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

Embassy Office Parks REIT / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27925" target="_blank" data-smartkarma-citation="entities:27925:1">Embassy Office Parks REIT (EOP IN)</a> plans to raise around US$1bn in its India IPO. EOP will primarily hold office assets in Bengaluru, Pune and Noida with a total portfolio size of US$4.2bn. 
In my previous insight, <a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-good-assets-but-projections-might-be-a-tad-too-bullish" target="_blank">Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish</a> I covered the company background and its projected growth. In this insight, I'll compare it to its closest listed peer, <a href="https://www.smartkarma.com/entities/935" target="_blank" data-smartkarma-citation="entities:935:1">Ascendas India Trust (AIT SP)</a> and add in the performance of other yield driven listings in India.

Embassy Office Parks REIT (EOP IN) plans to raise around US$1bn in its India IPO. EOP will primarily hold office assets in Bengaluru, Pune and Noida with a total portfolio size of US$4.2bn. 
In my previous insight, Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish I covered the company background and its projected growth. In this insight, I'll compare it to its closest listed peer, Ascendas India Trust (AIT SP) and add in the performance of other yield driven listings in India.

Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield

Asia consumer research, Investory

Shilpa Krishnan

Asia consumer research

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

IRB Infrastructure Developers / Equity Bottom-Up

Even as activist information seekers and investigative agencies vex corporate India, here’s a company whose CBI overhang seems to have actually lifted. <a href="https://www.smartkarma.com/entities/7128" target="_blank" data-smartkarma-citation="entities:7128:1">IRB Infrastructure Developers Ltd (IRB IN)</a>  has announced that the CBI Court has discharged its CMD, Mr. Virendra Mhaiskar, and others, from earlier charges. Recall that Mhaiskar was investigated for his alleged role in the murder of an RTI activist, in connection with a land acquisition case. The investigation began in 2012 and the murder had…

Even as activist information seekers and investigative agencies vex corporate India, here’s a company whose CBI overhang seems to have actually lifted. IRB Infrastructure Developers Ltd (IRB IN)  has announced that the CBI Court has discharged its CMD, Mr. Virendra Mhaiskar, and others, from earlier charges. Recall that Mhaiskar was investigated for his alleged role in the murder of an RTI activist, in connection with a land acquisition case. The investigation began in 2012 and the murder had…

IRB Infrastructure: Guns and Roses - The Promoter Gets Off, the Stock Takes Off

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

India Grid Trust / Equity Capital Markets

India Grid Investment Trust plans to raise US$360m in its IPO. The trust will own two power transmission assets and is being offered at an FY18 yield of 10%+. The yield will begin to fall from FY20 onwards and will take a dip again in FY24. With absolutely no prospects of revenue growth, the trust will largely depend on future acquisitions to make up for any yield shortfall. In this insight, we will run the deal through our framework and comment on valuations, along with looking at the impact of the yield decline.

India Grid Investment Trust plans to raise US$360m in its IPO. The trust will own two power transmission assets and is being offered at an FY18 yield of 10%+. The yield will begin to fall from FY20 onwards and will take a dip again in FY24. With absolutely no prospects of revenue growth, the trust will largely depend on future acquisitions to make up for any yield shortfall. In this insight, we will run the deal through our framework and comment on valuations, along with looking at the impact of the yield decline.

India Grid Investment Trust IPO - This Is Peak Yield with Little Room for Improvement

IRB Investment Trust plans to raise up to US$750m in what will be India's first Investment Trust.The trust is being offered at an FY18 yield of 12%+. Though some of the assets with short concession periods will contribute disproportionately to EBITDA and cashflows. This puts the forward DPU at risk with low gearing being the only mitigating factor.In this insight, we will look at some of the Investment Trust regulations, run the deal through our framework and compare valuations versus benchmark yields and other REITs in Asia.

IRB Investment Trust plans to raise up to US$750m in what will be India's first Investment Trust.The trust is being offered at an FY18 yield of 12%+. Though some of the assets with short concession periods will contribute disproportionately to EBITDA and cashflows. This puts the forward DPU at risk with low gearing being the only mitigating factor.In this insight, we will look at some of the Investment Trust regulations, run the deal through our framework and compare valuations versus benchmark yields and other REITs in Asia.

IRB Investment Trust - When Even 12%+ Yield Is Probably Just About Enough

India

IRB InvIT Fund operates as an infrastructure investment trust. The Company offers infrastructure development and construction services. IRB InvIT Fund serves customers in India.

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IRB InvIT Fund (IRBINVIT IN)

Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield

Embassy Office Parks REIT (EOP IN) plans to raise around US$1bn in its India IPO. EOP will primarily hold office assets in Bengaluru, Pune and...

Sumeet Singh

IRB Infrastructure: Guns and Roses - The Promoter Gets Off, the Stock Takes Off

Even as activist information seekers and investigative agencies vex corporate India, here’s a company whose CBI overhang seems to have actually...

Shilpa Krishnan

India Grid Investment Trust IPO - This Is Peak Yield with Little Room for Improvement

India Grid Investment Trust plans to raise US$360m in its IPO. The trust will own two power transmission assets and is being offered at an FY18...

Sumeet Singh

IRB Investment Trust - When Even 12%+ Yield Is Probably Just About Enough

IRB Investment Trust plans to raise up to US$750m in what will be India's first Investment Trust.The trust is being offered at an FY18 yield of...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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