APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Kfin Technologies  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kfin-technologies" target="_blank" data-smartkarma-citation="entities:36609:1" rel="noopener">KFin Technologies (1804170D IN)</a> is looking to raise around US$300m in its India IPO.</li>
<li>KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.</li>
<li>Under its offering, it primarily serves asset managers and corporate issuers domestically, while providing investor solutions for mutual funds and private retirement schemes in other regions.</li>
</ul>



KFin Technologies (1804170D IN) is looking to raise around US$300m in its India IPO.
KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
Under its offering, it primarily serves asset managers and corporate issuers domestically, while providing investor solutions for mutual funds and private retirement schemes in other regions.


KFin Technologies Pre-IPO - Large Domestic Player Continues to Get Larger

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>Nestle India: Nestle reported a beat on revenue while margin was below our expectations</li><li>Domestic revenue growth was at 18%, showcasing an acceleration in its three-year CAGR at 13%</li><li>The growth was led by strong volume and mix across large metros, mega cities, and smaller towns, including rural markets</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.

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an acceleration in its three-year CAGR at 13%The growth was led by strong volume and mix across large metros, mega cities, and smaller towns, including rural marketsContent 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: Nestle India, UltraTech Cement

HSIE Results Daily: Nestle India, UltraTech Cement, IndusInd Bank

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

Nippon Life India Asset Management / Equity Bottom-Up

<ul><li>NAM Q2FY23 reported an inline set of operating performance with revenues growing slightly better than AUM on a sequential basis as overall yields improved QoQ.</li><li>Yields improved marginally owing to higher yield realization on Debt and a shift in composition in AUM mix to equity.</li><li>Revenues grew 1.1/4.9% YoY/QoQ to Rs 331 Cr (largely in line with our expectations) vis-a-vis growth in QAAUM at 7.4/2.0% YoY/QoQ. Overall AUM's market share declined slightly in Q2FY23 to 7.3% from 7.4% in Q1FY23.</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.

NAM Q2FY23 reported an inline set of operating performance with revenues growing slightly better than AUM on a sequential basis as overall yields improved QoQ.Yields improved marginally owing to higher yield realization on Debt and a shift in composition in AUM mix to equity.Revenues grew 1.1/4.9% YoY/QoQ to Rs 331 Cr (largely in line with our expectations) vis-a-vis growth in QAAUM at 7.4/2.0% YoY/QoQ. Overall AUM's market share declined slightly in Q2FY23 to 7.3% from 7.4% in Q1FY23.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.

Nippon Life India AMC - Slight Improvement in Yields; Overall an Inline Quarter

<ul><li>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</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.

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

India

Nippon Life India Asset Management Limited operates as an investment management firm. The Company offers portfolio management, financial planning, mutual fund investment, and advisory services to individuals, institutions, trusts, and private funds. Nippon Life India Asset Management serves customers in India.

Nippon Life India Asset Management (NAM IN)

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Nippon Life India Asset Management (NAM IN)

KFin Technologies Pre-IPO - Large Domestic Player Continues to Get Larger

KFin Technologies (1804170D IN) is looking to raise around US$300m in its India IPO. KFin is a tech-driven financial services platform providing...

Clarence Chu

HSIE Results Daily: Nestle India, UltraTech Cement

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an...

HDFC Securities

HSIE Results Daily: Nestle India, UltraTech Cement, IndusInd Bank

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an...

HDFC Securities

Nippon Life India AMC - Slight Improvement in Yields; Overall an Inline Quarter

NAM Q2FY23 reported an inline set of operating performance with revenues growing slightly better than AUM on a sequential basis as overall yields...

Axis Direct

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

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