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

Bajaj Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$830m in its upcoming India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.


Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

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.

Equity Bottom-Up

<ul>
<li>We maintain that Bank of Baroda is the stand-out value in this peer group of Indian banks, for its modest valuations, healthy ROE and improving pre- and post-provision returns</li>
<li>We retain HDFC Bank as our higher quality bank pick, with its strong balance sheet, especially on NPA coverage, and potential for improved return from the HDFC merger</li>
<li>Axis bank remains a name to watch, although valuations are not compelling; we remain negative on State Bank of India, and we are also cautious on ICICI Bank</li>
</ul>


We maintain that Bank of Baroda is the stand-out value in this peer group of Indian banks, for its modest valuations, healthy ROE and improving pre- and post-provision returns
We retain HDFC Bank as our higher quality bank pick, with its strong balance sheet, especially on NPA coverage, and potential for improved return from the HDFC merger
Axis bank remains a name to watch, although valuations are not compelling; we remain negative on State Bank of India, and we are also cautious on ICICI Bank


Indian Banks Screener: Bank of Baroda (BOB IN) Remains Stand Out Value

India BFSI - Long-Short - Equity Research Analyst

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> is the best-performing PSU bank in India and shows clear convergence with private peers across fundamental metrics beyond what its valuations might suggest</li>
<li>Medium-Term ROE Forecast of 16% to 18% and loan growth forecast of 14% to 16%; ROA ~1.2% consistently; Strong fee income; successful cross-selling through subsidiaries; Strong asset quality.
</li>
<li>
 P/BV is cheap at 1.3x FY25e, compared private peers’ valuations of 2.5x to 3.0x. SBIN can potentially re-rate to P/BV of ~1.6x FY25e in the near term (~35% upside).</li>
</ul>



State Bank Of India (SBIN IN) is the best-performing PSU bank in India and shows clear convergence with private peers across fundamental metrics beyond what its valuations might suggest
Medium-Term ROE Forecast of 16% to 18% and loan growth forecast of 14% to 16%; ROA ~1.2% consistently; Strong fee income; successful cross-selling through subsidiaries; Strong asset quality.


 P/BV is cheap at 1.3x FY25e, compared private peers’ valuations of 2.5x to 3.0x. SBIN can potentially re-rate to P/BV of ~1.6x FY25e in the near term (~35% upside).


State Bank Of India (SBIN IN): Initiation -  Convergence with Private Peers, Poised for Re-Rating

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>CPI inflation receded to a 59-month low of 3.5%YoY in Jul'24, with food inflation abating to 5.1%YoY (from 8.4%YoY in Jun'24), as vegetable inflation fell to 6.8%YoY (from Jun'24's 29.3%YoY).</li>
<li>Whilst retaining its 6.5% policy rate on 8/8/24, RBI forecast 4.4%YoY inflation in Jul-Sep'24, and 4.7%YoY in Oct-Dec'24; we expect 4.2%YoY and 4.3%YoY respectively, amid 8-10% above-normal monsoon rainfall.</li>
<li>The policy repo rate will likely decline 50bp by Dec'24 and a further 50bp to 5.5% by Jun'25. Rate sensitives like banks, auto-companies, NBFCs and property stocks will benefit. </li>
</ul>


CPI inflation receded to a 59-month low of 3.5%YoY in Jul'24, with food inflation abating to 5.1%YoY (from 8.4%YoY in Jun'24), as vegetable inflation fell to 6.8%YoY (from Jun'24's 29.3%YoY).
Whilst retaining its 6.5% policy rate on 8/8/24, RBI forecast 4.4%YoY inflation in Jul-Sep'24, and 4.7%YoY in Oct-Dec'24; we expect 4.2%YoY and 4.3%YoY respectively, amid 8-10% above-normal monsoon rainfall.
The policy repo rate will likely decline 50bp by Dec'24 and a further 50bp to 5.5% by Jun'25. Rate sensitives like banks, auto-companies, NBFCs and property stocks will benefit. 


India: Relief on Food Inflation Makes an Oct'24 Rate Cut Near-Certain

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Credit metrics continue to improve, with NPLs down to INR404bn in 1Q25 from INR458bn YoY and from INR407bn QoQ</li>
<li>Net loan growth continues to rise by about INR1tr each quarter, with net loans at INR9,465bn in 1Q25 up from INR8,554bn YoY and INR9,318bn QoQ</li>
<li>There are pressures on costs and margins, so the story is not all perfect, with NIM pressure potentially to reverse as LDR expands</li>
</ul>


Credit metrics continue to improve, with NPLs down to INR404bn in 1Q25 from INR458bn YoY and from INR407bn QoQ
Net loan growth continues to rise by about INR1tr each quarter, with net loans at INR9,465bn in 1Q25 up from INR8,554bn YoY and INR9,318bn QoQ
There are pressures on costs and margins, so the story is not all perfect, with NIM pressure potentially to reverse as LDR expands


Canara Bank - Bad Debt Charges Down in the Quarter, Net Loan Growth Nearly INR1tr YoY in 1Q25

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)

Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Indian Banks Screener: Bank of Baroda (BOB IN) Remains Stand Out Value

Bank of Baroda is the top value pick from our Indian banks screens, while HDFC Bank is the high quality name. Axis Bank is worth watching, but we...

Victor Galliano

State Bank Of India (SBIN IN): Initiation - Convergence with Private Peers, Poised for Re-Rating

State Bank of India (SBIN IN) is by far the best-performing PSU bank in India and has the potential to re-rate substantially in the near-term.

Raj S, CA, CFA

India: Relief on Food Inflation Makes an Oct'24 Rate Cut Near-Certain

CPI inflation at 59-month low 3.5%YoY in Jul'24. We expect CPI inflation to average 4.2%YoY in Jul-Dec'24, less in H1CY25, hence expect policy...

Prasenjit K. Basu

Canara Bank - Bad Debt Charges Down in the Quarter, Net Loan Growth Nearly INR1tr YoY in 1Q25

Canara Bank continues to see improvements in credit metrics. Less focus on MSMEs and more on retail can support this. LDR contract QoQ may reverse...

Daniel Tabbush

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Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Indian Banks Screener: Bank of Baroda (BOB IN) Remains Stand Out Value

​Bank of Baroda is the top value pick from our Indian banks screens, while HDFC Bank is the high quality name. Axis Bank is worth watching, but we...

Victor Galliano

State Bank Of India (SBIN IN): Initiation - Convergence with Private Peers, Poised for Re-Rating

State Bank of India (SBIN IN) is by far the best-performing PSU bank in India and has the potential to re-rate substantially in the near-term.

Raj S, CA, CFA

India: Relief on Food Inflation Makes an Oct'24 Rate Cut Near-Certain

​CPI inflation at 59-month low 3.5%YoY in Jul'24. We expect CPI inflation to average 4.2%YoY in Jul-Dec'24, less in H1CY25, hence expect policy...

Prasenjit K. Basu

Canara Bank - Bad Debt Charges Down in the Quarter, Net Loan Growth Nearly INR1tr YoY in 1Q25

Canara Bank continues to see improvements in credit metrics. Less focus on MSMEs and more on retail can support this. LDR contract QoQ may reverse...

Daniel Tabbush

Bank of Baroda is the top value pick from our Indian banks screens, while HDFC Bank is the high quality name. Axis Bank is worth watching, but we...

CPI inflation at 59-month low 3.5%YoY in Jul'24. We expect CPI inflation to average 4.2%YoY in Jul-Dec'24, less in H1CY25, hence expect policy...