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/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a>  plans to raise around US$200m (estimated) in its Indian IPO.</li>
<li>Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.</li>
<li>In this note, we look at its updated filings and discuss the changes since its last filing in 2019.</li>
</ul>



SAMHI Hotels (SAMHI IN)  plans to raise around US$200m (estimated) in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we look at its updated filings and discuss the changes since its last filing in 2019.


Samhi Hotels Pre-IPO - Refiling Updates - Bigger Portfolio, Smaller Deal

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Taiwan Semiconductor (TSMC) / Technical Analysis

<ul>
<li>Global equities (MSCI ACWI) continue to hold above $93 on ACWI-US, a level that, since January, we had anticipated would cap upside in 2023. </li>
<li>While ACWI-US remains below $96-$97 (a target we discussed was possible in our April 18, 2023 Int’l Macro Vision), we could easily see $93 act as support moving forward.</li>
<li>Therefore, we are bullish on global equities as long as ACWI-US is above $93, targeting $110.29. This is the measured move price target following the inverse head-and-shoulders breakout.</li>
</ul>


Global equities (MSCI ACWI) continue to hold above $93 on ACWI-US, a level that, since January, we had anticipated would cap upside in 2023. 
While ACWI-US remains below $96-$97 (a target we discussed was possible in our April 18, 2023 Int’l Macro Vision), we could easily see $93 act as support moving forward.
Therefore, we are bullish on global equities as long as ACWI-US is above $93, targeting $110.29. This is the measured move price target following the inverse head-and-shoulders breakout.


MSCI ACWI-US Bullish Above $93; EURO STOXX 50 Holding At Uptrend; Buys in Discretionary, Tech, Svcs.

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.</li>
<li>The NIFTY Next 50 methodology was <em>supposed to</em> change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.</li>
<li>The HDFC/HDFC Bank Merger is expected to complete in the next few weeks and that could trigger intra-review index changes.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.
The NIFTY Next 50 methodology was supposed to change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.
The HDFC/HDFC Bank Merger is expected to complete in the next few weeks and that could trigger intra-review index changes.


Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>It was a busy week with index rebalance implementations and announcements of index changes.</li>
<li>The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.</li>
<li>There were big inflows to China ETFs during the week while the largest inflows went to the <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a> ETF.</li>
</ul>


It was a busy week with index rebalance implementations and announcements of index changes.
The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.
There were big inflows to China ETFs during the week while the largest inflows went to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF.


Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

<ul>
<li>NSE Indices have started a market consultation on dropping stocks that are not a part of the Futures &amp; Options segment from the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a>. </li>
<li>This will be done in two phases with a weight reduction for non-F&amp;O stocks in June and deletion from the index in September.</li>
<li>That will result in 11 inclusions to the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a> in September and bring in a lot of flow to the stocks.</li>
</ul>


NSE Indices have started a market consultation on dropping stocks that are not a part of the Futures &amp; Options segment from the Nifty Next 50 Index (NIFTYJR INDEX). 
This will be done in two phases with a weight reduction for non-F&amp;O stocks in June and deletion from the index in September.
That will result in 11 inclusions to the Nifty Next 50 Index (NIFTYJR INDEX) in September and bring in a lot of flow to the stocks.


NIFTY NEXT 50 Index Market Consultation: Non-F&O Stocks Could Be Dropped

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

EIH Limited owns and operates luxury hotels and resorts in India under the name "Oberoi."  The Company also manages a mid-price hotel chain in India, in addition to hotels in Egypt, Australia, Sri Lanka, Indonesia and Saudi Arabia.

Thomas Cook (India) Ltd. operates as an authorized dealer in foreign exchange and as a travel agent. The Company also offers packaged tours, cargo services and travel related insurance. Thomas Cook (India) has offices and foreign exchange counters at various international airports in major cities in India.

Mahindra Holidays & Resorts India Ltd. provides leisure hospitality. The Company offers family holidays with a range of services through vacation memberships. Mahindra Holidays gives its members the choice to stay at resorts with furnished accommodations, such as apartments and cottages, and resort amenities, such as restaurants, kids clubs, and other activities.

Westlife Development Limited is an operating-cum-investment company that puts up and operates quick service restaurants. The Company, through its subsidiary, operates fast food franchise restaurants across western and southern India.

Lemon Tree Hotels Limited owns and operates a chain of hotels and resorts. The Company offers room accommodations, resorts, transportation, swimming pools, on-site restaurants, meeting rooms, fitness gym, and spa facilities. Lemon Tree Hotels serves customers in India.

India Tourism Development Corp Ltd (known as ITDC) develops tourism infrastructure and promotes India  as a tourist destination. ITDC provides tourism services including accommodation, catering, travel-related services, event management, publicity, hotel consultancy, duty free shops, in-house travel agency, entertainment and shopping.

Wonderla Holidays Limited owns and operates two amusement parks in Kochi and Bangalore, India.

Delta Corp Limited a diversified business group having a presence in the entertainment and gaming, real estate business in India and Kenya. The Company's business includes offshore casinos, and real estate consulting & development.

Adlabs Entertainment, Ltd. operates a theme park. The Company manages a theme park with rides, shopping, dining, accommodation, and other entertainment services. Adlabs Entertainment serves customers near Mumbai, India.

Genting Singapore Limited, through its subsidiaries, develops resort properties as well as operates casinos. The Company has casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom.

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

Hyatt Hotels Corp. is a global hospitality company. The Company manages, franchises, owns, and develops branded hotels, resorts and residential and vacation ownership properties around the world.

ZENSHO Holdings CO., LTD. operates a fast food chain specialized in GYUDON which serves bowls of rice topped with seasoned beef based in Kanto.      The Company operates also diversifying into other types of food chains such as "Coco's" and "Big Boy" in Japan.

Norwegian Cruise Line Holdings Ltd. operates a fleet of passenger cruise ships. The Company offers an array of cruise itineraries as well as theme cruises, while markets its services through various distribution channels including retail and travel agents, consumer direct, international sales, as well as incentive sales. Norwegian Cruise extends its services worldwide.

Wingstop Inc. owns and operates restaurants. The Company specializes in cooked-to-order, hand-sauced, and tossed chicken wings. Wingstop serves customers worldwide.

Planet Fitness, Inc. owns and operates a chain of fitness clubs. The Company offers offers personal fitness training programs for its members. Planet Fitness serves customers in the United States.

Scientific Games Corporation provides services, systems, and products to both the pari-mutuel gaming and instant ticket lottery industries.  The Company operates an instant ticket and online lottery products, systems, and services business.  Scientific also operates wagering and communications, venue management, and telecommunications products businesses.

Churchill Downs Incorporated is a horse racing company whose flagship operation, Churchill Downs, is the home of the Kentucky Derby.  The Company has additional racing and simulcast-wagering operations in Kentucky, Indiana, and Florida, as well as interests in various racing services companies.

Indian Hotels Company Limited operates The Taj Group of hotels.  The Company owns or maintains long term leases/licenses for hotels in India, in addition to International hotels.  The Group's hotels are divided into three groups: Luxury, Business, and, Leisure.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indian Hotels (IH IN)

Samhi Hotels Pre-IPO - Refiling Updates - Bigger Portfolio, Smaller Deal

SAMHI Hotels (SAMHI IN) plans to raise around US$200m (estimated) in its Indian IPO. In this note, we talk about the updates from its recent filing.

Sumeet Singh

MSCI ACWI-US Bullish Above $93; EURO STOXX 50 Holding At Uptrend; Buys in Discretionary, Tech, Svcs.

MSCI $ACWI Bullish Above $93, inverse head-and-shoulders breakout targets $110; EURO $STOXX 50 Holding At the Uptrend; Buys in Consumer...

Vermilion Research

Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC

LTIMindtree and Jindal Steel could be NIFTY 50 and NIFTY Next 50 intra-review replacements for HDFC and these changes could be implemented at the...

Janaghan Jeyakumar, CFA

Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

NIFTY NEXT 50 Index Market Consultation: Non-F&O Stocks Could Be Dropped

A market consultation could lead to the deletion of non-F&O stocks from the NIFTY NEXT50 index in September. That means 11 new index members and...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)