Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>In Feb 2024,  <a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">BAT's</a> management stated that they were reviewing their stake in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>.  The news of a possible selldown by BAT was leaked again earlier today.</li>
<li>BAT has owned its stake in ITC for over a century and remains its largest shareholder.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


In Feb 2024,  BAT's management stated that they were reviewing their stake in ITC Ltd (ITC IN).  The news of a possible selldown by BAT was leaked again earlier today.
BAT has owned its stake in ITC for over a century and remains its largest shareholder.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


ITC $2bn Placement - Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

Event-Driven

<ul>
<li>Earlier this month, <a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">British American Tobacco (BATS LN)</a>’s management stated that they were reviewing their stake in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> to enhance its balance sheet flexibility.</li>
<li>BAT has owned its stake in ITC for over a century and remains its largest shareholder.</li>
<li>In this note, we talk about the possible deal structure and dynamics.</li>
</ul>


Earlier this month, British American Tobacco (BATS LN)’s management stated that they were reviewing their stake in ITC Ltd (ITC IN) to enhance its balance sheet flexibility.
BAT has owned its stake in ITC for over a century and remains its largest shareholder.
In this note, we talk about the possible deal structure and dynamics.


BAT’s Possible US$2.5bn ITC Selldown - Will Be Well Flagged but Still Won’t Be an Easy One to Digest

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Axis Top Picks basket delivered impressive returns of 46% in the last one year, against the 27% return posted by the benchmark Nifty 50, implying a commendable outperformance of 19% over the benchmark.</li><li>In Feb’24 (Since 2 nd Feb’24), the basket inched up further by 1.8%.</li><li>We are extremely happy to share that our Top Picks Basket has delivered an astounding return of 264% since its inception (May’20), which stands well above the 137% return delivered by NIFTY 50 over the same period. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks basket delivered impressive returns of 46% in the last one year, against the 27% return posted by the benchmark Nifty 50, implying a commendable outperformance of 19% over the benchmark.In Feb’24 (Since 2 nd Feb’24), the basket inched up further by 1.8%.We are extremely happy to share that our Top Picks Basket has delivered an astounding return of 264% since its inception (May’20), which stands well above the 137% return delivered by NIFTY 50 over the same period. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Topline growth remains muted: Most staple companies under our coverage have indicated a subdued demand environment, particularly in the mass end of the segment, as rural areas continue to face pressure.</li><li>Moreover, increased competitive intensity has further hampered volume growth. Anniversarization of price hikes and price cuts has resulted in muted topline growth.</li><li>Hopeful for demand recovery: Easing inflation, higher government spending, and increased urban remittances are expected to drive rural demand in the coming quarters.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline growth remains muted: Most staple companies under our coverage have indicated a subdued demand environment, particularly in the mass end of the segment, as rural areas continue to face pressure.Moreover, increased competitive intensity has further hampered volume growth. Anniversarization of price hikes and price cuts has resulted in muted topline growth.Hopeful for demand recovery: Easing inflation, higher government spending, and increased urban remittances are expected to drive rural demand in the coming quarters.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Over the last year, the key benchmark indices Nifty 50, Nifty Midcap 100 and Nifty Small-Cap 100 have delivered returns of 22%, 56% and 66% respectively</li><li>Given such returns, it is prudent to pause and analyse the current valuation levels of these indices and their constituents which will be a key determinant of their future returns</li><li>We have analysed all indices and their constituents’ historical break-ups, sectoral composition shifts, and valuation swings (using P/B as a common metric).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Over the last year, the key benchmark indices Nifty 50, Nifty Midcap 100 and Nifty Small-Cap 100 have delivered returns of 22%, 56% and 66% respectivelyGiven such returns, it is prudent to pause and analyse the current valuation levels of these indices and their constituents which will be a key determinant of their future returnsWe have analysed all indices and their constituents’ historical break-ups, sectoral composition shifts, and valuation swings (using P/B as a common metric).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Valuation of Indices: All Indices and Most Sectors in the Overheated Zone

India

Nestle India Ltd. manufactures brand name milk products and other food products. The Company's products include Everyday dairy whitener, milk powder and ghee, Milkmaid sweetened condensed milk and Cerelac weaning foods. Nestle's beverages include Nescafe and Sunrise coffee and Nesfit enriched glucose powder. Nestle also manufactures Maggi noodles, soups and sauces.

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Nestle India (NEST IN)

ITC $2bn Placement - Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

BAT aims to raise around US$2bn via selling 3.5% of ITC. The deal is a very well flagged one but its also relatively a very large deal.

Sumeet Singh

BAT’s Possible US$2.5bn ITC Selldown - Will Be Well Flagged but Still Won’t Be an Easy One to Digest

The deal is now live for a target raising of US$2bn, which will drop BAT's stake to 25.5%. The news of the deal was leaked earlier today so its...

Sumeet Singh

Axis Top Picks - Mar 2024

We are extremely happy to share that our Top Picks Basket has delivered an astounding return of 264% since its inception (May’20), which stands...

Axis Direct

Top Sector Ideas - FMCG Q3FY24

Most staple companies under our coverage have indicated a subdued demand environment, particularly in the mass end of the segment, as rural areas...

Axis Direct

Valuation of Indices: All Indices and Most Sectors in the Overheated Zone

Over the last year, the key benchmark indices Nifty 50, Nifty Midcap 100 and Nifty Small-Cap 100 have delivered returns of 22%, 56% and 66%...

HDFC Securities

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