IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

ICICI Securities Ltd / Equity Capital Markets

Summary: <a href="https://www.smartkarma.com/entities/26737" target="_blank" data-smartkarma-citation="entities:26737:1">ICICI Securities Ltd (1191Z IN)</a> plans to IPO at the end of February. ICICI is the largest retail and institutional securities brokerage in India, based on turnover (Source: IPO prospectus). ICICI securities are a subsidiary of ICICI Bank, the largest private lender in India (Source: Global Capital). We note four points ahead of its IPO:<ol><li>Key stats – a major retail brokerage</li><li>ICICI slightly underperforming peers while customer reviews are average</li><li>The secular move towards stocks from gold/real-estate provides structural support</li><li>Rising earnings and returns not translating into cash generation</li></ol>Global Equity Research view: We believe the fundamentals for ICICI securities are mixed. On the positive side, earnings and ROE development have been robust while ICICI benefits from a secular tailwind of incrementally more consumers investing in the stock market. This is offset by sluggish trade vs. competitors, average customer reviews and weak free cash flow generation. We intend to take a more definitive view on the deal once we receive terms of the deal sheet.

Summary: ICICI Securities Ltd (1191Z IN) plans to IPO at the end of February. ICICI is the largest retail and institutional securities brokerage in India, based on turnover (Source: IPO prospectus). ICICI securities are a subsidiary of ICICI Bank, the largest private lender in India (Source: Global Capital). We note four points ahead of its IPO:Key stats – a major retail brokerageICICI slightly underperforming peers while customer reviews are averageThe secular move towards stocks from gold/real-estate provides structural supportRising earnings and returns not translating into cash generationGlobal Equity Research view: We believe the fundamentals for ICICI securities are mixed. On the positive side, earnings and ROE development have been robust while ICICI benefits from a secular tailwind of incrementally more consumers investing in the stock market. This is offset by sluggish trade vs. competitors, average customer reviews and weak free cash flow generation. We intend to take a more definitive view on the deal once we receive terms of the deal sheet.

ICICI Securities IPO Preview – from Gold to Stocks? A Trade on the Modern Indian Investor

India

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

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ICICI Securities Ltd (ISEC IN)

ICICI Securities IPO Preview – from Gold to Stocks? A Trade on the Modern Indian Investor

Summary: ICICI Securities Ltd (1191Z IN) plans to IPO at the end of February. ICICI is the largest retail and institutional securities brokerage in...

Rickin Thakrar

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52-week Range

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