Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Pranav Bhavsar & the team at India Independent Insight (Iii), provide research on consumer companies operating or have exposure to in India. The research methodology focuses on carrying out on-the-ground channel surveillance/checks that include supplier/distributor/customer interactions, access to industry experts, and bespoke primary data sources that aid in providing unique insights and counter consensus ideas.  

Leveraging the team's forensic analysis along with channel surveillance, the team at Iii also aids investors in early identification of changing consumer trends, identification and quantification of accounting/governance risks, and the associated impact on the business model of the company.

Pranav has over 15 years of experience in the Indian equity market, and has worked with some of the global activists, long only and PE funds for their India projects. Prior roles also include building and leading an institutional sell-side desk. In his free time, Pranav is a traveler, biker, and a young Indian contributing to the country’s social and economic development.

Consumer Analyst / Channel Surveillance Specialist

Berger Paints (BRGR IN) / Pidilite Industries (PIDI IN) | Fundamental Factors Back the Signal

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ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Equity Bottom-Up

The Indian Materials space especially paints is expected to see multiple headwinds over the next two years.  In this Insight, we provide our rationale on a possible trade setup for a Short <a href="https://www.smartkarma.com/entities/berger-paints-india-ltd" target="_blank" data-smartkarma-citation="entities:5431:1" rel="noopener">Berger Paints India (BRGR IN)</a> and Long <a href="https://www.smartkarma.com/entities/pidilite-industries-ltd" target="_blank" data-smartkarma-citation="entities:20573:1" rel="noopener">Pidilite Industries (PIDI IN)</a>. 
Over the last 1 Year, BRGR has outperformed PIDI by ~41%. On an absolute basis, BRGR posted a 54.65% return and PIDI posting a 13.69% return. We now expect PIDI to catch up and outperform BRGR. 
BRGR and PIDI are highly correlated in spite of having different products, due to similar dynamics of the sector they operate in.

The Indian Materials space especially paints is expected to see multiple headwinds over the next two years.  In this Insight, we provide our rationale on a possible trade setup for a Short Berger Paints India (BRGR IN) and Long Pidilite Industries (PIDI IN). 
Over the last 1 Year, BRGR has outperformed PIDI by ~41%. On an absolute basis, BRGR posted a 54.65% return and PIDI posting a 13.69% return. We now expect PIDI to catch up and outperform BRGR. 
BRGR and PIDI are highly correlated in spite of having different products, due to similar dynamics of the sector they operate in.

Berger Vs Pidilite - A Long/Short Opportunity