Money by Ash

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Free equity research, done properly

Every report on this page follows the same institutional-grade, framework-driven process — fraud screens, moat scorecards, scenario valuation, and a plain-English verdict — applied consistently across companies, not tailored to sell you anything. Reports are free to read, no account required.

General information only
These reports are general information and education about listed companies. They are not personal financial advice, not a recommendation to buy, hold, or sell any security, and we don't hold an Australian Financial Services Licence (AFSL). Each report is dated “as at” a specific day — company facts and prices move on. Always do your own research or speak to a licensed adviser before investing.
GQGASX

GQG Partners Inc.

GQG Partners is a high-conviction global equities manager whose shares now price in permanent decline: at A$1.345 the market pays 6.2x earnings for a 14.9% unfranked yield, implying its funds under management shrink 5-6% a year forever. The whole call rests on one question — whether US$27bn of net outflows over the past year is a performance-cycle artefact or a structural unwind.

Published 27 August 2026

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IMBASX

Intelligent Monitoring Group Ltd

Intelligent Monitoring Group climbed approximately 2.46% over the past month, buoyed by strong FY26 annual results and positive free cash flow. Market consensus projects that the company will sustain this momentum into the next quarter, supported by the integration of recent regional acquisitions and planned expansion into international security markets.

Published 27 August 2026

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Unlisted

API Holdings

API Holdings is now debt-free. The ₹1,050 Cr NCDs were redeemed in full on 14 August and the entire Thyrocare pledge was released by 17 August. This is a genuine, material de-risking. But it was funded by selling 9.90% of Thyrocare for ~₹986 Cr, so at the enterprise level it is close to value-neutral — an asset was exchanged for a liability at roughly fair value. What improved is survival risk, not intrinsic value.

Published 20 August 2026

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DIXONNSE

Dixon Technologies (India) Ltd

India's largest listed electronics manufacturing services (EMS) player, covering contract manufacturing across mobiles, consumer electronics, and appliances. Classified a quality compounder trading around base-case fair value as at 16 July 2026.

Published 16 July 2026

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LANDMARKNSE

Landmark Cars Ltd

Landmark is India's leading premium/luxury auto retailer — Mercedes-Benz's largest dealer partner plus Honda, Jeep, Renault, VW, Kia, MG, BYD, Mahindra and Ashok Leyland CV — and it has just exited a four-year investment cycle in which it grew its outlet network ~25% while profits collapsed under the resulting overheads (PAT: ₹85 Cr FY23 → ₹17 Cr FY25).

Published 4 July 2026

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NEOGENNSE

Neogen Chemicals Ltd

Neogen Chemicals is attempting something no Indian company has done — building the country's first integrated lithium-ion electrolyte and LiPF6 salt platform. At ₹1,968 the market pays ~180x trailing and ~41x FY28 consensus earnings, so the price already assumes the FY27-28 battery-chemicals ramp executes broadly to plan; the consensus analyst target sits below the current price.

Published 4 July 2026

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Research · Money by Ash