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

Men's Underwear Index Is Slipping; Switch from Premium to Value Plays

Norwegian Fund’s Stand on Page Industries: Market Can No Longer Ignore Labour Rights Violations

Page Industries (PAG IN) | Key Takeaways from Interaction with Regional Distributor

The Fragile Urban Consumer | Rajasthan Checks Indicate an Emerging Urban Consumption Problem

Sector Capsule - Indian Inner Wear - FY18 Peer Review

India Consumer | How Long Will It Last? Q4 Takeaways and Channel Check Preview

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

<p>We argue that the rich valuations enjoyed by <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a> are not recession-proof as once assumed by many. Even products like Innerwear are subject to headwinds when the broader economic environment and consumer sentiment turns down.  </p>
<p>Volume recovery remains the key for PAG IN. The investments made by PAG IN in technology and sales may not yield the desired results as the operating environment has changed compared to the previous slow down.  Trading at ~52x FY2021 consensus EPS estimates the room for further disappointments from PAG IN remains. </p>

We argue that the rich valuations enjoyed by Page Industries (PAG IN) are not recession-proof as once assumed by many. Even products like Innerwear are subject to headwinds when the broader economic environment and consumer sentiment turns down.  
Volume recovery remains the key for PAG IN. The investments made by PAG IN in technology and sales may not yield the desired results as the operating environment has changed compared to the previous slow down.  Trading at ~52x FY2021 consensus EPS estimates the room for further disappointments from PAG IN remains. 

Page Industries (PAG IN) | Disappointments to Continue; Volume Recovery Key