{"id":46479,"date":"2022-12-07T10:59:46","date_gmt":"2022-12-07T15:59:46","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/chasing-multi-baggers-india-has-had-more-stocks-rising-10-fold\/"},"modified":"2022-12-07T10:59:46","modified_gmt":"2022-12-07T15:59:46","slug":"chasing-multi-baggers-india-has-had-more-stocks-rising-10-fold","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/chasing-multi-baggers-india-has-had-more-stocks-rising-10-fold\/","title":{"rendered":"Chasing multi-baggers? India has had more stocks rising 10-fold"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a022080cf1ed]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a022080cf1ed'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Chasing multi-baggers? India has had more stocks rising 10-fold<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a022080d5420'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Intelligence <\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">December 7, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a022080d7903'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This analysis is by Bloomberg Intelligence Strategist Nitin Chanduka. It appeared first on the Bloomberg Terminal. <\/span><\/i><\/p>\n<p>India has produced more &#8220;10-bagger&#8221; stocks &#8212; defined as those whose prices rise 10x over a decade &#8212; than other major markets globally during the past 20 years. In the past decade, 20% of NSE 500 index stocks rose more than 900% vs. 7% for the S&amp;P 500 and 3% for China. Strong growth and multiple reratings were the key drivers of the Indian stocks.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Bloomberg Intelligence: Data-driven research<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2532554040048334468\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bloomberg-intelligence\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>20% of NSE 500 stocks are 10-baggers<\/h2>\n<p class=\"bi-text\">Our analysis suggests investors have had a higher likelihood of latching onto &#8220;10-bagger&#8221; stocks &#8212; those which appreciate 10x in 10 years, in local-currency terms &#8212; in Indian markets than in major stock markets globally. Over the decade ending in 2021, one-fifth of NSE 500 index constituents (80 stocks) at the start of the period rose more than 900% by the end of it, the highest proportion of big global markets. The Nasdaq Composite saw 10% of stocks deliver returns of more than 900% while for the S&amp;P 500, the share was 7%.<\/p>\n<p class=\"bi-text\">Despite faster economic growth in China, only 3% of mainland Chinese stocks rose more than 10X. During the previous decade of 2001-2011, India also saw the highest share of 10-baggers, followed by Indonesia and Brazil.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"535\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/share-of-stocks.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"share-of-stocks\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/share-of-stocks.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/share-of-stocks.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/share-of-stocks.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/share-of-stocks.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/share-of-stocks.png 947w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>\u00a0Multi-bagger drivers: Growth, low valuations<\/h2>\n<p class=\"bi-text\">Strong sales and profit, besides multiple reratings, were key drivers of stocks that returned 10x in the past decade. Of the 80 Indian NSE 500 stocks that became 10-baggers, nearly 90% grew their top lines at a compound annual growth rate (CAGR) of more than 10%, while 70% of them posted profit CAGRs of over 20%. The median sales CAGR for those stocks was 21% while the median profit CAGR was 31%. Valuation rerating was also a common characteristic: the median price\/earnings ratio expanded nearly 3x, from 11x to 31x. Results were similar during other periods such as 2001-2011.<\/p>\n<p class=\"bi-text\">More than 50% of the Indian stocks were from the infotech, chemicals and consumer-discretionary sectors. A global rise in software spending helped tech stocks while an increase in India&#8217;s per capita income aided discretionary spending.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"373\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/characteristics.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"characteristics\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/characteristics.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/characteristics.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/characteristics.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/characteristics.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/characteristics.png 947w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>India market may double as reforms, capex take mantle<\/h2>\n<p class=\"bi-text\">Despite pandemic-fueled disruptions, India&#8217;s economic overhaul is progressing, underscoring our belief that the headline SENSEX index could double over the next three years, led primarily by compounded annual corporate profit growth of 25%. This implies a relative outperformance of about 16% vs. the emerging-market index, which is modeled to gain 9% a year. Manufacturing exports have topped $400 billion, with &#8220;China Plus One&#8221; potentially a $1 trillion opportunity, suggesting a path to structural growth.<\/p>\n<p class=\"bi-text\">After the record de-risking since October 2021, foreign investor positioning is lighter, while the flow of domestic savings to equities remains on firm footing. Higher rates don&#8217;t derail equity returns if profit growth stays robust.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"342\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/india-profit.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"india-profit\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Corporate earnings&#8217; upcycle just getting started<\/h2>\n<p class=\"bi-text\">India&#8217;s corporate earnings have rebounded strongly, driven by pandemic effects, rising software exports, higher commodity prices and a clean-up of banks&#8217; balance sheets, and this resilience should continue to provide an equity-market catalyst. Financials, representing over 25% of NIFTY index earnings, have recovered from corporate-loan stress, finding support in policy measures. Rising rates are likely to boost banks&#8217; earnings further. Software services have seen a sharp upturn, buoyed by an uptick in global digital spending and strong deal wins.<\/p>\n<p class=\"bi-text\">The pace of corporate profits to GDP is now in an uptrend after persistently declining for more than a decade. This is partly driven by reduced stress in sectors such as corporate banking, due to improving asset quality, in metals, as well as in pharma pricing.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"523\" height=\"380\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/profitability.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"profitability\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>`China plus one&#8217;: $1 trillion prospect for India<\/h2>\n<p class=\"bi-text\">Despite the pandemic, India has staged a strong recovery in goods exports, crossing the $400 billion mark set for fiscal 2022, while also building its own vaccines, which is a testament to the nation&#8217;s manufacturing prowess. Though surging commodity prices have partly led to a rise in exports, momentum remains strong in electronics (led by import substitution), chemicals (driven by environmental norms) and textiles manufacturing.<\/p>\n<p class=\"bi-text\">About 30%, or $4 trillion, of global manufacturing is done in China, with even a one-third shift under &#8220;China Plus One&#8221; suggesting a $1 trillion opportunity for corporate India. India&#8217;s Production-Linked Incentive plan (PLI), corporate-tax cuts, infrastructure upgrades, low costs, skilled labor and strategic location support the &#8220;Make in India&#8221; initiative.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"529\" height=\"424\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/manufacturing.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"manufacturing\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a022080ea822]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a022080ea822'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a022080ed413'] = 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