Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> announced a net profit of S$954mn in the 1H22 (Mar Y/E), an increase of 105% yoy.</li>
<li>A strong turnaround in associate <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>'s contribution.</li>
<li>Trading at discount to NAV of ~34%, against a one-year average of ~27%.</li>
</ul>



Singtel (ST SP) announced a net profit of S$954mn in the 1H22 (Mar Y/E), an increase of 105% yoy.
A strong turnaround in associate Bharti Airtel (BHARTI IN)'s contribution.
Trading at discount to NAV of ~34%, against a one-year average of ~27%.


SingTel (ST SP): Steep Discount Amid Strong First-Half Results

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

Healthium Medtech / Equity Capital Markets

Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. It operates in three key markets namely, India, UK and the Rest of the World and currently has eight manufacturing facilities, seven in India and one in China. The firm has a diverse suite of offerings with over 52,000 SKUs and as of Mar 21, one in five surgeries conducted globally had used a Healthium Medtech product, as per Frost &amp; Sullivan (F&amp;S).While the company started off by manufacturing surgical consumables, it has since then expanded into other segments, mostly via acquisitions. Now the company primarily sells products pertaining to surgical consumables, urology and arthroscopy. HM revenue has been growing steadily over the past few years, while its margins have been expanding, resulting in bottom-line growth comfortably outpacing sales growth. In addition, HM has undertaken three acquisitions in FY22 which will increase its earnings by 40-50%. Although, the company hasn’t been very forthcoming with data and it didn’t pay a whole lot for the companies that it recently acquired.We have covered the company background in our earlier note, <a href="https://www.smartkarma.com/insights/healthium-medtech-pre-ipo-tearsheet" target="_blank" rel="noopener">Healthium Medtech Pre-IPO Tearsheet.</a>

Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. It operates in three key markets namely, India, UK and the Rest of the World and currently has eight manufacturing facilities, seven in India and one in China. The firm has a diverse suite of offerings with over 52,000 SKUs and as of Mar 21, one in five surgeries conducted globally had used a Healthium Medtech product, as per Frost &amp; Sullivan (F&amp;S).While the company started off by manufacturing surgical consumables, it has since then expanded into other segments, mostly via acquisitions. Now the company primarily sells products pertaining to surgical consumables, urology and arthroscopy. HM revenue has been growing steadily over the past few years, while its margins have been expanding, resulting in bottom-line growth comfortably outpacing sales growth. In addition, HM has undertaken three acquisitions in FY22 which will increase its earnings by 40-50%. Although, the company hasn’t been very forthcoming with data and it didn’t pay a whole lot for the companies that it recently acquired.We have covered the company background in our earlier note, Healthium Medtech Pre-IPO Tearsheet.

Healthium Medtech Pre-IPO - Steady Earnings, Creating a Niche

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

We maintain our BUY rating on the stock. Given the company's superior margins, stronger subscriber growth, and higher 4G conversions, we value the stock at Rs 770/share based on SOTP valuation. TP indicates an upside of 10% from the CMP.<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 maintain our BUY rating on the stock. Given the company's superior margins, stronger subscriber growth, and higher 4G conversions, we value the stock at Rs 770/share based on SOTP valuation. TP indicates an upside of 10% from the CMP.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.

Bharti Airtel: Posts Healthy Growth; Strong Client Addition Continues

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.

Bharti posted a strong 2QFY22, with consolidated EBITDA up 6% QoQ (above our estimate) on India Mobile/Africa EBITDA growth of 6%/5%, led by a 5% increase in India Mobile ARPU. This has continued to drive FCF, post interest, despite higher capex. The only dampener was the steady rise in net debt, which should fall with rising FCF and proceeds from the rights issue.<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>

Bharti posted a strong 2QFY22, with consolidated EBITDA up 6% QoQ (above our estimate) on India Mobile/Africa EBITDA growth of 6%/5%, led by a 5% increase in India Mobile ARPU. This has continued to drive FCF, post interest, despite higher capex. The only dampener was the steady rise in net debt, which should fall with rising FCF and proceeds from the rights issue.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.

Growth steady; gaining market share; await a pickup in deleveraging

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

As <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> rights issue is underway, we take this opportunity to re-visit our core thesis on Bharti (<a href="https://www.smartkarma.com/insights/bharti-airtel-bharti-in-the-last-one-standing" target="_blank" data-smartkarma-citation="insights:34585" rel="noopener">Bharti Airtel (BHARTI IN) | The Last One Standing</a> ) along with assessing the current valuation standpoint. 
Rights issue specifics are assumed to be widely known and hence will not be covered in this insight.

As Bharti Airtel (BHARTI IN) rights issue is underway, we take this opportunity to re-visit our core thesis on Bharti (Bharti Airtel (BHARTI IN) | The Last One Standing ) along with assessing the current valuation standpoint. 
Rights issue specifics are assumed to be widely known and hence will not be covered in this insight.  

Bharti Airtel (BHARTI IN) | Revisiting Core Thesis

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

SingTel (ST SP): Steep Discount Amid Strong First-Half Results

Amid improving earnings, the market is assigning S$6.7bn less for the unlisted ops YTD Continue to recommend SongTel either as a deep value play,...

David Blennerhassett

Healthium Medtech Pre-IPO - Steady Earnings, Creating a Niche

Healthium Medtech is looking to raise up to US$500m in its upcoming India IPO. Healthium Medtech is a medtech company that manufactures products...

Sumeet Singh

Bharti Airtel: Posts Healthy Growth; Strong Client Addition Continues

We maintain our BUY rating on the stock. Given the company's superior margins, stronger subscriber growth, and higher 4G conversions, we value the...

Axis Direct