Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>Headline CPI inflation stayed near 3.6%YoY for the second consecutive month in Aug'24, and core inflation remained benign at 3.4%YoY. A 25bp rate cut remains certain at the Oct'24 MPC.</li>
<li>Although Sep-Oct'24 inflation is likely to average 5%YoY (because of base effects), the strong monsoon should deliver a bountiful kharif harvest, bringing headline inflation back down to 4%YoY in Jan-Mar'25. </li>
<li>We expect the policy rate to decline by 25bp at each of the next four MPC meetings, to 5.5% by Apr'25. Rate sensitive sectors like banks, property, auto-companies will benefit. </li>
</ul>


Headline CPI inflation stayed near 3.6%YoY for the second consecutive month in Aug'24, and core inflation remained benign at 3.4%YoY. A 25bp rate cut remains certain at the Oct'24 MPC.
Although Sep-Oct'24 inflation is likely to average 5%YoY (because of base effects), the strong monsoon should deliver a bountiful kharif harvest, bringing headline inflation back down to 4%YoY in Jan-Mar'25. 
We expect the policy rate to decline by 25bp at each of the next four MPC meetings, to 5.5% by Apr'25. Rate sensitive sectors like banks, property, auto-companies will benefit. 


India: CPI Inflation Below Target for 2nd Month Signals Rapid Rate Cuts Ahead

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

P N Gadgil Jewellers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> is looking to raise up to US$132m in its India IPO.</li>
<li>P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) is looking to raise up to US$132m in its India IPO.
P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Bajaj Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$800m in its India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$800m in its India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.


Bajaj Housing Finance IPO - Will Trade at a Premium

Western Carriers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/western-carriers" target="_blank" data-smartkarma-citation="entities:39869:1" rel="noopener">Western Carriers (1489172D IN)</a> is looking to raise about US$100m in its upcoming India IPO.</li>
<li>Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Western Carriers (1489172D IN) is looking to raise about US$100m in its upcoming India IPO.
Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.
In this note, we talk about the company’s historical performance.


Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$830m in its upcoming India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.


Bajaj Housing Finance Pre-IPO - Thoughts on Valuation

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)

India: CPI Inflation Below Target for 2nd Month Signals Rapid Rate Cuts Ahead

With headline and core inflation at 3.6% and 3.4%YoY respectively, a rate cut is certain in Oct'24. Bountiful harvest to keep inflation benign,...

Prasenjit K. Basu

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

Bajaj Housing Finance IPO - Will Trade at a Premium

Bajaj Housing Finance (BHF IN) is looking to raise around US$800m in its India IPO. In this note, we talk about the IPO valuation.

Sumeet Singh

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Bajaj Housing Finance Pre-IPO - Thoughts on Valuation

The deal is now live, with anchor books set to open at the end of the week and the remaining books to open over the coming week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India: CPI Inflation Below Target for 2nd Month Signals Rapid Rate Cuts Ahead

​With headline and core inflation at 3.6% and 3.4%YoY respectively, a rate cut is certain in Oct'24. Bountiful harvest to keep inflation benign,...

Prasenjit K. Basu

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

Bajaj Housing Finance IPO - Will Trade at a Premium

Bajaj Housing Finance (BHF IN) is looking to raise around US$800m in its India IPO. In this note, we talk about the IPO valuation.

Sumeet Singh

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Bajaj Housing Finance Pre-IPO - Thoughts on Valuation

The deal is now live, with anchor books set to open at the end of the week and the remaining books to open over the coming week.

Sumeet Singh

With headline and core inflation at 3.6% and 3.4%YoY respectively, a rate cut is certain in Oct'24. Bountiful harvest to keep inflation benign,...