APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

IDFC First Bank Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/idfc-first-bank-limited" target="_blank" data-smartkarma-citation="entities:26934:1" rel="noopener">IDFC First Bank Limited (IDFCBK IN)</a> plans to launch a Qualified Institutional Placement (QIP) of up to INR30bn (US$362m) in Oct 23, as per media reports. </li>
<li>On 22nd Sep 23, IFR had reported that IDFC First Bank is looking to launch a Qualified Institutional Placement (QIP) to raise up to INR30bn (US$362m) in Oct 23. </li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>



IDFC First Bank Limited (IDFCBK IN) plans to launch a Qualified Institutional Placement (QIP) of up to INR30bn (US$362m) in Oct 23, as per media reports. 
On 22nd Sep 23, IFR had reported that IDFC First Bank is looking to launch a Qualified Institutional Placement (QIP) to raise up to INR30bn (US$362m) in Oct 23. 
In this note, we will talk about the possible placement and other deal dynamics.


IDFC First Bank Early Look - Likely to Be an Accretive Deal but Not Particularly Cheap

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 Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-28325'>HPCL-Mittal Energy Ltd</a></li><li><a href='#lucror-entity-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-13359'>Lenovo</a></li><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='#lucror-entity-2979'>Tata Steel Thailand</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.HPCL-Mittal Energy LtdJSW Steel LtdLenovoLippo Malls Indonesia Retail TrustTata Steel Thailand

Morning Views Asia: HPCL-Mittal Energy Ltd, JSW Steel Ltd, Lenovo, Lippo Malls Indonesia Retail Trust

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Vedanta Aluminium Raises USD 250 Mn in Sustainability Linked Loans</li>
<li>Over 7,000 farmer producer organizations joined ONDC, improving market access and sales</li>
<li>Ather Energy Plans to Go Global in the Next 12-15 Months</li>
</ul>


Vedanta Aluminium Raises USD 250 Mn in Sustainability Linked Loans
Over 7,000 farmer producer organizations joined ONDC, improving market access and sales
Ather Energy Plans to Go Global in the Next 12-15 Months


#26 India Insight: Vedanta Fund Raise, Tata Steel Q1, 7,000 FPO Joining ONDC

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.

<ul><li>For Steel companies under our coverage, EBITDA/t is expected to increase on a YoY basis, led by higher metal sales volumes YoY and lower coking coal consumption costs, partially offset by lower NSRs (Benchmark Steel HRC prices in the traders market exMumbai have declined by 6% YoY and flat QoQ).</li><li>On a QoQ basis, we expect EBITDA/t growth to moderate or even decline as a decline in coking coal consumption cost is offset by lower NSRs and lower sales volumes over the seasonally strong Q4FY24.</li><li>For Aluminium companies, we expect growth in EBITDA margin to moderate on a QoQ basis.</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.

For Steel companies under our coverage, EBITDA/t is expected to increase on a YoY basis, led by higher metal sales volumes YoY and lower coking coal consumption costs, partially offset by lower NSRs (Benchmark Steel HRC prices in the traders market exMumbai have declined by 6% YoY and flat QoQ).On a QoQ basis, we expect EBITDA/t growth to moderate or even decline as a decline in coking coal consumption cost is offset by lower NSRs and lower sales volumes over the seasonally strong Q4FY24.For Aluminium companies, we expect growth in EBITDA margin to moderate on a QoQ basis.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.

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>During 2Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +7.1%y/y, down slightly from the +8.7% reported during 1Q2024.</li>
<li>Overall, 61% of companies delivered positive EPS surprises, and 57% delivered positive Sales surprises, a marked improvement from the previous quarter.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


During 2Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +7.1%y/y, down slightly from the +8.7% reported during 1Q2024.
Overall, 61% of companies delivered positive EPS surprises, and 57% delivered positive Sales surprises, a marked improvement from the previous quarter.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 2Q2024

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)

IDFC First Bank Early Look - Likely to Be an Accretive Deal but Not Particularly Cheap

IDFC First Bank has launched its QIP at an issue price of INR 90.25 (4.14% discount to the 3rd Oct 23 close price and 4.95% discount to the floor...

Ethan Aw

Morning Views Asia: HPCL-Mittal Energy Ltd, JSW Steel Ltd, Lenovo, Lippo Malls Indonesia Retail Trust

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

#26 India Insight: Vedanta Fund Raise, Tata Steel Q1, 7,000 FPO Joining ONDC

Vedanta Aluminium secures $250M in sustainable loans, 7,000+ farmer groups join ONDC for better market access, Ather Energy to expand globally in...

Sudarshan Bhandari

Metals - Q1FY25 Earnings Preview

For Steel companies under our coverage, EBITDA/t is expected to increase on a YoY basis, led by higher metal sales volumes YoY and lower coking...

Axis Direct

Global Emerging Markets: Reporting Season Summary, 2Q2024

In this quarterly insight, we analyse recent GEM reporting trends by looking at Sales and EPS growth, size and percentage of positive surprises,...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IDFC First Bank Early Look - Likely to Be an Accretive Deal but Not Particularly Cheap

IDFC First Bank has launched its QIP at an issue price of INR 90.25 (4.14% discount to the 3rd Oct 23 close price and 4.95% discount to the floor...

Ethan Aw

Morning Views Asia: HPCL-Mittal Energy Ltd, JSW Steel Ltd, Lenovo, Lippo Malls Indonesia Retail Trust

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

#26 India Insight: Vedanta Fund Raise, Tata Steel Q1, 7,000 FPO Joining ONDC

​Vedanta Aluminium secures $250M in sustainable loans, 7,000+ farmer groups join ONDC for better market access, Ather Energy to expand globally in...

Sudarshan Bhandari

Metals - Q1FY25 Earnings Preview

For Steel companies under our coverage, EBITDA/t is expected to increase on a YoY basis, led by higher metal sales volumes YoY and lower coking...

Axis Direct

Global Emerging Markets: Reporting Season Summary, 2Q2024

In this quarterly insight, we analyse recent GEM reporting trends by looking at Sales and EPS growth, size and percentage of positive surprises,...

Wium Malan, CFA

Vedanta Aluminium secures $250M in sustainable loans, 7,000+ farmer groups join ONDC for better market access, Ather Energy to expand globally in...