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

Cello World Limited / Equity Capital Markets

<ul>
<li>Cello World is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.</li>
</ul>


Cello World is looking to raise around US$240m in its upcoming India IPO.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.


<ul>
<li>Cello World is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>


Cello World is looking to raise around US$240m in its upcoming India IPO.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In this note, we look at the company’s past performance.


Cello World IPO - Strong past Growth but Has a Number of Related Party Issues

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

Equity Bottom-Up

HDFC Asset Management Co Ltd / Equity Bottom-Up

<ul>
<li>Due to the ongoing earnings season, for the next two weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</li>
<li>We focus on reported earnings, performance against expectations, and the top three highlights that we believe are important from earnings calls for each company that is usually under coverage.</li>
<li>Besides the Bullish/Bearish names, we draw attention to the ones that are highlighted as interesting and would be pleased to engage in discussions about any of them.</li>
</ul>


Due to the ongoing earnings season, for the next two weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.
We focus on reported earnings, performance against expectations, and the top three highlights that we believe are important from earnings calls for each company that is usually under coverage.
Besides the Bullish/Bearish names, we draw attention to the ones that are highlighted as interesting and would be pleased to engage in discussions about any of them.


[Week 8] Namaste India 🙏 | Earnings Edition - Part I

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.

Thematic (Sector/Industry)

<ul><li>Havells India: Havells’ Q2FY24 print was below expectation as revenue grew by 6% vs an expectation of 11%</li><li>Sluggish consumer demand and the shifting of the festive season offset the B2B performance</li><li>Lloyd sustained its inspiring growth runway but failed in profitability</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>

Havells India: Havells’ Q2FY24 print was below expectation as revenue grew by 6% vs an expectation of 11%Sluggish consumer demand and the shifting of the festive season offset the B2B performanceLloyd sustained its inspiring growth runway but failed in profitabilityContent 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: Havells India, Mphasis, Voltas

<ul>
<li>The trade remains Long Nifty with a watch on earnings. </li>
<li>
<a href="https://www.smartkarma.com/entities/infosys-ltd" target="_blank" data-smartkarma-citation="entities:267:1" rel="noopener">Infosys Ltd (INFO IN)</a> reported a beat on revenues and a miss on EPS, heading into seasonally weak quarters is the pain now consensus? </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a>, <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a> and <a href="https://www.smartkarma.com/entities/dmart" target="_blank" data-smartkarma-citation="entities:23656:1" rel="noopener">Avenue Supermarts Ltd (DMART IN)</a>. </li>
</ul>


The trade remains Long Nifty with a watch on earnings. 

Infosys Ltd (INFO IN) reported a beat on revenues and a miss on EPS, heading into seasonally weak quarters is the pain now consensus? 
Other names discussed include Delta Corp Ltd (DELTA IN), HDFC Asset Management Co Ltd (HDFCAMC IN) and Avenue Supermarts Ltd (DMART IN). 


[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL IN)

Cello World IPO - Thoughts on Valuation

Cello World is looking to raise around US$240m in its upcoming India IPO. We looked at the past performance in our previous note, in this note we...

Sumeet Singh

[Week 8] Namaste India 🙏 | Earnings Edition - Part I

Deviating from our usual format due to earnings season, this is a long but must-read for anyone who is keen to track the earnings of Indian...

Pranav Bhavsar

HSIE Results Daily: Havells India, Mphasis, Voltas

Havells India: Havells’ Q2FY24 print was below expectation as revenue grew by 6% vs an expectation of 11%. Sluggish consumer demand and the...

HDFC Securities

[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

The trade remains long Nifty. Names discussed include INFO, DMART, DELTACORP and HDFCAMC. The next two weeks are going to be busy as the full...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cello World IPO - Thoughts on Valuation

Cello World is looking to raise around US$240m in its upcoming India IPO. We looked at the past performance in our previous note, in this note we...

Sumeet Singh

Cello World IPO - Strong past Growth but Has a Number of Related Party Issues

Cello World is looking to raise around US$240m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

[Week 8] Namaste India 🙏 | Earnings Edition - Part I

Deviating from our usual format due to earnings season, this is a long but must-read for anyone who is keen to track the earnings of Indian...

Pranav Bhavsar

HSIE Results Daily: Havells India, Mphasis, Voltas

Havells India: Havells’ Q2FY24 print was below expectation as revenue grew by 6% vs an expectation of 11%. Sluggish consumer demand and the...

HDFC Securities

[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

The trade remains long Nifty. Names discussed include INFO, DMART, DELTACORP and HDFCAMC. The next two weeks are going to be busy as the full...

Pranav Bhavsar