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>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, will look at the company's background and past performance.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, will look at the company's background and past performance.


Metro Brands IPO - Core Brands Aren’t Growing

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Apollo Hospitals Enterprise / Event-Driven

<ul>
<li>Nearly three-quarters of the way through the review period, we see <a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals (APHS)</a> and <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge (INFOE)</a> replacing <a href="https://www.smartkarma.com/entities/indian-oil-corp-ltd" target="_blank" data-smartkarma-citation="entities:7781:1" rel="noopener">Indian Oil (IOCL)</a> and <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India (COAL)</a> in the NIFTY50.</li>
<li>The inclusion of Apollo Hospitals and deletion of IOC is a high probability event, while the inclusion of Info Edge and deletion of Coal India is a lower probability event.</li>
<li>The impact in terms of ADV to trade on the stocks is quite large and that increases further once we consider the impact in terms of delivery volumes.</li>
</ul>


Nearly three-quarters of the way through the review period, we see Apollo Hospitals (APHS) and Info Edge (INFOE) replacing Indian Oil (IOCL) and Coal India (COAL) in the NIFTY50.
The inclusion of Apollo Hospitals and deletion of IOC is a high probability event, while the inclusion of Info Edge and deletion of Coal India is a lower probability event.
The impact in terms of ADV to trade on the stocks is quite large and that increases further once we consider the impact in terms of delivery volumes.


NIFTY50 Index Rebalance Preview: Apollo Hospitals & Info Edge in the Zone to Replace IOC and COAL

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

<p>INFOE reported an in-line operating performance in 2QFY22, with standalone revenue growth of 37% YoY (estimate of +35%), the EBITDA margin at 30.2% (estimate of 30.1%), and APAT growth of 98% YoY (estimate of 101% YoY). 2Q billings stood at INR4.02b, +67% YoY and +28% QoQ....</p><div class="content-highlight"><em>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.</em></div>

INFOE reported an in-line operating performance in 2QFY22, with standalone revenue growth of 37% YoY (estimate of +35%), the EBITDA margin at 30.2% (estimate of 30.1%), and APAT growth of 98% YoY (estimate of 101% YoY). 2Q billings stood at INR4.02b, +67% YoY and +28% QoQ....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.

Growth to remain strong, but valuation leaves little upside

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> / <a href="https://www.smartkarma.com/entities/just-dial-ltd" target="_blank" data-smartkarma-citation="entities:4070:1" rel="noopener">Just Dial Ltd (JUST IN)</a> / <a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</a> / <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a> </p>
<p>We have separated the quotes to highlight<em><strong> Business Performance, Business Model and New Developments, Margin and Outlook / Guidance. </strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of IndiaMart (INMART IN) / Just Dial Ltd (JUST IN) / Makemytrip Ltd (MMYT US) / Info Edge India (INFOE IN) 
We have separated the quotes to highlight Business Performance, Business Model and New Developments, Margin and Outlook / Guidance. 

The Narrative | Q2 FY22 | India Internet - IndiaMart / Just Dial / Makemytrip / Info Edge India

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

SGX Asia Currencies and Commodities Insights

India

Info Edge (India) Limited operates an online job posting website. The website offers services for recruiters, job seekers, and employers. The Company also operates  an online matrimonial website for prospective brides, grooms, and relatives.

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Info Edge India (INFOE IN)

Metro Brands IPO - Core Brands Aren’t Growing

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO.

Sumeet Singh

NIFTY50 Index Rebalance Preview: Apollo Hospitals & Info Edge in the Zone to Replace IOC and COAL

High probability changes are inclusion of Apollo Hospitals & deletion of IOCL, while there is a lower probability of Info Edge being added & COAL...

Brian Freitas

Growth to remain strong, but valuation leaves little upside

INFOE reported an in-line operating performance in 2QFY22, with standalone revenue growth of 37% YoY (estimate of +35%), the EBITDA margin at 30.2%...

Motilal Oswal

The Narrative | Q2 FY22 | India Internet - IndiaMart / Just Dial / Makemytrip / Info Edge India

The edition focuses on key quotes from the earnings transcripts of IndiaMart / Just Dial Ltd / Makemytrip Ltd / Info Edge India

Pranav Bhavsar

SGX Asia Currencies and Commodities Insights

By Macro Hive SGX Asia Currencies Insights Export strength and policy preference for a stable-to-strong currency leave us constructive on the...

Singapore Exchange Ltd (SGX)

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