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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>While the holiday shortened week didn't see much action in Asia, but there was one more ADR filing in the US, adding to the mini-pipeline.</li>
<li>Adani's ongoing FPO was the only live deal this week, although it had enough drama to make up for the lack of other deals.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
While the holiday shortened week didn't see much action in Asia, but there was one more ADR filing in the US, adding to the mini-pipeline.
Adani's ongoing FPO was the only live deal this week, although it had enough drama to make up for the lack of other deals.


ECM Weekly (29th Jan 2023) - Adani, Oasis, Mankind Pharma, ZJLD, India IPO Bookrunners

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 857 Cr, up 12% YoY, which stood better than our estimates. The company's commercial office business grew by 7.7% YoY to Rs 595 Cr and the hotel business grew Rs 80 Cr YoY from Rs 13 Cr.</li><li>The NOI increased by 12.9% YoY and the EBITDA margins remained healthy in that range of 75.3%.</li><li>The company reported PAT degrowth of -34.4% YoY due to high depreciation costs and Tax rates. </li></ul><p><em>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.</em></p>

EMBASSY reported revenue of Rs 857 Cr, up 12% YoY, which stood better than our estimates. The company's commercial office business grew by 7.7% YoY to Rs 595 Cr and the hotel business grew Rs 80 Cr YoY from Rs 13 Cr.The NOI increased by 12.9% YoY and the EBITDA margins remained healthy in that range of 75.3%.The company reported PAT degrowth of -34.4% YoY due to high depreciation costs and Tax rates. 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 - Stable Occupancies Led by Back-To-Office Drive

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, all listing this week failed to impress which means that the HK and Korean markets are probably in for a slow end of the year.</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a> and <a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EMBASSY IN)</a> were the two large placements this week. We also looked at possible <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> linked blocks.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, all listing this week failed to impress which means that the HK and Korean markets are probably in for a slow end of the year.

Taiwan Cement (1101 TT) and Embassy Office Parks REIT (EMBASSY IN) were the two large placements this week. We also looked at possible Tencent (700 HK) linked blocks.


ECM Weekly (2nd Oct 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Oyo, Ixigo, Tencent, Taiwan Cemt

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.</li><li>The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.</li><li>EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.</li></ul></div></div></div></div><p><em>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.</em></p>

Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.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.

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

<div><ul><li>Revenue up ~1.4% YoY and 1% QoQ at Rs7,488mn in 4QFY22: In 4QFY22, EOPR reported revenue of Rs7,488mn, up 1.4% YoY and 1% QoQ.</li><li>EBITDA margin down by 190bps QoQ but up by 480bps YoY at 76.7%: EBITDA in 4QFY22 increased by 480bps YoY to 76.7% due to: (1) Increase in revenue by 1.4% YoY (2) Decline in other expenses by 22.4% YoY primarily due to (a) decline in rates and taxes by 92.4%YoY (b) decline in valuation expenses by 42.4% YoY (c) decline in miscellaneous charges by 18.7% YoY.</li></ul><div><div><div><div><div><ul><li>Rise in depreciation expenses: Depreciation expenses rose by 1.8% QoQ to Rs2,024mn due to acquisition of fixed assets for the CAM services business.</li></ul></div></div></div></div></div></div><p><em>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.</em></p>

Revenue up ~1.4% YoY and 1% QoQ at Rs7,488mn in 4QFY22: In 4QFY22, EOPR reported revenue of Rs7,488mn, up 1.4% YoY and 1% QoQ.EBITDA margin down by 190bps QoQ but up by 480bps YoY at 76.7%: EBITDA in 4QFY22 increased by 480bps YoY to 76.7% due to: (1) Increase in revenue by 1.4% YoY (2) Decline in other expenses by 22.4% YoY primarily due to (a) decline in rates and taxes by 92.4%YoY (b) decline in valuation expenses by 42.4% YoY (c) decline in miscellaneous charges by 18.7% YoY.Rise in depreciation expenses: Depreciation expenses rose by 1.8% QoQ to Rs2,024mn due to acquisition of fixed assets for the CAM services business.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 - New Lease Momentum Starting to Pick Up

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.

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

Embassy Office Parks REIT (EMBASSY IN)

ECM Weekly (29th Jan 2023) - Adani, Oasis, Mankind Pharma, ZJLD, India IPO Bookrunners

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Embassy Office Parks REIT - Stable Occupancies Led by Back-To-Office Drive

The NOI increased by 12.9% YoY and the EBITDA margins remained healthy in that range of 75.3%. The company reported PAT degrowth of -34.4% YoY due...

Axis Direct

ECM Weekly (2nd Oct 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Oyo, Ixigo, Tencent, Taiwan Cemt

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

Embassy Office Parks REIT - New Lease Momentum Starting to Pick Up

Given the relatively reduced intensity of the third covid wave, the combination of rising demand and relatively lower new supply will drive the...

Nirmal Bang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)