Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)</li>
<li>We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.</li>
<li>For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms</li>
</ul>


The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)
We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.
For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms


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

LG Energy Solution / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2023 Asia IPO Pipeline - India, ADRs, Korea, Japan and ASEAN

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>Tata Consultancy Services: TCS delivered revenue beat and in-line operating performance in Q3FY23</li><li>Revenue growth of 2.9% QoQ (1.2% est.) was driven by a disproportionate rise in Regional Market &amp; Others segment (&gt;40% of incremental sequential growth), based on growth in product and APAC business</li><li>Markers for growth deceleration (normalisation) for TCS include soft deal bookings, decline in headcount (also due to bench optimisation), and lower pipeline to bookings conversion in Continental Europe (~15% of revenue)</li></ul>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.

Tata Consultancy Services: TCS delivered revenue beat and in-line operating performance in Q3FY23Revenue growth of 2.9% QoQ (1.2% est.) was driven by a disproportionate rise in Regional Market &amp; Others segment (&gt;40% of incremental sequential growth), based on growth in product and APAC businessMarkers for growth deceleration (normalisation) for TCS include soft deal bookings, decline in headcount (also due to bench optimisation), and lower pipeline to bookings conversion in Continental Europe (~15% of revenue)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.

Tata Consultancy Services - Growth Normalisation Ahead

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>In Q3FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 5.3% QoQ in rupee terms, beating our expectations.</li><li>The company’s revenues stood at Rs 58,239 Cr, up 19.1% YoY. It reported operating profits of Rs 14,284 Cr with Operating Margins at 24.5% (expanded 50bps QoQ) on account of better execution and lower operating costs during the quarter.</li><li>Attrition levels remained elevated at 21.3% looming concern over the execution efficiency in the future.</li></ul>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.

In Q3FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 5.3% QoQ in rupee terms, beating our expectations.The company’s revenues stood at Rs 58,239 Cr, up 19.1% YoY. It reported operating profits of Rs 14,284 Cr with Operating Margins at 24.5% (expanded 50bps QoQ) on account of better execution and lower operating costs during the quarter.Attrition levels remained elevated at 21.3% looming concern over the execution efficiency in the future.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.

TCS - Superior Execution in Challenging Environment

<ul><li>The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.</li><li>However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.</li><li>We believe it is likely to remain intact, at least for the quarter. </li></ul>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.

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.We believe it is likely to remain intact, at least for the quarter. 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.

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

India

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

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Tata Consultancy Svcs (TCS IN)

The Innovations Portfolio - Week Nine

For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&P500 +0.2%, Nasdaq -0.1%,...

Pyari Menon

Aequitas 2023 Asia IPO Pipeline - India, ADRs, Korea, Japan and ASEAN

In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.

Sumeet Singh

Tata Consultancy Services - Growth Normalisation Ahead

Revenue growth of 2.9% QoQ (1.2% est.) was driven by a disproportionate rise in Regional Market & Others segment (>40% of incremental sequential...

HDFC Securities

TCS - Superior Execution in Challenging Environment

In Q3FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 5.3% QoQ in rupee terms, beating our expectations.

Axis Direct

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth...

Axis Direct

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