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

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> we compared the food business with regional and local peers.</p></div><div><p>In this note, we’ll compare its Meat Alterative division with its global rivals.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance. In Monde Nissin Pre-IPO - Peer Comparison for Food Business we compared the food business with regional and local peers.In this note, we’ll compare its Meat Alterative division with its global rivals.

Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance.</p></div><p>In this note, we’ll compare its BFB division’s performance with other listed regional peers.</p>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance.In this note, we’ll compare its BFB division’s performance with other listed regional peers.

Monde Nissin Pre-IPO - Peer Comparison for Food Business

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.</p></div><div>
<p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p>
<p>In our previous note, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, we spoke about the positive aspects of the deal. In this note, we will talk about the not so pleasant aspects. </p>
</div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.
MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. 
In our previous note, Monde Nissin Pre-IPO - The Positives - High Market Share, we spoke about the positive aspects of the deal. In this note, we will talk about the not so pleasant aspects. 


Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA

<p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p><p>It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.</p><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p><p>In this note, I'll talk about the positive aspects of the deal.</p>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In this note, I'll talk about the positive aspects of the deal.

Monde Nissin Pre-IPO - The Positives - High Market Share

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Thematic (Sector/Industry)

<p>On April 23, 2020, Franklin Templeton India (FTI) took the unprecedented step of winding up its six debt mutual fund schemes. The Securities and Exchange Board of India (SEBI) then ordered a confidential audit report on this fiasco. Excerpts of the report have now appeared in the media (<a href="https://www.moneycontrol.com/news/business/supreme-court-hearing-in-franklin-templeton-case-when-is-the-next-court-hearingcourt-case-on-franklin-templeton-ft-case-ft-hearing-franklim-templeton-cade-hearing-6553741.html/amp" target="_blank" rel="noopener">here</a> and <a href="https://themorningcontext.com/business/franklin-templeton-top-brass-put-self-interest-first" target="_blank" rel="noopener">here</a>). They reveal an abysmally poor standard of corporate governance at FTI, and serious <a href="https://www.businesstoday.in/current/economy-politics/ed-to-investigate-franklin-templeton-senior-officials-for-money-laundering/story/432903.html" target="_blank" rel="noopener">allegations</a> of unlawful gains and money laundering by its senior management.</p><p>Franklin Templeton (FT) is known as a reputed 74-year-old multinational company which manages US$ 1.4 trillion globally. However, risk management at the Indian arm of this giant was given low priority. Business managers based in India were in a position to influence the director-risk based at FT’s headquarters in San Mateo, California. When critical concerns were raised by the India risk management team, these managers got them removed from a presentation made to the board of directors at FTI. Normally, regulators and the board of directors ensure the separation of risk management from business, so as to maintain the independence of the former; the latter are forbidden to dictate or influence risk reports. Such prudence and separation were disregarded by FTI. The fact that its director-risk in-charge of regional/global risk could be influenced by business managers in India is an indication of the state of FT’s global risk management. This should worry capital market regulators and investors in the geographical jurisdictions where FT operates.</p><p>A number of top personnel are being investigated for their conduct (exiting schemes of FTI prior to the winding down announcement): Vivek Kudva, president Asia Pacific FT, his wife, Roopa Kudva (managing director, Omidyar Network India, independent director at <a href="https://www.smartkarma.com/entities/nestle-india-ltd" target="_blank" data-smartkarma-citation="entities:13101:1" rel="noopener">Nestle India (NEST IN) </a> and regarded as an expert on governance), Sanjay Sapre, president, FTI and Jayaram Iyer, CEO, FTI, Venkataradha Krishnan, director, FTI and Arvind Sonde, trustee, FT Trustee Services. This reveals the standards of ethics and integrity among the senior management of FTI. In the case of Roopa Kudva, it remains to be seen how companies such as Omidyar and Nestle, India respond if it is confirmed that their  director undertook trades based on unpublished market sensitive information.</p><p>The announcement of the winding down of the debt schemes exposed the incompetence of FTI in corporate debt management. However, the leak of select sections of the forensic audit report has highlighted major fault lines in this multinational company, namely, the disregard of risk management and the lack of integrity and ethical standards among its entire senior management. To restore confidence the regulator should ensure a complete restructuring of the trustees and the board of directors of FTI’s AMC, and bar them from holding any senior posts in companies managing public funds, as they failed in their responsibilities. One only hopes that the rest of the mutual fund industry in India does not share the characteristics of FTI.</p>

On April 23, 2020, Franklin Templeton India (FTI) took the unprecedented step of winding up its six debt mutual fund schemes. The Securities and Exchange Board of India (SEBI) then ordered a confidential audit report on this fiasco. Excerpts of the report have now appeared in the media (here and here). They reveal an abysmally poor standard of corporate governance at FTI, and serious allegations of unlawful gains and money laundering by its senior management.Franklin Templeton (FT) is known as a reputed 74-year-old multinational company which manages US$ 1.4 trillion globally. However, risk management at the Indian arm of this giant was given low priority. Business managers based in India were in a position to influence the director-risk based at FT’s headquarters in San Mateo, California. When critical concerns were raised by the India risk management team, these managers got them removed from a presentation made to the board of directors at FTI. Normally, regulators and the board of directors ensure the separation of risk management from business, so as to maintain the independence of the former; the latter are forbidden to dictate or influence risk reports. Such prudence and separation were disregarded by FTI. The fact that its director-risk in-charge of regional/global risk could be influenced by business managers in India is an indication of the state of FT’s global risk management. This should worry capital market regulators and investors in the geographical jurisdictions where FT operates.A number of top personnel are being investigated for their conduct (exiting schemes of FTI prior to the winding down announcement): Vivek Kudva, president Asia Pacific FT, his wife, Roopa Kudva (managing director, Omidyar Network India, independent director at Nestle India (NEST IN)  and regarded as an expert on governance), Sanjay Sapre, president, FTI and Jayaram Iyer, CEO, FTI, Venkataradha Krishnan, director, FTI and Arvind Sonde, trustee, FT Trustee Services. This reveals the standards of ethics and integrity among the senior management of FTI. In the case of Roopa Kudva, it remains to be seen how companies such as Omidyar and Nestle, India respond if it is confirmed that their  director undertook trades based on unpublished market sensitive information.The announcement of the winding down of the debt schemes exposed the incompetence of FTI in corporate debt management. However, the leak of select sections of the forensic audit report has highlighted major fault lines in this multinational company, namely, the disregard of risk management and the lack of integrity and ethical standards among its entire senior management. To restore confidence the regulator should ensure a complete restructuring of the trustees and the board of directors of FTI’s AMC, and bar them from holding any senior posts in companies managing public funds, as they failed in their responsibilities. One only hopes that the rest of the mutual fund industry in India does not share the characteristics of FTI.

Franklin Templeton Revelations: Business Trumps Risk, Private Interests Trump Ethics

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)

Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note, we will compare its...

Sumeet Singh

Monde Nissin Pre-IPO - Peer Comparison for Food Business

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note we compare its food...

Sumeet Singh

Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note, we will talk about...

Sumeet Singh

Franklin Templeton Revelations: Business Trumps Risk, Private Interests Trump Ethics

The fact that its director-risk in-charge of regional/global risk could be influenced by business managers in India is an indication of the state...

Hemindra Hazari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note, we will compare its...

Sumeet Singh

Monde Nissin Pre-IPO - Peer Comparison for Food Business

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note we compare its food...

Sumeet Singh

Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note, we will talk about...

Sumeet Singh

Monde Nissin Pre-IPO - The Positives - High Market Share

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its IPO. MNC has a high market share in the Philippines...

Sumeet Singh

Franklin Templeton Revelations: Business Trumps Risk, Private Interests Trump Ethics

The fact that its director-risk in-charge of regional/global risk could be influenced by business managers in India is an indication of the state...

Hemindra Hazari