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

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, Zhihu and the SK twins were the main active deals, with LIC being in the pipeline for a potential launch in the coming week.</li>
<li>Placement flows remained slow over the holiday shortened week. With Japan continuing to favour accelerated book build.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, Zhihu and the SK twins were the main active deals, with LIC being in the pipeline for a potential launch in the coming week.
Placement flows remained slow over the holiday shortened week. With Japan continuing to favour accelerated book build.


ECM Weekly (17th Apr 2022)- Sk Shieldus, One Store, LIC, GoTo, Zhihu, Park24, PHC Holding, Visional

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 35 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. </li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a>'s tilt for <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a>; Bain's MBO for <a href="https://www.smartkarma.com/entities/tri-stage-inc" target="_blank" data-smartkarma-citation="entities:5685:1" rel="noopener">Tri Stage Inc (2178 JP)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>, and <a href="https://www.smartkarma.com/entities/suchuang-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:304:1" rel="noopener">Suchuang Gas Corp (1430 HK)</a>.</li>
</ul>


There are 35 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
Two new deals this week: WT Microelectronics (3036 TT)'s tilt for Excelpoint Technology (EXLP SP); Bain's MBO for Tri Stage Inc (2178 JP).
Key updates took place for: Toyo Construction (1890 JP), Uniti Group Ltd (UWL AU), Western Areas (WSA AU), and Suchuang Gas Corp (1430 HK).


Asia-Pac Weekly Risk Arb Wrap: Excelpoint, Tri Stage, Toyo, Uniti, Western Areas, Suchuang Gas

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.

Thematic (Sector/Industry)

<ul>
<li>We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments</li>
<li>Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.</li>
<li>Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU Small Finance Bank</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.


We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments
Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.
Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU Small Finance Bank

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.

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>A first look at the merger suggests that the value proposition is tilted towards HDFC Ltd ("HDFC") vs HDFC Bank ("HDFCB"), given the declining regulatory arbitrage between large-NBFCs and banks</li>
<li>However, given HDFCB's intense focus on growing its distribution prowess, HDFCB stands to benefit immensely from the merger and is thus a win-win deal.</li>
<li>With the expanded distribution network and cross-sell synergies, HDFCB, despite the larger base, will benefit from an accelerated growth post-merger.</li>
</ul>


A first look at the merger suggests that the value proposition is tilted towards HDFC Ltd ("HDFC") vs HDFC Bank ("HDFCB"), given the declining regulatory arbitrage between large-NBFCs and banks
However, given HDFCB's intense focus on growing its distribution prowess, HDFCB stands to benefit immensely from the merger and is thus a win-win deal.
With the expanded distribution network and cross-sell synergies, HDFCB, despite the larger base, will benefit from an accelerated growth post-merger.


HDFC Bank/HDFC Ltd Merger: Will Catalyze Growth, Not Dampen It

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul>
<li>Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.</li>
<li>Data suggests upturn in credit growth across segments (Retail and Corporate).</li>
<li>Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.</li>
<li>Large private banks are expected to grow at a highe...(continued).</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.


Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.
Data suggests upturn in credit growth across segments (Retail and Corporate).
Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.
Large private banks are expected to grow at a highe...(continued).

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.

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

India

Housing Development Finance Corporation Ltd. HDFC provides housing finance company. The Company provides wide range of housing loans, loan for home improvement, extensions, top ups, and non housing loans and loans for non resident Indian (NRI). HDFC serves customers in India, kuwait, Singapore, Oman, UAE, and the United Kingdom.

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HDFC Limited (HDFC IN)

ECM Weekly (17th Apr 2022)- Sk Shieldus, One Store, LIC, GoTo, Zhihu, Park24, PHC Holding, Visional

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Asia-Pac Weekly Risk Arb Wrap: Excelpoint, Tri Stage, Toyo, Uniti, Western Areas, Suchuang Gas

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments. Deposit growth continues to remain...

Axis Direct

HDFC Bank/HDFC Ltd Merger: Will Catalyze Growth, Not Dampen It

The market seems to be concerned with uncertainty around HDFCB's growth/ROE evolution post-merger. However, we believe the merger is a win-win...

Ankit Agrawal, CFA

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving...

Nirmal Bang

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