2021 High Conviction - SBI Cards & Payments - Multiple Tailwinds, Including Biggest Peers Recent Ban

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

SBI Cards & Payments Trading - Fee Income Driven Valuation Will Be Hurt More from a Drop in Spending

APAC IPOs & Placements

Zhen Zhou, Toh

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

SBI Cards & Payment Services / Equity Capital Markets

SBI Cards & Payment Services (SBICARD IN)

Carlyle is looking to sell about US$535m worth of <a href="https://www.smartkarma.com/entities/sbi-cards-payment-services-limited" target="_blank" data-smartkarma-citation="entities:28662:1" rel="noopener">Sbi Cards &amp; Payment Services Limited (SBICARD IN)</a> shares. Post placement, Carlyle will still have about 11.8% stake in the company.We have earlier covered the company's IPO and was also part of our 2021 high conviction idea.<ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/2021-high-conviction-sbi-cards-payments-multiple-tailwinds-including-biggest-peers-recent-ban" target="_blank" data-smartkarma-citation="insights:46029" rel="noopener">2021 High Conviction - SBI Cards &amp; Payments - Multiple Tailwinds, Including Biggest Peers Recent Ban</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/sbi-cards-and-payments-pre-ipo-the-positives-ticks-a-lot-of-boxes" target="_blank" rel="noopener">SBI Cards and Payments Pre-IPO - The Positives - Ticks a Lot of Boxes</a> -  I spoke about the positive aspects of the company.<a href="https://www.smartkarma.com/insights/sbi-cards-and-payments-pre-ipo-the-negatives-banking-on-a-single-growth-driver" target="_blank" rel="noopener"></a>
</li>
<li>
<a href="https://www.smartkarma.com/insights/sbi-cards-and-payments-pre-ipo-the-negatives-banking-on-a-single-growth-driver" target="_blank" rel="noopener">SBI Cards and Payments Pre-IPO - The Negatives - Banking on a Single Growth Driver  - </a>I spoke about the not so flattering angles. </li>
<li>
<a href="https://www.smartkarma.com/insights/sbi-cards-and-payments-pre-ipo-valuations-a-tale-of-two-revenue-streams" target="_blank" rel="noopener">SBI Cards and Payments Pre-IPO - Valuations - a tale of two revenue streams - </a>I looked at valuing the company by means of splitting its earnings across its two different revenue streams.</li>
<li>
<a href="https://www.smartkarma.com/insights/sbi-cards-and-payments-ipo-its-expensive-as-it-should-be" target="_blank" rel="noopener">SBI Cards and Payments IPO - Its Expensive, as It Should Be</a> - I ran the deal through our ECM framework and commented on updates since the previous filings and valuation.</li>
<li>
<a href="https://www.smartkarma.com/insights/sbi-cards-and-payments-ipo-would-still-bid-but-worth-keeping-some-powder-dry" target="_blank" rel="noopener">SBI Cards and Payments IPO - Would Still Bid but Worth Keeping Some Powder Dry</a> - I revisited valuations looking at what peers have done since my last insight. </li>
</ul>

Carlyle is looking to sell about US$535m worth of Sbi Cards &amp; Payment Services Limited (SBICARD IN) shares. Post placement, Carlyle will still have about 11.8% stake in the company.We have earlier covered the company's IPO and was also part of our 2021 high conviction idea.
2021 High Conviction - SBI Cards &amp; Payments - Multiple Tailwinds, Including Biggest Peers Recent Ban 

SBI Cards and Payments Pre-IPO - The Positives - Ticks a Lot of Boxes -  I spoke about the positive aspects of the company.


SBI Cards and Payments Pre-IPO - The Negatives - Banking on a Single Growth Driver  - I spoke about the not so flattering angles. 

SBI Cards and Payments Pre-IPO - Valuations - a tale of two revenue streams - I looked at valuing the company by means of splitting its earnings across its two different revenue streams.

SBI Cards and Payments IPO - Its Expensive, as It Should Be - I ran the deal through our ECM framework and commented on updates since the previous filings and valuation.

SBI Cards and Payments IPO - Would Still Bid but Worth Keeping Some Powder Dry - I revisited valuations looking at what peers have done since my last insight. 


SBI Cards & Payment Services

SBI Cards Placement - No Surprise