Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

India Micro-Finance: Noteworthy Trends and Updates

Ujjivan Small Finance Bank: Growth Momentum Continues; Ripe for Scaling Up

Ujjivan Small Finance Bank IPO: An Opportunity to Cherish!

Thematic (Sector/Industry)

In this insight we bring key thematic/industry insights across the Indian Banks and NBFCs segment, based on management interactions, industry/media sources and earnings update from <a href="https://www.smartkarma.com/entities/jm-financial-ltd" target="_blank" data-smartkarma-citation="entities:7475:1" rel="noopener">Jm Financial (JM IN)</a>, <a href="https://www.smartkarma.com/entities/au-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:24196:1" rel="noopener">Au Small Finance Bank (AUBANK IN)</a>, <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> , <a href="https://www.smartkarma.com/entities/rbl-bank-ltd" target="_blank" data-smartkarma-citation="entities:22856:1" rel="noopener">RBL Bank Ltd (RBK IN)</a>, <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a>, <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>, <a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank Ltd (ICICIBC IN)</a> and <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a>.
Key Discussion Topics
<ul>
<li>Moratorium on Loans</li>
<li>COVID-19 Impact on the Business
<ul>
<li>Provisioning and Potential Impact on Asset Quality </li>
<li>Fixed Costs/Variable Costs Assessment</li>
<li>Customer Engagement</li>
</ul>
</li>
<li>Liquidity and Solvency Conditions</li>
<li>Risk Appetite among Banks</li>
<li>End-User Industry Insights
<ul>
<li>Credit Card Spending and Repayment Behavior</li>
<li>Real Estate Sector
<ul>
<li>On-ground Insights on Construction Activity</li>
</ul>
</li>
<li>MSME Segment</li>
<li>Rural/MFI Segment</li>
<li>Commercial Vehicle (CV) Segment</li>
</ul>
</li>
<li>COVID-19 Led Behavioral Shifts
<ul>
<li>Work from Home Trends</li>
<li>Digitization</li>
<li>Salary Cuts</li>
</ul>
</li>
<li>Policy Suggestion</li>
</ul>
<div class="content-highlight">
Note that this insight is labeled bullish as, while there are near-term challenges for the sector, the under-penetration of financial services in India provide long runway for growth. Also, the presence of high-quality players in the space, suggest that the sector has ample investment opportunities. Apart from our NBFC picks - <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance (BAF IN)</a>, <a href="https://www.smartkarma.com/entities/lic-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:15667:1" rel="noopener">LIC Housing Finance (LICHF IN)</a> and <a href="https://www.smartkarma.com/entities/edelweiss-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:15015:1" rel="noopener">Edelweiss Financial Services (EDEL IN)</a>, we have also grown bullish on <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> with valuations becoming more benign.
</div>

In this insight we bring key thematic/industry insights across the Indian Banks and NBFCs segment, based on management interactions, industry/media sources and earnings update from Jm Financial (JM IN), Au Small Finance Bank (AUBANK IN), Yes Bank (YES IN) , RBL Bank Ltd (RBK IN), Indusind Bank (IIB IN), HDFC Bank (HDFCB IN), ICICI Bank Ltd (ICICIBC IN) and Axis Bank Ltd (AXSB IN).
Key Discussion Topics

Moratorium on Loans
COVID-19 Impact on the Business

Provisioning and Potential Impact on Asset Quality 
Fixed Costs/Variable Costs Assessment
Customer Engagement


Liquidity and Solvency Conditions
Risk Appetite among Banks
End-User Industry Insights

Credit Card Spending and Repayment Behavior
Real Estate Sector

On-ground Insights on Construction Activity


MSME Segment
Rural/MFI Segment
Commercial Vehicle (CV) Segment


COVID-19 Led Behavioral Shifts

Work from Home Trends
Digitization
Salary Cuts


Policy Suggestion


Note that this insight is labeled bullish as, while there are near-term challenges for the sector, the under-penetration of financial services in India provide long runway for growth. Also, the presence of high-quality players in the space, suggest that the sector has ample investment opportunities. Apart from our NBFC picks - Bajaj Finance (BAF IN), LIC Housing Finance (LICHF IN) and Edelweiss Financial Services (EDEL IN), we have also grown bullish on HDFC Bank (HDFCB IN) with valuations becoming more benign.


AU Small Finance Bank Limited (AUBANK IN)

Indian Banks and NBFCs: Noteworthy Trends and Updates