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>EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.</li>
<li>EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal</li>
</ul>


EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.
EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.
In this note, we talk about the not-so-positive aspects of the deal


EbixCash Pre-IPO - The Negatives - Growing Too Fast for Its Previous Auditors, and Short Sellers

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank Ltd (ICICIBC IN)</a> &amp; <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a> actively covered by a large number of analysts</li>
<li>Significant issues of regulatory penalties on Kotak Bank subsidiary &amp; major theft in a currency chest of ICICI Bank. No clarification from both banks</li>
<li>Instead of demanding explanations from the banks during the 1Q concalls, media and analysts chose to remain silent</li>
</ul>



ICICI Bank Ltd (ICICIBC IN) &amp; Kotak Mahindra Bank (KMB IN) actively covered by a large number of analysts
Significant issues of regulatory penalties on Kotak Bank subsidiary &amp; major theft in a currency chest of ICICI Bank. No clarification from both banks
Instead of demanding explanations from the banks during the 1Q concalls, media and analysts chose to remain silent


ICICI Bank, KMB Q1 Conferences: Media and Analysts’ Silence Is Not Golden for Stakeholders

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>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. </li><li>Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)</li><li>Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolio</li></ul>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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolioContent 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.

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank, Persistent Systems

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><ul><li>Treasury losses to dent earnings: While we expect NII growth to be strong (up 16.9% YoY for coverage banks), treasury losses could be a major drag on operating profit growth.</li><li>Systemic credit growth, provisional updates indicate optimism: As per RBI’s latest data, systemic credit growth rate is 12% YoY (June’22).</li><li>Large cap banks showing stronger traction than peers; housing doing well: We expect large cap coverage banks to continue to report higher growth (20.7% YoY) vis-à-vis mid/small-cap peers (16.9% YoY) and PSBs (15.5% YoY).</li></ul></div>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.

Treasury losses to dent earnings: While we expect NII growth to be strong (up 16.9% YoY for coverage banks), treasury losses could be a major drag on operating profit growth.Systemic credit growth, provisional updates indicate optimism: As per RBI’s latest data, systemic credit growth rate is 12% YoY (June’22).Large cap banks showing stronger traction than peers; housing doing well: We expect large cap coverage banks to continue to report higher growth (20.7% YoY) vis-à-vis mid/small-cap peers (16.9% YoY) and PSBs (15.5% YoY).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.

Banking & Financials Sector - Weak Treasury to Dent Earnings

India

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

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Kotak Mahindra Bank (KMB IN)

EbixCash Pre-IPO - The Negatives - Growing Too Fast for Its Previous Auditors, and Short Sellers

EbixCash is looking to raise around US$800m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

ICICI Bank, KMB Q1 Conferences: Media and Analysts’ Silence Is Not Golden for Stakeholders

When analysts refuse to probe banks based on facts what primary investigation or in-depth critical research can they undertake? A pack of guard...

Hemindra Hazari

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit...

HDFC Securities

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank, Persistent Systems

Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit...

HDFC Securities

Banking & Financials Sector - Weak Treasury to Dent Earnings

We expect banks to report weak earnings due to treasury losses. We expect operating earnings of coverage banks to decline by 6.5% YoY and 11.2% QoQ...

Nirmal Bang

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