External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Axis Bank (AXSB) showcased its transformation journey and outcomes over the past three years</li><li>The heavy Tech investments (2.5x in past 3 years) and re-jigged portfolio granularity on both sides of the balance sheet are gradually yielding positive results at the margin</li><li>While AXSB is likely to continue its investment phase, resulting in elevated opex ratios, the bank is incrementally focused on high-yielding profit pools by leveraging its branch network, digital capabilities and partnerships to drive productivity gains</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.

Axis Bank (AXSB) showcased its transformation journey and outcomes over the past three yearsThe heavy Tech investments (2.5x in past 3 years) and re-jigged portfolio granularity on both sides of the balance sheet are gradually yielding positive results at the marginWhile AXSB is likely to continue its investment phase, resulting in elevated opex ratios, the bank is incrementally focused on high-yielding profit pools by leveraging its branch network, digital capabilities and partnerships to drive productivity gainsContent 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.

Axis Bank - Future-Proofing Efforts Meet Early-Stage Gains

Thematic (Sector/Industry)

<ul><li>Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%</li><li>Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segments</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.

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segmentsContent 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.

India Equity Strategy: Cost inflation peaked out; margin recovery on the horizon

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

<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 IPO front,  Indian IPOs delivered some decent performance while HK IPOs are likely to pick up as well.</li>
<li>There were a number of placement and blocks this week, after the expiry of lockups in a few Indian names.</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 IPO front,  Indian IPOs delivered some decent performance while HK IPOs are likely to pick up as well.
There were a number of placement and blocks this week, after the expiry of lockups in a few Indian names.


ECM Weekly (20th Nov 2022) - I-Tail, Growatt, Lygend, SinoHytech, Meituan/Tencent, Olympus, Paytm

Five Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (0958461D IN)</a> raised around US$190m in its India IPO. </li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.</li>
</ul>



Five Star Business Finance (0958461D IN) raised around US$190m in its India IPO. 
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.


Five-Star Business IPO Trading - One of the Best Anchor Books but Worst Overall Demand

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO. </li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. </li>
<li>In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we will look at assumptions and share our thoughts on valuation.</li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. 
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. 
In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we will look at assumptions and share our thoughts on valuation.


Growatt Technology Pre-IPO - Thoughts on Valuation

India

Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

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Axis Bank Ltd (AXSB IN)

Axis Bank - Future-Proofing Efforts Meet Early-Stage Gains

The heavy Tech investments (2.5x in past 3 years) and re-jigged portfolio granularity on both sides of the balance sheet are gradually yielding...

HDFC Securities

India Equity Strategy: Cost inflation peaked out; margin recovery on the horizon

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY

HDFC Securities

ECM Weekly (20th Nov 2022) - I-Tail, Growatt, Lygend, SinoHytech, Meituan/Tencent, Olympus, Paytm

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

Five-Star Business IPO Trading - One of the Best Anchor Books but Worst Overall Demand

Five Star Business Finance raised around US$190m in its India IPO. In this note, we talk about the deal demand and trading dynamics.

Sumeet Singh

Growatt Technology Pre-IPO - Thoughts on Valuation

Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we will look at assumptions and...

Ethan Aw

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