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25 Sep, 5 tweets, 2 min read
Happy Saturday morning!☕️

This week's newsletter covers these topics:

1⃣ Market snapshot for the week
2⃣ How telecom companies are responding to reforms
3⃣ We explain the FED event with our view
4⃣ Some curated charts and reads

#Multipieweekly

multipie.co/blog/multipie-…
Telecom sector has seen consolidation over the last decade, but saw limited returns due to price war and policy logjams..Are the tides turning now?

Understand why Telecom companies are rallying after recent reforms 👇

multipie.co/blog/multipie-…
Dovish, hawkish, taper, liquidity. If these terms confuse you, we have simplified the FED's recent moves and what it means for markets. Click here to read 👇

multipie.co/blog/multipie-…
They say a picture speaks a thousand words. Every week, we skim through various reports and share 3 charts that matters for investors. Here are the charts of the week 👇

multipie.co/blog/multipie-…
As always, here is a quick video summary of this week's newsletter. Hope this helps :)

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More from @MultipieSocial

Multipie Profile picture
24 Sep
India in 2030 - how will the Indian economy look, say 10 years from now?

A thread🧵looking at key parameters based on our reading across reports. Retweet to make more people read and learn!

1/n
1. GDP

Estimated USD 6.5 TN (growing 2.5x from USD 2.6 TN in 2020).

Assumptions:
Avg. nominal GDP growth: 11.0-11.5%
Inflation: 5.0-5.5% (4% target is infeasible)
Real GDP growth: 6.0% on an average

Covid has pushed India’s target of USD 5 TN economy by FY25 by two years.
2. Per capita income

Likely to double to USD 4,300 with the increased formalization of the economy. Key beneficiaries will be consumption, banking, infra, etc

Currently, our per capita income is lower than many EM peers due to the dominance of informal economy as we see below:
Read 16 tweets
Multipie Profile picture
22 Sep
Breaking Investment Stereotypes - a quick capsule📌 of our 🎙️ with Saurabh Mukherjea (@MarcellusInvest).

We know this cannot capture all we learnt from the hour long discussion - check the full recording for that🤠


See select snippets in thread below👇 Image
1/8 Here is how Saurabh describes Marcellus's investment philosophy in simple terms 👇

- Clean promoters
- Essential products
- Monopoly franchises.
2/8
The true test of a monopoly is not market share, but pricing power. A monopoly is when even if a rival comes and offers the product 20% cheaper, the customer will say I am not shifting boss!
Read 8 tweets
Multipie Profile picture
21 Sep
Are we back to where we were in 2003 and nearing a Capex cycle?

A data thread🧵
1/n
In Budget 2022, the Finance minister allocated the highest ever expenditure towards:
1. Infrastructure (Roads, Highways etc.) and
2. Manufacturing in the form of PLI schemes to boost scale in industries & gain competitive advantage in global supply chains.
2/n
From 2006-2012 commodity prices were on uptrend with increased leverage & participation of the private sector was also high.

But between 2013-2020, we saw commodity prices going down with private sector participation declining.
3/n
Read 14 tweets
Multipie Profile picture
7 Sep
The Union Cabinet is expected to approve the Production Linked Incentive (PLI) Scheme for Textiles sector of Rs 10,683 crores tomorrow.

A short 🧵on Himatsingka Seide, which operates the world's largest Cotton Spinning plant!
1/12
2/12
Himatsingka Seide is an integrated Home Textile player focused on:
✅ Bedding (Bed-Pillow sheets)
✅ Bath (Terry towels)
✅ Drapery
✅ Yarn & Fibre
Branded portfolio constitutes ~90% of sales.

Exports to 32 countries (80% of sales from US); strong focus on Europe.
3/12
Model: Owned private + licensed brands

It has procured manufacturing and distribution rights for 15 top-notch global brands due to its vast distribution network and in-house design capabilities.

In FY21, it has added The Walt Disney co. to its global portfolio in Europe.
Read 12 tweets
Multipie Profile picture
3 Jul
Half of 2021 is over and market is showing some distinct patterns. Let's dissect the trends.
1/11

Thread🧵
multipie.co/blog/2021/07/0…
2/11

YTD (Jan-Jun):
📊Index: 17%; Overall market returns: 20%
📈Industrials, Power &Commodities best performers - old school capex heavy sectors
↔️ Asset light & new age has underperformed
🕺The rally has shifted to small & micro caps (YTD returns of 38% vs 17% for large caps)
3/11

Cash volumes have dried out on NSE in the last few weeks, indicating some tiredness in the rally:
Read 11 tweets
Multipie Profile picture
24 Jun
We studied RIL's annual report ahead of the much anticipated AGM. A thread🧵on Reliance Industries
#RILAGM
1/n
2/n
 Key investment focus areas:

⚡️De-carbonization (convert CO2 to chemicals); new energy
📲 Digital commerce
🛒Omni-channel retail
🍥FTTH broadband

Interesting mentions:
♻️Convert organic waste > renewable crude > transportation fuel
🧪High-value proteins and nutraceuticals
3/n
 Capex in the last decade:

👊RIL invested US$133bn (~9.4 Lk cr) equally between retail/digital and energy verticals

💰2/3rd funded via internal cashflows; 1/3rd via debt/ creditor funding and asset monetisation/capital raise

Details:
Read 9 tweets

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