External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>We hosted the ISG index call (link) and the key message was recovery in the business environment ahead</li><li>While ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprises</li><li>The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services</li></ul><p><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></p>

We hosted the ISG index call (link) and the key message was recovery in the business environment aheadWhile ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprisesThe current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary servicesContent 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.

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

Singapore Airlines / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> will announce its price range in the coming week, while <a href="https://www.smartkarma.com/entities/kelun-biotech" target="_blank" data-smartkarma-citation="entities:36801:1" rel="noopener">Kelun Biotech</a> tries to break the US$100m+ deal silence in HK. </li>
<li>On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tryt Inc (9164 JP) will announce its price range in the coming week, while Kelun Biotech tries to break the US$100m+ deal silence in HK. 
On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.


ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

Shriram Finance  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/piramal-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14158:1" rel="noopener">Piramal Enterprises (PIEL IN)</a> plans to raise around US$600m via selling its entire 8.3% stake in Shriram Finance.</li>
<li>The deal is very well flagged with Piramal having sold half its stake in 2019 and having publicly stated its intention to completely exit as well.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>



Piramal Enterprises (PIEL IN) plans to raise around US$600m via selling its entire 8.3% stake in Shriram Finance.
The deal is very well flagged with Piramal having sold half its stake in 2019 and having publicly stated its intention to completely exit as well.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Shriram Finance Placement - Well Flagged Cleanup but Watch Out for the Recent Spike

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> (TT) is looking to raise around US$600m in its upcoming India IPO.</li>
<li>Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers. </li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.</li>
</ul>



Tata Technologies (TATATECH IN) (TT) is looking to raise around US$600m in its upcoming India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers. 
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.


Tata Technologies Pre-IPO - Thoughts on Valuation

HDFC Asset Management Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aberdeen-asset-management-plc" target="_blank" data-smartkarma-citation="entities:21803:1" rel="noopener">Aberdeen Asset Management (ADN LN)</a> plans to raise around US$500m via selling its remaining 10% stake in <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a>. </li>
<li>We have covered one of the past deals in <a href="https://www.smartkarma.com/insights/hdfc-amc-placement-ofs-forced-to-sell-but-it-s-not-the-best-of-times-to-be-selling-or-buying" target="_blank" data-smartkarma-citation="insights:40431" rel="noopener">HDFC AMC Placement/OFS - Forced to Sell, but It's Not the Best of Times to Be Selling or Buying</a>.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>



Aberdeen Asset Management (ADN LN) plans to raise around US$500m via selling its remaining 10% stake in HDFC Asset Management Co Ltd (HDFCAMC IN). 
We have covered one of the past deals in HDFC AMC Placement/OFS - Forced to Sell, but It's Not the Best of Times to Be Selling or Buying.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


HDFC AMC Placement - It's a Cleanup but the Momentum Is Very Weak

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

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Infosys Ltd Sp Adr (INFY US)

IT Sector Update - Recovery Ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services

HDFC Securities

ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Shriram Finance Placement - Well Flagged Cleanup but Watch Out for the Recent Spike

Piramal Enterprises (PIEL IN) plans to raise around US$600m via selling its entire 8.3% stake in Shriram Finance. The deal is very well flagged,...

Sumeet Singh

Tata Technologies Pre-IPO - Thoughts on Valuation

Tata Technologies (TATATECH IN) (TT) is looking to raise around US$600m in its upcoming India IPO. In this note, we provide our thoughts on...

Sumeet Singh

HDFC AMC Placement - It's a Cleanup but the Momentum Is Very Weak

Aberdeen Asset Management (ADN LN) plans to raise around US$500m via selling its remaining 10% stake in HDFC Asset Management Co Ltd (HDFCAMC IN).

Sumeet Singh

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