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MOSL: Morning India (24/September/21): 1. PayTM (Leading the FinTech Wave); 2. United Spirits; 3. Technology; 4. India General Insurance; 5. Telecom

MOrning India (24/September/21): MOrning India (24/September/21): 
Today’s top research ideaPayTM: Leading the FinTech Wave- Paytm is India's leading payments and FinTech enterprise - it offers payments, financial services, commerce, and cloud services to its large consumer/merchant base of ~333m/~21m. Paytm is the largest payments platform, with GMV of ~INR4t reported in FY21 (~33% CAGR over FY19-21). - The company was launched in CY09 as a 'mobile-first' digital payments platform to enable cashless payments to consumers. It started off as a digital wallet based platform initially, with a focus on mobile top-ups and utility payments. - With the advent of technology, Paytm has created a payments-led 'super app' and evolved into a comprehensive payments ecosystem, covering payments, credit, insurance, merchants, wealth management, e-commerce services, and so on.- The key opportunity for Paytm is to monetize its large installed customer/ merchant base (~333m/~21m) for broader financial service offerings, such as credit, wealth, and insurance. We expect the contribution of these financial services in the total revenue to increase rapidly as the cross-sell rate improves.- Paytm Postpaid is expected to provide a revolving credit line through the 'Buy Now Pay Later' facility for its existing customer base to aid spending on its ecosystem app.- Valuation: Media articles suggest Paytm's valuation would range at USD20-25b. As this fair value, we estimate implied P/Sales multiple on a consolidated basis would trade between ~14x-18x FY24E.
Piping hot newsIndian steel firms eye record  exports in FY22Shenzhen-based Evergrande Real Estate Group’s debt woes will not affect Indian steel manufacturers as domestic firms do not cater to the Chinese market. Instead, steel majors are hoping to clock record exports this fiscal year, said industry executives. “China is a large economy and the ripples of Evergrande will only be felt within China, not outside. Besides, China is not our market. Our prime market comprises the customers of China—South-East Asian countries like Indonesia, Malaysia and Thailand, Australia, and West Asia. This market is readily available to Indian companies," V.R. Sharma, managing director, Jindal Steel and Power Ltd (JSPL), said.