Kunal Walia

Running an Entrepreneur led boutique investment bank focused on technology businesses

[Kunal Walia @KunalWalia]

@kmr_dilip Funnily enough last few days the ring runs out of charge in under 15-18 hrs and tracking goes haywire when wearing gloves (I am at a hill station).

[Ritesh Banglani @banglani]

Move over Dua Lipa and Diljit! I have tickets to the Melbourne and Sydney tests that I'm sadly unable to attend. Selling at cost. Please DM if you want them, or RT for good karma.

[Deepinder Goyal @deepigoyal]

Hello all - just want to clarify that the fssai team noted that 90 packets of button mushrooms had incorrect packaging date - these were already identified by our warehouse team and were rejected during an inward QC. This is not usual, and was due to a manual typing error on the vendor’s side. Still, the concerned vendor has been delisted from our database. At Hyperpure, we have stringent inward guidelines and tech systems that helped our teams to identify this error in time.

We are committed to upholding industry food safety standards and are focused on not compromising on product quality at any stage of the supply chain. The recent food safety inspection at our Hyderabad warehouse resulted in the Hyperpure warehouse achieving an A+ rating, highest benchmark in their ranking.

I am not sure why just these small number of mushroom packets worth Rs 7,200 (out of the crores of inventory in the warehouse), which were never going to make it to customers, are being talked about the media, while we got an A+ rating. Maybe some people benefit from the virality which they get at the expense of pulling down the Zomato brand. And maybe we all love to believe the narrative that “all big business is bad business”.

[Kunal Walia @KunalWalia]

@peeyushc Don’t forget Sidhu as an example of excellent foot work against spin. Again, no expert but what little I saw of him live was exceptional and aggressive batting against spin

[Sambit Mohanty @sambitrants]

@shuchinbajaj @DelhiAirport @CISFHQrs @DelhiAirport can you please help and find the details of the Doctor who has saved my father.

[Peeyush Chitlangia @peeyushc]

My 8 go-to sources for Industry Research

Please repost 🙏 if you find this useful...

Understanding the Industry is critical for valuation and investing.

Whether a listed company, or a startup, you have to get a sense of the industry before you form a view on the company.

Here are 8 sources where you can get data on the industry

1) Company Annual Reports - The first place to start is to pick up Annual Reports or Investor Updates of companies in the sector you are evaluating, and see if any data is available. If you are analysing the Insurance industry, pick up Annual reports of listed insurance companies.

2) IPO Prospectus - If you are lucky, a company in the sector would have come with an IPO in the last 2-3 years, or is planning to go for an IPO. The DRHP has a good 20-30 pages on the industry, and that is a good place to search for industry data

3) Any Industry Body - SIAM for Auto Sector, NASSCOM for IT, AMFI for Mutual Fund Industry. You may get some decent industry data from such industry bodies.

4) Regulatory Body Website - RBI for Banking, IRDA for Insurance, DGCA for airlines, TRAI for telecom. Regulatory body websites give you good data for Industry

5) Ministry Website, if any - Ministry of Steel, Ministry of Power, Ministry of Tourism. You may get good data if the sector has a defined ministry.

6) Brokerage Reports - If a broker has covered the sector, you could get some decent data

7) Credit Rating Reports - Companies issuing debt will have credit rating reports issued on them. These give some information on the sector and business as well. Some rating agencies also hold webinars on industry analysis periodically.

8) Other websites – Sites such as IBEF and reports published by consulting firms can be helpful as well.

What other sources do you use for industry research? Please do share!

[Kunal Walia @KunalWalia]

@gehani ?

[Kunal Walia @KunalWalia]

@rchowdhri 2 for me please! Self drive far more important to build organisations

[Kunal Walia @KunalWalia]

Why? Why do we need regulators for e-gaming? Will this be restricted to “real money games”? If not we are moving innovation off shore

[ETtech @ETtech]

After the electronics and information technology ministry (@GoI_MeitY) scrapped the idea of a self-regulatory body for online gaming, it may be looking at incorporating an independent regulator that will allow only registered entities to offer e-gaming services in India

[Anoop @CalmInvestor]

Only problem: What if they’ve put out a few such “everything is about to go kaboom” pieces over the years?

Only with time you realise pessimism has the unfair advantage of sounding smart by default.

This is not to say the analysis is flawed. In fact, it's top-notch.

Just that markets are awfully hard to predict, even for the folks who’ve got it right a few times.🤷‍♂️

[Kunal Walia @KunalWalia]

I would like to quote Peter Thiel, “…something that doesn’t work will not have worked due to several reasons, hence, failure is a bad teacher. But large success is typically based on a handful of reasons.” (Paraphrasing)

[Jon Erlichman @JonErlichman]

“You learn nothing from success. You learn everything from failing.”

~ George Clooney

[Kunal Walia @KunalWalia]

@deepakshenoy 100% in agreement. This is regulatory over reach and stinks of central control. Not good for markets in long term.

[Kunal Walia @KunalWalia]

@guthikonda @peeyushc Sir don’t ask. Literally what triggered me. Cant make head or tails anymore for those following IndAS esp on lease revenue recognition

[Kunal Walia @KunalWalia]

@guthikonda @peeyushc Yes chief. Problem is wading through complex accounting to arrive at true FCF and real debt :)

[Kunal Walia @KunalWalia]

@peeyushc Understood, thanks. I try to look at depreciation based on industry so you are right. But interest coverage on its own also is tricky as loan tenure matters quite a bit for principal servicing which needs to be accounted for. Esp in context of “convertible”

[Kunal Walia @KunalWalia]

@peeyushc @abhymurarka The credit growth will obviously slow down given pressure on margins but again to me looks like a 4-6 quarters play post which they should be back to a healthier NIM with measured growth.

[Kunal Walia @KunalWalia]

@peeyushc @abhymurarka Mine was that they would take 4-6 quarters to tide over the tough liquidity (as interest rates come down) which relieves pressure on CASA (have seen HDFC offer 20-50 bps higher than SBI, which is a first from memory).