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

We have had a bullish stance for <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> for over two years now, where channel interactions led us to believe that growth may beat consensus highlighted in our insights <a href="https://www.smartkarma.com/insights/titan-co-ltd-ttan-in-channel-checks-suggest-revenue-growth-might-beat-consensus" target="_blank" data-smartkarma-citation="insights:26200" rel="noopener">Titan Co Ltd (TTAN IN) | Channel Checks Suggest Revenue Growth Might Beat Consensus</a> , <a href="https://www.smartkarma.com/insights/titan-ttan-in-jewellery-margins-surprise" target="_blank" data-smartkarma-citation="insights:36351" rel="noopener">Titan (TTAN IN) | Jewellery Margins Surprise</a> and <a href="https://www.smartkarma.com/insights/asian-jewellery-retailers-titan-vs-chow-tai-fook" target="_blank" data-smartkarma-citation="insights:40289" rel="noopener">Asian Jewellery Retailers | Titan Vs Chow Tai Fook</a> which was done during the pandemic.
Till now,  we expected TTAN to emerge stronger - with a higher market share as the most trusted and the safest player in the market. 
However, Q3 performance indicates that the "Strong might not be getting Stronger", with the COVID tailwinds of trust and safety fading and consensus still upgrading revenues, we believe that a potential disappointment lies ahead.

We have had a bullish stance for Titan Co Ltd (TTAN IN) for over two years now, where channel interactions led us to believe that growth may beat consensus highlighted in our insights Titan Co Ltd (TTAN IN) | Channel Checks Suggest Revenue Growth Might Beat Consensus , Titan (TTAN IN) | Jewellery Margins Surprise and Asian Jewellery Retailers | Titan Vs Chow Tai Fook which was done during the pandemic.
Till now,  we expected TTAN to emerge stronger - with a higher market share as the most trusted and the safest player in the market. 
However, Q3 performance indicates that the "Strong might not be getting Stronger", with the COVID tailwinds of trust and safety fading and consensus still upgrading revenues, we believe that a potential disappointment lies ahead. 

Titan Co Ltd (TTAN IN) | Fading Tailwinds, Potential Disappointment Lies Ahead

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

<a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> reported its Q3FY21 earnings. It reported strong growth in Jewelry sales for the quarter. January (Jan) sales growth is even higher, suggesting strong recovery momentum in place. Titan has been also making transformational changes in the Eyewear business to turn it around. This seems to be working with losses reducing over the past few quarters.

Titan Co Ltd (TTAN IN) reported its Q3FY21 earnings. It reported strong growth in Jewelry sales for the quarter. January (Jan) sales growth is even higher, suggesting strong recovery momentum in place. Titan has been also making transformational changes in the Eyewear business to turn it around. This seems to be working with losses reducing over the past few quarters.

Earnings Update | Titan: All that Glitters Is Gold

Thematic (Sector/Industry)

The objective of this insight is to reflect back on our work published on SmartKarma - to highlight what has worked for us and more importantly what has not worked and our plans to improve the same. 
2020 is indeed special and we are unlikely to see something similar in our professional life once again. Therefore, we have made an attempt to capture our key learnings, which will also enable us to reflect back on the same at frequent intervals in time. 
We also highlight our key themes for 2021 along with sectorial preferences where we might deploy our resources.

The objective of this insight is to reflect back on our work published on SmartKarma - to highlight what has worked for us and more importantly what has not worked and our plans to improve the same. 
2020 is indeed special and we are unlikely to see something similar in our professional life once again. Therefore, we have made an attempt to capture our key learnings, which will also enable us to reflect back on the same at frequent intervals in time. 
We also highlight our key themes for 2021 along with sectorial preferences where we might deploy our resources. 

2020 Review & 2021 Key Themes | What Worked and What Has Not

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

Overweight EM Vs. EAFE; Dollar Weakness Continues

Our bullish outlook continues to be supported by ongoing positive market dynamics and the absence of breakdowns for major indexes around the globe. The path of least resistance remains higher and we continue to believe a melt-up is likely in the weeks/months ahead. The global Technology, Discretionary, and Manufacturing Sectors remain leadership -- add exposure/remain overweight. The Financial Sector has been playing catch-up and continues to show signs of price and RS bottoms as expectations rise for a global recovery -- add exposure.

Our bullish outlook continues to be supported by ongoing positive market dynamics and the absence of breakdowns for major indexes around the globe. The path of least resistance remains higher and we continue to believe a melt-up is likely in the weeks/months ahead. The global Technology, Discretionary, and Manufacturing Sectors remain leadership -- add exposure/remain overweight. The Financial Sector has been playing catch-up and continues to show signs of price and RS bottoms as expectations rise for a global recovery -- add exposure.

Global Equity Strategy: Santa Claus Rally Underway

India

Titan Co. Ltd. manufactures and retails jewelry and watches. The Company also produces perfume for men and women.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Titan Co Ltd (TTAN IN)