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>National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. </li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the positive aspects of the deal.


NSDL Pre-IPO - The Positives - Dominant Position, Strong Revenue Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiaries</li><li>Performance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiary</li><li>We continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bn</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.

Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiariesPerformance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiaryWe continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bnContent 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.

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

<ul>
<li>National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. </li>
<li>The deal will be run by ISec, Axis Capital, HSBC, IDBI, Motilal and SBI Caps.</li>
<li>It IS the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
</ul>


National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
The deal will be run by ISec, Axis Capital, HSBC, IDBI, Motilal and SBI Caps.
It IS the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.


National Securities Depository Limited (NSDL) Pre-IPO Tearsheet

<ul><li>Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)</li><li>Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)</li><li>The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24E</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.

Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24EContent 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.

Exchanges, Staffing and Internet: The road to recovery

<ul><li>Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)</li><li>The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)</li><li>The mix in Q4 was led by economy emulsions and waterproofing</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.

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)The mix in Q4 was led by economy emulsions and waterproofingContent 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.

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors

India

Bombay Stock Exchange Limited provides market for trading in equity, debt instruments, derivatives, and mutual funds. The Company offers services including risk management, clearing, settlement, market data services, and education. Bombay Stock Exchange serves customers in India. ... More

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Bombay Stock Exchange (BSE IN)

NSDL Pre-IPO - The Positives - Dominant Position, Strong Revenue Growth

National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. In this note, we talk about the positive aspects...

Sumeet Singh

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas...

HDFC Securities

National Securities Depository Limited (NSDL) Pre-IPO Tearsheet

National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. It is the largest depository in India.

Sumeet Singh

Exchanges, Staffing and Internet: The road to recovery

Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)

HDFC Securities

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)