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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen in Q3FY24</li><li>While urban markets continue to outgrow rural markets, price rollbacks on softening commodity inflation have aided the narrowing of the gap</li><li>Nonetheless, we expect a gradual recovery in CY2024, led by (1) moderating inflation, (2) government spending, (3) a positive outlook for rabi crop harvest, (4) conducive consumer pricing across categories, and (5) expectation of normal monsoon</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>

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen in Q3FY24While urban markets continue to outgrow rural markets, price rollbacks on softening commodity inflation have aided the narrowing of the gapNonetheless, we expect a gradual recovery in CY2024, led by (1) moderating inflation, (2) government spending, (3) a positive outlook for rabi crop harvest, (4) conducive consumer pricing across categories, and (5) expectation of normal monsoonContent 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.

FMCG, Alco Bev & QSR (Q4FY24 Results Preview): Challenging demand environment

FMCG/Alco Bev & QSR - Challenging Demand Environment

Equity Capital Markets

<ul>
<li>Government of India raised around US$513m via selling some of its stake in <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom's</a> IPO.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Government of India raised around US$513m via selling some of its stake in Bharti Hexacom's IPO.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Bharti Hexacom IPO Trading - Strong Insti and Anchor, Retail Gave It a Miss

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>Nearing the halfway mark in the review period, we see 3 potential changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> at the June rebalance.</li>
<li>Passive trackers will need to buy between 1.2-4.5 days of ADV on the inclusions and sell 0.9-1.3 days of ADV on the deletions.</li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> continues to be a close add on liquidity while <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> and <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> continue to be close deletes.</li>
</ul>


Nearing the halfway mark in the review period, we see 3 potential changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the June rebalance.
Passive trackers will need to buy between 1.2-4.5 days of ADV on the inclusions and sell 0.9-1.3 days of ADV on the deletions.

Berli Jucker (BJC TB) continues to be a close add on liquidity while Gulf Energy Development (GULF TB) and Intouch Holdings (INTUCH TB) continue to be close deletes.


SET50 Index Rebalance Preview: Three Potential Changes in June

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

FMCG, Alco Bev & QSR (Q4FY24 Results Preview): Challenging demand environment

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen...

HDFC Securities

FMCG/Alco Bev & QSR - Challenging Demand Environment

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen...

HDFC Securities

Bharti Hexacom IPO Trading - Strong Insti and Anchor, Retail Gave It a Miss

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom's IPO. In this note, we talk about the demand and trading...

Sumeet Singh

SET50 Index Rebalance Preview: Three Potential Changes in June

There could be 3 changes for the SET50 Index in June. There are a few stocks that are close adds/deletes on liquidity and that will need to be...

Brian Freitas

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