manish gunwani

Head-Equities, Bandhan AMC

[manish gunwani @GunwaniManish]

@LGIndia Our complaint number RNP210812065803 has been pending for months..pls resolve it

[manish gunwani @GunwaniManish]

@LGIndia We bought a high end LG refrigerator last year(model GC L247CLAV 668litres)..really disappointing experience - product quality, service etc

[manish gunwani @GunwaniManish]

@LGIndia We bought a high end LG refrigerator last year(model GC L247CLAV 668litres)..really disappointing experience - product quality, service etc

[Sivakumar @eyeofsiva]

Several people have replied stating that AT1 bonds have loss absorption features. I have no issue with that. My point was related to RBI circular relating to seniority. Please read.

[Mohit Gang @Mohit_Gang]

Prioritising Equity over AT1 bond holders in #YesBank draft resolution is a first in this country!
In all fairness @RBI is setting up a bad precedent for the bond industry by subverting their rights. Critical takeaways:
1) Scares away a potential source of capital for all banks

[manish gunwani @GunwaniManish]

This chart underscores the importance of remittances to india. Remittances continues to be higher than FDI flows in India.

[manish gunwani @GunwaniManish]

After more than quadrupling from Aug'19 low Tesla is today worth more than any Indian company(165 bn$)!

[manish gunwani @GunwaniManish]

Economic survey 2020 pitches for aggressive divestment of CPSEs. It clearly states the potential of all-round efficiency gains with timely strategic sale.

[manish gunwani @GunwaniManish]

Tepid real estate market is an issue not just in India - longest period of decline in residential investment globally after 2008 as per Oxford Economics.

[manish gunwani @GunwaniManish]

Research by Mr.Schmelzing of Yale shows real interest rates have been declining for last 700 years in developed countries. Hope direction is same in India.

[manish gunwani @GunwaniManish]

Long term data on US market by GMO shows dropping any one sector would not have affected returns significantly.

[manish gunwani @GunwaniManish]

Interesting chart splitting market by key driver. Penetration and market share driven companies (structural winners) have high share now versus macro driven (chart-CS).

[manish gunwani @GunwaniManish]

What India needs- Labour intensive exports from small towns facilitated by dynamism of both Government and entrepreneurs.

[manish gunwani @GunwaniManish]

Apple Airpods-launched 3 years back- $12bn revenue, 125% growth, gross margins estimated 30%+. If listed separately probably be worth more than any Indian company($130bn approx).

[manish gunwani @GunwaniManish]

Why is the market doing better than the economy? This chart offers a partial explanation. IIP split shows larger companies have done better than smaller ones (chart-edelweiss).

[manish gunwani @GunwaniManish]

Interestingly last 3 months Tesla has added more market cap than Maruti's entire mcap (30bn $ plus)

[manish gunwani @GunwaniManish]

3 themes which are likely to dominate the next decade-climate change, automation of jobs and rise of China in hitech (charts by FT)

[manish gunwani @GunwaniManish]

Starting point matters! As we enter the new year lets reflect on the record performance gap between largecaps versus mid/smallcaps. From an asset allocation perspective this is a good entry point for the broader market.
Best wishes for 2020s..

[manish gunwani @GunwaniManish]

Nice visual summary of the markets for the year 2019 by Morgan Stanley.

[manish gunwani @GunwaniManish]

The 2 phases when nominal GDP growth less 10yr Gsec yield in india has gone negative its been a great time to buy cyclicals(2001/2009). As this gap turned negative again in 2QFY20 looks like we are setting up for the third time!!