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

<ul>
<li>National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. </li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the not-so-positive aspects of the deal.


NSDL Pre-IPO - The Negatives - Margins Could Drag

<ul>
<li>National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. </li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the positive aspects of the deal.


NSDL Pre-IPO - The Positives - Dominant Position, Strong Revenue Growth

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>State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costs</li><li>However, loan growth moderated (+1% QoQ) in addition to a 37bps QoQ decline in domestic NIMs (3.47%) and lower other income</li><li>Gross slippages flared up to 1% annualised, primarily from the retail segment, but were offset by recoveries/w-offs that resulted in a flattish GNPA (2.8%)</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.

State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costsHowever, loan growth moderated (+1% QoQ) in addition to a 37bps QoQ decline in domestic NIMs (3.47%) and lower other incomeGross slippages flared up to 1% annualised, primarily from the retail segment, but were offset by recoveries/w-offs that resulted in a flattish GNPA (2.8%)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.

HSIE Results Daily: State Bank of India, Mahindra & Mahindra, Kansai Nerolac

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

<ul><li>Advances (net) reported a healthy growth of 14/1% YoY/QoQ, driven by retail book growth of 17/2% YoY/QoQ (unsecured retail Xpress credit grew 20/2% YoY/QoQ), Agri loan growth of ~15% YoY, and SME book growth of 18% YoY.</li><li>Margins declined to 3.47% (contracted by 37bps QoQ) due to the sharp rise in the cost of deposits by 56bps QoQ.</li><li>NII grew by 25% YoY, while contracted by 4% QoQ.</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.

Advances (net) reported a healthy growth of 14/1% YoY/QoQ, driven by retail book growth of 17/2% YoY/QoQ (unsecured retail Xpress credit grew 20/2% YoY/QoQ), Agri loan growth of ~15% YoY, and SME book growth of 18% YoY.Margins declined to 3.47% (contracted by 37bps QoQ) due to the sharp rise in the cost of deposits by 56bps QoQ.NII grew by 25% YoY, while contracted by 4% QoQ.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.

State Bank of India - Margins Contract Sharply, 1% RoA Delivery to Continue!

<ul><li>The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.</li><li>Over the last one year, the basket has gained 32%.</li><li>Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period. In light of this</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.

The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.Over the last one year, the basket has gained 32%.Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period. In light of thisContent 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)

NSDL Pre-IPO - The Negatives - Margins Could Drag

National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. In this note we talk about the not-so-positives...

Sumeet Singh

NSDL Pre-IPO - The Positives - Dominant Position, Strong Revenue Growth

National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. In this note, we talk about the positive aspects...

Sumeet Singh

HSIE Results Daily: State Bank of India, Mahindra & Mahindra, Kansai Nerolac

State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costs

HDFC Securities

State Bank of India - Margins Contract Sharply, 1% RoA Delivery to Continue!

Advances (net) reported a healthy growth of 14/1% YoY/QoQ, driven by retail book growth of 17/2% YoY/QoQ (unsecured retail Xpress credit grew 20/2%...

Axis Direct

Axis Top Picks - Aug 2023

The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.

Axis Direct

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