IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-fih" target="_blank" data-smartkarma-citation="entities:36101:1" rel="noopener">Bharat FIH (BFIH IN)</a> is India's largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. </li>
<li>It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August. </li>
<li>The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.</li>
</ul>



Bharat FIH (BFIH IN) is India's largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to Xiaomi Corp (1810 HK). 
It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August. 
The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.


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.

Equity Bottom-Up

Amber Enterprises India / Equity Bottom-Up

<div><div><div><div><div><ul><li>Strong overall performance,however RAC volumes impacted due to supply chain constraints : RAC revenues stood at Rs 1,002 Cr, contributing 52% to the company’s total revenues during the quarter.</li></ul><div><div><div><div><ul><li>The RAC volumes stood at ~15 Lc/26 Lc for Q4FY22 /FY22 which were impacted due to supply chain issues.</li></ul><div><div><div><div><ul><li>Thus volume impact , due to supply chain issues, are expected to recover in Q1FY23.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Strong overall performance,however RAC volumes impacted due to supply chain constraints : RAC revenues stood at Rs 1,002 Cr, contributing 52% to the company’s total revenues during the quarter.The RAC volumes stood at ~15 Lc/26 Lc for Q4FY22 /FY22 which were impacted due to supply chain issues.Thus volume impact , due to supply chain issues, are expected to recover in Q1FY23.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), Nirmal Bang

Nirmal Bang

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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.

<div><div><div><div></div></div><div><div><div><div><div><div><ul><li>RAC, Components &amp; Mobility Applications segments Update: (1) Industry RAC volume for FY20/FY21/FY22 stood at 7.2mn/5.2mn/6.4mn units.</li></ul><div><div><div><div><ul><li>Key Concall Highlights: (1) Company had taken a price hike of 8-9% for three quarters. It is likely to pass on another 2-3% price hike in 1QFY23</li></ul><div><div><div><div><ul><li>Working Capital Position: Working capital days declined by 17 days to 39 days at the end of FY22 vs 56 days at the end of FY21.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

RAC, Components &amp; Mobility Applications segments Update: (1) Industry RAC volume for FY20/FY21/FY22 stood at 7.2mn/5.2mn/6.4mn units.Key Concall Highlights: (1) Company had taken a price hike of 8-9% for three quarters. It is likely to pass on another 2-3% price hike in 1QFY23Working Capital Position: Working capital days declined by 17 days to 39 days at the end of FY22 vs 56 days at the end of FY21.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.

Amber Enterprises India Ltd - Robust Topline Growth; Margins to Improve Going Forward

Thematic (Sector/Industry)

<ul><li>The industry witnessed an improvement in consumer sentiment manifested in the higher demand recovery seen in seasonal products such as ACs, coolers, fans, and refrigerators</li><li>While Jan’22 and Feb’22 witnessed moderate demand, Mar’22 witnessed strong volumes</li><li>OUR TOP PLAYS Positive: Amber Enterprises, Polycab India Negative: Symphony Ltd</li></ul><p><em>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.</em></p>

The industry witnessed an improvement in consumer sentiment manifested in the higher demand recovery seen in seasonal products such as ACs, coolers, fans, and refrigeratorsWhile Jan’22 and Feb’22 witnessed moderate demand, Mar’22 witnessed strong volumesOUR TOP PLAYS Positive: Amber Enterprises, Polycab India Negative: Symphony LtdContent 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.

Consumer Durables: Margin Pressure Continues; Growth Recovering

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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.

<p>Healthy performance ahead of season, beat our estimates</p><div><em>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.</em></div>

Healthy performance ahead of season, beat our estimatesContent 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.

Amber Enterprises India Ltd | Q3FY22 Result Update

India

Amber Enterprises India Limited manufactures heating and ventilation equipment. The Company offers refrigerators, heat exchangers, air conditioners, home appliances, vacuum forming, and lighting products. Amber Enterprises also produces auto parts, injection molding, and sheet metal components. Amber Enterprises serves clients in India.

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Amber Enterprises India (AMBER IN)

Bharat FIH IPO: Rife with Bottlenecks

The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We...

Arun George

Result Update - Amber Enterprises

Amber Enterprises reported revenues of Rs 1,937 Cr (up 21% YoY/99% QoQ), lower than our estimates of Rs 2,273 Cr. The revenues grew led by...

Axis Direct

Amber Enterprises India Ltd - Robust Topline Growth; Margins to Improve Going Forward

Amber Enterprises India Ltd. (Amber) posted its highest ever 4QFY22 quarterly revenue of Rs19.4bn, up 21.2% YoY, led by robust growth across all...

Nirmal Bang

Consumer Durables: Margin Pressure Continues; Growth Recovering

The industry witnessed an improvement in consumer sentiment manifested in the higher demand recovery seen in seasonal products such as ACs,...

Axis Direct

Amber Enterprises India Ltd | Q3FY22 Result Update

Healthy performance ahead of season, beat our estimates

Edelweiss

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