India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Thematic (Sector/Industry)

<ul class=""><li>Infosys CEO Vishal Sikka has resigned after facing continuous verbal assault from one of the co-founders, N R Narayana Murthy.</li><li>In October 2016, Tata Sons board replaced Cyrus Mistry as its Chairman because Ratan Tata was not happy with him.</li><li>There are interesting parallels between the Infosys case and the story at Tata Sons.</li><li>Who is right and who is wrong is a grey area but one size does not fit all.</li><li>The lesson for investors is that ownership and managerial discords are always bad.</li><li>These sudden transitions also create attractive buying opportunities in the market.</li><li>Infosys is a good bet after a 10% correction today. </li></ul>

Infosys CEO Vishal Sikka has resigned after facing continuous verbal assault from one of the co-founders, N R Narayana Murthy.In October 2016, Tata Sons board replaced Cyrus Mistry as its Chairman because Ratan Tata was not happy with him.There are interesting parallels between the Infosys case and the story at Tata Sons.Who is right and who is wrong is a grey area but one size does not fit all.The lesson for investors is that ownership and managerial discords are always bad.These sudden transitions also create attractive buying opportunities in the market.Infosys is a good bet after a 10% correction today. 

Tata Sons = Infosys, Ratan Tata = Narayana Murthy and Cyrus Mistry = Vishal Sikka

Emerging markets PM, economist, CFA charterholder

Mark A. DeWeaver, PhD, CFA

Equity Bottom-Up

Maanshan Iron & Steel H / Equity Bottom-Up

With Beijing's war on scrap-strip steel showing no signs of abating, spreads should remain high for the foreseeable future.Chinese steel spreads continued to widen during the last two months despite a rebound in iron ore and metallurgical coal prices. Since May 31, the active contracts for Dalian-listed met coal and iron ore futures have risen 34% and 28%, respectively (as of July 31), while in Shanghai, hot-rolled coil and rebar are up 22% and 16%. (See Figure 1.) These moves imply CNY 247…

With Beijing's war on scrap-strip steel showing no signs of abating, spreads should remain high for the foreseeable future.Chinese steel spreads continued to widen during the last two months despite a rebound in iron ore and metallurgical coal prices. Since May 31, the active contracts for Dalian-listed met coal and iron ore futures have risen 34% and 28%, respectively (as of July 31), while in Shanghai, hot-rolled coil and rebar are up 22% and 16%. (See Figure 1.) These moves imply CNY 247…

China Steel Spreads Climb as "Chickens" Face Chopping Block

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

Japan Airport Terminal Co / Technical Analysis

Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPThis week:• No change in tactical allocation • The ASX drifted last week, testing our support, before bouncing back significantly. The ratio ASX/MXAP is also testing a key level above which we keep our rating unchanged for ASX (ie, “Increase exposure”). • Keep rating unchanged for the other countries (Nikkei, Nifty, HSI, HSCEI), i.e. maintain “Increase Exposure”. • Kospi remains “Hold” as ratio is still drifting sideways below first…

Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPThis week:• No change in tactical allocation • The ASX drifted last week, testing our support, before bouncing back significantly. The ratio ASX/MXAP is also testing a key level above which we keep our rating unchanged for ASX (ie, “Increase exposure”). • Keep rating unchanged for the other countries (Nikkei, Nifty, HSI, HSCEI), i.e. maintain “Increase Exposure”. • Kospi remains “Hold” as ratio is still drifting sideways below first…

BBSP Equity Asia Weekly Research 14 June 2017

Bharat Heavy Electricals / Equity Bottom-Up

In the data released a few days back, m-junction services which is an online procurement and sales platform floated jointly by <a href="https://www.smartkarma.com/entities/14323" target="_blank" data-smartkarma-citation="entities:14323:1">Steel Authority Of India (SAIL IN)</a> (public sector steel producer in India) and <a href="https://www.smartkarma.com/entities/20934" target="_blank" data-smartkarma-citation="entities:20934:1">Tata Steel Ltd (TATA IN)</a> (a leading private sector steel producer) has reported the coal import figures for May for India. (<a href="http://timesofindia.indiatimes.com/business/india-business/coal-imports-dip-6-in-may-on-weak-demand-from-power-sector/articleshow/59062476.cms" target="_blank">News Report</a>)India's coal imports in May declined 6% yoy to 18.15 million tonnes primarily due to poor demand from the power sector.  Thermal coal imports decline is even…

In the data released a few days back, m-junction services which is an online procurement and sales platform floated jointly by Steel Authority Of India (SAIL IN) (public sector steel producer in India) and Tata Steel Ltd (TATA IN) (a leading private sector steel producer) has reported the coal import figures for May for India. (News Report)India's coal imports in May declined 6% yoy to 18.15 million tonnes primarily due to poor demand from the power sector.  Thermal coal imports decline is even…

India's Coal Imports Decline 6% in May Due to Weaker Demand from Power Sector, What Does This Mean?

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.

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Tata Sons = Infosys, Ratan Tata = Narayana Murthy and Cyrus Mistry = Vishal Sikka

Infosys CEO Vishal Sikka has resigned after facing continuous verbal assault from one of the co-founders, N R Narayana Murthy. In October 2016,...

Pankaj Sharma

China Steel Spreads Climb as "Chickens" Face Chopping Block

With Beijing's war on scrap-strip steel showing no signs of abating, spreads should remain high for the foreseeable future.Chinese steel spreads...

Mark A. DeWeaver, PhD, CFA

BBSP Equity Asia Weekly Research 14 June 2017

Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPThis week:• No change in tactical allocation• The ASX drifted last week, testing...

BBSP Asia

India's Coal Imports Decline 6% in May Due to Weaker Demand from Power Sector, What Does This Mean?

In the data released a few days back, m-junction services which is an online procurement and sales platform floated jointly by Steel Authority Of...

Pankaj Sharma

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this...

Asia Advisors

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