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

Bajaj Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$830m in its upcoming India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.


Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>CPI inflation receded to a 59-month low of 3.5%YoY in Jul'24, with food inflation abating to 5.1%YoY (from 8.4%YoY in Jun'24), as vegetable inflation fell to 6.8%YoY (from Jun'24's 29.3%YoY).</li>
<li>Whilst retaining its 6.5% policy rate on 8/8/24, RBI forecast 4.4%YoY inflation in Jul-Sep'24, and 4.7%YoY in Oct-Dec'24; we expect 4.2%YoY and 4.3%YoY respectively, amid 8-10% above-normal monsoon rainfall.</li>
<li>The policy repo rate will likely decline 50bp by Dec'24 and a further 50bp to 5.5% by Jun'25. Rate sensitives like banks, auto-companies, NBFCs and property stocks will benefit. </li>
</ul>


CPI inflation receded to a 59-month low of 3.5%YoY in Jul'24, with food inflation abating to 5.1%YoY (from 8.4%YoY in Jun'24), as vegetable inflation fell to 6.8%YoY (from Jun'24's 29.3%YoY).
Whilst retaining its 6.5% policy rate on 8/8/24, RBI forecast 4.4%YoY inflation in Jul-Sep'24, and 4.7%YoY in Oct-Dec'24; we expect 4.2%YoY and 4.3%YoY respectively, amid 8-10% above-normal monsoon rainfall.
The policy repo rate will likely decline 50bp by Dec'24 and a further 50bp to 5.5% by Jun'25. Rate sensitives like banks, auto-companies, NBFCs and property stocks will benefit. 


India: Relief on Food Inflation Makes an Oct'24 Rate Cut Near-Certain

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>Tata Motors introduces the Tata.ev app to help EV owners find and navigate to reliable charging stations.</li>
<li>Bharti Airtel postpones the call for INR15,000 crore of its rights issue.</li>
<li>SBI will deploy 2,000 executives to enhance its wealth management services, aiming to attract high-net-worth individuals.</li>
</ul>


Tata Motors introduces the Tata.ev app to help EV owners find and navigate to reliable charging stations.
Bharti Airtel postpones the call for INR15,000 crore of its rights issue.
SBI will deploy 2,000 executives to enhance its wealth management services, aiming to attract high-net-worth individuals.


# 42 India Insight: Tata Motors New EV, Airtel Postpones Right Issue, SBI Wealth Management

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costs</li><li>Loan growth was strong across segments, offset by a slowdown in the Xpress credit portfolio</li><li>Deposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trends</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.

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costsLoan growth was strong across segments, offset by a slowdown in the Xpress credit portfolioDeposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trendsContent 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.

HSIE Results Daily: State Bank of India, Thermax, Aptus Value Housing Finance India

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

Equity Bottom-Up

SBI (State Bank of India) / Equity Bottom-Up

<ul><li>Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations.</li><li>Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ. CASA Ratio stood at 39.1% vs 41.2/39.5% YoY/QoQ.</li><li>Overall C-D Ratio stood at 76.5% vs 71.4/75.3% YoY/QoQ.</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.

Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations.Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ. CASA Ratio stood at 39.1% vs 41.2/39.5% YoY/QoQ.Overall C-D Ratio stood at 76.5% vs 71.4/75.3% YoY/QoQ.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.

State Bank of India - Steady Quarter, No Road-Blocks in RoA Delivery of 1.1%!

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SBI (State Bank of India) (SBIN IN)

Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

India: Relief on Food Inflation Makes an Oct'24 Rate Cut Near-Certain

CPI inflation at 59-month low 3.5%YoY in Jul'24. We expect CPI inflation to average 4.2%YoY in Jul-Dec'24, less in H1CY25, hence expect policy...

Prasenjit K. Basu

# 42 India Insight: Tata Motors New EV, Airtel Postpones Right Issue, SBI Wealth Management

Tata Motors launches Tata.ev app for EV charging, Bharti Airtel delays rights issue, SBI to boost wealth management services with 2,000 executives.

Sudarshan Bhandari

HSIE Results Daily: State Bank of India, Thermax, Aptus Value Housing Finance India

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth...

HDFC Securities

State Bank of India - Steady Quarter, No Road-Blocks in RoA Delivery of 1.1%!

Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations. Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

India: Relief on Food Inflation Makes an Oct'24 Rate Cut Near-Certain

​CPI inflation at 59-month low 3.5%YoY in Jul'24. We expect CPI inflation to average 4.2%YoY in Jul-Dec'24, less in H1CY25, hence expect policy...

Prasenjit K. Basu

# 42 India Insight: Tata Motors New EV, Airtel Postpones Right Issue, SBI Wealth Management

​Tata Motors launches Tata.ev app for EV charging, Bharti Airtel delays rights issue, SBI to boost wealth management services with 2,000 executives.

Sudarshan Bhandari

HSIE Results Daily: State Bank of India, Thermax, Aptus Value Housing Finance India

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth...

HDFC Securities

State Bank of India - Steady Quarter, No Road-Blocks in RoA Delivery of 1.1%!

Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations. Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ

Axis Direct

CPI inflation at 59-month low 3.5%YoY in Jul'24. We expect CPI inflation to average 4.2%YoY in Jul-Dec'24, less in H1CY25, hence expect policy...

Tata Motors launches Tata.ev app for EV charging, Bharti Airtel delays rights issue, SBI to boost wealth management services with 2,000 executives.