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

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise around US$391m in its upcoming India IPO.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Nexus Select Trust IPO - Strong 9M23, Just About Digestible Pricing

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>Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs</li><li>Godrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectively</li><li>The annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%</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.

Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highsGodrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectivelyThe annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a>  is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Nexus Select Trust (NST IN)  is looking to raise up to US$500m in its upcoming India IPO. 
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In this note, we will talk about the not-so-positive aspects of the deal.


Nexus Select Trust Pre-IPO - The Negatives - Some Assets Were Recently Acquired, Not All Doing Well

<ul><li>Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments</li><li>Another 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demand</li><li>We believe developers would not take price hikes now and support 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.

Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down paymentsAnother 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demandWe believe developers would not take price hikes now and support 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.

Real Estate (Q3FY23 Results Preview): Resilient Performance

<ul><li>Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business</li><li>While JLR margin lagged expectations, domestic PV and CV margins also declined QoQ due to high input costs</li><li>Despite management’s best efforts, JLR debt has further increased to GBP8.2bn, from GBP7.6bn in Q4</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.

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India businessWhile JLR margin lagged expectations, domestic PV and CV margins also declined QoQ due to high input costsDespite management’s best efforts, JLR debt has further increased to GBP8.2bn, from GBP7.6bn in Q4Content 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: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

India

Phoenix Mills Ltd. is engaged, directly and through its subsidiaries and investments in the business of ownership, management, and development of large-format retail-led mixed use properties. The Company's properties include shopping, entertainment, commercial, residential, and hospitality properties. Phoenix Mills owns and operates High Street Phoenix Center in Mumbai.

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Phoenix Mills (PHNX IN)

Nexus Select Trust IPO - Strong 9M23, Just About Digestible Pricing

Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO. In this note, we talk about the recent updates and the...

Sumeet Singh

Real Estate - Stable Performance

Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs

HDFC Securities

Nexus Select Trust Pre-IPO - The Negatives - Some Assets Were Recently Acquired, Not All Doing Well

Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects...

Sumeet Singh

Real Estate (Q3FY23 Results Preview): Resilient Performance

Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments. Another 50bps...

HDFC Securities

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business. While JLR margin lagged expectations, domestic PV and CV...

HDFC Securities

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