Earnings estimates looking increasingly ‘realizable’
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Indiscriminate carnage in small caps
Passive institutional in-flows drive large-cap outperformance
India isn’t as closely tied to global cooling but broad valuations remain a headwind
Stocks continue their re-alignment from disconnected valuations
As earnings-valuation disconnects correct, unraveling gets overdone in select pockets
Our focus remains on idiosyncratic catalysts amidst elevated expectations elsewhere
Job losses in the informal economy threaten sanguine F2019 earnings expectations
Skewed liquidity conceals signs of fatigue in midcaps
Heavy retail influence continues to drive price disconnects
Frothy as it goes
Batten down the hatches
Earnings expectations gradually drifting towards 'realizable' zone but 'on-sale' card not out yet
Broad-based margin expansion isn’t always the same as aggregate expansion. The case for former is weak.
FPI ownerships heavily influence 1Q selloff
Steering clear of the 'basket prognosis'
Estimates continue to drift lower; material room for operating leverage to kick in
Institutional selling within large-caps keeps attention away from earnings volatility elsewhere
Indian small-caps 2.0
Multiple expansion wouldn’t likely dictate superiority in 2015
India’s ‘invested’ leaders often trump their ‘entitled’ peers
When siphoning strikes
Fear to jubilation in 40 seconds