APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> raised around US$500m in its India IPO.</li>
<li>Anchor quality wasn't the greatest, in our view, and were the firm to trade towards its peers' trailing average, it would imply a 21.8% downside potential. </li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>



Adani Wilmar (6596700Z IN) raised around US$500m in its India IPO.
Anchor quality wasn't the greatest, in our view, and were the firm to trade towards its peers' trailing average, it would imply a 21.8% downside potential. 
In this note we will talk about the subscription levels and trading dynamics.


Adani Wilmar IPO Trading - Listing Sentiment Isn’t the Greatest

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> is looking to raise up to US$482m in its upcoming India IPO.</li>
<li>In our view, we doubt that the firm would be able to trade close to its blue chip FMCG peers, given its small FMCG component combined with overall weaker margins.</li>
<li>In this note, we will look at updates since our last note, undertake a peer comparison, and share our thoughts on valuation.</li>
</ul>



Adani Wilmar (6596700Z IN) is looking to raise up to US$482m in its upcoming India IPO.
In our view, we doubt that the firm would be able to trade close to its blue chip FMCG peers, given its small FMCG component combined with overall weaker margins.
In this note, we will look at updates since our last note, undertake a peer comparison, and share our thoughts on valuation.


Adani Wilmar IPO - Has the Capabilities to Thrive but Needs to Prove Itself to Trade Higher

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> is a leading FMCG food company in India. It is set to launch an IPO to raise Rs36,000 million ($483 million) at a price of Rs218-230.</li>
<li>In <a href="https://www.smartkarma.com/insights/adani-wilmar-ipo-initiation-cooking-up-a-business" target="_blank" data-smartkarma-citation="insights:64105" rel="noopener">Adani Wilmar IPO Initiation: Cooking up a Business</a>, we noted that the business is navigating the high commodity prices by delivering high growth and creditable margin performance.  </li>
<li>In this note, we present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive. The offer period is from 27 to 31 January.</li>
</ul>



Adani Wilmar (6596700Z IN) is a leading FMCG food company in India. It is set to launch an IPO to raise Rs36,000 million ($483 million) at a price of Rs218-230.
In Adani Wilmar IPO Initiation: Cooking up a Business, we noted that the business is navigating the high commodity prices by delivering high growth and creditable margin performance.  
In this note, we present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive. The offer period is from 27 to 31 January.


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.

Equity Bottom-Up

<ul><li>Hindustan Unilever (HUVR IN) performance was in-line with our and street expectations on key performance metrics.</li><li>Reported sales grew by 10.4% yoy at Rs. 13,092Cr with underlying domestic consumer sales growth (USG) of 11% on the back of a 2% UVG (our estimate 2%)</li><li>Maintain BUY with revised TP of Rs. 2,700 (earlier Rs. 2,900) valuing the stock at 56x FY24E EPS. At CMP, risk-reward appears fair from a long-term perspective.</li></ul><div class="content-highlight"><em>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.</em></div>

Hindustan Unilever (HUVR IN) performance was in-line with our and street expectations on key performance metrics.Reported sales grew by 10.4% yoy at Rs. 13,092Cr with underlying domestic consumer sales growth (USG) of 11% on the back of a 2% UVG (our estimate 2%)Maintain BUY with revised TP of Rs. 2,700 (earlier Rs. 2,900) valuing the stock at 56x FY24E EPS. At CMP, risk-reward appears fair from a long-term perspective.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.

Hindustan Unilever: Decelerating Rural Demand A Near Term Concern; Long Term Well Placed

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> is a leading FMCG food company in India. It is set to launch an IPO to raise Rs36,000 million ($483 million) at a price of Rs218-230.</li>
<li>The business is navigating the high commodity prices by delivering high growth (price increases) and creditable margin performance in face of higher raw material costs. </li>
<li>Overall, this IPO is worth a closer look. The offer period is from 27 to 31 January. The shares will be listed on 8 February.   </li>
</ul>



Adani Wilmar (6596700Z IN) is a leading FMCG food company in India. It is set to launch an IPO to raise Rs36,000 million ($483 million) at a price of Rs218-230.
The business is navigating the high commodity prices by delivering high growth (price increases) and creditable margin performance in face of higher raw material costs. 
Overall, this IPO is worth a closer look. The offer period is from 27 to 31 January. The shares will be listed on 8 February.   


Adani Wilmar IPO Initiation: Cooking up a Business

India

Hindustan Unilever Limited manufactures and distributes consumer products. The Company offers soap, detergent, personal care products and processed food, ice creams, cooking oils, and other related products. Hindustan Unilever serves customers worldwide.

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Hindustan Unilever (HUVR IN)

Adani Wilmar IPO Trading - Listing Sentiment Isn’t the Greatest

Adani Wilmar (6596700Z IN) raised around US$500m in its India IPO. In this note we will talk about the subscription levels and trading dynamics.

Clarence Chu

Adani Wilmar IPO - Has the Capabilities to Thrive but Needs to Prove Itself to Trade Higher

Adani Wilmar is looking to raise up to US$482m in its India IPO. In this note, we will look at updates since our last note, undertake a peer...

Clarence Chu

Adani Wilmar IPO: Valuation Insights

Adani Wilmar is set to launch an IPO to raise $483m at a price of Rs218-230. Our valuation analysis suggests that the IPO price range is attractive.

Arun George

Hindustan Unilever: Decelerating Rural Demand A Near Term Concern; Long Term Well Placed

Maintain BUY with revised TP of Rs. 2,700 (earlier Rs. 2,900) valuing the stock at 56x FY24E EPS. At CMP, risk-reward appears fair from a long-term...

Axis Direct

Adani Wilmar IPO Initiation: Cooking up a Business

Adani Wilmar is set to launch an IPO to raise $483m. The business has broadly attractive fundamentals and is worth a closer look.

Arun George

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52-week Range

Market Cap (USDm)

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