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Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<h2><strong>Incessant Rains in South Likely to Arrest Fall in NR Prices; Margins to Remain Under Pressure in 2H</strong></h2><p>Over the past five years, <a href="https://www.smartkarma.com/entities/8423" target="_blank" data-smartkarma-citation="entities:8423:1">Apollo Tyres Ltd (APTY IN)</a>'s EBITDA margins have more than doubled from 8% to 17%. This was largely because of the slump in rubber prices, which fell from over INR 230/kg in 2011 to INR 90/kg in 2016. However, in late 2016 and early 2017, domestic rubber prices rallied once again, going up to about INR 165. This increase in raw material prices caused Apollo’s 1Q and 2Q net…</p>

Incessant Rains in South Likely to Arrest Fall in NR Prices; Margins to Remain Under Pressure in 2HOver the past five years, Apollo Tyres Ltd (APTY IN)'s EBITDA margins have more than doubled from 8% to 17%. This was largely because of the slump in rubber prices, which fell from over INR 230/kg in 2011 to INR 90/kg in 2016. However, in late 2016 and early 2017, domestic rubber prices rallied once again, going up to about INR 165. This increase in raw material prices caused Apollo’s 1Q and 2Q net…

Apollo Tyre: Restocking Post GST Buoys Revenue Growth in 2Q; Margins To Remain Under Pressure in 2H