EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

India IPO Forensics: TVS Supply Chain Solutions, SBFC Finance, Utkarsh Small Finance Bank

India Independent Insight


TVS SCS - an Indian supply chain firm with a 7% market share; although 70% of operations are international, struggling foreign branches raise sustainability doubts. Additionally, issues like asset impairment, debt-heavy balance sheet, costly acquisitions, asset sales and excessive promoter pay warrant attention.
SBFC - while FY23 saw a robust performance driven by business expansion, efficiency and managed credit expenses, notable concerns like legal disputes, employee turnover and write-offs require careful consideration.
Utkarsh - ranked fifth among India's SFBs, the company exhibited strong advances, deposits and enhanced efficiency recently. Yet, vigilance is advised regarding INR 6bn write-offs in the past two years that aided NPA reduction.

Edition: 167

- 18 August, 2023