APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Kaynes Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>Our proprietary scorecard applies a series of metrics related to valuation, returns, capital adequacy, funding, liquidity and credit quality to generate rankings in an investment valuation scorecard</li>
<li>Driven by the scorecard results, we keep Baroda on the buy list adding Canara and UBI, with the latter two replacing Bandhan and PNB previously on the buy list</li>
<li>We remove Kotak Mahindra from the sell list; IndusInd ranks bottom on the scorecard, but we feel that a lot of bad news is now discounted, limiting further downside risk</li>
</ul>


Our proprietary scorecard applies a series of metrics related to valuation, returns, capital adequacy, funding, liquidity and credit quality to generate rankings in an investment valuation scorecard
Driven by the scorecard results, we keep Baroda on the buy list adding Canara and UBI, with the latter two replacing Bandhan and PNB previously on the buy list
We remove Kotak Mahindra from the sell list; IndusInd ranks bottom on the scorecard, but we feel that a lot of bad news is now discounted, limiting further downside risk


Indian Banks: Adding Canara and UBI to the Buy List, Dropping Bandhan and PNB

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

<ul>
<li>We interacted with Microfinance BU (Business Unit) managers of <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> across major states in India. </li>
<li>Our objective was to understand the current collection trends and asset quality issues especially in the Microfinance Portfolio. </li>
<li>Based on our interactions, we would like to put a case for declining provisions going ahead. </li>
</ul>


We interacted with Microfinance BU (Business Unit) managers of Bandhan Bank Ltd (BANDHAN IN) across major states in India. 
Our objective was to understand the current collection trends and asset quality issues especially in the Microfinance Portfolio. 
Based on our interactions, we would like to put a case for declining provisions going ahead. 


Bandhan Bank Ltd (BANDHAN IN) | Peak Provisions Behind

<ul>
<li>We recommend three smaller cap Indian banks, namely Baroda, Bandhan adding Punjab National Bank (PNB); we remove Union Bank of India from the buy list, PNB is more compelling</li>
<li>Bandhan and Baroda are attractive for their value attributes relative to their returns, with newly added PNB delivering better returns and it continues to improve credit quality</li>
<li>Richly valued Kotak Mahindra has the group’s highest returns post credit costs, but returns continue to trend downwards; we upgrade premium-valued ICICI to neutral as it delivers further improved returns</li>
</ul>


We recommend three smaller cap Indian banks, namely Baroda, Bandhan adding Punjab National Bank (PNB); we remove Union Bank of India from the buy list, PNB is more compelling
Bandhan and Baroda are attractive for their value attributes relative to their returns, with newly added PNB delivering better returns and it continues to improve credit quality
Richly valued Kotak Mahindra has the group’s highest returns post credit costs, but returns continue to trend downwards; we upgrade premium-valued ICICI to neutral as it delivers further improved returns


Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List

<ul>
<li>In this insight, we examine the key challenges facing the sector and discuss potential paths forward for MFI-focused lenders. </li>
<li>Companies in this sector have seen sharp declines, with stocks down 45% from their 52-week highs and showing negative returns of -37% YTD.</li>
<li>Considering the Industry data, it would be fair to conclude that the pain in the industry is likely to persist.  CREDAG, SPANDANA, AUBANK, and IIB are key names to watch.</li>
</ul>


In this insight, we examine the key challenges facing the sector and discuss potential paths forward for MFI-focused lenders. 
Companies in this sector have seen sharp declines, with stocks down 45% from their 52-week highs and showing negative returns of -37% YTD.
Considering the Industry data, it would be fair to conclude that the pain in the industry is likely to persist.  CREDAG, SPANDANA, AUBANK, and IIB are key names to watch.


Navigating MFI Consumer Credit Exuberance - A Rocky Road Head

India

Bandhan Bank Ltd. is an Indian private sector bank that provides a range of banking and financial services to personal and business customers, with a core focus on inclusive banking for unbanked and under-banked populations. The bank offers various asset and liability products including savings and current accounts, fixed deposits, and loans for home, gold, personal, and businesses, as well as digital banking and third-party product distribution. It was founded in 2001 as a microfinance institution and commenced operations as a universal bank on August 23, 2015, with its headquarters in Kolkata, India.

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Bandhan Bank (BANDHAN IN)

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Indian Banks: Adding Canara and UBI to the Buy List, Dropping Bandhan and PNB

Our proprietary scorecard places Baroda, Canara, and UBI on the buy list, replacing Bandhan and UBI; Kotak Mahindra is no longer on the sell list....

Victor Galliano

Bandhan Bank Ltd (BANDHAN IN) | Peak Provisions Behind

Interactions with Bandhan Bank's Microfinance BU managers in India suggest declining provisions may be on the horizon due to current collection...

Pranav Bhavsar

Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List

Buy Baroda, Bandhan, and PNB, the latter replacing UBI. PNB offers sharply improving returns, all are value plays. Richly valued Kotak Mahindra is...

Victor Galliano

Navigating MFI Consumer Credit Exuberance - A Rocky Road Head

The Pain in Consumer Leverage is now showing up in the earnings. "CreditAccess Grameen has revised its guidance for FY25 for the second time in...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Indian Banks: Adding Canara and UBI to the Buy List, Dropping Bandhan and PNB

​Our proprietary scorecard places Baroda, Canara, and UBI on the buy list, replacing Bandhan and UBI; Kotak Mahindra is no longer on the sell list....

Victor Galliano

Bandhan Bank Ltd (BANDHAN IN) | Peak Provisions Behind

​Interactions with Bandhan Bank's Microfinance BU managers in India suggest declining provisions may be on the horizon due to current collection...

Pranav Bhavsar

Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List

​Buy Baroda, Bandhan, and PNB, the latter replacing UBI. PNB offers sharply improving returns, all are value plays. Richly valued Kotak Mahindra is...

Victor Galliano

Navigating MFI Consumer Credit Exuberance - A Rocky Road Head

The Pain in Consumer Leverage is now showing up in the earnings. "CreditAccess Grameen has revised its guidance for FY25 for the second time in...

Pranav Bhavsar

Our proprietary scorecard places Baroda, Canara, and UBI on the buy list, replacing Bandhan and UBI; Kotak Mahindra is no longer on the sell list....

Interactions with Bandhan Bank's Microfinance BU managers in India suggest declining provisions may be on the horizon due to current collection...

Buy Baroda, Bandhan, and PNB, the latter replacing UBI. PNB offers sharply improving returns, all are value plays. Richly valued Kotak Mahindra is...