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>On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.</li>
<li>We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.</li>
<li>In this note, we talk about the recent updates for BeerCo.</li>
</ul>


On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
In this note, we talk about the recent updates for BeerCo.


ThaiBev BeerCo Pre-IPO - Back for Another Round

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 standalone performance: UBL’s 4QFY22 revenue grew by 10.6% YoY to Rs17.1bn (vs est. Rs17.5bn).</li></ul><div><div><div><div><ul><li>FY22 performance: Sales, EBITDA and APAT grew by 37.5%, 81.6% and 182.2% YoY, respectively.</li></ul><div><div><div><div><ul><li>Other key highlights: (i) New crop of barley is significantly up (~70% YoY) due to a lot of market speculation, high demand, high temperatures impacting the quality of barley, making it not useful for beer making.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

4QFY22 standalone performance: UBL’s 4QFY22 revenue grew by 10.6% YoY to Rs17.1bn (vs est. Rs17.5bn).FY22 performance: Sales, EBITDA and APAT grew by 37.5%, 81.6% and 182.2% YoY, respectively.Other key highlights: (i) New crop of barley is significantly up (~70% YoY) due to a lot of market speculation, high demand, high temperatures impacting the quality of barley, making it not useful for beer making.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.

United Breweries - Strong Margin Delivery; Obtaining Pricing from States Key in near Term

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>United Breweries (UBL) is the biggest beer player in the domestic market (~54% market share), a sector largely dominated by MNCs (~85% of market).</li><li>On-trade sales comprise ~25% of revenues (rest 75% off-trade)</li><li>Target Price &amp; Valuation: We value the stock at Rs 1900 i.e. 67x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>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.</em></div>

United Breweries (UBL) is the biggest beer player in the domestic market (~54% market share), a sector largely dominated by MNCs (~85% of market).On-trade sales comprise ~25% of revenues (rest 75% off-trade)Target Price &amp; Valuation: We value the stock at Rs 1900 i.e. 67x P/E on FY24E EPSContent 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.

United Breweries: Already Dominant Market Share, Improves Further ~200 Bps

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a> / <a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> / <a href="https://www.smartkarma.com/entities/united-breweries-ltd" target="_blank" data-smartkarma-citation="entities:18080:1" rel="noopener">United Breweries (UBBL IN)</a> / <a href="https://www.smartkarma.com/entities/radico-khaitan-ltd" target="_blank" data-smartkarma-citation="entities:20842:1" rel="noopener">Radico Khaitan (RDCK IN).</a></p>
<p>We have separated the quotes to highlight<em><strong> Business Performance, Operating Environment &amp; Pricing, Inflation and Margins, Competition and Market Share, Consumer Behaviour,  Growth Strategy &amp; Outlook.</strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Jubilant Foodworks (JUBI IN) / United Spirits (UNSP IN) / United Breweries (UBBL IN) / Radico Khaitan (RDCK IN).
We have separated the quotes to highlight Business Performance, Operating Environment &amp; Pricing, Inflation and Margins, Competition and Market Share, Consumer Behaviour,  Growth Strategy &amp; Outlook.

The Narrative | Q2 FY22 | India F&B - Jubi Food, United Spirits, United Breweries, Radico Khaitan

<p>With the recent run-up in the stock and revival in the beer sector still a few quarters away, we maintain our HOLD stance Target Price &amp; Valuation: We value the stock at Rs 1700 i.e. 64x P/E on FY23E EPS....</p><div class="content-highlight"><em>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.</em></div>

With the recent run-up in the stock and revival in the beer sector still a few quarters away, we maintain our HOLD stance Target Price &amp; Valuation: We value the stock at Rs 1700 i.e. 64x P/E on FY23E EPS....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.

United Breweries: On-Trade Channels Gradually Recovering

India

United Breweries Limited manufactures alcoholic beverages. The Company produces beer, as well as offers malt liquor and other beverages. United Breweries serves customers worldwide.

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United Breweries (UBBL IN)

ThaiBev BeerCo Pre-IPO - Back for Another Round

Thai Beverage plans to resume BeerCo's proposed spin-off listing. This time the company is aiming to raise less than US$1bn, as per media reports.

Sumeet Singh

United Breweries - Strong Margin Delivery; Obtaining Pricing from States Key in near Term

United Breweries Ltd (UBL) saw continued recovery in demand in 4QFY22. Beer volume grew by 7% YoY in 4QFY22 (vs. our est. of 11% volume growth);...

Nirmal Bang

The Narrative | Q2 FY22 | India F&B - Jubi Food, United Spirits, United Breweries, Radico Khaitan

The edition of "The Narrative" focuses on key quotes from the earnings transcripts of Jubilant Foodworks / United Spirits / United Breweries /...

Pranav Bhavsar

United Breweries: On-Trade Channels Gradually Recovering

With the recent run-up in the stock and revival in the beer sector still a few quarters away, we maintain our HOLD stance. Target Price &...

ICICI Securities Limited

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