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.

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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>While the earnings season continues, this will be the final dedicated earnings edition.</li>
<li>For reference, the previous earnings editions are <a href="https://www.smartkarma.com/insights/week-8-namaste-india-earnings-edition-part-i" target="_blank" data-smartkarma-citation="insights:115688" rel="noopener">[Week 8] Namaste India 🙏 | Earnings Edition - Part I</a> &amp; <a href="https://www.smartkarma.com/insights/week-9-namaste-india-earnings-edition-part-ii" target="_blank" data-smartkarma-citation="insights:116224" rel="noopener">[Week 9] Namaste India 🙏 | Earnings Edition - Part II</a> </li>
<li>At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.</li>
</ul>


While the earnings season continues, this will be the final dedicated earnings edition.
For reference, the previous earnings editions are [Week 8] Namaste India 🙏 | Earnings Edition - Part I &amp; [Week 9] Namaste India 🙏 | Earnings Edition - Part II 
At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.


[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

Equity Capital Markets

Honasa Consumer  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (Honasa IN)</a> raised about US$200m in its India IPO.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



Honasa Consumer (Honasa IN) raised about US$200m in its India IPO.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

<ul>
<li>Our earnings coverage continues for the second edition and is expected to continue for one more week.</li>
<li>At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.</li>
<li>We also highlight the earnings of some of the global companies that have significant operations or growth in India.</li>
</ul>


Our earnings coverage continues for the second edition and is expected to continue for one more week.
At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.
We also highlight the earnings of some of the global companies that have significant operations or growth in India.


[Week 9] Namaste India 🙏 | Earnings Edition - Part II

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer</a> is looking to raise about US$200m in its upcoming India IPO.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Honasa Consumer is looking to raise about US$200m in its upcoming India IPO.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In our previous note, we looked at the company’s past performance. In this note, we talk about the RHP updates and valuations.


Honasa Consumer IPO - Thoughts on Valuations

India

Jyothy Laboratories Limited develops and manufactures household products.

Eveready Industries India Ltd. manufactures "Eveready" line of dry batteries and flash lights and "National" line of cinema arc carbons. The Company has also set up a 50-50 joint venture with the Ralston Purina Overseas Battery Company to manufacture the "Energizer" brand of alkaline batteries in India.  Eveready Industries also distributes "Henko" brand of detergents and "Tez" brand of tea.

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders, antacids and processed foods. The Company sells its products worldwide.

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

Godrej Consumer Products Limited manufactures personal care, hair care, household care and fabric care products. The Company's products include toilet soaps, cosmetics, shaving creams, talcum powder, household cleaners and fabric detergents.

Marico Limited manufactures consumer products and services in the beauty and wellness space. The Company is known for its presence in the following categories: Coconut Oil, Hair Oils, Anti-lice Treatment, Premium Refined Edible Oils and Fabric Care. Marico Limited is present in the Skin Care Services segment through Kaya Skin Clinics.

Procter & Gamble Hygiene and Healthcare Limited manufactures personal & beauty care and healthcare products. The Company's products include menthol, dementholised peppermint oil, cosmetics, personal care products, toilet preparations, soaps and detergents.

Procter & Gamble Hygiene and Healthcare (PG IN)

Emami Limited develops and distributes personal, beauty, and healthcare products in India and other countries.  The Company manufactures herbal and Ayurvedic products, including antiseptic cream, prickly heat powder, pain balm, and cool oil.

Gillette India Ltd., a joint venture between Gillette Company, Inc. of the US and Poddar Group of India, manufactures personal grooming products, stationery products and small electrical appliances. The Company's products include twin type shaving systems, other razors, safety razor blades, disposable cartridge blades, shaving brushes and shaving creams.

Bajaj Consumer Care Limited develops and manufactures a wide range of hair care products. The Company offers a wide range of hair oils for different hair types.

Kimberly-Clark Corporation is a global health and hygiene company that manufactures and provides consumer products. The Company's products include diapers, tissues, paper towels, incontinence care products, surgical gowns, and disposable face masks.  Kimberly-Clark's products are sold in countries around the world.

Colgate-Palmolive Company is a consumer products company that markets its products throughout the world.  The Company's products include toothpaste, toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid, and laundry products, as well as pet nutrition products for cats and dogs.

Church & Dwight Co., Inc. is a diversified consumer products company. The Company owns various personal products brands, including contraceptive products, vitamins, pregnancy tests, and hair removers. Church & Dwight sells its products to consumers and to industrial customers and distributors.

Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company provides reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

Reckitt Benckiser Group PLC manufactures and distributes a wide range of household, toiletry, health, and food products on a global basis. The Company's products include fabric treatments, disinfectant spray and cleaners, dishwashing detergent, personal care, food, and over the counter drugs.

Essity Aktiebolag develops, produces, and sells personal care products. The Company offers products such as toilet papers, household towels, handkerchiefs, facial tissues, hand sanitizers, dispensers, wet wipes, and napkins. Essity markets its products globally.

UNICHARM CORPORATION is a manufacturer of sanitary napkins and baby products. Products include infant & adult diapers, household cleaning wipes, and feminine hygienic products.  The Company also produces pet food and pet toiletries as well as operates educational and finance businesses.

The Clorox Company produces and markets non-durable consumer products sold primarily through grocery and other retail stores.  The Company's principal products include household cleaning and bleach products, charcoal, cat litter, automotive care products, dressings, and trash bags.  Clorox markets its products in the United States and other countries around the world.

Svenska Cellulosa AB (SCA)  is a global hygiene and forest company that develops and produces personal care products, tissue and forest products.  The Company sells its branded products globally.

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.

Price Gauge
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Hindustan Unilever (HUVR IN)

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

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

Honasa Consumer (Honasa IN) raised about US$200m in its India IPO. In this note, we talk about the deal updates and the trading dynamics.

Sumeet Singh

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

Honasa Consumer IPO - Thoughts on Valuations

Honasa Consumer, a beauty and personal care company, is looking to raise about US$200m in its upcoming India IPO. In this note we talk about...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

​This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

Honasa Consumer (Honasa IN) raised about US$200m in its India IPO. In this note, we talk about the deal updates and the trading dynamics.

Sumeet Singh

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

​Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

Honasa Consumer IPO - Thoughts on Valuations

Honasa Consumer, a beauty and personal care company, is looking to raise about US$200m in its upcoming India IPO. In this note we talk about...

Sumeet Singh

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...