APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

SBFC Finance Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (SBFC IN) </a>raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire on 12th Feb 2024. </li>
<li>SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire on 12th Feb 2024. 
SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold.
In this note, we will talk about the lock-up dynamics and updates since our last note.


SBFC Finance Lockup Expiry - Time to Cash in on Some Hefty Profits

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by lower credit costs</li><li>Loan growth was healthy (+15% YoY) with domestic margins being stable at 3.4%</li><li>Deposit growth lagged loan growth with the CASA ratio (39.5%, -72bps QoQ) continuing to drift lower, however, SBIN continued to maintain surplus SLR</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>

State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by lower credit costsLoan growth was healthy (+15% YoY) with domestic margins being stable at 3.4%Deposit growth lagged loan growth with the CASA ratio (39.5%, -72bps QoQ) continuing to drift lower, however, SBIN continued to maintain surplus SLRContent 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, Indian Hotels, Mphasis, Aptus Value Housing Finance India

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis

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

<ul>
<li>The upcoming earnings season, along with the forthcoming Budget and Elections, should all contribute to keeping the undertone bullish for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a>. </li>
<li>
<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> reported a minor dip in collections for the non-EEB portfolio, which has probably spooked the street.</li>
<li>Other names discussed include MMFS, POONAWAL, AUBANK, LTFH, and AAVAS.</li>
</ul>


The upcoming earnings season, along with the forthcoming Budget and Elections, should all contribute to keeping the undertone bullish for the NIFTY Index (NIFTY INDEX). 

Bandhan Bank Ltd (BANDHAN IN) reported a minor dip in collections for the non-EEB portfolio, which has probably spooked the street.
Other names discussed include MMFS, POONAWAL, AUBANK, LTFH, and AAVAS.


[Week 16] Namaste India 🙏 | More Smoke for Bandhan?

<ul>
<li>For this edition, we focus on our 2023 Bloopers, to improvise rather than get embarrassed.  We also share some thoughts on potential enhancements that can be anticipated going forward.</li>
<li>On the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a>, we are still not bearish but do not find the markets to be very attractive either.</li>
<li>Bloopers in focus include <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>; <a href="https://www.smartkarma.com/entities/cartrade-tech-ltd" target="_blank" data-smartkarma-citation="entities:33474:1" rel="noopener">CarTrade (CARTRADE IN)</a> ; <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> and <a href="https://www.smartkarma.com/entities/aavas-financiers-ltd" target="_blank" data-smartkarma-citation="entities:27422:1" rel="noopener">Aavas Financiers Ltd (AAVAS IN)</a>. </li>
</ul>


For this edition, we focus on our 2023 Bloopers, to improvise rather than get embarrassed.  We also share some thoughts on potential enhancements that can be anticipated going forward.
On the NIFTY Index (NIFTY INDEX), we are still not bearish but do not find the markets to be very attractive either.
Bloopers in focus include Zomato (ZOMATO IN); CarTrade (CARTRADE IN) ; Hero Motocorp (HMCL IN) and Aavas Financiers Ltd (AAVAS IN). 


[Week 15] Namaste India 🙏 | 2023 Bloopers Edition

India

Aavas Financiers Limited provides consumer finance services. The Company offers home, land purchase, construction, home improvement, balance transfer, and business loans. Aavas Financiers serves customers in India.

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Aavas Financiers Ltd (AAVAS IN)

SBFC Finance Lockup Expiry - Time to Cash in on Some Hefty Profits

SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire...

Ethan Aw

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis, Aptus Value Housing Finance India

SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by...

HDFC Securities

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis

State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA...

HDFC Securities

[Week 16] Namaste India 🙏 | More Smoke for Bandhan?

The upcoming earnings season, Budget, and Elections are expected to keep the NIFTY Index bullish. Bandhan Bank's dip in collections for non-EEB...

Pranav Bhavsar

[Week 15] Namaste India 🙏 | 2023 Bloopers Edition

In this article, the focus is on 2023 market bloopers and potential enhancements. The NIFTY Index is neither bearish nor attractive.

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBFC Finance Lockup Expiry - Time to Cash in on Some Hefty Profits

SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire...

Ethan Aw

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis, Aptus Value Housing Finance India

SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by...

HDFC Securities

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis

State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA...

HDFC Securities

[Week 16] Namaste India 🙏 | More Smoke for Bandhan?

​The upcoming earnings season, Budget, and Elections are expected to keep the NIFTY Index bullish. Bandhan Bank's dip in collections for non-EEB...

Pranav Bhavsar

[Week 15] Namaste India 🙏 | 2023 Bloopers Edition

​In this article, the focus is on 2023 market bloopers and potential enhancements. The NIFTY Index is neither bearish nor attractive.

Pranav Bhavsar

The upcoming earnings season, Budget, and Elections are expected to keep the NIFTY Index bullish. Bandhan Bank's dip in collections for non-EEB...

In this article, the focus is on 2023 market bloopers and potential enhancements. The NIFTY Index is neither bearish nor attractive.