections and Crisis Investing

<ul>
<li>RGDP grew 8.2% in FY24, led by 9% growth in GFCF. Stronger PCE (up only 4% in FY24), aided by rebounding rural consumption, should enable 8.5% RGDP growth in FY25.</li>
<li>Fiscal deficit contracted to 5.6% of GDP in FY24 (0.3pp of GDP lower than budgeted), aided by soaring direct tax and GST revenues. Lower FY25 deficit should crowd-in private investment.  </li>
<li>With CPI inflation likely falling below 4%YoY in Q2FY25, we expect a 25bp rate in Aug'24. A 6%-above-normal monsoon should lower food inflation and repo-rate, further boosting FY25 RGDP growth. </li>
</ul>


RGDP grew 8.2% in FY24, led by 9% growth in GFCF. Stronger PCE (up only 4% in FY24), aided by rebounding rural consumption, should enable 8.5% RGDP growth in FY25.
Fiscal deficit contracted to 5.6% of GDP in FY24 (0.3pp of GDP lower than budgeted), aided by soaring direct tax and GST revenues. Lower FY25 deficit should crowd-in private investment.  
With CPI inflation likely falling below 4%YoY in Q2FY25, we expect a 25bp rate in Aug'24. A 6%-above-normal monsoon should lower food inflation and repo-rate, further boosting FY25 RGDP growth. 


India: Real GDP to Accelerate to 8.5% Growth This FY from Last Year's 8.2%

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>JSW launches coated steel product to substitute imports which has market of INR 2200 crore</li>
<li>Adani may tie up with Japan for renewable energy post-meeting between officials</li>
<li>FII short position highest before election results; India Q4 GDP beat analyst estimates</li>
</ul>


JSW launches coated steel product to substitute imports which has market of INR 2200 crore
Adani may tie up with Japan for renewable energy post-meeting between officials
FII short position highest before election results; India Q4 GDP beat analyst estimates


#5 India Insights: JSW Steel New Product, Adani-Japan May Tie Up, FII Shorts, India GDP

India

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S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

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S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

NDA (Not BJP) Wins 3rd Consecutive Term; Economic Reform Will Still Gain

NDA led by PM Modi wins 3rd consecutive majority, but BJP falls short. Modi dependent on TDP and JD(U) MPs for support. Economic reform likely to...

Prasenjit K. Basu

Thematic: India Elections and Crisis Investing

Indian market correction post-elections signals potential for moderate policy reforms, impacting ruling government's agendas. Historical trends...

Nimish Maheshwari

India: Real GDP to Accelerate to 8.5% Growth This FY from Last Year's 8.2%

RGDP grew 8.2% in FY24, led by 9% growth in GFCF. PCE, up just 4% in FY24, is set to rebound strongly in FY25, helped by La-Nina-driven strong...

Prasenjit K. Basu

May Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

#5 India Insights: JSW Steel New Product, Adani-Japan May Tie Up, FII Shorts, India GDP

India Insights : JSW introduces coated steel product to reduce imports, Adani considers partnership with Japan for renewable energy, FII short...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NDA (Not BJP) Wins 3rd Consecutive Term; Economic Reform Will Still Gain

​NDA led by PM Modi wins 3rd consecutive majority, but BJP falls short. Modi dependent on TDP and JD(U) MPs for support. Economic reform likely to...

Prasenjit K. Basu

Thematic: India Elections and Crisis Investing

​Indian market correction post-elections signals potential for moderate policy reforms, impacting ruling government's agendas. Historical trends...

Nimish Maheshwari

India: Real GDP to Accelerate to 8.5% Growth This FY from Last Year's 8.2%

RGDP grew 8.2% in FY24, led by 9% growth in GFCF. PCE, up just 4% in FY24, is set to rebound strongly in FY25, helped by La-Nina-driven strong...

Prasenjit K. Basu

May Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

#5 India Insights: JSW Steel New Product, Adani-Japan May Tie Up, FII Shorts, India GDP

​India Insights : JSW introduces coated steel product to reduce imports, Adani considers partnership with Japan for renewable energy, FII short...

Sudarshan Bhandari

NDA led by PM Modi wins 3rd consecutive majority, but BJP falls short. Modi dependent on TDP and JD(U) MPs for support. Economic reform likely to...

Indian market correction post-elections signals potential for moderate policy reforms, impacting ruling government's agendas. Historical trends...

India Insights : JSW introduces coated steel product to reduce imports, Adani considers partnership with Japan for renewable energy, FII short...