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

Rainbow Children's Medicare / Equity Capital Markets

<ul>
<li>Rainbow Children’s Hospital (RCH) aims to raise around US$250m 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 the company's past performance.</li>
</ul>


Rainbow Children’s Hospital (RCH) aims to raise around US$250m 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 the company's past performance.


Rainbow Children’s Hospital Pre-IPO - Still Growing but Not All Regions Have Been Performing

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>HDFC Bank’s (HDFCB) Q4FY22 earnings performance stood below our and consensus estimates with NII growth disappointing despite a healthy loan growth.</li><li>Loan growth was robust at 21/9% YoY/QoQ supported by healthy growth in the Commercial &amp; Rural Banking (+31% YoY) and Corporate Book (+17% YoY)</li><li>We maintain our BUY recommendation on the stock with a revised target price of Rs 1,960/share derived using the SOTP method (core bank at 3.4xFY24E ABV + Subsidiaries value Rs 75/-), implying an upside of 34% from the CMP</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.

HDFC Bank’s (HDFCB) Q4FY22 earnings performance stood below our and consensus estimates with NII growth disappointing despite a healthy loan growth.Loan growth was robust at 21/9% YoY/QoQ supported by healthy growth in the Commercial &amp; Rural Banking (+31% YoY) and Corporate Book (+17% YoY)We maintain our BUY recommendation on the stock with a revised target price of Rs 1,960/share derived using the SOTP method (core bank at 3.4xFY24E ABV + Subsidiaries value Rs 75/-), implying an upside of 34% from the CMPContent 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.

HDFC Bank: Strong ROA Despite NIM Compression!

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul>
<li>HDFC Bank reported earnings growth of ~23% YoY, mainly driven by lower provisions.</li>
<li>Operating profit growth was subdued at 5.3% YoY on account of multiple factors: (1) lower NII growth due to NIM compression (2) treasury losses (vs. gains in previous periods) due to increase in yields (3) investments in branches, human capital and technology.</li>
<li>Loan book growth was strong at ~21% YoY, driven by commercial/rural and wholesale banking...(continued).</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.


HDFC Bank reported earnings growth of ~23% YoY, mainly driven by lower provisions.
Operating profit growth was subdued at 5.3% YoY on account of multiple factors: (1) lower NII growth due to NIM compression (2) treasury losses (vs. gains in previous periods) due to increase in yields (3) investments in branches, human capital and technology.
Loan book growth was strong at ~21% YoY, driven by commercial/rural and wholesale banking...(continued).

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.

HDFC Bank- 4QFY22 Result Update- Higher Wholesale Growth Hurts Margins

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>Post announcement of the acquisition of Citibank India's consumer finance unit, Axis Bank has outperformed the market</li>
<li>However, Axis Bank shareholders need to be more cautious about whether the acquisition will deliver the returns that the market is expecting.</li>
<li>Competitors who either did not bid or lost out in the acquisition are focusing on poaching Citibank’s premier customers.</li>
</ul>


Post announcement of the acquisition of Citibank India's consumer finance unit, Axis Bank has outperformed the market
However, Axis Bank shareholders need to be more cautious about whether the acquisition will deliver the returns that the market is expecting.
Competitors who either did not bid or lost out in the acquisition are focusing on poaching Citibank’s premier customers.


Citi’s Well-Off Retail Clients May Not Travel Meekly to Axis Bank

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, Zhihu and the SK twins were the main active deals, with LIC being in the pipeline for a potential launch in the coming week.</li>
<li>Placement flows remained slow over the holiday shortened week. With Japan continuing to favour accelerated book build.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, Zhihu and the SK twins were the main active deals, with LIC being in the pipeline for a potential launch in the coming week.
Placement flows remained slow over the holiday shortened week. With Japan continuing to favour accelerated book build.


ECM Weekly (17th Apr 2022)- Sk Shieldus, One Store, LIC, GoTo, Zhihu, Park24, PHC Holding, Visional

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

Rainbow Children’s Hospital Pre-IPO - Still Growing but Not All Regions Have Been Performing

Rainbow Children’s Hospital (RCH) aims to raise around US$250m via issuing a mix of primary and secondary shares in its India IPO.

Sumeet Singh

HDFC Bank: Strong ROA Despite NIM Compression!

We maintain our BUY recommendation on the stock with a revised target price of Rs 1,960/share derived using the SOTP method (core bank at 3.4xFY24E...

Axis Direct

HDFC Bank- 4QFY22 Result Update- Higher Wholesale Growth Hurts Margins

HDFC Bank reported earnings growth of ~23% YoY, mainly driven by lower provisions. Operating profit growth was subdued at 5.3% YoY on account of...

Nirmal Bang

Citi’s Well-Off Retail Clients May Not Travel Meekly to Axis Bank

The acquisition will depend on the bulk of Citibank’s premier customers being retained by Axis Bank. Recent developments regarding the toxic work...

Hemindra Hazari

ECM Weekly (17th Apr 2022)- Sk Shieldus, One Store, LIC, GoTo, Zhihu, Park24, PHC Holding, Visional

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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