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/hero-fincorp-ltd" target="_blank" data-smartkarma-citation="entities:43860:1" rel="noopener">Hero FinCorp</a> (HF) is looking to raise around US$438m in its upcoming India IPO.</li>
<li>HF is a non-deposit taking NBFC. It offers a suite of financial products catering primarily to the retail segment and the MSME customer segment in India.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO.
HF is a non-deposit taking NBFC. It offers a suite of financial products catering primarily to the retail segment and the MSME customer segment in India.
In this note, we talk about the not-so-positive aspects of the deal.


Hero Fincorp Pre-IPO - The Negatives - Still Has Issues to Contend With

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>The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.</li><li>This performance was driven by higher ASPs, better sales volumes, the premiumization trend, cost optimization efforts, and operating leverage.</li><li>On a QoQ basis, aggregate Revenue/EBITDA/PAT declined by 4.5%/4.2%/2.2%, against expectations of ~6%/9%/7% declines due to seasonality. </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.

The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.This performance was driven by higher ASPs, better sales volumes, the premiumization trend, cost optimization efforts, and operating leverage.On a QoQ basis, aggregate Revenue/EBITDA/PAT declined by 4.5%/4.2%/2.2%, against expectations of ~6%/9%/7% declines due to seasonality. 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.

Top Sector Ideas - Auto and Auto Ancillaries - (Q1FY25)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-fincorp-ltd" target="_blank" data-smartkarma-citation="entities:43860:1" rel="noopener">Hero FinCorp</a> (HF) is looking to raise around US$438m in its upcoming India IPO.</li>
<li>HF is a non-deposit taking NBFC. It offers a suite of financial products catering primarily to the retail segment and the MSME customer segment in India.</li>
<li>In this note, we talk about the positive aspets of the deal.</li>
</ul>



Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO.
HF is a non-deposit taking NBFC. It offers a suite of financial products catering primarily to the retail segment and the MSME customer segment in India.
In this note, we talk about the positive aspets of the deal.


Hero Fincorp Pre-IPO - The Positives - Riding on the Parent's Brand

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Cabinet Approves INR 33,700 Crore Infrastructure Project, including rail, and new airport</li>
<li>Adani Power in Negotiations to Acquire Reliance Power's 600-MW Thermal Plant</li>
<li>Hero MotoCorp Faces INR 17 Crore Tax Notice from Delhi GST Authorities</li>
</ul>


Cabinet Approves INR 33,700 Crore Infrastructure Project, including rail, and new airport
Adani Power in Negotiations to Acquire Reliance Power's 600-MW Thermal Plant
Hero MotoCorp Faces INR 17 Crore Tax Notice from Delhi GST Authorities


# 48 India Insight: Cabinet INR 33,700 Project, Adani Power Acquire Reliance Power, Hero Tax Notice

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>Hero Motocorp: Hero MotoCorp Q1 PAT at INR 11.2bn (+20% YoY) exceeded our estimate of INR 10.6bn, driven by a better product mix and cost control initiatives</li><li>It continues to focus on the 125cc segment, with capacity increased from 25k units per month to 40k per month to cater to the demand for Xtreme 125R</li><li>With better consumer sentiment aided by marriage dates and the onset of the festive season, a significant recovery is expected in the rural segment</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.

Hero Motocorp: Hero MotoCorp Q1 PAT at INR 11.2bn (+20% YoY) exceeded our estimate of INR 10.6bn, driven by a better product mix and cost control initiativesIt continues to focus on the 125cc segment, with capacity increased from 25k units per month to 40k per month to cater to the demand for Xtreme 125RWith better consumer sentiment aided by marriage dates and the onset of the festive season, a significant recovery is expected in the rural segmentContent 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: Hero Motocorp, Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa)

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Hero Fincorp Pre-IPO - The Negatives - Still Has Issues to Contend With

Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Top Sector Ideas - Auto and Auto Ancillaries - (Q1FY25)

The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.

Axis Direct

Hero Fincorp Pre-IPO - The Positives - Riding on the Parent's Brand

Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

# 48 India Insight: Cabinet INR 33,700 Project, Adani Power Acquire Reliance Power, Hero Tax Notice

Indian government approves major infrastructure project, Adani Power eyes acquisition, Hero MotoCorp hit with tax notice.

Sudarshan Bhandari

HSIE Results Daily: Hero Motocorp, Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa)

Hero Motocorp: Hero MotoCorp Q1 PAT at INR 11.2bn (+20% YoY) exceeded our estimate of INR 10.6bn, driven by a better product mix and cost control...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hero Fincorp Pre-IPO - The Negatives - Still Has Issues to Contend With

Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Top Sector Ideas - Auto and Auto Ancillaries - (Q1FY25)

The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.

Axis Direct

Hero Fincorp Pre-IPO - The Positives - Riding on the Parent's Brand

Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

# 48 India Insight: Cabinet INR 33,700 Project, Adani Power Acquire Reliance Power, Hero Tax Notice

​Indian government approves major infrastructure project, Adani Power eyes acquisition, Hero MotoCorp hit with tax notice.

Sudarshan Bhandari

HSIE Results Daily: Hero Motocorp, Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa)

Hero Motocorp: Hero MotoCorp Q1 PAT at INR 11.2bn (+20% YoY) exceeded our estimate of INR 10.6bn, driven by a better product mix and cost control...

HDFC Securities

Indian government approves major infrastructure project, Adani Power eyes acquisition, Hero MotoCorp hit with tax notice.