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>
<a href="https://www.smartkarma.com/entities/juniper-hotels" target="_blank" data-smartkarma-citation="entities:40186:1" rel="noopener">Juniper Hotels</a> (JH) is looking to raise up to US$217m in its upcoming India IPO.</li>
<li>Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.</li>
<li>The company is jointly held by Saraf Hotels and its affiliate, Juniper Investments and Two Seas Holdings (an indirect subsidiary of Hyatt Hotels Corporation).</li>
</ul>



Juniper Hotels (JH) is looking to raise up to US$217m in its upcoming India IPO.
Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.
The company is jointly held by Saraf Hotels and its affiliate, Juniper Investments and Two Seas Holdings (an indirect subsidiary of Hyatt Hotels Corporation).


Juniper Hotels Pre-IPO - Has Been Recovering Well

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Fedbank Financial Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fedbank-financial-services" target="_blank" data-smartkarma-citation="entities:40010:1" rel="noopener">Fedbank Financial Services (0702066D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.</li>
<li>In this note, we will look at past performance, and share our thoughts on valuation.</li>
</ul>



Fedbank Financial Services (0702066D IN) is looking to raise about US$130m in its India IPO.
Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.
In this note, we will look at past performance, and share our thoughts on valuation.


Fedbank Financial IPO - Strong Sector Momentum, but This One Doesn’t Seem Particularly Compelling

Ethan Aw

Jana Small Finance Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jana-small-finance-bank" target="_blank" data-smartkarma-citation="entities:40026:1" rel="noopener">Jana Small Finance Bank (3667144Z IN)</a> is looking to raise at least US$100m in its upcoming India IPO.</li>
<li>Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023).</li>
<li>JSFB has grown its number of banking outlets and amount of deposits fast, which allowed the firm to grow its gross advances by 1.5x over the track record period. </li>
</ul>



Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO.
Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023).
JSFB has grown its number of banking outlets and amount of deposits fast, which allowed the firm to grow its gross advances by 1.5x over the track record period. 


Jana Small Finance Bank Pre-IPO - Has Grown Decently Fast but Keep an Eye on Its CRAR

India BFSI - Long-Short - Equity Research Analyst

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

Equity Bottom-Up

Life Insurance  of India / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance of India (LICI IN)</a> reported its 1H24 earnings which are a continuation of the poor performance of the largest life insurer in India.</li>
<li>Total sales were down -10% (individual sales – flat y-o-y); VNB margins falling; outlook not positive. Not positive shifts in product mix or distribution trends.</li>
<li>We value LIC at 0.5x FY25e P/EV, implying a -15% downside from the current price, reflecting poor sales growth, loss of market-share and its failure to turn-around the business model.</li>
</ul>



Life Insurance of India (LICI IN) reported its 1H24 earnings which are a continuation of the poor performance of the largest life insurer in India.
Total sales were down -10% (individual sales – flat y-o-y); VNB margins falling; outlook not positive. Not positive shifts in product mix or distribution trends.
We value LIC at 0.5x FY25e P/EV, implying a -15% downside from the current price, reflecting poor sales growth, loss of market-share and its failure to turn-around the business model.


Life Insurance of India (LICI IN) 2Q24 Review: Poor Performance; No Signs of Turnaround. Sell.

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (1363943D IN)</a> is looking to raise up to US$163m in its upcoming India IPO. </li>
<li>Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>MMF has undergone fast network expansion, which allowed the firm to nearly double its AUM over the track record period. </li>
</ul>



Muthoot Microfin (1363943D IN) is looking to raise up to US$163m in its upcoming India IPO. 
Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
MMF has undergone fast network expansion, which allowed the firm to nearly double its AUM over the track record period. 


Muthoot Microfin Pre-IPO - Accelerating Profitability Growth

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)

Juniper Hotels Pre-IPO - Has Been Recovering Well

Juniper Hotels (JH) is looking to raise up to US$217m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Fedbank Financial IPO - Strong Sector Momentum, but This One Doesn’t Seem Particularly Compelling

Fedbank Financial Services (0702066D IN) is looking to raise about US$130m in its India IPO. In this note, we will look at past performance, and...

Clarence Chu

Jana Small Finance Bank Pre-IPO - Has Grown Decently Fast but Keep an Eye on Its CRAR

Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO. JSFB has grown its number of banking outlets...

Ethan Aw

Life Insurance of India (LICI IN) 2Q24 Review: Poor Performance; No Signs of Turnaround. Sell.

LIC’s 2Q24 earnings show a continuation of the poor performance of the largest life insurer in India. We expect further de-rating given the lack of...

Raj S, CA, CFA

Muthoot Microfin Pre-IPO - Accelerating Profitability Growth

Muthoot Microfin (1363943D IN) is looking to raise up to US$163m in its upcoming India IPO. MMF has undergone fast network expansion, which allowed...

Ethan Aw

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