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

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul>
<li>
<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) (NYKAA IN)</a> seems to be facing problems in its core BPC segment. </li>
<li>Our casual LinkedIn browsing led us to an interesting post on the company and its practices that warrant attention.</li>
<li>We have previously highlighted issues with the way the company has managed its Fashion Business, an attack on the BPC business could compound issues further.</li>
</ul>



FSN E-Commerce Ventures (Nykaa) (NYKAA IN) seems to be facing problems in its core BPC segment. 
Our casual LinkedIn browsing led us to an interesting post on the company and its practices that warrant attention.
We have previously highlighted issues with the way the company has managed its Fashion Business, an attack on the BPC business could compound issues further.


FSN E-Commerce Ventures (NYKAA IN) | Troubles at Core?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.</li>
</ul>



Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.


Lalatech Holdings Pre-IPO - Refiling Updates - Growth and Profit Pickup but Valuation Gap Remains

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>US users of the popular SHEIN and Temu shopping apps tend to be relatively young</li>
<li>Compared to older Americans, younger Americans (18-34) tend to have less political clout</li>
<li>What does this mean for SHEIN and Temu, and how will they respond to political challenges?</li>
</ul>


US users of the popular SHEIN and Temu shopping apps tend to be relatively young
Compared to older Americans, younger Americans (18-34) tend to have less political clout
What does this mean for SHEIN and Temu, and how will they respond to political challenges?


As a Group, Typical SHEIN & Temu Users in the US Lack Political Clout; Why It Matters

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Walmart delivered a strong result and managed an all-around beat last quarter.</li><li>The company continued gaining market share across various formats and markets, achieving positive growth in units sold and transaction counts.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Walmart delivered a strong result and managed an all-around beat last quarter.The company continued gaining market share across various formats and markets, achieving positive growth in units sold and transaction counts.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Walmart Inc.: The Flipkart Stake Augmentation Can Keep Driving E-Commerce Synergies! - Key Drivers

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Total revenue grew by 33% YoY, which is the highest growth rate in the past seven quarters.</li>
<li>The company achieved a higher operating profit in 2Q23 after turned the profit positive in 1Q23.</li>
<li>The stock price has risen by 20% since our last buy rating, but we believe there will be still 38% upside for yearend 2024.</li>
</ul>


Total revenue grew by 33% YoY, which is the highest growth rate in the past seven quarters.
The company achieved a higher operating profit in 2Q23 after turned the profit positive in 1Q23.
The stock price has risen by 20% since our last buy rating, but we believe there will be still 38% upside for yearend 2024.


MT (Meituan 3690 HK): 2Q23, Record High Op Profit, 38% Buy

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

FSN E-Commerce Ventures (NYKAA IN) | Troubles at Core?

FSN E-Commerce Ventures (Nykaa) is facing problems in its core BPC segment, which could compound existing issues with its Fashion Business.

Pranav Bhavsar

Lalatech Holdings Pre-IPO - Refiling Updates - Growth and Profit Pickup but Valuation Gap Remains

Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO. In this note we talk about the refiling updates.

Sumeet Singh

As a Group, Typical SHEIN & Temu Users in the US Lack Political Clout; Why It Matters

In this insight we explain why SHEIN's and Temu's youthful customer base in the US is a political liability, despite its attractive growth potential.

Tracking Traffic

Walmart Inc.: The Flipkart Stake Augmentation Can Keep Driving E-Commerce Synergies! - Key Drivers

Walmart delivered a strong result and managed an all-around beat last quarter. The company continued gaining market share across various formats...

Baptista Research

MT (Meituan 3690 HK): 2Q23, Record High Op Profit, 38% Buy

Total revenue grew by 33% YoY, which is the highest growth rate in the past seven quarters. The company achieved a higher operating profit in 2Q23...

Ming Lu

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FSN E-Commerce Ventures (NYKAA IN) | Troubles at Core?

​FSN E-Commerce Ventures (Nykaa) is facing problems in its core BPC segment, which could compound existing issues with its Fashion Business.

Pranav Bhavsar

Lalatech Holdings Pre-IPO - Refiling Updates - Growth and Profit Pickup but Valuation Gap Remains

Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO. In this note we talk about the refiling updates.

Sumeet Singh

As a Group, Typical SHEIN & Temu Users in the US Lack Political Clout; Why It Matters

In this insight we explain why SHEIN's and Temu's youthful customer base in the US is a political liability, despite its attractive growth potential.

Tracking Traffic

Walmart Inc.: The Flipkart Stake Augmentation Can Keep Driving E-Commerce Synergies! - Key Drivers

Walmart delivered a strong result and managed an all-around beat last quarter. The company continued gaining market share across various formats...

Baptista Research

MT (Meituan 3690 HK): 2Q23, Record High Op Profit, 38% Buy

Total revenue grew by 33% YoY, which is the highest growth rate in the past seven quarters. The company achieved a higher operating profit in 2Q23...

Ming Lu

FSN E-Commerce Ventures (Nykaa) is facing problems in its core BPC segment, which could compound existing issues with its Fashion Business.