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

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.
In this note, we will talk about the not so positive aspects of the deal.


Life Insurance Corporation of India IPO - The Negatives - Has Been Lagging the Sector

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>DBS reported a weak set of 4Q21 results of SGD 1.4 bn, down SGD 307 mn (18.1%) linked quarter and driven by negative operating jaws; </li>
<li>While provisions weren’t reversed this quarter, reserves should still be shored up in the neighborhood of SGD 1.1 bn – amounting to about a half quarter of operating results; and  </li>
<li>Three transactions in the span of a year is too much. DBS needs to focus on improving its own legacy issues before taking on those of other financial institutions. </li>
</ul>


DBS reported a weak set of 4Q21 results of SGD 1.4 bn, down SGD 307 mn (18.1%) linked quarter and driven by negative operating jaws; 
While provisions weren’t reversed this quarter, reserves should still be shored up in the neighborhood of SGD 1.1 bn – amounting to about a half quarter of operating results; and  
Three transactions in the span of a year is too much. DBS needs to focus on improving its own legacy issues before taking on those of other financial institutions. 


DBS Group Holdings – Weak Print, But Credit Improves

<ul>
<li>The Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>The deal will be run by Kotak, Axis, BofA, Citi, Nomura, GS, ISec, JM Fin, JPM, SBI Caps.</li>
<li>This note provides a brief overview of the company and the deal.</li>
</ul>


The Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
The deal will be run by Kotak, Axis, BofA, Citi, Nomura, GS, ISec, JM Fin, JPM, SBI Caps.
This note provides a brief overview of the company and the deal.


Life Insurance Corporation of India IPO Tearsheet

Indiabulls Housing Finance / Equity Bottom-Up

<ul>
<li>IndiaBulls reported FY 3Q22 results of INR 3.0 bn, improving INR 167 mn (5.8%) linked quarter; results were of poor quality; </li>
<li>Net new NPLs had increased INR 7.1 bn for the quarter for an annualized rate of increase of 139.6%; and </li>
<li>Given the continued break in credit, loss reserves appear light close to INR 28 bn – representing seven quarters of PBT and 17.1% of stated equity. </li>
</ul>


IndiaBulls reported FY 3Q22 results of INR 3.0 bn, improving INR 167 mn (5.8%) linked quarter; results were of poor quality; 
Net new NPLs had increased INR 7.1 bn for the quarter for an annualized rate of increase of 139.6%; and 
Given the continued break in credit, loss reserves appear light close to INR 28 bn – representing seven quarters of PBT and 17.1% of stated equity. 


IndiaBulls Housing Finance – Manufactured Bottom-Line

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.

<ul><li>SBI’s earnings traction continued in Q3FY22 and was up 62% YoY, led by a 33% YoY decline in provisions and 7% YoY growth in PPOP</li><li>The bank continues to positively surprise on the asset quality front with slippages of 0.4%, restructured book at 1.2%, and lower SMA book (~16bps) during Q3FY22</li><li>We maintain a BUY on the stock with a revised target price of Rs 720/share (SOTP basis core book at 1.3x FY24E and subsidiaries at Rs 211).</li></ul><div class="content-highlight">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.</div>

SBI’s earnings traction continued in Q3FY22 and was up 62% YoY, led by a 33% YoY decline in provisions and 7% YoY growth in PPOPThe bank continues to positively surprise on the asset quality front with slippages of 0.4%, restructured book at 1.2%, and lower SMA book (~16bps) during Q3FY22We maintain a BUY on the stock with a revised target price of Rs 720/share (SOTP basis core book at 1.3x FY24E and subsidiaries at Rs 211).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.

St Bk of India: Performance On-Track with Strong Visibility; Maintain BUY

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank Of India (SBIN IN)

Life Insurance Corporation of India IPO - The Negatives - Has Been Lagging the Sector

Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming...

Sumeet Singh

DBS Group Holdings – Weak Print, But Credit Improves

DBS: DBS 4Q21 declined 18.1% QOQ and driven by negative operating jaws; While loss provisions weren’t reversed this quarter, reserves should be...

Thomas J. Monaco

Life Insurance Corporation of India IPO Tearsheet

The Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its...

Sumeet Singh

IndiaBulls Housing Finance – Manufactured Bottom-Line

I-BULLS: IndiaBulls reported a poor quality QOQ FY 3Q22 results increase of 5.8%.Net new NPLs increased at 139.6% annualized, while loss reserves...

Thomas J. Monaco

St Bk of India: Performance On-Track with Strong Visibility; Maintain BUY

We maintain a BUY on the stock with a revised target price of Rs 720/share (SOTP basis core book at 1.3x FY24E and subsidiaries at Rs 211).

Axis Direct

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