Peter Kennan of Black Crane Capital presented his investment thesis on Intelligent Monitoring Group (Australia: IMB) at Asian Investing Summit 2025.

Peter presented his original thesis at Asian Investing Summit 2024.

Thesis summary:

Intelligent Monitoring Group (IMG) is a leading Australian security services company that is undergoing a compelling transformation from a legacy alarm monitoring business to a growing, tech-enabled security platform. Historically known for signal-based monitoring, IMG has successfully positioned itself at the forefront of video guarding — a rapidly expanding segment that replaces human guards with AI-driven, remotely monitored video surveillance. The company’s shift in strategy is yielding tangible benefits, with strong tailwinds from commercial growth, margin expansion, and industry adoption of higher-tech solutions.

Video guarding, which is well underway in the U.S. and Europe, is now gaining momentum in Australia, where the addressable market includes over 10 million residential premises and 2.6 million registered businesses. IMG is uniquely positioned to lead this evolution due to its incumbent scale, trusted brand, and differentiated capabilities — including Grade A control rooms, the country’s largest installer network, and reseller partnerships. With minimal capex requirements and substantially higher operating margins than traditional guard-based models, the economics of video guarding are favorable. Management sees a multibillion-dollar opportunity, multiples larger than the current business size.

In addition to organic expansion, IMG continues to pursue value-accretive M&A, consolidating its leadership in the commercial and residential security segments. The company’s role as incumbent and disruptor gives it competitive advantages in acquiring smaller operators and scaling innovative technologies across its platform. Importantly, the downside appears well protected by a stable cash-generative legacy business, which supports reinvestment and provides optionality.

Despite these strengths, IMG recently traded at a low valuation relative to its long-term potential. With a strong balance sheet, growing commercial exposure, and early leadership in an underpenetrated but fast-evolving market, the company offers an asymmetric opportunity for patient investors. While the precise pace of adoption for video guarding remains a near-term unknown, the structural direction of the industry is clear — and IMG is best positioned to capitalize on it.

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About the instructor:

Peter Kennan is the founder of Black Crane Capital a catalyst/activist, deep value investment manager. Black Crane has a strong track record of creating value by actively engaging with under valued listed companies including the successful restructuring turnarounds of Elders, Emeco and MMA Offshore. Prior to founding Black Crane in 2009, Peter was a leading corporate financier with UBS Asia Pacific where he was Head of Asian Industrials Group, a team covering energy, infrastructure, resources, consumer/retail and general industrial companies. Prior to that, Peter was Head of Telecoms and Media for UBS Australia. Before UBS, Peter spent seven years with BP in a variety of engineering and commercial roles.

Vinod Moras of Kiara Advisors presented his investment thesis on Narayana Hrudayalaya Ltd. (India: NARH) at Asian Investing Summit 2025.

Thesis summary:

Narayana Hrudayalaya is a leading Indian hospital chain founded by the renowned cardiac surgeon Dr. Devi Shetty, with a mission to deliver high-quality healthcare at affordable prices. Since going public in 2016, the company has evolved from a doctor-led institution into a professionally managed, ROI-focused healthcare platform under the leadership of Viren Shetty. With a network of 19 hospitals across India and operations in the Cayman Islands, Narayana has executed a successful transformation by optimizing its asset base, improving clinical efficiency, and expanding EBITDA margins from ~10% to over 22% in just five years.

The company recently traded at ₹1,683 per share, giving it a market capitalization of approximately ₹344 billion ($4 billion), which represents a notable ~27% discount to Indian hospital peers on an EV/EBITDA basis despite stronger operational metrics. Since 2019, Narayana’s revenue has grown 74%, EBITDA has tripled, net income has surged over 500%, and return on equity has expanded fivefold to 31%. This performance has been driven by better occupancy rates, rising average revenue per occupied bed (ARPOB), and increasing insurance penetration. With structural tailwinds in India’s underpenetrated healthcare system and rising middle-class demand, the company is well-positioned for continued profitable growth.

Looking ahead, Narayana is entering an expansion phase with plans to add over 2,000 beds by FY2030, focused on core geographies such as Bangalore and Kolkata. This capital expenditure, totaling INR 29 billion, is expected to be funded entirely through internal accruals. Optionality exists through its successful Cayman Islands operation — which boasts 41% EBITDA margins and a ROCE above 50% — as well as pilot initiatives in integrated health insurance and monetization of its proprietary hospital management software (Athma and Medha). These efforts not only open up new profit pools but also demonstrate the scalability of Narayana’s low-cost, high-quality care model in international and tech-driven settings.

Risks remain, particularly from regulatory pricing caps, wage inflation, and the capital-intensive nature of the hospital business. Moreover, about 30% of EBITDA is derived from a single overseas hospital in the Cayman Islands, introducing some concentration risk. However, with a solid balance sheet, strong management, and multiple growth levers, Narayana offers an attractive blend of proven execution and long-term optionality. As healthcare in India transitions toward organized, insurance-led delivery, Narayana is well-positioned to emerge as a blue-chip compounder in the making.

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About the instructor:

Vinod Moras is a seasoned value investor with over a decade of experience in Asian equities. He is currently an Investment Manager at Highwest Global Management, overseeing the firm’s India portfolio within its Asia-focused, long-only strategy. Previously, he was Head of Investments at Sixteenth Street Capital, leading research and portfolio strategy for South and Southeast Asia. Vinod also held investment roles at KIARA Advisors and APS Asset Management. Vinod brings operational experience to investing, having worked in the automotive and oil & gas industries before transitioning to finance. He has been a member of the Value Investors Club (VIC) and holds an undergraduate degree in engineering and master’s degree in finance from NYU Polytechnic Institute.

Rajeev Agrawal of DoorDarshi Advisors presented his in-depth investment thesis on Repco Home Finance (India: REPCOHOME) at Asian Investing Summit 2025.

Thesis summary:

Repco Home Finance is a small-cap housing finance company in India, focused primarily on self-employed and salaried customers in the under-penetrated affordable housing market. With a 230-branch network and a customer base concentrated in Tier 2 and Tier 3 cities, Repco offers loans through direct sales, loan camps, and distribution agents. Despite growing assets under management at only 5% CAGR over the past six years, the firm has delivered stronger PAT growth of 10.6% annually. A combination of prudent underwriting, improving asset quality, and a resilient customer base has enabled Repco to generate consistently high returns on equity — averaging 14% over the last decade and 13% through COVID-disrupted years.

The company recently traded at ₹335 per share, or approximately $244 million in market cap, representing just 4.9x trailing earnings and 0.7x book value. With a capital adequacy ratio of 32.5%, Tier 1 capital at 31.7%, and improving credit metrics, the balance sheet is robust. Non-performing assets have steadily declined, and loans disbursed post-COVID are showing stronger repayment behavior, leading to lower credit costs. Net interest margins and spreads have improved steadily, driving both income and profitability in recent quarters. While management transition remains a key overhang, incoming CEO T. Karunakaran — an internal veteran who served previously as CFO and COO — is expected to provide continuity and operational clarity, with strategic direction to emerge in coming quarters.

Repco’s performance still lags behind larger Indian housing finance peers in terms of scale and growth, but the valuation gap has widened disproportionately. Peers trade at median multiples of 2.1x book and 19x earnings despite delivering similar long-term ROEs and slightly stronger growth. If Repco’s return profile holds and loan book growth accelerates even modestly, a re-rating is plausible. Management has guided for 15–20% PAT growth, and even assuming a conservative 12% CAGR and a re-rating to 8x P/E, the stock could double over the next 2.25 years—implying a 40% annualized return.

The market’s skepticism stems from a legacy of underperformance, uncertain growth prospects, and past leadership that overpromised and underdelivered. However, recent improvements in asset quality, profitability, and capital efficiency suggest a turning point. As liquidity builds and management credibility is re-established, Repco is positioned as a classic deep value play. Investors with patience and a long-term horizon may find a compelling margin of safety at current levels.

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About the instructor:

Rajeev Agrawal is the Fund Manager and Managing Partner at DoorDarshi India Fund. DoorDarshi India Fund is a US-based fund that focuses on investing in Indian equities. Rajeev is also the founder of DoorDarshi Advisors, a General Partner to DoorDarshi India Fund. Rajeev has been investing in the US and Indian equity markets for 15+ years. Rajeev follows Value Investing principles and finds that the Indian equity market provides wonderful opportunities for his style of investing. Prior to starting DoorDarshi, Rajeev was a Technology executive focusing on the Financial Industry and has worked with IHS Markit, Goldman Sachs, Bank of America, JP Morgan and Dresdner Bank. Rajeev did his B.Tech from IIT Bombay and MBA from IIM Calcutta.

Nandan Madhiwalla of Punctilious One presented his thesis on Mahindra Holidays and Resorts India (India: MHRIL) at Asian Investing Summit 2025.

Thesis summary:

Mahindra Holidays & Resorts operates under the Club Mahindra brand and offers vacation ownership memberships that grant customers access to a growing network of resorts across India and parts of Europe. At the heart of the business is an upfront membership model that generates float-like capital to fund resort expansion, with revenue recognized slowly over the life of the membership. Though the company’s European subsidiary, Holiday Club Resorts (HCRO) in Finland, has underperformed — particularly post-COVID and due to the Russia-Ukraine conflict — its core India operations have seen a steady improvement in customer satisfaction, occupancy, and cash flows.

In recent weeks, shares of MHRIL traded around ₹325, giving the company a market capitalization of ₹6,600 crore (approximately $765 million). This values the business at less than 1x estimated replacement cost, and the company generates a 5% cash flow from operations yield despite the drag from HCRO. A management transition at both the Mahindra Group and MHRIL itself over the last few years has sharpened operational focus. In particular, the new leadership, in place since May 2024, is expected to accelerate a shift from a historically aggressive “push” model of member acquisition to a more sustainable “pull” strategy backed by better infrastructure and higher customer satisfaction.

The Club Mahindra business is inherently capital-efficient, as the upfront membership fees finance resort development, which in turn enables more memberships to be sold. The company has guided for room inventory to grow from 6,000 by FY25 to 10,000 by 2030, unlocking the potential to add over 200,000 new members. Meanwhile, expiring legacy memberships free up further inventory without additional capex. The deferred revenue pool — essentially revenue visibility over the next several years — continues to build, providing embedded earnings momentum and cash flow stability.

While risks remain, including ongoing losses at HCRO and shifting consumer vacation preferences, MHRIL is clearly transitioning from a legacy of operational inefficiencies to a more disciplined, customer-centric growth story. With improving fundamentals, substantial embedded value in deferred revenue, and a market valuation below the cost to replicate its assets, MHRIL presents a compelling case for long-term investors willing to look past near-term headline noise.

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About the instructor:

Nandan Madhiwalla is a co-founder and managing partner of East72 Capital Management and Advisors. East72 Capital is a long only India focused fund.

Previously, Nandan has founded and served as the Principal Officer of a SEBI Registered Investment Advisory firm from August 2018 to March 2024, providing equity research-based investment advisory services. Nandan has also held the position of Research Analyst at PPFAS Mutual Fund from May 2015 to February 2018, where he focused on Indian and US stocks in the financial and media sectors. Additionally, he contributed to investment models and reports at Lebenthal Asset Management (Sep 2014 – Mar 2015) and conducted buyside equity research at The Roosevelt Investment Group, Inc (Feb 2012 – Jan 2014). Early in his career, he worked as a Junior Underwriter at FGI Finance, conducting due diligence for asset-based loans.

Nandan holds a CFA Charter (2016) and a Master of Science in Financial & Risk Engineering from New York University (2011). He also earned a bachelor’s in computer science engineering from D J Sanghvi College of Engineering, Mumbai (2008).

Michael Fritzell of Asian Century Stocks presented his in-depth investment thesis on Major Cineplex (Thailand: MAJOR) at Asian Investing Summit 2025.

Thesis summary:

Major Cineplex is the dominant cinema operator in Thailand with a commanding 70% market share and a recognizable stable of brands, including EGV and Paragon Cineplex. Run by founder and 30% shareholder Vicha Poolvaraluk, the company offers a diversified revenue base across ticket sales, concessions, advertising, and ancillary entertainment. While severely impacted by COVID-19, Hollywood strikes, and streaming competition, MAJOR appears to be on the verge of a multi-year earnings recovery, aided by a strong 2025–2026 film slate and strategic expansion.

Management has outlined a bullish outlook, forecasting a rebound in attendance to pre-pandemic levels of 44 million by 2027 and announcing plans to open 35–40 new screens in 2025. These new screens are expected to generate ROICs around 15%. Meanwhile, Thailand remains severely under-screened, with only one screen per 58,000 people compared to one per 7,500 in the U.S., highlighting long-term growth potential. The 2025 Hollywood pipeline, alongside a robust Thai movie lineup, marks a sharp contrast to the content drought of prior years and positions the company for meaningful revenue and margin recovery.

MAJOR recently traded at 11.6x forward P/E and 1.0x EV/sales, a steep discount to regional peers such as PVR Inox (India) and Wanda Film (China), despite a cleaner balance sheet and superior market share. Prior to COVID-19, the stock averaged a 19x P/E and delivered consistent operating margins in the 10–14% range. Though current gross profits remain 30% below peak, normalized box office trends and higher ticket prices should close the gap. Share buybacks have also accelerated, with the share count shrinking by roughly 15% in the past year alone.

Risks include shorter theatrical windows and streaming competition, as well as related-party transactions tied to Studio M, a Thai film company controlled by Poolvaraluk. Still, with a base case anchored in industry normalization, stronger content, and capital returns, MAJOR presents a compelling small-cap opportunity in Southeast Asia’s under-penetrated cinema market. Investors could see significant upside if attendance rebounds and the company re-rates even modestly toward historical valuation levels.

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Michael Fritzell is a Singapore-based analyst and the author of Asian Century Stocks. He has worked as an analyst and co-portfolio manager in Asia for well over a decade.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Rahul Saraogi of Atyant Capital Advisors presented his investment thesis on Jupiter Wagons Limited (India: JWL) at Asian Investing Summit 2025.

Thesis summary:

Jupiter Wagons is India’s largest rail freight car manufacturer, operating in an oligopolistic market with significant barriers to entry due to RDSO certification requirements. The company is a key beneficiary of India’s accelerating shift from road to rail freight, supported by long-term policy tailwinds and electrification advantages. Beyond railcars, JWL has expanded into brakes, truck bodies, containers, EVs, and is now rapidly growing its railway wheels business. This diversification, paired with strong execution and robust demand, positions the company for sustained multi-decade growth.

The case for JWL is framed around both business quality and macroeconomic relevance. With road freight still accounting for 70% of India’s cargo transport and relying heavily on imported oil, rail offers a more sustainable, cost-efficient, and domestically powered alternative. Freight growth is closely tied to GDP, and JWL stands to gain as the broader economy expands and global supply chains continue to realign toward India. Despite being in a sector often overlooked by global investors, Jupiter Wagons enjoys pricing power, strong demand visibility, and the opportunity to consolidate market leadership in a highly regulated industry.

JWL is led by Vivek and Vikash Lohia, second-generation entrepreneurs with Western educations and a focus on governance and capital stewardship. The business is low in working capital intensity, generates ample free cash flow, and maintains low leverage. Capital allocation has been consistently prudent, driving both margin expansion and high returns on capital. The company reported a 28% RoE, $63 million in net profit on $640 million in revenue, and recently traded at 29x earnings — valuation levels that are justified given its dominant positioning and long growth runway.

While the broader Indian market has experienced volatility since mid-2024, Rahul sees this as an opportune moment to initiate or add to positions in structurally advantaged businesses like Jupiter Wagons. The secular growth thesis remains intact, and the current pullback offers an attractive entry point into a capital-efficient industry leader with years of expansion ahead. As rail continues to gain modal share and JWL leverages its scale and execution, the company is likely to command a premium multiple over time.

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About the instructor:

Rahul Saraogi is the founder and managing director of Atyant Capital Advisors, advisor to the Atyant Capital family of funds. In the last two decades he has focused on the Indian markets. His mission is to consistently identify the best 10-15 investment ideas from among the thousands of publicly- traded Indian corporations. Rahul’s value-based investment philosophy stands apart due to his belief in the paramount importance of corporate governance, specifically how management operates with its minority shareholders in mind. Rahul is the author of “”Investing in India: A Value Investor’s Guide to the Biggest Untapped Opportunity in the World””, a definitive guide on navigating the Indian markets published by John Wiley & Sons.

Rahul graduated from the Wharton School of the University of Pennsylvania with a degree in Economics. Outside of Atyant, he practices Vipassana, a 2,500 year-old meditation technique that helps people see things as they really are. Rahul splits time between Chennai and New York.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Naveen Chandramohan of Itus Capital presented his in-depth investment thesis on Piramal Pharma (India: PPLPHARMA) at Asian Investing Summit 2025.

Thesis summary:

Piramal Pharma is strategically positioned for long-term growth, leveraging its strong foothold in the Contract Development and Manufacturing Organization (CDMO) space, particularly in Antibody-Drug Conjugates (ADCs), which is expected to see a significant market expansion.

The company has invested in capacity expansion, including a 70% increase at its Grangemouth facility, and is expanding its sterile injectables facility in Kentucky, strengthening its ability to serve the growing global demand.

With a dominant position in Sevoflurane in the U.S. and plans for geographic expansion, Piramal Pharma also aims to scale its high-margin Indian Consumer Healthcare business.

The potential to generate robust EBITDA growth — forecasted to reach ₹2200 crore by FY27 and ₹3800 crore by FY30 — along with a focus on reducing debt, positions Piramal Pharma as an attractive investment opportunity, despite risks associated with regulatory pressures and high product concentration.

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Naveen Chandramohan, the Founder and Fund Manager of ITUS Capital, believes in having a shared commitment to growth, an ideology that sets him and ITUS apart from other players in the industry. As one of the finest portfolio managers in India, he believes that asset management firms should take a fiduciary responsibility in working for investors and aligning the fee structure for the clients. Itus is owned by the employees of the firm, with an ownership mindset of building the business. Today, Itus manages USD 220mm with offices across Chennai, Bangalore and Houston. Itus has been set up with an institutional team with 22 members across the 3 locations. The Investment Committee come with deep expertise of managing money across public and private markets and have an average experience of 25 years each between them,

Naveen began his career with Lehman Brothers in Tokyo, in the equity and warrant markets as a senior analyst and was one of the fastest graduates to be promoted to a Vice president of Lehman when he moved to Hongkong in 2008. Post going through the bankruptcy with Lehman, Naveen got the opportunity to set up the Asia ex-Japan business for Nomura. Naveen grew the business to a USD 2bn book with a PL of USD 120 mm in 2 years.

In 2010, Naveen moved out of Nomura to join Oracle Capital, an Asia focused fund as a fund manager, managing a USD 200mm India focused fund for them. Naveen managed money for 5.5 years at Oracle and was awarded the best fund manager for 3 years in a row (2012-14). He then joined Hutchin Hill as a fund manager and Responsible Officer to set up their Hong Kong office where he ran a USD 450mm India focused fund. Naveen returned to India in 2017 to set up Itus Capital.

At Itus, Naveen manages a single-strategy multi-cap fund having compounded returns of 22.3% (net of fees and expenses). The hall mark of the returns has been the consistency of the performance where the rolling returns over any 3-year period has consistently beaten the benchmark.

Itus Capital was set up as a vehicle to manage the partners net worth first with a vision of complete skin in the game. Itus has scaled into one of the best multi-cap funds in the country with a track record of close to 7.5 years since inception. At Itus, Naveen runs a growth-oriented fund with a focus on investing in businesses across sectors but with an emphasis on cash flows.

He did his engineering from BITS Pilani in Electrical engineering and his MBA from IIM Bangalore. He graduated from BITS Pilani as a gold medalist and from IIM Bangalore in the Deans Merit List (Top 10 in the batch).