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.

Thematic (Sector/Industry)

Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact of demonetisation on the electoral prospects of the party. Performance in UP is impressive as the opposition had formed an alliance to fight Modi but still lost poorly.  Most political analysts have been caught on the wrong foot as they predicted a hung assembly while the results show that Modi wave seen during the General elections continues. We…

Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact of demonetisation on the electoral prospects of the party. Performance in UP is impressive as the opposition had formed an alliance to fight Modi but still lost poorly.  Most political analysts have been caught on the wrong foot as they predicted a hung assembly while the results show that Modi wave seen during the General elections continues. We…

Landslide Win for Modi in UP Elections;Upper House No.s to Cross 100 Mark by 2018, a +ve for Reforms

Information Technology Consultant

Ishita Jain

As per the Financial Times ("FT") <a href="https://www.ft.com/content/4f88cb60-f8f7-11e6-bd4e-68d53499ed71" target="_blank">article</a> dated 24th Feb 2017, electric vehicle ("EVs") manufacturers and battery producers have been scrambling to secure supplies of Cobalt. This has been driven by the fact the a handful of hedge funds have purchased and stored Cobalt on expectations that the demand for EVs will pick up. Battery producers such as Panasonic, who supply Lithium Ion ("Li-ion") batteries to the likes of Tesla are hard pressed for supplies. As FT reported, prices have risen by more…

As per the Financial Times ("FT") article dated 24th Feb 2017, electric vehicle ("EVs") manufacturers and battery producers have been scrambling to secure supplies of Cobalt.   This has been driven by the fact the a handful of hedge funds have purchased and stored Cobalt on expectations that the demand for EVs will pick up. Battery producers such as Panasonic, who supply Lithium Ion ("Li-ion") batteries to the likes of Tesla are hard pressed for supplies.  As FT reported, prices have risen by more…

In a surprise move, the Central bank (RBI) today maintained the policy rate at the current level of 6.25% but changed the monetary policy stance to neutral. The 6 member Monetary Policy Committee (MPC) was unanimous in its decision to hold rates. The consensus was again caught on the wrong foot as majority expected a rate cut. Key rationale behind the move has been the adoption of 4% inflation target for the next financial year (ending March 2018). Even as current CPI inflation at 3.4% is well…

In a surprise move, the Central bank (RBI) today maintained the policy rate at the current level of 6.25% but changed the monetary policy stance to neutral. The 6 member Monetary Policy Committee (MPC) was unanimous in its decision to hold rates. The consensus was again caught on the wrong foot as majority expected a rate cut. Key rationale behind the move has been the adoption of 4% inflation target for the next financial year (ending March 2018). Even as current CPI inflation at 3.4% is well…

RBI Spoils the Bond Market Party - Prices Unlikely to Scale the Peaks Seen After Demonetization

The Government presented a fiscally sound budget and avoided any major steps to boost expenditure and mitigate the shock of demonetization. Catching the street by a little surprise, the government stuck to the Fiscal responsibility act and reduced the fiscal deficit target for the year ending March'18 to 3.2% of GDP (vs 3.5% in March'17).  Relief has been provided on the personal income side to low and middle-income earners (people with salaries in Rs 0.25m-0.5m range) where the tax has been…

The Government presented a fiscally sound budget and avoided any major steps to boost expenditure and mitigate the shock of demonetization. Catching the street by a little surprise, the government stuck to the Fiscal responsibility act and reduced the fiscal deficit target for the year ending March'18 to 3.2% of GDP (vs 3.5% in March'17).  Relief has been provided on the personal income side to low and middle-income earners (people with salaries in Rs 0.25m-0.5m range) where the tax has been…

Budget a Non-Event as Govt Plays Safe; Falling Yields to Shift Asset Allocation to Equities

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

<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

India

NMDC Limited explores for minerals. The Company is exploring for iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.

Jindal Stainless Ltd. is an integrated steel producer which manufactures a variety of steel products.  The Company's products include stainless steel plates, welded steel tubes, cold rolled strips and seamless tubes. Jindal also manufactures industrial machinery.

Lloyds Metals and Energy Ltd. manufactures sponge iron.  The Company also operates a cogeneration waste heat recovery plant to recover heat from its kilns.

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

Hindustan Copper Limited is a vertically integrated multi-unit copper producer in India engaged in a wide spectrum of activities ranging from mining, beneficiation, smelting, refining and manufacturing of copper cathodes, continuous cast wire rods and wire bars. The Company was the first Indian Copper producer to get ISO-9002 certificate for its Continuous Cast Wire Rod Plant.

Ratnamani Metals & Tubes Ltd manufactures stainless steel seamless and welded tubes and pipes in India. The Company's clientele base consists of chemical, fertilizer, petrochemicals, refinery, power, dairy, sugar and pharmaceutical industries. Ratnamani is a regular supplier to companies such as  BHEL, IOCL, GAIL, L&T and Reliance Industries Ltd.

Jai Balaji Industries Ltd. manufactures and distributes steel and allied products. The Company markets sponge and pig iron, alloy carbon, mild steel billets, wire rods, and other steel products. Jai Balaji Industries serves customers throughout India.

Godawari Power and Ispat Ltd. manufactures steel.  The Company produces steel billets.

Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and cement. The Company also produces power, conducts mining operations for iron ore and coal, and explores for natural gas and oil. JSPL, with its diverse resources, also contributes to the construction of infrastructure.

United States Steel Corporation operates as an integrated steel producer. The Company manufactures flat-rolled and tubular products with production operations in North America and Europe. United States Steel serves the automotive, appliance, container, industrial machinery, construction, and oil and gas industries.

BlueScope Steel Limited supplies steel products and solutions. The Company manufactures steel slabs, plates, hot and cold rolled coils, and coated and painted strip products for building and construction, automotive, whitegoods, and manufacturing applications. BlueScope Steel serves customers in Asia, Australia, New Zealand, and the United States.

Kobe Steel, Ltd. is a steelmaker, as well as a supplier of aluminum and copper products.  The products include steel plates and steel rods.  The Company also operates other businesses such as welding consumables, urban infrastructure, plant engineering, and industrial & construction machinery.  Kobe Steel has operating offices in the US, Europe, and Asia.

JFE Holdings, Inc. is a holding company which was established through the merger of NKK Corp and Kawasaki Steel Corp.  The Company manages and conducts its subsidiaries' business, which is steel production and integrated engineering services.

OZ Minerals Ltd. is an Australian based mining company with a focus on copper. The Company owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold project located in South Australia and has a number of equity interests in listed resource companies.

Yunnan Aluminium Co., Ltd. primarily manufactures and markets aluminum products. The Company's products include aluminum ingots, aluminum rolls, and aluminum alloys.

Jinduicheng Molybdenum Co.,Ltd. is involved in molybdenum mining, dressing, smelting, processing, research and trade in Asia.

Jinduicheng Molybdenum Co, Ltd. (601958 CH)

Huaibei Mining Holdings Co.,Ltd. operates coal businesses. The Company mines, processes, and distributes coal, cokes, coal chemical products, and other products. Huaibei Mining Holdings also produces methanol, crude benzene, ammonium sulfate, and other products.

Shandong Nanshan Aluminum Co., Ltd. designs, manufactures, and markets aluminum products and worsted woolen products. The Company's major aluminum offerings are electrolytic aluminum and section aluminum. Its woolen products include soybean fiber fabrics, silk fabrics, wool/flax fabrics and cashmere. Shandong also generates and supplies electricity.

Zhaojin Mining Industry Company Ltd. explores, mines, and produces gold.  The Company holds interest in properties in eastern China.

Steel Authority of India Limited is an integrated steel manufacturing company. The Company's products include pig iron, steel ingots, liquid steel, alloy steel, special steel, stainless steel, ferro alloys, ERW pipes, spirally welded pipes, and calcium ammonium nitrate.  The Government of India is currently a majority shareholder in the company.

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Steel Authority of India (SAIL IN)

Landslide Win for Modi in UP Elections;Upper House No.s to Cross 100 Mark by 2018, a +ve for Reforms

Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact...

Asia Advisors

Future of Cobalt Vis-A-Vis EVs

As per the Financial Times ("FT") article dated 24th Feb 2017, electric vehicle ("EVs") manufacturers and battery producers have been scrambling to...

Ishita Jain

RBI Spoils the Bond Market Party - Prices Unlikely to Scale the Peaks Seen After Demonetization

In a surprise move, the Central bank (RBI) today maintained the policy rate at the current level of 6.25% but changed the monetary policy stance to...

Asia Advisors

Budget a Non-Event as Govt Plays Safe; Falling Yields to Shift Asset Allocation to Equities

The Government presented a fiscally sound budget and avoided any major steps to boost expenditure and mitigate the shock of demonetization....

Asia Advisors

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

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