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

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.</li>
</ul>



BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. 
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.


Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Government Implements Uniform 5% Tax for Aircraft and Engine Parts to Boost Domestic MRO Industry</li>
<li>Telangana Government Announces INR 35,000 Crore Farm Loan Waiver Scheme</li>
<li>Temasek to Invest $10 Billion in India Over Next Three Years</li>
</ul>


Government Implements Uniform 5% Tax for Aircraft and Engine Parts to Boost Domestic MRO Industry
Telangana Government Announces INR 35,000 Crore Farm Loan Waiver Scheme
Temasek to Invest $10 Billion in India Over Next Three Years


#30 India Insight: Temasek Investment in India, Farm Loan Waiver Scheme, HUL Sale of Pureit

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The average Indian allocation among active GEM funds broke through the 15% barrier at the start of 2024, despite an increasing underweight versus the benchmark index.</li>
<li>Valuation-Driven Underweight: The average weight versus the iShares MSCI EM ETF hit record underweights of -2.44%, with only 27.6% of funds positioned overweight. EM Value funds hit record -8.7% underweight.</li>
<li>HDFC Bank is the most widely held stock, owned by 60.5% of funds, while a majority of Indian names, such as Reliance Industries, are underweighted by active GEM funds.</li>
</ul>


The average Indian allocation among active GEM funds broke through the 15% barrier at the start of 2024, despite an increasing underweight versus the benchmark index.
Valuation-Driven Underweight: The average weight versus the iShares MSCI EM ETF hit record underweights of -2.44%, with only 27.6% of funds positioned overweight. EM Value funds hit record -8.7% underweight.
HDFC Bank is the most widely held stock, owned by 60.5% of funds, while a majority of Indian names, such as Reliance Industries, are underweighted by active GEM funds.


India:  Record Exposure Gives Rise to Caution

Equity Bottom-Up

<ul>
<li>VBL has a history of commanding high growth through acquisitions, product portfolio and geographical expansions and operating leverage</li>
<li>Varun is now focusing on interesting geographies and products which will aid its next level of growth</li>
<li>There could be more than bigger success stories like Sting for Varun Beverages if it can repeat history</li>
</ul>


VBL has a history of commanding high growth through acquisitions, product portfolio and geographical expansions and operating leverage
Varun is now focusing on interesting geographies and products which will aid its next level of growth
There could be more than bigger success stories like Sting for Varun Beverages if it can repeat history


What Next for Varun Beverages: The Next Leg of Growth Drivers

Event-Driven

<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. Its pre-IPO investors will be released from its IPO linked lockup soon.</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 this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

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)

Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

#30 India Insight: Temasek Investment in India, Farm Loan Waiver Scheme, HUL Sale of Pureit

Government implements uniform 5% tax on aircraft parts to boost MRO industry; Telangana announces INR 35,000 crore farm loan waiver; Temasek to...

Sudarshan Bhandari

India: Record Exposure Gives Rise to Caution

Despite record MSCI India highs, valuations keep India as a significant underweight for active EM managers. Underweights client to -2.44% versus...

Steven Holden

What Next for Varun Beverages: The Next Leg of Growth Drivers

Varun Beverage's Next Leg of Growth Drivers can re-write multiple success stories similar to Sting. Here is what will derive Varun Beverage in the...

Sudarshan Bhandari

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

#30 India Insight: Temasek Investment in India, Farm Loan Waiver Scheme, HUL Sale of Pureit

​Government implements uniform 5% tax on aircraft parts to boost MRO industry; Telangana announces INR 35,000 crore farm loan waiver; Temasek to...

Sudarshan Bhandari

India: Record Exposure Gives Rise to Caution

Despite record MSCI India highs, valuations keep India as a significant underweight for active EM managers. Underweights client to -2.44% versus...

Steven Holden

What Next for Varun Beverages: The Next Leg of Growth Drivers

Varun Beverage's Next Leg of Growth Drivers can re-write multiple success stories similar to Sting. Here is what will derive Varun Beverage in the...

Sudarshan Bhandari

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

Government implements uniform 5% tax on aircraft parts to boost MRO industry; Telangana announces INR 35,000 crore farm loan waiver; Temasek to...