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

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> / <a href="https://www.smartkarma.com/entities/pvr-ltd" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">PVR Ltd (PVRL IN)</a> / <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> (Retail) / <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> / <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a> / <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> 
We have separated the quotes to highlight Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Asian Paints (APNT IN) / PVR Ltd (PVRL IN) / Reliance Industries (RIL IN) (Retail) / Titan Co Ltd (TTAN IN) / Page Industries (PAG IN) / InterGlobe Aviation Ltd (INDIGO IN) 
We have separated the quotes to highlight Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Capital Markets

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

RHP overviews and information about <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (1003622D IN)</a>'s business is widely covered both on this platform as well as across the internet (Twitter/Youtube). 
This Insight assumes that Nykaa's broader business and IPO specific details are well known and hence focus is on earning power of the business, forecasts and valuations. 
The inspiration for this insight is Naval's legendary thread - How to Get Rich (without getting lucky)
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/237/928/original/image_31811942261635356542811.png?1635356545" class="editor-image img-responsive" data-smartkarma-image-id="237928"></figure>

RHP overviews and information about FSN E-Commerce Ventures (Nykaa) (1003622D IN)'s business is widely covered both on this platform as well as across the internet (Twitter/Youtube). 
This Insight assumes that Nykaa's broader business and IPO specific details are well known and hence focus is on earning power of the business, forecasts and valuations. 
The inspiration for this insight is Naval's legendary thread - How to Get Rich (without getting lucky)


Nykaa IPO | Can It Make You Rich? (Without Getting Lucky)

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

In this insight, we analyze <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa)</a> 's IPO by valuing its two distinctly different businesses - Beauty &amp; Personal care (BPC) and Fashion - separately, based on two sets of peer valuation. We also share our GMV (Gross Merchandise Value) projections for <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa)</a> based on a bottom-up analysis using key operational metrics of Beauty &amp; Personal care (BPC) and Fashion retail. We also ran a rationality check on our projections by comparing them with top-down analysis. See detailed tables in the report below.A key challenge that investors face in valuing Nykaa is the lack of listed comparable peers. We note that Nykaa's established BPC business is comparable to any high growth-high margin branded consumer, retail play in India given a similar operating structure. However, its emerging fashion retail is run as a marketplace with much stronger growth potential but at lower margins. Hence online consumer marketplace operators like <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> could be a better fit for its peer comparison.For background read on the company's key strengths, concerns, and competitive landscape, please refer to our earlier insight <a href="https://www.smartkarma.com/insights/fsn-ecommerce-nykaa-ipo-glowing-beauty-growing-fashion-a-primer" target="_blank" data-smartkarma-citation="insights:55547" rel="noopener">FSN ECommerce (Nykaa) IPO: Glowing Beauty, Growing Fashion. A Primer.</a>

In this insight, we analyze FSN E-Commerce Ventures (Nykaa) 's IPO by valuing its two distinctly different businesses - Beauty &amp; Personal care (BPC) and Fashion - separately, based on two sets of peer valuation. We also share our GMV (Gross Merchandise Value) projections for FSN E-Commerce Ventures (Nykaa) based on a bottom-up analysis using key operational metrics of Beauty &amp; Personal care (BPC) and Fashion retail. We also ran a rationality check on our projections by comparing them with top-down analysis. See detailed tables in the report below.A key challenge that investors face in valuing Nykaa is the lack of listed comparable peers. We note that Nykaa's established BPC business is comparable to any high growth-high margin branded consumer, retail play in India given a similar operating structure. However, its emerging fashion retail is run as a marketplace with much stronger growth potential but at lower margins. Hence online consumer marketplace operators like Zomato (ZOMATO IN) could be a better fit for its peer comparison.For background read on the company's key strengths, concerns, and competitive landscape, please refer to our earlier insight FSN ECommerce (Nykaa) IPO: Glowing Beauty, Growing Fashion. A Primer.

FSN Ecommerce IPO Valuation: Nykaa Can Be Appetizing if You Liked Zomato

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust distribution network comprises 1900+ stores spread across 2.5 mn sq ft.
<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust distribution network comprises 1900+ stores spread across 2.5 mn sq ft.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan Company Ltd: Jewellery Glitters with Strong Consensus Beat in Q2

India

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

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Titan Co Ltd (TTAN IN)

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

The edition focuses on key quotes from the earnings transcripts of Asian Paints / PVR Ltd / Reliance Retail / Titan / Page Industries /Indigo

Pranav Bhavsar

Pick of the Week - Titan Company Limited

Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.

Edelweiss

Nykaa IPO | Can It Make You Rich? (Without Getting Lucky)

Inspired by Naval's legendary thread, this Insight is an attempt to use his analogy to provide a different perspective on Nykaa 's IPO along with...

Pranav Bhavsar

FSN Ecommerce IPO Valuation: Nykaa Can Be Appetizing if You Liked Zomato

Segment-wise valuation analysis based on separate peer set to better reflect the distinct operating structures and margin/growth profiles of...

Devi Subhakesan

Titan Company Ltd: Jewellery Glitters with Strong Consensus Beat in Q2

Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust...

ICICI Securities Limited

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