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

The Week that Was in ASEAN@Smartkarma - SE Asia's Consumer Proxy, Wilmar's YKA IPO, and CRC

LIC Housing Finance | Reiterate Buy - The Worst Is Behind Us

LIC Housing Finance: Asset Quality Weakens But Green Shoots Emerging

2020 High Conviction: LIC Housing Finance: A Growth Compounder Ripe for Re-Rating

Equity Bottom-Up

<p>As anticipated in our prior insight <a href="https://www.smartkarma.com/insights/lic-housing-finance-reiterate-buy-the-worst-is-behind-us" target="_blank" data-smartkarma-citation="insights:40519" rel="noopener">LIC Housing Finance | Reiterate Buy - The Worst Is Behind Us</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>'s strong Q1FY21 earnings and upbeat outlook seem to suggest that the worst could indeed be behind us. LICHF Q1FY21 earnings came in strong with PAT up 34% YoY. LICHF's asset quality improved as Stage 2 assets declined to 3.97% of AUM from 4.66% QoQ and Stage 3 assets stayed flat QoQ at 2.83%. Annualized credit costs declined 75% in Q1FY21 to 0.11% vs 0.46% of AUM for FY20, showing strong reversal in line with our expectation.</p>

As anticipated in our prior insight LIC Housing Finance | Reiterate Buy - The Worst Is Behind Us, LIC Housing Finance (LICHF IN)'s strong Q1FY21 earnings and upbeat outlook seem to suggest that the worst could indeed be behind us. LICHF Q1FY21 earnings came in strong with PAT up 34% YoY. LICHF's asset quality improved as Stage 2 assets declined to 3.97% of AUM from 4.66% QoQ and Stage 3 assets stayed flat QoQ at 2.83%. Annualized credit costs declined 75% in Q1FY21 to 0.11% vs 0.46% of AUM for FY20, showing strong reversal in line with our expectation.

LIC Housing Finance: The Worst Could Be Behind Us; Post Moratorium Borrower Behavior Key