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

Cello World Limited / Equity Capital Markets

<ul>
<li>Cello World is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>


Cello World is looking to raise around US$240m in its upcoming India IPO.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In this note, we look at the company’s past performance.


Cello World IPO - Strong past Growth but Has a Number of Related Party Issues

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>Demand weakness persists: Over the past few quarters, our QSR universe has seen sustained demand deceleration</li><li>Demand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negative</li><li>We expect a further slowdown in growth metrics (SSSG, ADS, etc.) in Q2FY24</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.

Demand weakness persists: Over the past few quarters, our QSR universe has seen sustained demand decelerationDemand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negativeWe expect a further slowdown in growth metrics (SSSG, ADS, etc.) in Q2FY24Content 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.

QSR (Q2FY24 Results Preview): Weakness in demand,margins to persist

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 672 stores across 20 cities, as of Jun 2023.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 672 stores across 20 cities, as of Jun 2023.
In this note, we will talk about the lock-up dynamics and updates since our last note.


DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

<ul><li>Titan: Titan’s top-line growth remains healthy. Revenue grew 26% YoY to INR 119bn</li><li>Ex-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growth</li><li>The key take from the Q1 print was the preference for market share gain over margins</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.

Titan: Titan’s top-line growth remains healthy. Revenue grew 26% YoY to INR 119bnEx-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growthThe key take from the Q1 print was the preference for market share gain over marginsContent 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: Titan, Ambuja Cement, Cholamandalam Investment and Finance Company

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (BARBEQUE IN)</a> has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.</li>
<li>Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.</li>
<li>ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.</li>
</ul>



Barbeque Nation Hospitality (BARBEQUE IN) has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.
Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.
ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.


Trends in Casual Dining, Quick Service and Online Food Delivery

India

Sapphire Foods India Limited owns and operates quick service restaurants. The Company offers prepared food and beverages to be served on premise. Sapphire Foods serves clients in India and Sri Lanka.

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Sapphire Foods (SAPPHIRE IN)

QSR (Q2FY24 Results Preview): Weakness in demand,margins to persist

Demand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negative. We expect a further slowdown in growth metrics...

HDFC Securities

DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon, resulting in US$400m worth...

Sumeet Singh

HSIE Results Daily: Titan, Ambuja Cement, Cholamandalam Investment and Finance Company

Ex-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growth

HDFC Securities

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cello World IPO - Strong past Growth but Has a Number of Related Party Issues

Cello World is looking to raise around US$240m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

QSR (Q2FY24 Results Preview): Weakness in demand,margins to persist

Demand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negative. We expect a further slowdown in growth metrics...

HDFC Securities

DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon, resulting in US$400m worth...

Sumeet Singh

HSIE Results Daily: Titan, Ambuja Cement, Cholamandalam Investment and Finance Company

Ex-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growth

HDFC Securities

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar