Nirgunan Tiruchelvam

Tellimer Research

Head of Consumers Equity Research @ Tellimer Research

Nirgunan is Head of Consumer Sector Equity Research, based in Dubai. He has a strong thematic perspective on the consumer sector across FM and EM, built on the foundations of his experience and network in ASEAN. He previously served in equities leadership and consumer/commodities equity research roles in ASEAN at BTIG, Standard Chartered and RBS/ABN Amro Asia.

Nirgunan Tiruchelvam
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Latest articles from Nirgunan Tiruchelvam
Flash Report / Indonesia

Three questions that Bukalapak’s blockbuster IPO raises

Indonesian e-commerce company Bukalapak's US$1.5bn IPO is set to trade on 6 August. Is Bukalapak’s valuation defendable? Bukalapak is priced at a massive premium to its bigger rivals Tokopedia and Alibaba. The company is priced at 47x FY 21 P/Sales (...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 23 July 2021
Three questions that Bukalapak’s blockbuster IPO raises
Three questions that Bukalapak’s blockbuster IPO raises
Flash Report / MENA

The Spotify of MENA will be music to the ears of investors

Anghami has provided the Middle East's music lovers with Spotify-style music streaming for several years. But its SPAC announcement on the Nasdaq will be music to the ears of EM investors. Its music catalog includes prominent Arabic record labels lik...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 19 July 2021
The Spotify of MENA will be music to the ears of investors
The Spotify of MENA will be music to the ears of investors

Budweiser APAC: Riding the beer recovery

We upgrade our recommendation on Budweiser APAC to Buy (from Sell) with a target price of HKD29 (previously HKD15.57), implying a 22% upside. The company also saw strong sales during the lunar new year. Despite the pandemic, the company is focusing o...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 15 July 2021
Budweiser APAC: Riding the beer recovery
Budweiser APAC: Riding the beer recovery
Flash Report / Indonesia

Bukalapak's record US$1.1bn IPO is hard to swallow

Indonesian e-commerce company Bukalapak has filed for a US$1.1bn IPO on the Jakarta Stock Exchange. This would be the largest IPO in Indonesia's history and would value the company at US$5.6bn. Hence, Bukalapak is viewed as a play on the deepening of...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 12 July 2021
Bukalapak's record US$1.1bn IPO is hard to swallow
Bukalapak's record US$1.1bn IPO is hard to swallow

Jumia set to suffer from China's tech sell-off but untapped value remains

We maintain our Buy recommendation on JMIA US, but have cut our FY 21-22 earnings forecast by 24% and trimmed our target price by 26%. The pandemic has transformed consumer behaviour in Africa – Jumia's region of focus – and e-commerce has caught on ...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 9 July 2021
Jumia set to suffer from China's tech sell-off but untapped value remains
Jumia set to suffer from China's tech sell-off but untapped value remains
Flash Report / Global

Dubai and Singapore's entry to the SPAC boom may be too late

SPAC mania has now spread to emerging market stock exchanges. Shuaa Capital, a UAE-based asset management and investment banking firm, is planning three SPAC issues. Shuaa Capital has AUMs of US$14bn. It will target the MENA region, focusing on secto...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 6 July 2021
Dubai and Singapore's entry to the SPAC boom may be too late
Dubai and Singapore's entry to the SPAC boom may be too late

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