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

India: Festive Season to Disappoint Auto Companies? Maruti (MSIL IN) And Hero (HMCL IN) More at Risk

Maruti Suzuki India (MSIL IN): Poor Sales Numbers Don't Make an Impact, Is Bad News Fully in Price?

India On the Ground: Were Festive Season Auto Sales Less Bad than Feared for Dealers?

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><a href="https://www.smartkarma.com/entities/733" target="_blank" data-smartkarma-citation="entities:733:1">Maruti Suzuki India (MSIL IN)</a> stock has corrected by 30% from its peak this year. In this Insight, we bring you our perspective which is based on our visits to dealerships across the rural oriented locations of Gujarat (Nadiad, Anand, Vadodara, Bharuch).  We highlight how competitive intensity is shaping up and key drivers for rural demand and also some observations on the progress of current festive season. We then present our views on the current valuation, arguing for PE contraction due to multiple headwinds in sight. There might be still pain left in the stock price with potential target of INR 5528 per share if the stock hits the lower PE band at 20x, representing a 17% downside from today's close. </p>

Maruti Suzuki India (MSIL IN) stock has corrected by 30% from its peak this year. In this Insight, we bring you our perspective which is based on our visits to dealerships across the rural oriented locations of Gujarat (Nadiad, Anand, Vadodara, Bharuch).  We highlight how competitive intensity is shaping up and key drivers for rural demand and also some observations on the progress of current festive season. We then present our views on the current valuation, arguing for PE contraction due to multiple headwinds in sight. There might be still pain left in the stock price with potential target of INR 5528 per share if the stock hits the lower PE band at 20x, representing a 17% downside from today's close. 

Winds of Change | Ground Checks Suggest Multiple Headwinds Still in Sight for Maruti (MSIL IN)