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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Muyuan Foodstuff Co Ltd A / Technical Analysis

<ul>
<li>A pullback in global equities is underway following steep uptrend violations on MSCI ACWI (ACWI-US) and EURO STOXX 50. Both are 4-5% off their highs; further downside may be limited.</li>
<li>Several 5%-10% pullbacks are to be expected in any given year, particularly after the historic 5-month rallies, so we view this as healthy and normal within the ongoing bull market.</li>
<li>ACWI-US is currently testing important support at $105; if this area were to break, next major supports are $102 and $99; this is where we would be buying.</li>
</ul>


A pullback in global equities is underway following steep uptrend violations on MSCI ACWI (ACWI-US) and EURO STOXX 50. Both are 4-5% off their highs; further downside may be limited.
Several 5%-10% pullbacks are to be expected in any given year, particularly after the historic 5-month rallies, so we view this as healthy and normal within the ongoing bull market.
ACWI-US is currently testing important support at $105; if this area were to break, next major supports are $102 and $99; this is where we would be buying.


Pullback Underway; Further Downside Limited?; Buys in Defensives and Commodity-Related Sectors

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>As things stand, there could be one index change for the SENSEX index but there is room for these names to change during the remainder of the reference period.</li>
<li>Separately, there could be five ADDs/DELs for the BSE 100 index and six ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.
As things stand, there could be one index change for the SENSEX index but there is room for these names to change during the remainder of the reference period.
Separately, there could be five ADDs/DELs for the BSE 100 index and six ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Who Will Replace Wipro?

Equity Capital Markets

Anta Sports Products / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> was priced below its range, while <a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL</a>, managed to get enough support to pull thru. </li>
<li>Given the earnings season, there weren't many placement apart from <a href="https://www.smartkarma.com/entities/indus-towers-ltd" target="_blank" data-smartkarma-citation="entities:8922:1" rel="noopener">Indus Towers (INDUSTOW IN)</a> and <a href="https://www.smartkarma.com/entities/metals-acquisition-corp-206b4b4c-e422-4777-bb84-419017ffff10" target="_blank" data-smartkarma-citation="entities:39082:1" rel="noopener">Metals Acquisition (MTAL US)</a>'s CDR offering. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Amer Sports (AS US) was priced below its range, while Thai Credit Bank PCL, managed to get enough support to pull thru. 
Given the earnings season, there weren't many placement apart from Indus Towers (INDUSTOW IN) and Metals Acquisition (MTAL US)'s CDR offering. 


ECM Weekly (4th Feb 2024) - Ola Electric, Mixue, Citicore, Amer, Thai Credit, Indus Tower, MTAL

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/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/renew-energy-global-plc' target='_blank' rel='noopener'>ReNew Energy Global </a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</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:Lippo Malls Indonesia Retail TrustVedanta ResourcesReNew Energy Global China Jinmao HoldingsGeely Autoand more...

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)

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

Quiddity Leaderboard BSE/SENSEX Jun 24: Who Will Replace Wipro?

I see Wipro as a high conviction DEL for SENSEX in June 2024 but there are questions marks over who will replace Wipro as size-based rankings and...

Janaghan Jeyakumar, CFA

ECM Weekly (4th Feb 2024) - Ola Electric, Mixue, Citicore, Amer, Thai Credit, Indus Tower, MTAL

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weekly Wrap - 19 Jan 2024

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Pullback Underway; Further Downside Limited?; Buys in Defensives and Commodity-Related Sectors

Pullback Underway; Further Downside Limited?; Commodities Testing Resistance; Buys in Global Defensives (Staples, Utilities, Telecomm), Commodity...

Vermilion Research

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Who Will Replace Wipro?

I see Wipro as a high conviction DEL for SENSEX in June 2024 but there are questions marks over who will replace Wipro as size-based rankings and...

Janaghan Jeyakumar, CFA

ECM Weekly (4th Feb 2024) - Ola Electric, Mixue, Citicore, Amer, Thai Credit, Indus Tower, MTAL

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weekly Wrap - 19 Jan 2024

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

Quiddity Leaderboard BSE/SENSEX Jun 24: Who Will Replace Wipro?