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

Aadhar Housing Finance / Equity Capital Markets

<ul>
<li>Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we look at the updates from the company’s recent filings.</li>
</ul>


Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we look at the updates from the company’s recent filings.


Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Afcons Infrastructure Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise US$840m in its upcoming India IPO. </li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In this note, we talk about the positive aspects of the deal. </li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. 
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In this note, we talk about the positive aspects of the deal. 


Afcons Infrastructure Limited Pre-IPO - The Positives - Profitability More than Doubled

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>Canara Bank has seen stunning profit expansion over the past several years </li>
<li>Lower NPLs can drive lower credit costs to support profit expansion further</li>
<li>ROE moved from 11.7% to 17.3% over the past several years</li>
</ul>


Canara Bank has seen stunning profit expansion over the past several years 
Lower NPLs can drive lower credit costs to support profit expansion further
ROE moved from 11.7% to 17.3% over the past several years


Canara Bank - Radically Lower NPLs and Sharply Expanding Net Profit

<ul>
<li>Government of India raised around US$513m via selling some of its stake in <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom's</a> IPO.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Government of India raised around US$513m via selling some of its stake in Bharti Hexacom's IPO.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Bharti Hexacom IPO Trading - Strong Insti and Anchor, Retail Gave It a Miss

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.</li><li>Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. </li></ul><p><em>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.</em></p>

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. 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.

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank Of India (SBIN IN)

Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

As per media reports, Aadhar Housing Finance is likely to launch its IPO in mid-May with an aim of raising around US$600m.

Sumeet Singh

Afcons Infrastructure Limited Pre-IPO - The Positives - Profitability More than Doubled

Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. In this note, we talk about the positive aspects...

Ethan Aw

Canara Bank - Radically Lower NPLs and Sharply Expanding Net Profit

Radically lower NPLs and sharply higher net profit can continue with benign credit costs, especially as Loss Loans are down a lot. ROE and ROA are...

Daniel Tabbush

Bharti Hexacom IPO Trading - Strong Insti and Anchor, Retail Gave It a Miss

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom's IPO. In this note, we talk about the demand and trading...

Sumeet Singh

Q4FY24 Consolidated Earnings Preview

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill...

Axis Direct

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