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>National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. </li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the not-so-positive aspects of the deal.


NSDL Pre-IPO - The Negatives - Margins Could Drag

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>ITC: ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%</li><li>Cigarette net revenue/EBIT growth was at 11% each, with volume growth at c.8% (4% four-year CAGR)</li><li>The relative stability in taxes backed by deterrent action by agencies on illicit trade continued to support cigarette recovery</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.

ITC: ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%Cigarette net revenue/EBIT growth was at 11% each, with volume growth at c.8% (4% four-year CAGR)The relative stability in taxes backed by deterrent action by agencies on illicit trade continued to support cigarette recoveryContent 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: ITC, ONGC, Crompton Consumer, TTK Prestige, Galaxy Surfactants

<ul>
<li>National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. </li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the positive aspects of the deal.


NSDL Pre-IPO - The Positives - Dominant Position, Strong Revenue Growth

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/country-garden-holdings-co' target='_blank' rel='noopener'>Country Garden Holdings Co</a></li><li><a href='/entities/longfor-properties' target='_blank' rel='noopener'>Longfor Properties</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/china-sce-group-holdings-ltd' target='_blank' rel='noopener'>China SCE</a></li><li><a href='/entities/sunny-optical-technology-group' target='_blank' rel='noopener'>Sunny Optical Technology Group</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Country Garden Holdings CoLongfor PropertiesSino-Ocean GroupChina SCESunny Optical Technology Groupand more...

Event-Driven

<ul>
<li>In Aug 2022, Zomato completed the acquisition of Blinkit’s outstanding shares via issuing its own shares. These issued shares will come up for lockup release on 10th Aug 2023.</li>
<li>Zomato is one of two leading food delivery app operators in India. Its acquisition of Blinkit marked its foray into the instant grocery segment.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato completed the acquisition of Blinkit’s outstanding shares via issuing its own shares. These issued shares will come up for lockup release on 10th Aug 2023.
Zomato is one of two leading food delivery app operators in India. Its acquisition of Blinkit marked its foray into the instant grocery segment.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - A US$650m+ Worth Acquisition Linked Lockup Release

India

Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

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Oil & Natural Gas Corp (ONGC IN)

NSDL Pre-IPO - The Negatives - Margins Could Drag

National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. In this note we talk about the not-so-positives...

Sumeet Singh

HSIE Results Daily: ITC, ONGC, Crompton Consumer, TTK Prestige, Galaxy Surfactants

ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%C. igarette net revenue/EBIT growth was at...

HDFC Securities

NSDL Pre-IPO - The Positives - Dominant Position, Strong Revenue Growth

National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. In this note, we talk about the positive aspects...

Sumeet Singh

Weekly Wrap - 11 Aug 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Zomato Lock-Up - A US$650m+ Worth Acquisition Linked Lockup Release

In Aug 2022, Zomato completed the acquisition of Blinkit’s outstanding shares via issuing its own shares. These issued shares will come up for...

Sumeet Singh

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