Equity Research

Our equity research services can be utilised by buy-side and sell-side firms to enable in-house analysts spend more time on revenue generating activities and accelerate the pace of idea generation, expansion into new geographies, entry into new sectors, and ongoing maintenance research, in a cost-effective manner. Amid decreased research budgets and hiring constraints environment, our analysts can become a source of significant leverage by taking on time-intensive and repetitive tasks.

Our analysts are proficient in financial modeling, background research, idea generation, sector and thematic research, company analysis, absolute and relative valuation, as well as in data collection and analysis.

Company Research

We help our clients to expand research coverage and depth, as well as offer them the flexibility to handle the workload during peak earnings season smoothly in a cost effective manner.

Our offerings in company research include:

Coverage Initiation

• Initiation coverage reports
• Initiation coverage modeling
• Investment thesis analysis

Coverage Maintenance

• Quarterly update reports
• Preparing earnings preview and review notes
• Updating valuation
• Event update reports
• Quarterly model updates
• Earnings quality assessment
• Variance analysis (estimates vs guidance / street estimates / actuals)

Tear Sheets

• Company overview & business description
• Key drivers
• Business strategy & outlook
• SWOT analysis

Meeting Preparatory Notes

• Quick financial overview
• Investment positives & negatives
• Market opinions
• Management questionnaire

Financial Modeling and Valuation

We build models that are customized, flexible and built with multiple scenarios/sensitivities, so that clients can further modify them at their end. By using our services, substantial time and efforts in updating financial models during earnings seasons and following corporate actions can be saved.

Our financial modeling offerings include:

• Working model with historical financials and forecast structure
• Creating first-cut structured forecast models with detailed revenue and cost drivers, at segment level backed by company and industry research
• Customized equity models with varying level of detail
• Maintenance of models, including quarterly updates and forecast revisions
• Creating firm-specific standardized templates and databases
• Performing both simple and complex valuations incorporating sensitivity analysis
• Equity valuation models based on DCF / EVA / relative valuation / sum-of-the-parts valuation approaches
• Merger models including synergy analysis
• LBO models with detailed sensitivity/scenario analysis
• Consensus estimate/mean value based financial models
• Detailed financial models including seasonality analysis

Background Research

We help our clients to collect relevant quantitative and qualitative background information on companies, sectors and themes in a customized manner, to form opinions and make judgments.

Idea Generation

We study themes and perform detailed research on sectors and companies in order to generate and validate investment ideas for our clients by leveraging our proprietary research methods. We help our clients to identify sub-segments and companies that are likely to be most affected by broad ideas conceived by our clients and to convert those ideas into actionable concepts.

Monitoring and Synthesizing Broker Research

Very often institutional investors and asset managers use varied approaches in the way they use broker research, we monitor and synthesize broker updates, reports, and models and customize the output as per each client's preference and maximise value generation from broker research.

Market Watch & Technical Reports

We can help our clients to regularly track companies by monitoring developments and assessing implications for various companies.

• Daily/Weekly market updates and other publications targeted at market constituents
• Periodic newsletters tracking sectors, markets and economies

Comparable Analysis Templates and Updates

• Industry peers analysis
• Relative valuation
• Comparable company analysis

Investment Banking Research

We can support our investment banking clients in the entire deal process from origination to closure so that they can spend more time on client-facing and deal-making activities while we take care of research, analytics and data gathering activities.

Our investment banking research services include:

Deal Origination Support

• Screening & short listing of acquisition targets / buyers
• Lead generation
• Brief/detailed profiles of shortlisted candidates
• Pitch book preparation
• Company and industry/sector snapshots
• Opportunity assessment

Deal Execution Support

• Business valuation
• Competitive positioning analysis
• Guideline public company analysis
• Precedent transaction analysis
• Financial modeling
• Capital structure analysis
• M&A valuation and modeling
• Synergy analysis
• Information synthesis and documentation support
• Road show presentation
• Information memorandums
• IPO documents/prospectus drafting support
• Deals databsases
• Pre-IPO valuation and analysis

Other services:

• Sector research
• Newsletters - daily/weekly/monthly/event driven
• Periodic deal activity summaries
• Impact analysis of new regulations
• IPOs/new issues analysis

Private Equity (PE) and Venture Capital (VC) Research

Our clients can utilise our services across the entire investment life cycle, from deal origination and execution to portfolio monitoring to exit events. We help our clients to focus on critical deal activities, while leveraging our experience across sectors and geographies to facilitate better decision making.

Deal Origination Support

Sector scrutinization

• Sector dynamics reports
• Assessment of investment opportunities in different sectors
• Thematic reports
• Investment themes identification
• Rigorous analysis of selected themes
• Sector trend reports

Industry data mining

• Industry level data compilation including operational and financial performance
• Key industry trends
• Industry drivers and dynamics

Target screening and company profiling

• Screening companies based on client specific criteria
• Preparation of brief company profiles on select companies filtered through the screener
• Detailed company profiles on shortlisted companies

Deal Assessment Support

Business plan assessment

• Thorough review of financial forecasts
• Validation of valuation and forecast assumptions
• Market attractiveness assessment
• Competitive landscape analysis

Financial modeling and business valuation

• DCF, relative valuation
• NPV, IRR, Payback period calculation
• Sensitivity analysis
• Precedent transaction analysis

Portfolio Monitoring

• Periodic valuation of portfolio companies
• Competitor benchmarking
• Industry/sector development updates
• Newsletters and other periodic reports
• Investor communications

Fund Raising Support

• Fund pitch books
• Road show presentations

Exit Events

• Pre-IPO Stock Valuation
• Comparative Valuation
• Sensitivity/ Scenario Analysis
• Partnership / JV / M&A opportunity analysis
• M&A valuation

Industry Research

Our sector & thematic research services can be utilised by our clients to quickly get an understanding of any sector/theme in a cost effective manner and enable in-house analysts spend more time on revenue generating activities.

Our major services include:

• Industry snapshot
• Detailed industry analysis
• Industry valuation
• Analysis of industry dynamics, key trends and key drivers
• Reports on macro themes
• Stock impact analysis
• Periodic newsletters tracking any sector/theme

Economic Research

Our clients can use our services to track developed, emerging and frontier economies across the globe. We provide a broad range of qualitative and quantitative economic research services of varying complexities including custom-designed economic periodicals and policy trackers; performing sector and thematic research; database creation, updates and maintenance; and econometric modeling and forecasting.

Economic Periodicals and Policy Trackers

• Periodic overview of economies
• Analysis and updates of monetary and fiscal policy
• Investment/regulatory/business environment in any country
• Key drivers of an economy
• Analysis of regulations and economic reforms

Sector and Thematic Research

• Studying correlation between economic growth and asset markets
• Analysis and updates of key sectors
• Understanding the threats of contagion from particular economic events
• Identifying investment opportunities in sectors (and geographies)

Database Creation, Updates and Maintenance

• Databases on economies and major indicators
• Periodic updates of data forecasts
• Chart-books and interactive queries

Econometric Modeling and Forecasting

• Comprehensive macroeconomic models for countries and regions
• Scenario and sensitivity analysis
• Modeling specific variables like interest rate, inflation, and structural indicators
• Impact-evaluation of policy reforms and shocks
• Modeling key banking and financial sector variables/ indicators