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>Protean eGov Technologies (PET) is looking to raise up to US$600m in its upcoming India IPO.</li>
<li>Protean eGov Technologies (PET) is a key IT-enabled solutions company in India engaged in conceptualizing, developing and executing nationally critical greenfield technology solutions. </li>
<li>In this note, we look at the company's past performance.</li>
</ul>


Protean eGov Technologies (PET) is looking to raise up to US$600m in its upcoming India IPO.
Protean eGov Technologies (PET) is a key IT-enabled solutions company in India engaged in conceptualizing, developing and executing nationally critical greenfield technology solutions. 
In this note, we look at the company's past performance.


Protean EGov Technologies Pre-IPO - A Key Service Provider but Earnings Have Lagged

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

<ul><li>Accenture reported robust Q1FY23 numbers which stood in line with the street expectations.</li><li>Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.</li><li>In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.</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>

Accenture reported robust Q1FY23 numbers which stood in line with the street expectations.Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.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.

Accenture - Results In-Line With Expectation; Guidance Below Expectations

Rainbow Children's Medicare / Equity Capital Markets

<ul>
<li>Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about our earnings forecast and thoughts on valuation.</li>
</ul>


Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about our earnings forecast and thoughts on valuation.


Rainbow Children’s Hospital IPO - Thoughts on Valuation

<ul>
<li>SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.</li>
<li>SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.</li>
<li>In this note, we will look at the refiling updates.</li>
</ul>


SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.
In this note, we will look at the refiling updates.


SK Shieldus IPO - Refiling Disclosures Should Make Multiples Move, LOWER.

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>Germany, the EU's most consequential power, now has a "traffic-lights" coalition government with an ambitious agenda for its structural transformation into a green, digitized economy. </li>
<li>Socially-Liberal policies, including expunging 'race" from the constitution, will allow greater entry of technology professionals, and relatively smooth path toward citizenship, which should attract considerable talent. </li>
<li>With the debt brake absent in 2022, the state railway and development bank will borrow big to fund the investment surge, lowering Germany's current account surplus and boosting Eurozone growth. </li>
</ul>


Germany, the EU's most consequential power, now has a "traffic-lights" coalition government with an ambitious agenda for its structural transformation into a green, digitized economy. 
Socially-Liberal policies, including expunging 'race" from the constitution, will allow greater entry of technology professionals, and relatively smooth path toward citizenship, which should attract considerable talent. 
With the debt brake absent in 2022, the state railway and development bank will borrow big to fund the investment surge, lowering Germany's current account surplus and boosting Eurozone growth. 


Germany: Scholz-Led Traffic-Light Coalition to Redefine Left-Wing Pragmatism

India

HCL Infosystems Limited is a distribution, IT services, and solutions provider. The Company provides distribution for telecom, IT, office automation and consumer electronics products. HCL Infosystems offers a portfolio of infrastructure managed services, enterprise application services, system integration services, office automation services, and managed print services.

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HCL Infosystems (HCLI IN)

Protean EGov Technologies Pre-IPO - A Key Service Provider but Earnings Have Lagged

Protean eGov Technologies (PET) is looking to raise up to US$600m in its upcoming India IPO. In this note we talk about the company's past...

Sumeet Singh

Accenture - Results In-Line With Expectation; Guidance Below Expectations

Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of...

Axis Direct

Rainbow Children’s Hospital IPO - Thoughts on Valuation

Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO. In this note, we...

Sumeet Singh

SK Shieldus IPO - Refiling Disclosures Should Make Multiples Move, LOWER.

SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO. In this note we will look at the...

Sumeet Singh

Germany: Scholz-Led Traffic-Light Coalition to Redefine Left-Wing Pragmatism

The new coalition will borrow in 2022, & invest in a green, digital transformation over the next 5 years. Germany's large current account surplus...

Prasenjit K. Basu

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