APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Prabhudas Lilladher's research report onHindustan Unilever We cut FY25/26EPS by 1.6/1.3% factoring in 1) slower than expected recovery in volumes in rural India 2) price cuts in personal wash and skin care to improve consumer price value equation 3) sustained competitive intensity across mass segment in HPC segment resulting in market share loss and 4) higher investments in A&amp;P and innovations to sustain LT growth.</li><li>While HC, F&amp;R and &amp; Beauty segment are doing well across channels, price correction in soaps and skin should provide growth push from 2H25, in our view.</li><li>We believe normal monsoon can provide flip to rural demand although margin expansion from current levels will be very moderate (50bps over FY24-26).</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.

Prabhudas Lilladher's research report onHindustan Unilever We cut FY25/26EPS by 1.6/1.3% factoring in 1) slower than expected recovery in volumes in rural India 2) price cuts in personal wash and skin care to improve consumer price value equation 3) sustained competitive intensity across mass segment in HPC segment resulting in market share loss and 4) higher investments in A&amp;P and innovations to sustain LT growth.While HC, F&amp;R and &amp; Beauty segment are doing well across channels, price correction in soaps and skin should provide growth push from 2H25, in our view.We believe normal monsoon can provide flip to rural demand although margin expansion from current levels will be very moderate (50bps over FY24-26).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.

Hindustan Unilever - Accumulate for Moderate Returns

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>ICICI Securities research report onHindustan Unilever It's surprising that organisational learning missed in just 15 years (HUL had volume decline of 4.2% in MQ'2009 thanks to delay in price cuts in Detergents).</li><li>It's history repeating and not just rhyming.</li><li>10% revenue decline in Personal Care in MQ'2024 was due to delay in passing on value (higher grammage) in INR10 price point (high salience) in soaps.</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.

ICICI Securities research report onHindustan Unilever It's surprising that organisational learning missed in just 15 years (HUL had volume decline of 4.2% in MQ'2009 thanks to delay in price cuts in Detergents).It's history repeating and not just rhyming.10% revenue decline in Personal Care in MQ'2024 was due to delay in passing on value (higher grammage) in INR10 price point (high salience) in soaps.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.

Hindustan Unilever - Déjà Vu March'2009

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>HUL reported flat revenue growth (2% volume growth) to Rs 14,693 Cr,  which was in line with our/cons estimates.</li><li>This was on account of a subdued demand environment. Furthermore, price cuts in the Home Care and Skin Care segments impacted the overall revenue growth.</li><li>Premium portfolio (~25% of the portfolio) continues to remain strong and urban business continues to grow faster than rural. </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.

HUL reported flat revenue growth (2% volume growth) to Rs 14,693 Cr,  which was in line with our/cons estimates.This was on account of a subdued demand environment. Furthermore, price cuts in the Home Care and Skin Care segments impacted the overall revenue growth.Premium portfolio (~25% of the portfolio) continues to remain strong and urban business continues to grow faster than rural. 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.

Hindustan Unilever Ltd - Demand Recovery Will Be Gradual; Maintain BUY

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

India

Hindustan Unilever Limited manufactures and distributes consumer products. The Company offers soap, detergent, personal care products and processed food, ice creams, cooking oils, and other related products. Hindustan Unilever serves customers worldwide.

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Hindustan Unilever (HUVR IN)

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Hindustan Unilever - Accumulate for Moderate Returns

We believe normal monsoon can provide flip to rural demand although margin expansion from current levels will be very moderate (50bps over FY24-26).

Prabhudas Lilladhar

Hindustan Unilever - Déjà Vu March'2009

0% revenue decline in Personal Care in MQ'2024 was due to delay in passing on value (higher grammage) in INR10 price point (high salience) in soaps.

ICICI Securities Limited

Hindustan Unilever Ltd - Demand Recovery Will Be Gradual; Maintain BUY

HUL reported flat revenue growth (2% volume growth) to Rs 14,693 Cr, which was in line with our/cons estimates. This was on account of a subdued...

Axis Direct

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

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