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

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> (TT) is looking to raise around US$370m in its upcoming India IPO.</li>
<li>Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison and provided our initial thoughts on valutions. In this note we talk about the RHP updates.</li>
</ul>



Tata Technologies (TATATECH IN) (TT) is looking to raise around US$370m in its upcoming India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
We have looked at the company’s past performance and undertaken a peer comparison and provided our initial thoughts on valutions. In this note we talk about the RHP updates.


Tata Technologies Pre-IPO - RHP Updates - Headline Growth Picking Up

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li><li><a href='/entities/sunny-optical-technology-group' target='_blank' rel='noopener'>Sunny Optical Technology Group</a></li><li><a href='/entities/seazen' target='_blank' rel='noopener'>Seazen (Formerly Future Land)</a></li><li><a href='/entities/melco-crown-entertainme-adr' target='_blank' rel='noopener'>Melco Resorts & Entertainment</a></li><li><a href='/entities/yanlord-land-group-ltd' target='_blank' rel='noopener'>Yanlord Land</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Softbank GroupSunny Optical Technology GroupSeazen (Formerly Future Land)Melco Resorts & EntertainmentYanlord Landand more...

Bajaj Finance Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>, one of India’s largest NBFCs, aims to raise up to US$1bn via a QIP.</li>
<li>Bajaj Finance is an NBFC offering auto, consumer and home loans, along with other products as well.</li>
<li>In this note, we talk about the deal dynamics and recent updates.</li>
</ul>



Bajaj Finance Ltd (BAF IN), one of India’s largest NBFCs, aims to raise up to US$1bn via a QIP.
Bajaj Finance is an NBFC offering auto, consumer and home loans, along with other products as well.
In this note, we talk about the deal dynamics and recent updates.


Bajaj Finance US$1bn QIP Early Look -Doesn’t Really Need the Raise, All past Deals Have Done Well

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.

Equity Bottom-Up

<ul><li>Tata Steel reported a weak set of numbers with an EBITDA miss of 7%/15% against ours and consensus estimate.</li><li>Consolidated Revenue at Rs 55,682 Cr (down 7%/6% YoY/QoQ) stood largely in line with consensus (5% beat against our estimate).</li><li>Consolidated EBITDA at Rs 4,268 Cr (down 30%/18%YoY/QoQ) missed our estimate by 7%, led by lower EBITDA/t loss at Europe at ~$155/t vs. our estimate of $140/t and India at Rs 13,401/t vs. Rs 14,374/t. As a result of impairment and provisional exceptional charges, reported loss after tax stood at Rs 6,196 Cr. Underlying PAT excluding these items stood at Rs 703 Cr vs. Rs 283 Cr in Q1FY24 and Rs 1,534 Cr in Q2FY23. Net Debt increased to Rs 77,032 Cr from Rs 71,397 Cr as of Q1FY24.</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.

Tata Steel reported a weak set of numbers with an EBITDA miss of 7%/15% against ours and consensus estimate.Consolidated Revenue at Rs 55,682 Cr (down 7%/6% YoY/QoQ) stood largely in line with consensus (5% beat against our estimate).Consolidated EBITDA at Rs 4,268 Cr (down 30%/18%YoY/QoQ) missed our estimate by 7%, led by lower EBITDA/t loss at Europe at ~$155/t vs. our estimate of $140/t and India at Rs 13,401/t vs. Rs 14,374/t. As a result of impairment and provisional exceptional charges, reported loss after tax stood at Rs 6,196 Cr. Underlying PAT excluding these items stood at Rs 703 Cr vs. Rs 283 Cr in Q1FY24 and Rs 1,534 Cr in Q2FY23. Net Debt increased to Rs 77,032 Cr from Rs 71,397 Cr as of Q1FY24.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.

Tata Steel - Weak Q2; Near-Term Cash Flow Pressure but Long-Term Positive

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li><li><a href='/entities/logan-property-holdings-co-ltd' target='_blank' rel='noopener'>Logan Property Holdings</a></li><li><a href='/entities/japfa-comfeed-indonesia-tbk-pt' target='_blank' rel='noopener'>Japfa Comfeed Indonesia</a></li><li><a href='/entities/medco-energi-internasional-tbk-pt' target='_blank' rel='noopener'>Medco Energi</a></li><li><a href='/entities/zhenro-properties-group-ltd' target='_blank' rel='noopener'>Zhenro Properties Group </a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:EvergrandeLogan Property HoldingsJapfa Comfeed IndonesiaMedco EnergiZhenro Properties Group and more...

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Tata Technologies Pre-IPO - RHP Updates - Headline Growth Picking Up

Tata Technologies is looking to raise around US$370m in its upcoming India IPO. We have looked at its past performance and valuation in our earlier...

Sumeet Singh

Weekly Wrap - 10 Nov 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Bajaj Finance US$1bn QIP Early Look -Doesn’t Really Need the Raise, All past Deals Have Done Well

Bajaj Finance QIP is now live with the company looking to raise around US$1bn from investors. The deal is a very well flagged one.

Sumeet Singh

Tata Steel - Weak Q2; Near-Term Cash Flow Pressure but Long-Term Positive

Consolidated Revenue at Rs 55,682 Cr (down 7%/6% YoY/QoQ) stood largely in line with consensus (5% beat against our estimate).

Axis Direct

Weekly Wrap - 03 Nov 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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