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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>Company and Industry Outlook for FY2019</strong></h2><p><strong>Strong Topline Growth Unlikely to Expand Margins as Startup Costs at Hungarian Plant Seep into FY2019 </strong></p><p><a href="https://www.smartkarma.com/entities/8423" target="_blank" data-smartkarma-citation="entities:8423:1">Apollo Tyres Ltd (APTY IN)</a> had enjoyed EBITDA margins in the high teens until the beginning of FY2017 when it began to decline due to start-up costs at its Hungarian plant and higher raw material costs. The company stated that losses at its Hungarian plant have peaked in 3QFY2018 and are expected to decline as the company continues to ramp up capacity…</p>

Company and Industry Outlook for FY2019Strong Topline Growth Unlikely to Expand Margins as Startup Costs at Hungarian Plant Seep into FY2019 Apollo Tyres Ltd (APTY IN) had enjoyed EBITDA margins in the high teens until the beginning of FY2017 when it began to decline due to start-up costs at its Hungarian plant and higher raw material costs. The company stated that losses at its Hungarian plant have peaked in 3QFY2018 and are expected to decline as the company continues to ramp up capacity…

Apollo Tyres: Capacity Constraints Hamper Radial Growth; Industry Expects RM Costs to Spike in FY19