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.

Event-Driven

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO. </li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>In this note, we will talk about the likely final deal terms and the likelihood of fast entry in the various indices.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO. 
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
In this note, we will talk about the likely final deal terms and the likelihood of fast entry in the various indices.


Life Insurance Corporation of India Pre-IPO - India’s Largest IPO Will Not Get Any Passive Support

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all-round balance sheet metrics (growth and asset quality), reflecting in +59% YoY growth in net profit</li><li>The bank continued to gain traction on both sides of the balance sheet, with average CASA clocking 45% and YoY loan growth at 17%</li><li>Net slippages were negative, resulting in negligible credit costs (adjusted for contingent provisions), as the stressed pool (restructured portfolio at 1%, BB &amp; below portfolio at 1.3%) declined 40bps sequentially</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 Bank: ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all-round balance sheet metrics (growth and asset quality), reflecting in +59% YoY growth in net profitThe bank continued to gain traction on both sides of the balance sheet, with average CASA clocking 45% and YoY loan growth at 17%Net slippages were negative, resulting in negligible credit costs (adjusted for contingent provisions), as the stressed pool (restructured portfolio at 1%, BB &amp; below portfolio at 1.3%) declined 40bps sequentiallyContent 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 Bank: Pulling Further into the Lead; Happy Trade-Offs Ahead

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>ICICI Bank (ICICIBC) reported yet another strong performance in Q4FY22 with a 59% YoY earnings growth, driven by 21% YoY growth in PPOP and a sharp decline of 63% YoY in provisions.</li><li>The company’s NII growth was robust at 21% YoY, supported by a healthy loan book growth of 17% YoY and marginal NIM expansion (4% vs 3.96% in Q3FY22).</li><li>We maintain a BUY rating on the stock with a revised target price of Rs 1,000 (SOTP basis core book at 2.8x FY24E ABV and Rs 173 Subsidiary Value), implying an upside of 34% from 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.

ICICI Bank (ICICIBC) reported yet another strong performance in Q4FY22 with a 59% YoY earnings growth, driven by 21% YoY growth in PPOP and a sharp decline of 63% YoY in provisions.The company’s NII growth was robust at 21% YoY, supported by a healthy loan book growth of 17% YoY and marginal NIM expansion (4% vs 3.96% in Q3FY22).We maintain a BUY rating on the stock with a revised target price of Rs 1,000 (SOTP basis core book at 2.8x FY24E ABV and Rs 173 Subsidiary Value), implying an upside of 34% from CMP.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 Bank Ltd: Outperformance Continues; Maintain BUY

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

Thematic (Sector/Industry)

<ul>
<li>We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments</li>
<li>Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.</li>
<li>Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU Small Finance Bank</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.


We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments
Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.
Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU Small Finance Bank

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.

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

Life Insurance Corporation of India Pre-IPO - India’s Largest IPO Will Not Get Any Passive Support

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India...

Sumeet Singh

ICICI Bank: Pulling Further into the Lead; Happy Trade-Offs Ahead

ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all-round balance sheet metrics (growth and asset quality), reflecting in...

HDFC Securities

ICICI Bank Ltd: Outperformance Continues; Maintain BUY

We maintain a BUY rating on the stock with a revised target price of Rs 1,000 (SOTP basis core book at 2.8x FY24E ABV and Rs 173 Subsidiary Value),...

Axis Direct

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

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments. Deposit growth continues to remain...

Axis Direct

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