The Ledger
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Tannenbaum: Indian private markets returned 35 cents per dollar since 2000
“Of every dollar invested since 2000, something like 35 cents has come back, and I'm sure the industry will come good, but as I was sort of looking over the proverbial wall at other asset classes, it's not exactly apples to apples comparison, but for example, i…”
Tannenbaum: Net Foreign Allocator Flows to India Are Functionally Zero
“Net flows from foreign allocators are functionally zero to India.”
Tannenbaum: 80% of new power generating capacity in India is renewable
“In reality, 80% of new generating capacity in India is renewable.”
Tannenbaum: India's stock index matched 8x GDP growth since 1999, beating China
“China's GDP growth has been 16 X versus eight X for India, but China's index performance on that 16 X GDP growth has been two and a half X, and India's index performance on that eight X GDP growth has also been eight X.”
Tannenbaum: 75% to 80% of Indian Large-Cap Returns Are EPS-Driven
“The other is that valuations must be expensive, and because India has had a relatively decent run, that too feels like it should be the case, but when you decompose it, yes, returns have been okay, but because earnings growth has been pretty strong for the lar…”
Tannenbaum: India's share of world economy fell from one-third to 3%
“What had once upon a time been pushing a third of global economic activity after the depredations of conquest and colonialism and a flirtation with socialism was three percent of the global economy.”
Tannenbaum: Two-Thirds of Indian Public Companies Lack Analyst Coverage
“Two thirds or three quarters of companies have one or zero sell side analysts covering them.”
Tannenbaum: 5% of Indian public companies are state-owned versus China's 30%
“About five percent of the companies are majority government owned. I think in China, it's 30 or 40 or more percent.”
Tannenbaum: Top 3-6 Indian lenders capture outsized revenue and earnings
“You'll tend to see historically very fragmented industries in India where there are 300 publicly traded bank and non-bank lenders that are beginning to give way To concentration where the top three or five or six are accounting for an outside share of top line…”
Tannenbaum: Highest ROE Indian power company trades at 8x earnings
“One of the fastest growing in By some distance, the highest return on equity participant in the power sector is trading at eight times earnings.”
Tannenbaum: Major Indian corporate blowups were large caps with unanimous buy ratings
“Just in the time I've been investing, there have been permanent losses of capital in one of the largest banks, in more than one of the leading telecom companies, in the largest brick and mortar retail company, one of the big software companies, and these were …”
Tannenbaum: Domestic Capital and 75M Mutual Fund Accounts Fuel Indian Market
“What's been fueling the market is domestic investment, which over that same period is something like fifty-five billion dollars, and there are seventy-five million new mutual fund investors, which even in the Indian context is a big number, and pension exposur…”
Tannenbaum: Indian Small-Caps Trade at 3 to 5 Turn Premium Over Large-Caps
“Very small companies are actually unusually expensive right now, where there are small cap indexes trading at a three or four or five turn premium to the larger cap index.”
Tannenbaum: Top Six Indian Private Banks Combined Are 1/7th Size of ICBC
“India's largest bank is smaller than China's 11th largest bank. Its largest six private sector banks put together are one seventh the size of ICBC.”
Tannenbaum: 90% to 95% of top Indian graduates emigrated in the 1990s
“I think of top Indian schools back then, 90, 95% of people left.”
Tannenbaum: India Has 700 to 1,500 Institutionally Investable Public Companies
“There are more than 5000 publicly traded companies. Of which, depending on how you cut it, anywhere from 700 to upwards of 1500 are investable at institutional scale.”
Tannenbaum: India's private sector debt-to-GDP is ~53% compared to China's ~195%
“Private sector debt to GDP in India is like, 53%. I think in China it's a 195%.”
Tannenbaum: India adds 1M labor force entrants and 1M urban migrants monthly
“And now it's India where there are a million people joining the labor force each month and a million more moving from the hinterlands to the cities.”
Tannenbaum: Indian power transmission lender earns 22% ROE
“There is a specialized lender to power transmission companies that earns a 22% ROE”
Tannenbaum: Indian index return drops from 17x to 0.3x excluding 25 days
“I think since 1990, I want to say the index is up 17 fold in dollar terms. If you take out the top 25 trading days, it's up .3 X in dollar terms”
Tannenbaum: 300M Indians are entering the lower middle class
“Some of it's in the consumption basket with income per capita now at 2500 dollars. You're going from a place where two-thirds of that was consumed by food and shelter In housing to a place where people really have disposable income. Three hundred million India…”