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

Five Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five-Star Business Finance (0958461D IN)</a> is looking to raise around US$300m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.</li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Five-Star Business Finance (0958461D IN) is looking to raise around US$300m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we talk about the positive aspects of the deal.


Five-Star Business Pre-IPO - The Positives - Fast Growth, Juicy Margins and Strong Backers

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.

Thematic (Sector/Industry)

<ul><li>Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY and 48.6/9.8% MoM.</li><li>Strong NBP growth on an MoM basis was largely on account of LIC’s performance.</li><li>In Sep’22, the private players’ performance was quite lacklusture, reporting a de-growth of 13.9%/5.1% YoY in NBP/APE. </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>

Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY and 48.6/9.8% MoM.Strong NBP growth on an MoM basis was largely on account of LIC’s performance.In Sep’22, the private players’ performance was quite lacklusture, reporting a de-growth of 13.9%/5.1% YoY in NBP/APE. 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.

Life Insurance Companies Performance – Sep’22 and H1FY23

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>AIPL has commenced a market consultation on amending the index universe to only include stocks that are a part of the Futures &amp; Options (F&amp;O) segment of the market.</li>
<li>This is likely driven by a bunch of Adani-group companies that are at the cusp of index inclusion and are not a part of the F&amp;O market.</li>
<li>Post implementation of the change, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> is a likely inclusion to the index in December, though that depends on <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> being deleted.</li>
</ul>


AIPL has commenced a market consultation on amending the index universe to only include stocks that are a part of the Futures &amp; Options (F&amp;O) segment of the market.
This is likely driven by a bunch of Adani-group companies that are at the cusp of index inclusion and are not a part of the F&amp;O market.
Post implementation of the change, Tata Motors Ltd (TTMT IN) is a likely inclusion to the index in December, though that depends on Dr. Reddy's Laboratories (DRRD IN) being deleted.


SENSEX Index Rebalance Preview: Market Consultation on Derivative Linkage & Impact

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.

<div><div><div><div><ul><li>Sector growth pegged at 15% CAGR over the coming decade: Currently, life insurance penetration in India (FY22) stands at 3.2% compared to 3.4-19.2% for Asian peers.</li></ul><div><div><div><div><ul><li>Protection segment expected to grow at a higher rate: We expect the protection segment to grow at a higher rate than the overall APE growth, implying higher sales contribution going forward.</li></ul><div><div><div><div><ul><li>Larger players better placed to capture growth: We see larger players (top 6-8) being most favourably placed to defend/gain market share.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

Sector growth pegged at 15% CAGR over the coming decade: Currently, life insurance penetration in India (FY22) stands at 3.2% compared to 3.4-19.2% for Asian peers.Protection segment expected to grow at a higher rate: We expect the protection segment to grow at a higher rate than the overall APE growth, implying higher sales contribution going forward.Larger players better placed to capture growth: We see larger players (top 6-8) being most favourably placed to defend/gain market share.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.

Life Insurance Sector - Structural Story at Attractive Valuations; SBI Life Top Pick

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note we will talk about the deal dynamics and run the deal through our ECM framework.


Thai Life Insurance IPO - Can’t Pinpoint the Upside

India

HDFC Standard Life Insurance Company Limited is a life insurance firm. The Company offers protection, pension, savings and investment, and children's and women's plans to individuals. HDFC Standard Life Insurance serves customers in India and United Arab Emirates.

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HDFC Life Insurance (HDFCLIFE IN)

Five-Star Business Pre-IPO - The Positives - Fast Growth, Juicy Margins and Strong Backers

Five-Star Business Finance is looking to raise around US$300m in its upcoming India IPO. The company has been growing fast and has maintained...

Sumeet Singh

Life Insurance Companies Performance – Sep’22 and H1FY23

Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY...

Axis Direct

SENSEX Index Rebalance Preview: Market Consultation on Derivative Linkage & Impact

The market consultation makes derivatives linkage a necessary condition for index inclusion. That excludes a bunch of Adani group companies from...

Brian Freitas

Life Insurance Sector - Structural Story at Attractive Valuations; SBI Life Top Pick

Life insurance stocks have corrected by 9-16% over the last six months vs a correction of 9% and 5.3% in NIFTY50 and Bank Nifty, respectively.

Nirmal Bang

Thai Life Insurance IPO - Can’t Pinpoint the Upside

Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around...

Sumeet Singh

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