Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

* Solid Franchise Buttressed By Strong Three Year Plan;* NBFC is the Cherry On Top; and * SOE Bank Headaches Suggests Much Low Hanging Fruit. <h2>Investment Summary</h2>HDFC Bank (HDFCB.IN/HDB.US) continues to post strong net profit growth underpinned by strong lending growth (19% YoY in F18) with market share gains both in retail and wholesale. HDFC Bank, unlike its competitors, also has de miminis balance sheet stress, while its cost of funds is the lowest among all Indian banks. More importantly, HDFC…

* Solid Franchise Buttressed By Strong Three Year Plan;* NBFC is the Cherry On Top; and * SOE Bank Headaches Suggests Much Low Hanging Fruit. Investment SummaryHDFC Bank (HDFCB.IN/HDB.US) continues to post strong net profit growth underpinned by strong lending growth (19% YoY in F18) with market share gains both in retail and wholesale. HDFC Bank, unlike its competitors, also has de miminis balance sheet stress, while its cost of funds is the lowest among all Indian banks. More importantly, HDFC…

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

We wrote recently about the pressure on <a href="https://www.smartkarma.com/entities/22204" target="_blank" data-smartkarma-citation="entities:22204:1">Vodafone's (VOD LN)</a> Indian subsidiary's merger with  <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">IDEA (IDEA IN)</a>. The combined business, assuming the merger proceeds (and some doubts are starting to appear despite final approval) will remain under pressure even as synergies are delivered. It was another tough quarter for the Indian wireless operators, with revenue and profit continuing to slide, albeit at a slightly slower pace than seen in 3Q (affected by IUC cuts). Service revenues are now falling…

We wrote recently about the pressure on Vodafone's (VOD LN) Indian subsidiary's merger with  IDEA (IDEA IN). The combined business, assuming the merger proceeds (and some doubts are starting to appear despite final approval) will remain under pressure even as synergies are delivered. It was another tough quarter for the Indian wireless operators, with revenue and profit continuing to slide, albeit at a slightly slower pace than seen in 3Q (affected by IUC cuts). Service revenues are now falling…

Jio Pressure Remains Intense on Incumbent Indian Telcos

Actionable Insights, Assured Alpha, ANTYA Investments

ANTYA Investments

Actionable Insights, Assured Alpha

Investing That Empowers You

ANTYA Investments Inc., regulated by the Ontario Securities Commission, is registered to provide wealth management services in Canada. ANTYA manages institutional, and high net-worth client portfolios on a discretionary basis. Our investment philosophy embraces a Core-Satellite approach.  The core of the portfolio is chosen from a group of fifteen asset classes. A few stock specific asymmetrical investment opportunities comprise the satellite segment. ANTYA invests only in global, large capitalization, and investment grade companies.  

Thematic (Sector/Industry)

We believe that India is entering a stage of maximum risk. Increasing political uncertainty is adding, even more, twists and turns for the traveller on Indian roads. Our recommendation is to remain engaged with India but be very watchful.

We believe that India is entering a stage of maximum risk. Increasing political uncertainty is adding, even more, twists and turns for the traveller on Indian roads. Our recommendation is to remain engaged with India but be very watchful.

The Indian Economy and Public-Sector Banks – On the Edge of A Precipice

* Capital Hole Has Been Dug: Punjab National Bank (PNB.IN) is in desperate need of a INR 550 bn capital infusion post the Nirav Modi fraud; this amounts to 134% of stated equity, in our view.* No Credible Plan in Place: Despite knowing of this fraud for several months, PNB nor the government would appear to have any form of credible bailout plan in place. On top of the interest reversals associated from this fraud, we find that the bank is seeing additional pressures on funding costs while…

* Capital Hole Has Been Dug: Punjab National Bank (PNB.IN) is in desperate need of a INR 550 bn capital infusion post the Nirav Modi fraud; this amounts to 134% of stated equity, in our view.* No Credible Plan in Place: Despite knowing of this fraud for several months, PNB nor the government would appear to have any form of credible bailout plan in place. On top of the interest reversals associated from this fraud, we find that the bank is seeing additional pressures on funding costs while…

Punjab National Bank – That Sinking Feeling

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.

The question is somewhat rhetorical. Perhaps the customer experience will be better at private banks than government banks, in India. The story may be similar for capital levels and non-performing loans (NPLs). But the figures are not completely one-sided. We believe that the long-held view that India’s private banks are so incredibly superior to India’s government banks begins to fall flat when we examine the pace of NPL formation. This applies not only to new NPLs from worsening credit…

The question is somewhat rhetorical. Perhaps the customer experience will be better at private banks than government banks, in India. The story may be similar for capital levels and non-performing loans (NPLs). But the figures are not completely one-sided. We believe that the long-held view that India’s private banks are so incredibly superior to India’s government banks begins to fall flat when we examine the pace of NPL formation. This applies not only to new NPLs from worsening credit…

India Banks – Are Private Banks Really Better than Government Banks?

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank Of India (SBIN IN)

HDFC Bank – Rocking and Rolling

* Solid Franchise Buttressed By Strong Three Year Plan;* NBFC is the Cherry On Top; and * SOE Bank Headaches Suggests Much Low Hanging Fruit....

Thomas J. Monaco

Jio Pressure Remains Intense on Incumbent Indian Telcos

We wrote recently about the pressure on Vodafone's (VOD LN) Indian subsidiary's merger with IDEA (IDEA IN). The combined business, assuming the...

New Street Research

The Indian Economy and Public-Sector Banks – On the Edge of A Precipice

We believe that India is entering a stage of maximum risk. Increasing political uncertainty is adding, even more, twists and turns for the...

ANTYA Investments

Punjab National Bank – That Sinking Feeling

* Capital Hole Has Been Dug: Punjab National Bank (PNB.IN) is in desperate need of a INR 550 bn capital infusion post the Nirav Modi fraud; this...

Thomas J. Monaco

India Banks – Are Private Banks Really Better than Government Banks?

The question is somewhat rhetorical. Perhaps the customer experience will be better at private banks than government banks, in India. The story may...

Daniel Tabbush

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