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>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

<ul>
<li>Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). Bookbuild will begin tomorrow (27th Jan 23) and last till the end of the month.</li>
<li>Adani Enterprises is the flagship company of the Adani Group. The group’s entities' stock performance over the past few years has made the founder one of the richest persons globally.</li>
<li>We have covered most aspects of the deal in our earlier note published. In this note, we talk about the recent updates and the deal pricing and structure.</li>
</ul>


Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). Bookbuild will begin tomorrow (27th Jan 23) and last till the end of the month.
Adani Enterprises is the flagship company of the Adani Group. The group’s entities' stock performance over the past few years has made the founder one of the richest persons globally.
We have covered most aspects of the deal in our earlier note published. In this note, we talk about the recent updates and the deal pricing and structure.


Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This is at a time a shocker and at a time, not. Because of rising regulatory requirements for NBFCs, this was to be expected at some point.</li>
<li>The deal pays Limited shareholders a slight premium vs previous close, but enables them to exit without a holdco discount. </li>
<li>Early days yet regulatorily speaking, but accretive, and it makes a lot of sense. It will be appreciated. </li>
</ul>


This is at a time a shocker and at a time, not. Because of rising regulatory requirements for NBFCs, this was to be expected at some point.
The deal pays Limited shareholders a slight premium vs previous close, but enables them to exit without a holdco discount. 
Early days yet regulatorily speaking, but accretive, and it makes a lot of sense. It will be appreciated. 


Shocker! HDFC Bank To Merge With HDFC Limited

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>Our positive focus remains on smaller cap Indian banks, with buys on value plays Bandhan, Baroda and UBI; we are negative on richly valued ICICI Bank and Kotak Mahindra</li>
<li>UBI shares have been poor performers, but its returns to 1QFYE25 have improved and it is a value stand-out; Baroda remains a favourite and Bandhan has delivered better profitability </li>
<li>Kotak Mahindra is the peer group’s highest return bank post credit costs, but returns are declining; ICICI also has attractive returns but we believe its credit costs are unsustainably low</li>
</ul>


Our positive focus remains on smaller cap Indian banks, with buys on value plays Bandhan, Baroda and UBI; we are negative on richly valued ICICI Bank and Kotak Mahindra
UBI shares have been poor performers, but its returns to 1QFYE25 have improved and it is a value stand-out; Baroda remains a favourite and Bandhan has delivered better profitability 
Kotak Mahindra is the peer group’s highest return bank post credit costs, but returns are declining; ICICI also has attractive returns but we believe its credit costs are unsustainably low


Indian Banks Screener 1QFYE25: Positive Focus on Value Based Smaller Caps

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Credit metrics continue to improve, with NPLs down to INR404bn in 1Q25 from INR458bn YoY and from INR407bn QoQ</li>
<li>Net loan growth continues to rise by about INR1tr each quarter, with net loans at INR9,465bn in 1Q25 up from INR8,554bn YoY and INR9,318bn QoQ</li>
<li>There are pressures on costs and margins, so the story is not all perfect, with NIM pressure potentially to reverse as LDR expands</li>
</ul>


Credit metrics continue to improve, with NPLs down to INR404bn in 1Q25 from INR458bn YoY and from INR407bn QoQ
Net loan growth continues to rise by about INR1tr each quarter, with net loans at INR9,465bn in 1Q25 up from INR8,554bn YoY and INR9,318bn QoQ
There are pressures on costs and margins, so the story is not all perfect, with NIM pressure potentially to reverse as LDR expands


Canara Bank - Bad Debt Charges Down in the Quarter, Net Loan Growth Nearly INR1tr YoY in 1Q25

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)

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). We have covered most of the details in our prior...

Sumeet Singh

Shocker! HDFC Bank To Merge With HDFC Limited

HDFC Limited and HDFC Bank announced a surprise" Scheme of Amalgamation this morning. It offers a slight premium, and lots of synergies, but most...

Travis Lundy

Indian Banks Screener 1QFYE25: Positive Focus on Value Based Smaller Caps

Positive focus on smaller cap, value based Indian banks Bandhan, Baroda, and UBI; negative on richly valued ICICI Bank and Kotak Mahindra due to...

Victor Galliano

Canara Bank - Bad Debt Charges Down in the Quarter, Net Loan Growth Nearly INR1tr YoY in 1Q25

Canara Bank continues to see improvements in credit metrics. Less focus on MSMEs and more on retail can support this. LDR contract QoQ may reverse...

Daniel Tabbush

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). We have covered most of the details in our prior...

Sumeet Singh

Shocker! HDFC Bank To Merge With HDFC Limited

HDFC Limited and HDFC Bank announced a surprise" Scheme of Amalgamation this morning. It offers a slight premium, and lots of synergies, but most...

Travis Lundy

Indian Banks Screener 1QFYE25: Positive Focus on Value Based Smaller Caps

​Positive focus on smaller cap, value based Indian banks Bandhan, Baroda, and UBI; negative on richly valued ICICI Bank and Kotak Mahindra due to...

Victor Galliano

Canara Bank - Bad Debt Charges Down in the Quarter, Net Loan Growth Nearly INR1tr YoY in 1Q25

Canara Bank continues to see improvements in credit metrics. Less focus on MSMEs and more on retail can support this. LDR contract QoQ may reverse...

Daniel Tabbush

Positive focus on smaller cap, value based Indian banks Bandhan, Baroda, and UBI; negative on richly valued ICICI Bank and Kotak Mahindra due to...