Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Mahanagar Gas's (MGL) two main shareholders, <a href="https://www.smartkarma.com/entities/15263" target="_blank" data-smartkarma-citation="entities:15263">Gail India Ltd</a> and British Gas, plan to raise US$150m through this IPO by selling 12.5% stake each. We looked at the deal earlier, <a href="https://www.smartkarma.com/insights/mahanagar-gas-pre-ipo-review-needs-to-come-in-at-a-discount-to-igl" target="_blank" data-smartkarma-citation="insights:3998">Mahanagar Gas Pre-IPO Review - Needs to Come in at a Discount to IGL</a>, the title of our earlier insight pretty much sums up our thoughts on the IPO. The price range was announced earlier this week and it duly offers a discount to its larger peer. In this insight, we run the deal through our framework and provide our…

Mahanagar Gas's (MGL) two main shareholders, Gail India Ltd and British Gas, plan to raise US$150m through this IPO by selling 12.5% stake each. We looked at the deal earlier, Mahanagar Gas Pre-IPO Review - Needs to Come in at a Discount to IGL, the title of our earlier insight pretty much sums up our thoughts on the IPO. The price range was announced earlier this week and it duly offers a discount to its larger peer. In this insight, we run the deal through our framework and provide our…

Mahanagar Gas IPO - Provides Enough Discount but Might Not Be a High-Flyer

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

Banks can earn losses. Multiple banks can report losses. India is a glowing example of this, where more than half of the banks with new data, have reported a loss. There are 43 banks in our sample, including unlisted banks, where more than half have released their year-end data for March 2016.<div class="content-highlight">The average decline in profit for the worst offenders is over 300%.</div>It is illustrative to consider what is transpiring in India for those looking at other markets too, notably China. It shows all too well…

Banks can earn losses. Multiple banks can report losses. India is a glowing example of this, where more than half of the banks with new data, have reported a loss. There are 43 banks in our sample, including unlisted banks, where more than half have released their year-end data for March 2016.The average decline in profit for the worst offenders is over 300%.It is illustrative to consider what is transpiring in India for those looking at other markets too, notably China. It shows all too well…

Ujjivan Financial Services / Equity Capital Markets

Ujjivan Financial Services (UFS), a microfinance lender plans to raise US$130m in its IPO, through an issuance of a mix of primary and secondary shares. UFS has reported stupendous earnings and asset growth over the past few years. RBI's approval to convert to a small finance bank (SFB), along with the good performance of recently listed peer Equitas Holdings should result in healthy demand for the offer.The deal scores well on our IPO framework on almost all fronts. We see no major issues, apart from a few small niggling ones.

Ujjivan Financial Services (UFS), a microfinance lender plans to raise US$130m in its IPO, through an issuance of a mix of primary and secondary shares. UFS has reported stupendous earnings and asset growth over the past few years. RBI's approval to convert to a small finance bank (SFB), along with the good performance of recently listed peer Equitas Holdings should result in healthy demand for the offer.The deal scores well on our IPO framework on almost all fronts. We see no major issues, apart from a few small niggling ones. 

Ujjivan Financial IPO - Morphing into a Bank Gives It a License to Mint Money While Doing Some Good

Award-winning Financial Journalist

Ashish Saxena

India's economics will never be like before if a recent stunning disclosure by the country's tax department is to be believed.<div style="text-align: justify;" class="content-highlight">In response to a Right to Information (RTI) appeal filed by an Indian Revenue Service veteran <a href="http://www.thequint.com/india/2016/03/19/even-as-farmers-die-trillions-laundered-as-agricultural-income" target="_blank">Vijay Sharma</a> in May last year, the Central Board of Direct Taxes (CBDT) has revealed that a relatively small group of Indians declared 'Agriculture Income' of almost USD 44.5 trillion between 2010 and 2012.</div>That's right, USD 44.5 trillion! That's more than the combined nominal GDP…

India's economics will never be like before if a recent stunning disclosure by the country's tax department is to be believed.In response to a Right to Information (RTI) appeal filed by an Indian Revenue Service veteran Vijay Sharma in May last year, the Central Board of Direct Taxes (CBDT) has revealed that a relatively small group of Indians declared 'Agriculture Income' of almost USD 44.5 trillion between 2010 and 2012.That's right, USD 44.5 trillion! That's more than the combined nominal GDP…

India's USD 44.5 Trillion 'Agriculture Income' Puzzle: What It Means For The Economy

The trouble for India bank credit is not done. We are not believers in the pristine figures at HDFC Bank. Much of it is due to extravagant write-offs, and perhaps lenient loan classifications. After the Reserve Bank of India (RBI) started its review of loan quality, banks are showing significant bad loans.YES Bank may be more private, more savvy and least government-like than others (and ICICI). But the data coming out is not soothing. Its write-offs rose by 87x in the quarter. Its write-offs in…

The trouble for India bank credit is not done. We are not believers in the pristine figures at HDFC Bank. Much of it is due to extravagant write-offs, and perhaps lenient loan classifications. After the Reserve Bank of India (RBI) started its review of loan quality, banks are showing significant bad loans.YES Bank may be more private, more savvy and least government-like than others (and ICICI). But the data coming out is not soothing. Its write-offs rose by 87x in the quarter. Its write-offs in…

India's YES Bank Increases Write-Offs by 87x

India

Ujjivan Financial Services Ltd. provides financial services. The Company offers business, family, education, emergency, housing, and livestock loans. Ujjivan Financial Services serves customers throughout India.

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Ujjivan Financial Services (UJJIVAN IN)

Mahanagar Gas IPO - Provides Enough Discount but Might Not Be a High-Flyer

Mahanagar Gas's (MGL) two main shareholders, Gail India Ltd and British Gas, plan to raise US$150m through this IPO by selling 12.5% stake each. We...

Sumeet Singh

India - A Lesson on Banking in Distress

Banks can earn losses. Multiple banks can report losses. India is a glowing example of this, where more than half of the banks with new data, have...

Daniel Tabbush

Ujjivan Financial IPO - Morphing into a Bank Gives It a License to Mint Money While Doing Some Good

Ujjivan Financial Services (UFS), a microfinance lender plans to raise US$130m in its IPO, through an issuance of a mix of primary and secondary...

Sumeet Singh

India's USD 44.5 Trillion 'Agriculture Income' Puzzle: What It Means For The Economy

India's economics will never be like before if a recent stunning disclosure by the country's tax department is to be believed.In response to a...

Ashish Saxena

India's YES Bank Increases Write-Offs by 87x

The trouble for India bank credit is not done. We are not believers in the pristine figures at HDFC Bank. Much of it is due to extravagant...

Daniel Tabbush

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