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>We screen our coverage universe for earnings surprises, EPS upgrades, and management narratives to identify fundamental longs.</li>
<li>Stocks discussed include <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a>, <a href="https://www.smartkarma.com/entities/nestle-india-ltd" target="_blank" data-smartkarma-citation="entities:13101:1" rel="noopener">Nestle India (NEST IN)</a>, and <a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> </li>
<li>TVSL EVs could surprise, NEST offers the right safety in the current environment, and for HONASA there is a possibility of turning around. </li>
</ul>


We screen our coverage universe for earnings surprises, EPS upgrades, and management narratives to identify fundamental longs.
Stocks discussed include TVS Motor (TVSL IN), Nestle India (NEST IN), and Honasa Consumer (HONASA IN) 
TVSL EVs could surprise, NEST offers the right safety in the current environment, and for HONASA there is a possibility of turning around. 


Fundamental Longs - TVS Motors | Nestle India | Honasa

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric(OLAELEC IN)</a> ’s management, during Investor call, seemed confident in driving volume growth through expanded distribution, new model launches, and focused on technology upgrades and vertical integration for cost advantages.</li>
<li>The company, however, remains intent on continuing its disruptor play strategy of aggressive discounts and competitive pricing to drive volume growth—uncommon in India’s auto sector.</li>
<li>Investors seeking profitability and capital returns will need patience (and faith in Ola's strategy), while competitors like <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd(BJAUT IN)</a> and <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor(TVSL IN)</a>  may feel the pressure.</li>
</ul>



Ola Electric(OLAELEC IN) ’s management, during Investor call, seemed confident in driving volume growth through expanded distribution, new model launches, and focused on technology upgrades and vertical integration for cost advantages.
The company, however, remains intent on continuing its disruptor play strategy of aggressive discounts and competitive pricing to drive volume growth—uncommon in India’s auto sector.
Investors seeking profitability and capital returns will need patience (and faith in Ola's strategy), while competitors like Bajaj Auto Ltd(BJAUT IN) and TVS Motor(TVSL IN)  may feel the pressure.


OLA Electric: Wimpy Quarter. But, Bigger Question—How Long Will the Disruptor Play Last?

<ul>
<li>We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.</li>
<li>Names in this auto-focused edition include <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>, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> .</li>
<li>Bearish names include <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> , <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> and <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> as a potential name to be bullish on.</li>
</ul>


We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.
Names in this auto-focused edition include Mahindra &amp; Mahindra (MM IN), Maruti Suzuki India (MSIL IN), Ola Electric (OLAELEC IN), Tata Motors Ltd (TTMT IN) .
Bearish names include Tata Motors Ltd (TTMT IN) , Escorts Kubota Limited (ESCORTS IN) and Ola Electric (OLAELEC IN) as a potential name to be bullish on.


Namaste India 🙏 | Earnings Edition - Autos

<ul>
<li>After two challenging months, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> ’s October sales rebounded strongly, driven by strong festive demand and deep discounts.</li>
<li>The company appears to have effectively managed its after-sales complaints crisis, easing  investor concerns ahead its 90-day lock-up expiry on November 5th.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>'s upside and path to profitability relies on increasing electric bike adoption, improving margins through in-house cell manufacturing, and leveraging PLI incentives.</li>
</ul>


After two challenging months, Ola Electric (OLAELEC IN) ’s October sales rebounded strongly, driven by strong festive demand and deep discounts.
The company appears to have effectively managed its after-sales complaints crisis, easing  investor concerns ahead its 90-day lock-up expiry on November 5th.

Ola Electric (OLAELEC IN)'s upside and path to profitability relies on increasing electric bike adoption, improving margins through in-house cell manufacturing, and leveraging PLI incentives.


Ola Electric's Volume Recovery: Eases Investor Concerns Ahead of Lock up Expiry on Nov 5th

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).</li>
<li>Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.</li>
</ul>


There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).
Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.


NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

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

TVS Motor (TVSL IN)

Fundamental Longs - TVS Motors | Nestle India | Honasa

Identifying fundamental longs through earnings surprises, EPS upgrades, and management narratives. TVS Motor, Nestle India, and Honasa Consumer.

Pranav Bhavsar

OLA Electric: Wimpy Quarter. But, Bigger Question—How Long Will the Disruptor Play Last?

Ola seems intent on continuing its disruptor play strategy—aggressive pricing to drive volume growth, uncommon in India’s auto sector. Investors...

Devi Subhakesan

Namaste India 🙏 | Earnings Edition - Autos

We highlight key earnings and call takeaways from companies like Mahindra & Mahindra, Maruti Suzuki India, Ola Electric, and Tata Motors.

Pranav Bhavsar

Ola Electric's Volume Recovery: Eases Investor Concerns Ahead of Lock up Expiry on Nov 5th

Expect the stock to stay range bound with near term valuations in line with well-established two wheeler peers TVS Motors and Bajaj Auto.

Devi Subhakesan

NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

There could be 16 constituent changes in December. one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fundamental Longs - TVS Motors | Nestle India | Honasa

​Identifying fundamental longs through earnings surprises, EPS upgrades, and management narratives. TVS Motor, Nestle India, and Honasa Consumer.

Pranav Bhavsar

OLA Electric: Wimpy Quarter. But, Bigger Question—How Long Will the Disruptor Play Last?

Ola seems intent on continuing its disruptor play strategy—aggressive pricing to drive volume growth, uncommon in India’s auto sector. Investors...

Devi Subhakesan

Namaste India 🙏 | Earnings Edition - Autos

We highlight key earnings and call takeaways from companies like Mahindra & Mahindra, Maruti Suzuki India, Ola Electric, and Tata Motors.

Pranav Bhavsar

Ola Electric's Volume Recovery: Eases Investor Concerns Ahead of Lock up Expiry on Nov 5th

Expect the stock to stay range bound with near term valuations in line with well-established two wheeler peers TVS Motors and Bajaj Auto.

Devi Subhakesan

NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

There could be 16 constituent changes in December. one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn...

Brian Freitas

Identifying fundamental longs through earnings surprises, EPS upgrades, and management narratives. TVS Motor, Nestle India, and Honasa Consumer.