APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable.</li><li>Earnings were higher than estimates mainly led by lower credit cost (~31 bps annualised).</li><li>Loan/deposit growth grew 12% y-o-y each. NIM fell by 16 bps q-o-q to 2.94% (owing to lower spreads &amp; higher interest income on bad loans recovery in the last quarter) resulting in weak NII growth (~3% y-o-y) which largely impacted the core PPoP growth (down 2% y-o-y).</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.

Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable.Earnings were higher than estimates mainly led by lower credit cost (~31 bps annualised).Loan/deposit growth grew 12% y-o-y each. NIM fell by 16 bps q-o-q to 2.94% (owing to lower spreads &amp; higher interest income on bad loans recovery in the last quarter) resulting in weak NII growth (~3% y-o-y) which largely impacted the core PPoP growth (down 2% y-o-y).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.

Bank of Baroda - Mixed Bag Q3, Asset Quality Stable

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Our positive focus remains on three smaller cap Indian banks, namely Bandhan, Baroda and Union Bank of India (UBI); we stay negative on richly valued ICICI Bank and Kotak Mahindra</li>
<li>Bandhan has its NPL challenges, but its pre-provision returns have improved and it is a value stand-out; Baroda remains our favourite and UBI has delivered better profitability and credit quality</li>
<li>Kotak Mahindra is the peer group’s highest return bank post credit costs, but returns continue to erode; ICICI is on premium valuations and we expect credit costs to go higher</li>
</ul>


Our positive focus remains on three smaller cap Indian banks, namely Bandhan, Baroda and Union Bank of India (UBI); we stay negative on richly valued ICICI Bank and Kotak Mahindra
Bandhan has its NPL challenges, but its pre-provision returns have improved and it is a value stand-out; Baroda remains our favourite and UBI has delivered better profitability and credit quality
Kotak Mahindra is the peer group’s highest return bank post credit costs, but returns continue to erode; ICICI is on premium valuations and we expect credit costs to go higher


Indian Banks Screener: Stick with Buys on Select, Value Based Smaller Caps

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>Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.</li><li>However, the management does not expect any challenge on these accounts and expects them to pull-back and become standard at the earliest.</li><li>The management also indicated that BoB is not seeing any slippages from any state or central PSU. </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.

Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.However, the management does not expect any challenge on these accounts and expects them to pull-back and become standard at the earliest.The management also indicated that BoB is not seeing any slippages from any state or central PSU. 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.

Bank of Baroda - Earnings Beat Led by One-Off, RoA Delivery of 1+% to Continue!

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

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.</li><li>Its CD ratio, thus, increased ~600bp over the past two years to 80.3%.</li><li>With intense competition for deposits, we estimate BoB’s deposit growth to remain broadly in line with the system at ~11%.</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.

Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.Its CD ratio, thus, increased ~600bp over the past two years to 80.3%.With intense competition for deposits, we estimate BoB’s deposit growth to remain broadly in line with the system at ~11%.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.

Bank of Baroda - Asset Quality Steady; Remain Watchful on the Pace of Deposit Mobilization

India

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

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Bank Of Baroda (BOB IN)

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Bank of Baroda - Mixed Bag Q3, Asset Quality Stable

Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable. Earnings were higher than estimates...

Sharekhan

Indian Banks Screener: Stick with Buys on Select, Value Based Smaller Caps

We stick with our value relative to returns based calls on Indian banks. Positive on smaller caps Baroda, Bandhan, UBI; negative on ICICI Bank and...

Victor Galliano

Bank of Baroda - Earnings Beat Led by One-Off, RoA Delivery of 1+% to Continue!

Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.

Axis Direct

Bank of Baroda - Asset Quality Steady; Remain Watchful on the Pace of Deposit Mobilization

Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.

Motilal Oswal

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Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Bank of Baroda - Mixed Bag Q3, Asset Quality Stable

Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable. Earnings were higher than estimates...

Sharekhan

Indian Banks Screener: Stick with Buys on Select, Value Based Smaller Caps

​We stick with our value relative to returns based calls on Indian banks. Positive on smaller caps Baroda, Bandhan, UBI; negative on ICICI Bank and...

Victor Galliano

Bank of Baroda - Earnings Beat Led by One-Off, RoA Delivery of 1+% to Continue!

Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.

Axis Direct

Bank of Baroda - Asset Quality Steady; Remain Watchful on the Pace of Deposit Mobilization

Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.

Motilal Oswal

We stick with our value relative to returns based calls on Indian banks. Positive on smaller caps Baroda, Bandhan, UBI; negative on ICICI Bank and...