Snapshots That Wow!

Nawabon ki sawari nikal padi

Hyderabad has seen a significant pickup in car sales with a 19.6% CAGR in the last 5 years vs. a 8.8% CAGR for all India sales. CDMO boom firing car sales in the city?

Source: B&K Research

The greatest contra indicator?

“Fund managers' cash allocation has dropped to 3.9%, the second-lowest in 12 years, according to a BofA survey of 175 participants with $434 billion in assets.

This marks the third consecutive monthly decline since the 4.8% recorded in April.

Meanwhile, the risk level in investor portfolios reached its highest level on record, dating back to 2001.”

Time to sell equities?

Source: BOFA Global FM Survey

China keeps collecting all the +1s

China reached a record $586 billion trade surplus in the first half of 2025, according to data from the General Administration of Customs.

This comes as exports rose +5.8% YoY to a record $1.8 trillion.

Imports increased +1.1% YoY to $1.2 trillion, marking the first monthly increase since February.

Shipments to the US declined -16.1% YoY, but improved significantly from May’s -34% drop, following May 8th trade deal.

Exports to the 10 Southeast Asian (ASEAN) countries surged +17%, helping offset the drop to the US.

Source: Bloomberg

The promise of a budget retailer, delivered in...Finland!

As Indian budget retailers struggle to post SSG, a Finnish retailer has posted a SSG CAGR of 9% for stores opened in 1999.

Founded in 1982 as a toy workshop, Puuilo today serves price-conscious DIY customers with a broad selection of construction supplies, tools, HVAC and electrical materials, pet products, and everyday household items.

They are doing so with 17.5% EBITDA margin. Available at 22x TTM P/E.

Source: PUUILO Investor Presentation

“Maximum pressure” No Sir, “Maximum oil”

“Iranian total liquids output hit a 46-year high in 2024. And more is coming in 2025.

(Tehran hasn’t pumped >5m b/d of since 1978, the year before the Islamic Revolution ended the rule of Reza Pahlavi, the last Shah)”

Source: Bloomberg

Quick commerce to Quick con?

“Dark stores’ economics may not hold true beyond Metros and the Next 5 as the number of orders per store beyond these cities sees a dramatic decline.

Added to that is that AOV (Avg Order Value) the second key metric for QCom is 35% lower in non-metro cities. Lower orders but not very low labour costs mean that delivery costs are 25% higher.”

Source: Sajith Pai, Redseer