At ATS Research we provide Clients superior research to achieve extraordinary returns. We provide a full range of investment research services to sell side companies, investment committees and HNIs. Our analysts frequently communicate with industry leaders, undertake company visits, telephonic interview with company management to gain first-hand experience. This helps us serve our customers to provide excellent investment insights about the industry and the company.

Basic Structure of a Fundamental Report

    1. Basic Information
  • Ticker symbol
  • Exchanges
  • Primary sector and industry which it operates
  • Stock Price
  • Market Price
  • Investment Recommendation
  • Target Stock Price
  • Liquidity and float of Security
  • Major Shareholders
    2. Investment Summary
  • Brief description of the company
  • Significant recent developments
  • Valuation summary
  • Recommended investment action
  • Catalyst
    3. Business Description
  • Detailed description of the company
  • Products and services
  • Understanding of the company’s
    4. Management & Governance
  • Management
  • Board
  • Senior Management’s history with the firm
  • Record of capital allocation
  • Compensation to Top executives, incentive plans and stock ownership
    5. Industry Overview
  • Economy-Industry-Company (E-I-C) Analysis
  • Industry dynamics
  • Competitive environment and analysis of industry
  • Porter’s Five Forces framework for industry analysis
  • Health and competitive intensity
    6. Catalyst / Rationale
  • Economic MOAT
  • Business Environment
  • New product releases
  • SWOT analysis
    7. Valuation
  • Capital History
  • Dividend History
  • Ratio Analysis
  • Intrinsic Valuation
  • i. DCF
  • ii. Sum-of-Parts valuation.
  • Dividend and dividend yield
    8. Relative Valuation
  • PE ratio, PEG ratio, P/BV, Price/Sales, Price/Cash Flow, EV/EBIDTA with peers.
    9. Financial Analysis
  • Revenue
  • Margin
  • Raw material
  • Expenses
  • Credit profile
  • Capital structure
    10. Recommendation
  • Buy Sell Hold
  • Target price
  • Share price chart
    11. Risk Factors
  • Any risk to investment thesis
  • Negative to industry and company
  • The main categories are:
  • i. Company-specific factors – Operational, Financial, Regulatory issues, Legal Proceedings
  • ii. The economy as a whole
  • iii. The overall market / industry this company is in.

Mr.Rethish Varma S

   BE, MBA

Head of Research

Mr. Rethish Varma S is the Head of Research at Aditya Trading Solutions Pvt Ltd. He joined the firm in June 2015. Prior to this, Mr. Varma was associated with Copal Amba (a MOODY’s subsidiary) as Senior Equity Research Analyst, where he had worked closely with Institutional Asset managers across GCC (Gulf Cooperation Council) member states. He had worked at HDFC Securities Ltd, Mumbai as Equity Research Analyst tracking Indian Auto and Telecom sector. He was also associated with Doha Brokerage and Financial Services Ltd (associate of DOHA BANK of Qatar) as Equity Research Analyst, where he was instrumental in expanding their Research capabilities to tap institutional clients. Mr. Varma holds a Bachelor of Engineering in Electronics and Communication Engineering (ECE) from Anna University, Chennai and also an MBA in Finance from Bharathiar University

Mr.Rethish Varma has good experience in both Fundamental and Technical Analysis. Apart from his financial sector experience, Mr.Varma also has over 3 years of experience in IT industry as Software Developer by being associated with some top IT firms in India and implementing projects for Fortune 100 companies.