In today’s briefing:
- Ola Electric Pre-IPO – The Positives – India’s Answer to Tesla?
- Postcard from Ranchi | The Wild Wild East
- Yatra Online Ltd- Forensic Analysis
- IDFC First Bank (IDFCBK IN): Long-Term Guidance 2.0; Clarity of Thought Is a Source of Comfort
Ola Electric Pre-IPO – The Positives – India’s Answer to Tesla?
- Ola Electric is looking to raise about US$1bn in its upcoming India IPO.
- Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
- In this note, we talk about the positive aspects of the deal.
Postcard from Ranchi | The Wild Wild East
- With the “Postcard” series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.
- For this Postcard, we travel to the east to the city of Ranchi, located in the heart of Jharkhand.
- Stocks in focus include Utkarsh Small Finance Bank (1639303D IN), Aditya Vision (AVL IN), Mahindra & Mahindra (MM IN), Vedant Fashions (MANYAVAR IN).
Yatra Online Ltd- Forensic Analysis
- Yatra (YATRA IN) had its IPO recently and is the third largest OTA players in India (among key OTA players) in F23.
- When it comes to the financials and forensics, there are several red alarms that catch our attention.
- These include weak internal controls as highlighted by auditors, poor earnings quality, revenue recognition woes, high litigation liabilities off the books, etc.
IDFC First Bank (IDFCBK IN): Long-Term Guidance 2.0; Clarity of Thought Is a Source of Comfort
- IDFC First Bank Limited (IDFCBK IN) management has provided long-term strategic guidance along with its 3Q24 results, which lays down a clear roadmap for the bank’s progress.
- The latest results are slightly below estimates but the medium-term factors for our thesis haven’t changed – viz. a strong franchise underscored by heavy retail footprint and incrementally improving unit-economics.
- We reiterate “Long-term Buy”, with 42% upside in near-term, as the bank continues to realize the benefits of its increasing scale on its earnings profile.
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