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>Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.</li>
<li>SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.</li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>


Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.
SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.
In this note we will talk about the subscription levels and trading dynamics.


Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

Healthium Medtech / Equity Capital Markets

<ul>
<li>Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. </li>
<li>In this note we will undertake a peer comparison and talk about valuations.</li>
</ul>


Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. 
Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. 
In this note we will undertake a peer comparison and talk about valuations.


Healthium Medtech Pre-IPO - Peer Comparison and Thoughts on Valuation

<ul>
<li>Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, plans to raise up to  US$979m in its India IPO.</li>
<li>It is backed by Westbridge and Rakesh Jhunjhunwala. Owing to the latter, it will draw ample retail interest. </li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>


Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, plans to raise up to  US$979m in its India IPO.
It is backed by Westbridge and Rakesh Jhunjhunwala. Owing to the latter, it will draw ample retail interest. 
In this note, we will talk about the IPO valuations.


Star Health Insurance IPO - Mixed Updates. Good but Expensive

<ul>
<li>PB Fintech, India’s largest online platform for insurance and lending products, raised  US$793m via selling a mix of primary and secondary shares in its India IPO.</li>
<li>The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.</li>
<li>In this note, we will talk about the updates since our last note.</li>
</ul>


PB Fintech, India’s largest online platform for insurance and lending products, raised  US$793m via selling a mix of primary and secondary shares in its India IPO.
The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.
In this note, we will talk about the updates since our last note.


PB Fintech (Policybazaar) IPO Trading - Mixed Bag Demand

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>Our core profitability and credit quality screens send out mixed signals; generally, credit quality metrics to end-September 2021 were constructive, in our view, whilst core profitability signals were underwhelming </li>
<li>We expect credit quality to worsen in the coming quarters, leading to higher credit costs going forward and, combined with core profitability softness, an erosion of returns</li>
<li>We like HDFC Bank, turn cautious on State Bank of India &amp; Axis Bank and are negative on Canara Bank &amp; Bandhan Bank; neutral on Kotak Mahindra &amp; ICICI Bank</li>
</ul>


Our core profitability and credit quality screens send out mixed signals; generally, credit quality metrics to end-September 2021 were constructive, in our view, whilst core profitability signals were underwhelming 
We expect credit quality to worsen in the coming quarters, leading to higher credit costs going forward and, combined with core profitability softness, an erosion of returns
We like HDFC Bank, turn cautious on State Bank of India &amp; Axis Bank and are negative on Canara Bank &amp; Bandhan Bank; neutral on Kotak Mahindra &amp; ICICI Bank


Indian Banks; A Time for Increased Caution

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)

Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its...

Sumeet Singh

Healthium Medtech Pre-IPO - Peer Comparison and Thoughts on Valuation

Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. In this note, we undertake a peer comparison and talk about...

Sumeet Singh

Star Health Insurance IPO - Mixed Updates. Good but Expensive

Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, plans to raise up to US$979m in...

Sumeet Singh

PB Fintech (Policybazaar) IPO Trading - Mixed Bag Demand

PB Fintech, India’s largest online platform for insurance and lending products, raised US$793m via selling a mix of primary and secondary shares...

Sumeet Singh

Indian Banks; A Time for Increased Caution

Credit quality is likely to worsen, leading to higher credit costs going forward and eroded returns; We like HDFC Bank, turn cautious on SBI &...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)