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

Asian Jewellery Retailers | Titan Vs Chow Tai Fook

Chow Tai Fook Jewellery: Play the Recovery

Earnings Update | Titan: All that Glitters Is Gold

Titan Co Ltd (TTAN IN) | Channel Checks Suggest Revenue Growth Might Beat Consensus

Titan | Takeaways from Interaction with a Tanishq Franchise Store Owner

Titan (TTAN IN) | Jewellery Margins Surprise

Postcard from Surat (India) | Studded Jewellery Unlikely to Aid in Margin Expansion for Titan

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 interact with Watch Store Franchisees of <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> to get some colour on their current strategy for survival and expected drop in sales post locked down. </p>
<div>Investors should expect the worst in Q1 or even Q2. For this year, we believe the focus should be on the Balance Sheet and not P&amp;L. </div>
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<div>We remain bullish on TTAN and a sharp dip in Q1 earnings could be used as a potential entry point. Our primary assumption is that the broader economy will be partially allowed to function post 30th April. Malls and Stores could open from June 1st or even late June, anything beyond this period would put the current view at risk.</div>

We interact with Watch Store Franchisees of Titan Co Ltd (TTAN IN) to get some colour on their current strategy for survival and expected drop in sales post locked down. 
Investors should expect the worst in Q1 or even Q2. For this year, we believe the focus should be on the Balance Sheet and not P&amp;L. 

We remain bullish on TTAN and a sharp dip in Q1 earnings could be used as a potential entry point. Our primary assumption is that the broader economy will be partially allowed to function post 30th April. Malls and Stores could open from June 1st or even late June, anything beyond this period would put the current view at risk.

Titan (TTAN IN) | Interaction with Watch Store Franchisees