External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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

Embassy Office Parks REIT / Equity Bottom-Up

<ul><li>EMBASSY reported revenue of Rs 889 Cr, up 10.2% YoY, which was below our estimates.</li><li>The company’s commercial office business grew by 2.3% YoY to Rs 609 Cr and the hotel business grew to Rs 100 Cr from Rs 80 Cr YoY.</li><li>Its NOI increased by 2.1% YoY whereas the EBITDA margins stood almost flat at 75.3% (+4bps YoY). </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.

EMBASSY reported revenue of Rs 889 Cr, up 10.2% YoY, which was below our estimates.The company’s commercial office business grew by 2.3% YoY to Rs 609 Cr and the hotel business grew to Rs 100 Cr from Rs 80 Cr YoY.Its NOI increased by 2.1% YoY whereas the EBITDA margins stood almost flat at 75.3% (+4bps YoY). 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.

Embassy Office Parks REIT - Lower Occupancies Led by Early Lease Exits

<ul><li>EMBASSY reported revenue of Rs 914 Cr, up 10.2% YoY, which was in line with our estimates.</li><li>The company’s commercial office business grew by 6.0% YoY to Rs 621 Cr and the hotel business grew to Rs 101 Cr YoY from Rs 58 Cr.</li><li>The NOI increased by 8.9% YoY and the EBITDA margins got compressed by 77bps YoY, down to 74.4% while Abs. EBITDA stood at Rs 680 Cr, up 9% YoY. </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.

EMBASSY reported revenue of Rs 914 Cr, up 10.2% YoY, which was in line with our estimates.The company’s commercial office business grew by 6.0% YoY to Rs 621 Cr and the hotel business grew to Rs 101 Cr YoY from Rs 58 Cr.The NOI increased by 8.9% YoY and the EBITDA margins got compressed by 77bps YoY, down to 74.4% while Abs. EBITDA stood at Rs 680 Cr, up 9% YoY. 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.

Embassy Office Parks REIT - Strong Performance in the Quarter

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

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn (US$2.6bn) was from its retail assets.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.</li>
</ul>



Nexus Select Trust (NST IN) raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn (US$2.6bn) was from its retail assets.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.


Nexus Select Trust IPO Trading - Decent but Mostly Domestic Demand

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a>, a consumption centre REIT, is seeking to raise up to Rs32 billion (US$392 million). The offer opens from 9-11 May. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/nexus-select-trust-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:101244" rel="noopener">Nexus Select Trust IPO: The Investment Case</a>. NST is sponsored by <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a>. </li>
<li>Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in this IPO. </li>
</ul>



Nexus Select Trust (NST IN), a consumption centre REIT, is seeking to raise up to Rs32 billion (US$392 million). The offer opens from 9-11 May. 
We previously discussed the IPO in Nexus Select Trust IPO: The Investment Case. NST is sponsored by Blackstone Group (BX US). 
Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in this IPO. 


Nexus Select Trust IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise around US$391m in its upcoming India IPO.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Nexus Select Trust IPO - Strong 9M23, Just About Digestible Pricing

India

Embassy Office Parks REIT operates as a real estate investment trust. The Company acquires and develops commercial buildings, offices, IT parks, and industrial areas. Embassy Office Parks serves customers in India.

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Embassy Office Parks REIT (EMBASSY IN)

Embassy Office Parks REIT - Lower Occupancies Led by Early Lease Exits

The company’s commercial office business grew by 2.3% YoY to Rs 609 Cr and the hotel business grew to Rs 100 Cr from Rs 80 Cr YoY.

Axis Direct

Embassy Office Parks REIT - Strong Performance in the Quarter

The company’s commercial office business grew by 6.0% YoY to Rs 621 Cr and the hotel business grew to Rs 101 Cr YoY from Rs 58 Cr.

Axis Direct

Nexus Select Trust IPO Trading - Decent but Mostly Domestic Demand

Nexus Select Trust (NST IN) raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn...

Sumeet Singh

Nexus Select Trust IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs95-100 per unit is attractive. Therefore, we would participate in this IPO.

Arun George

Nexus Select Trust IPO - Strong 9M23, Just About Digestible Pricing

Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO. In this note, we talk about the recent updates and the...

Sumeet Singh

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