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Nirgunan Tiruchelvam
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.
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Latest from Nirgunan Tiruchelvam
Sea Ltd: Cost cuts will not stem the sea of red. Downgrade to Sell
On 17 June, the media reported that Southeast Asian tech giant Sea Ltd (SE) is cutting its headcount in ASEAN and Latam. The layoffs are focused on ShopeeFood and SeaMoney and could amount to a 5% fall in headcount. If so, this would equate to an ave...
Nirgunan Tiruchelvam @ Tellimer Research 21 June 2022
Inverted yield curve is positive for commodities
A story that took place in 500 BC could guide investors this week. The Oracle told Croesus that "he would destroy a great empire", which he took to mean that his kingdom would prevail. The curve is effectively a 'V', which provides some solace for th...
Nirgunan Tiruchelvam @ Tellimer Research 16 June 2022
Winners in the 2022 food price spike? Branded processors and FMCGs
The 2022 food price surge is in full swing, and investors need to look at the previous food price spikes for insight. Some of the Bloomberg Asia Pacific Index stocks such as China Agri and Want Want have been delisted since 2008 but there is still a ...
Nirgunan Tiruchelvam @ Tellimer Research 14 June 2022
GoTo: Heading for a severe cash crunch
We cut our target price for Indonesian tech company GoTo by 9%, due to increased risk of cash burn. Our new target price of IDR202 implies 50% downside, hence we reiterate our Sell recommendation. ( see our initiation report here). GoTo is planning t...
Nirgunan Tiruchelvam @ Tellimer Research 9 June 2022
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Golden Agri: Perfectly positioned in palm oil bull market
We hosted Golden Agri-Resources for meetings with a prominent client recently. The stock is up 16% ytd and the average daily volume has doubled since January. This would enable it to take maximum opportunity of record high palm oil prices. Crop yield...
Nirgunan Tiruchelvam @ Tellimer Research 8 June 2022
Singapore's chickens come home to roost
Chicken rice is a famous dish in Singapore and an affordable staple for many. Singapore is one of the richest countries in the world, but a chicken rice serving can cost as little as US$2.75, which is around a mere 8% of the average hourly wage (US$3...
Nirgunan Tiruchelvam @ Tellimer Research 6 June 2022
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