External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

We recommend a BUY and assign 24x P/E multiple to its FY23E Earnings of Rs. 103.8/share which gives a TP of Rs. 2,475/share, implying an upside of 12%.<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>

We recommend a BUY and assign 24x P/E multiple to its FY23E Earnings of Rs. 103.8/share which gives a TP of Rs. 2,475/share, implying an upside of 12%.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.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

We attended MTCL's Analyst Day, where the management reiterated its 4x4x4 strategy and investments that the company is incurring to boost long-term growth. Here are the key highlights from the meet: The management reiterated its 4x4x4 strategy, with a focus on four industry groups, four service lines, and four geographies. Continuing with its four core industry groups, it will now segregate Healthcare as a separate vertical, given...<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>

We attended MTCL's Analyst Day, where the management reiterated its 4x4x4 strategy and investments that the company is incurring to boost long-term growth. Here are the key highlights from the meet: The management reiterated its 4x4x4 strategy, with a focus on four industry groups, four service lines, and four geographies. Continuing with its four core industry groups, it will now segregate Healthcare as a separate vertical, given...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.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

In 2016, a Blackstone fund purchased 60.5% of India-based IT Solutions Provider <a href="https://www.smartkarma.com/entities/mphasis-ltd" target="_blank" data-smartkarma-citation="entities:7672:1" rel="noopener">Mphasis Ltd (MPHL IN)</a> from Hewlett Packard (which had been looking to sell its stake for quite a while after having purchased it in 2008 when it bought out EDS) at Rs 430/share, then conducted an Open Offer to buy more shares at Rs 457 and change. The deal was to purchase 106.2mm shares from the sellers and another 26% or 54.93mm shares via an Open Offer, and if no shares were acquired in the Open Offer, the Blackstone fund would buy the other 20.9mm shares from the HPE entity selling and HPE would own no more shares. 
When the deal was announced, the price was just below Rs 500/share and during the course of the summer the price rose further so that the Open Offer at the time obtained only 0.001% of shares out. 
The shares rose, doubling reasonably quickly as Blackstone quickly revamped operations. Over the years, Blackstone opportunistically bought and sold small slices of the company in market operations. Late last year, it became clear that Blackstone was weighing the possibility of selling its 56.16% stake in the company as the valuation had run and shares were three times where they were when they bought. There were suggestions it might also be related to the possible departure of Blackstone India senior managing director Amit Jain who was rumored to be quitting to take up the co-head spot at Carlyle India. By January, seller due diligence had been conducted, banks were engaged, and Blackstone was en route to selling its stake (and the Buyer would be liable to launch an Open Offer) in its largest India investment to date to one of the four PE houses which were expected to put in bids - Brookfield, Bain, Carlyle, and Permira. 
Final round bids were due 24 February and by early March, the sale had been called off as the prospective lead buyer Carlyle and Blackstone as seller couldn't come to terms.
Today, we have a deal. But it's not Carlyle.
Blackstone is selling to Blackstone.

In 2016, a Blackstone fund purchased 60.5% of India-based IT Solutions Provider Mphasis Ltd (MPHL IN) from Hewlett Packard (which had been looking to sell its stake for quite a while after having purchased it in 2008 when it bought out EDS) at Rs 430/share, then conducted an Open Offer to buy more shares at Rs 457 and change. The deal was to purchase 106.2mm shares from the sellers and another 26% or 54.93mm shares via an Open Offer, and if no shares were acquired in the Open Offer, the Blackstone fund would buy the other 20.9mm shares from the HPE entity selling and HPE would own no more shares. 
When the deal was announced, the price was just below Rs 500/share and during the course of the summer the price rose further so that the Open Offer at the time obtained only 0.001% of shares out. 
The shares rose, doubling reasonably quickly as Blackstone quickly revamped operations. Over the years, Blackstone opportunistically bought and sold small slices of the company in market operations. Late last year, it became clear that Blackstone was weighing the possibility of selling its 56.16% stake in the company as the valuation had run and shares were three times where they were when they bought. There were suggestions it might also be related to the possible departure of Blackstone India senior managing director Amit Jain who was rumored to be quitting to take up the co-head spot at Carlyle India. By January, seller due diligence had been conducted, banks were engaged, and Blackstone was en route to selling its stake (and the Buyer would be liable to launch an Open Offer) in its largest India investment to date to one of the four PE houses which were expected to put in bids - Brookfield, Bain, Carlyle, and Permira. 
Final round bids were due 24 February and by early March, the sale had been called off as the prospective lead buyer Carlyle and Blackstone as seller couldn't come to terms.
Today, we have a deal. But it's not Carlyle.
Blackstone is selling to Blackstone. 

Blackstone Sells Mphasis Stake To.... Blackstone and Investors Get a CHEAP Option

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

The MSCI EM index (local currency) remains in an uptrend and is testing all-time highs set in January 2018 near 65,800; as long as the index is above 60,000 we are constructive from a price perspective.  China (CSI 300, MSCI China) continues to offer many attractive setups and accounts for the vast majority of today’s recommendations. Taiwan (TAIEX) continues to be worthy of an overweight within the EM universe, while South Korea (KOSPI) and India (SENSEX) display improving price and RS trends -- add exposure.

The MSCI EM index (local currency) remains in an uptrend and is testing all-time highs set in January 2018 near 65,800; as long as the index is above 60,000 we are constructive from a price perspective.  China (CSI 300, MSCI China) continues to offer many attractive setups and accounts for the vast majority of today’s recommendations. Taiwan (TAIEX) continues to be worthy of an overweight within the EM universe, while South Korea (KOSPI) and India (SENSEX) display improving price and RS trends -- add exposure.

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

Happiest Minds Technologies / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/happiest-minds-technologies" target="_blank" data-smartkarma-citation="entities:29128:1" rel="noopener">Happiest Minds Technologies (HAPPY IN)</a> (HM) is an information technology services company providing end-to-end solutions in the digital space. Its offerings include digital transformation, product engineering, infrastructure management and security services to its clients. It aims to raise around US$100m in its India listing.HM was started by Ashok Soota, who earlier worked with Wipro Limited as Vice Chairman and Mindtree Limited as Chairman and CEO. He was one of the co-founders of Mindtree.HM’s revenue has grown at 23% CAGR over FY18-20 and the company has managed to turn profitable owing to improving employee utilization. In addition, the industry outlook remains robust with IT spending on HM’s chosen areas of focus expected to grow at 20%+ CAGR.At the same time, the company’s average revenue per customer has been growing faster than its overall revenue. This is because the number of customers has been declining. Even if one looks at its largest customers, there are no clear signs of growth picking up. Furthermore, the company’s acquisition track record hasn’t been all that great and the founder has already pledged a substantial part of his shareholding.

Happiest Minds Technologies (HAPPY IN) (HM) is an information technology services company providing end-to-end solutions in the digital space. Its offerings include digital transformation, product engineering, infrastructure management and security services to its clients. It aims to raise around US$100m in its India listing.HM was started by Ashok Soota, who earlier worked with Wipro Limited as Vice Chairman and Mindtree Limited as Chairman and CEO. He was one of the co-founders of Mindtree.HM’s revenue has grown at 23% CAGR over FY18-20 and the company has managed to turn profitable owing to improving employee utilization. In addition, the industry outlook remains robust with IT spending on HM’s chosen areas of focus expected to grow at 20%+ CAGR.At the same time, the company’s average revenue per customer has been growing faster than its overall revenue. This is because the number of customers has been declining. Even if one looks at its largest customers, there are no clear signs of growth picking up. Furthermore, the company’s acquisition track record hasn’t been all that great and the founder has already pledged a substantial part of his shareholding.

Happiest Minds Pre-IPO - Decent Growth, Reputed Founder but Less than Reassuring Metrics

India

Mindtree Limited is an international IT company. The Company delivers business and technology solutions through global software development. Mindtree develops applications to help companies enhance their enterprise operations. The Company also delivers product-development services and designs reusable building blocks for high-tech companies.

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Mindtree Ltd (MTCL IN)

Event Update:Mindtree

We recommend a BUY and assign 24x P/E multiple to its FY23E Earnings of Rs. 103.8/share which gives a TP of Rs. 2,475/share, implying an upside of...

Axis Direct

Growth outlook remains intact

We attended MTCL's Analyst Day, where the management reiterated its 4x4x4 strategy and investments that the company is incurring to boost long-term...

Motilal Oswal

Blackstone Sells Mphasis Stake To.... Blackstone and Investors Get a CHEAP Option

Blackstone is selling its large stake in Mphasis purchased in 2016 to another Blackstone consortium. Price is 3% below here. There may be a 2% div...

Travis Lundy

Remain Overweight EM Relative To EAFE

The MSCI EM index (local currency) remains in an uptrend and is testing all-time highs set in January 2018 near 65,800; as long as the index is...

Vermilion Research

Happiest Minds Pre-IPO - Decent Growth, Reputed Founder but Less than Reassuring Metrics

Happiest Minds Technologies (HAPPY IN) (HM) is an information technology services company providing end-to-end solutions in the digital space. Its...

Sumeet Singh

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