Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> 's production data provides more questions than answers.</li>
<li>The drop in production for Thar and XUV 700 in October in spite of the high order backlog is surprising. </li>
<li>Considering the industry outlook and the existing sales and production for these two models, we believe this demand forecast may not materialise</li>
</ul>



Mahindra &amp; Mahindra (MM IN) 's production data provides more questions than answers.
The drop in production for Thar and XUV 700 in October in spite of the high order backlog is surprising. 
Considering the industry outlook and the existing sales and production for these two models, we believe this demand forecast may not materialise


Mahindra & Mahindra (MM IN) | Wake up and Smell the Coffee

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The 200 largest weighted companies in the GEM index reported average EPS growth of +12.8%y/y for 3Q22-to-date, a significant slowdown from what was reported for 2Q22.</li>
<li>60% of companies delivered positive sales surprise, same as in 2Q22, whilst 65% delivered positive EPS surprise, up from 56% in 2Q22.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


The 200 largest weighted companies in the GEM index reported average EPS growth of +12.8%y/y for 3Q22-to-date, a significant slowdown from what was reported for 2Q22.
60% of companies delivered positive sales surprise, same as in 2Q22, whilst 65% delivered positive EPS surprise, up from 56% in 2Q22.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 3Q2022

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>You could imagine people covering their short in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> now. The Hang Seng sell flow on 4 January 2023 is insignificant. But there will be more overhang later. </li>
<li>If you buy <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> outright, you are buying a package of three potential future takeout targets.</li>
<li>It's not certain the scrip terms will continue as stated in the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">DTAC</a> /<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True</a> merger, but if they change at all, that would almost certainly require a new shareholder meeting.</li>
</ul>


You could imagine people covering their short in Meituan (3690 HK) now. The Hang Seng sell flow on 4 January 2023 is insignificant. But there will be more overhang later. 
If you buy Link Administration (LNK AU) outright, you are buying a package of three potential future takeout targets.
It's not certain the scrip terms will continue as stated in the DTAC /True merger, but if they change at all, that would almost certainly require a new shareholder meeting.


Last Week in Event SPACE: Meituan, Link Admin/Pexa, DTAC/True, Medley

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China Jinmao HoldingsGuangzhou R&F PropertiesSunac China HoldingsEvergrandeCentral China Real Estateand more...

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>In this insight, we take a look at the potential ADDs/DELs for the NIFTY 50, 100, and 500 Indices in the run up to the March 2023 Rebalance.</li>
<li>In October 2022, NIFTY Indices Ltd initiated a market consultation recently on the "treatment of merger/demerger in Nifty equity indices" and its outcome has been confirmed now.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" data-smartkarma-citation="entities:349:1" rel="noopener">Tata Motors DVR (TTMT/A IN)</a> - previously ineligible for NIFTY 100 Inclusion for liquidity reasons - could become eligible for the March 2023 Rebalance event.</li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for the NIFTY 50, 100, and 500 Indices in the run up to the March 2023 Rebalance.
In October 2022, NIFTY Indices Ltd initiated a market consultation recently on the "treatment of merger/demerger in Nifty equity indices" and its outcome has been confirmed now.
Separately, Tata Motors DVR (TTMT/A IN) - previously ineligible for NIFTY 100 Inclusion for liquidity reasons - could become eligible for the March 2023 Rebalance event.


NIFTY Quiddity Leaderboard Mar 23: Tata Motor DVR Could Be Included in NIFTY 100

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors DVR (TTMT/A IN)

Mahindra & Mahindra (MM IN) | Wake up and Smell the Coffee

MM's production, sales and order backlog and monthly run rate do not seem to be in sync with more questions than answers.

Pranav Bhavsar

Global Emerging Markets: Reporting Season Summary, 3Q2022

In this quarterly insight, we analyse recent GEM reporting trends with reference to Sales- and EPS growth, size and percentage of positive...

Wium Malan, CFA

Last Week in Event SPACE: Meituan, Link Admin/Pexa, DTAC/True, Medley

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Weekly Wrap - 25 Nov 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

NIFTY Quiddity Leaderboard Mar 23: Tata Motor DVR Could Be Included in NIFTY 100

For NIFTY 50, Pidilite Industries is the highest-ranked Potential ADD while Bharat Petroleum Corp is the highest-ranked Potential DEL. There could...

Janaghan Jeyakumar, CFA

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