In today’s briefing:
- Bharti Hexacom IPO: Valuation Insights
- Bharti Hexacom IPO – Unexciting and at a Half-Decent Discount
- Asian Paints (APNT IN) | Hold Your Guns
- Genesys International Corp Ltd- Forensic Analysis
Bharti Hexacom IPO: Valuation Insights
- Bharti Hexacom (6597372Z IN), a 70% owned subsidiary of Bharti Airtel (BHARTI IN), aims to raise up to US$513 million at an IPO price range of Rs542-570 per share.
- We previously discussed the IPO in Bharti Hexacom IPO: The Bull Case and Bharti Hexacom IPO: The Bear Case.
- Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would not participate in the IPO.
Bharti Hexacom IPO – Unexciting and at a Half-Decent Discount
- Bharti Hexacom is looking to raise up to US$513m in its upcoming India IPO.
- Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
- We have looked at the company’s past performance in our earlier notes. In this note, we talk about valutions.
Asian Paints (APNT IN) | Hold Your Guns
- There is a lot of excitement and uncertainty about the paint sector especially Asian Paints’ leadership in the broader market and among analysts.
- We interact with a couple of paint dealers across Delhi and Dimapur to gauge the sentiment on the ground.
- While there is no denying that Grasim Industries (GRASIM IN) poses a credible threat it might be too early to write off the market leader Asian Paints (APNT IN).
Genesys International Corp Ltd- Forensic Analysis
- Genesys Intl Corp (GENE IN) or (GICL) is engaged in Geospatial services.
- The balance sheet of the company is surrounded by impairments; in the last few years, the company has impaired a major chunk of its intangibles, investments, goodwill and advances
- Other forensic insights include doubts on revenue recognition, struggle with the cash flows and earnings quality, recon issues and treatment of few line items
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