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

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the positive aspects of the deal.


HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

Senior Credit Analyst, Lucror Analytics

Tanvi Arora

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In the US, the December CPI edged higher to 2.9% y-o-y (2.9% e / 2.7% p) and 0.4% m-o-m (0.4% e / 0.3% p), the fastest monthly pace since March 2024.</li>
<li>That said, core CPI (excluding food and energy) eased marginally to 3.2% y-o-y (3.3% e / 3.3% p) and 0.2% m-o-m (0.3% e / 0.3% p).</li>
<li>Core CPI eased on a m-o-m basis for the first time in six months, after standing at 0.3% for four consecutive months.</li>
</ul>


In the US, the December CPI edged higher to 2.9% y-o-y (2.9% e / 2.7% p) and 0.4% m-o-m (0.4% e / 0.3% p), the fastest monthly pace since March 2024.
That said, core CPI (excluding food and energy) eased marginally to 3.2% y-o-y (3.3% e / 3.3% p) and 0.2% m-o-m (0.3% e / 0.3% p).
Core CPI eased on a m-o-m basis for the first time in six months, after standing at 0.3% for four consecutive months.


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Adani Green Energy, Fosun International</li>
<li>In the US, the final services PMI for December 2024 edged up to 56.8 (56.1 p), while the composite PMI rose to 55.4 (54.9 p). Separately in November, factory orders declined 0.4% (-0.3% e / 0.5% revised p), and the final durable goods orders fell 1.2% (-0.5% e / -1.1% p).</li>
<li>Long-end treasury yields climbed, with the UST curve bear-steepening after a weak auction of 3Y notes and amid a large supply of US corporate bond issuances.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Adani Green Energy, Fosun International
In the US, the final services PMI for December 2024 edged up to 56.8 (56.1 p), while the composite PMI rose to 55.4 (54.9 p). Separately in November, factory orders declined 0.4% (-0.3% e / 0.5% revised p), and the final durable goods orders fell 1.2% (-0.5% e / -1.1% p).
Long-end treasury yields climbed, with the UST curve bear-steepening after a weak auction of 3Y notes and amid a large supply of US corporate bond issuances.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Passive global index trackers sold <a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:29012:1" rel="noopener">Adani Green Energy (ADANIGR IN)</a> in November following a big drop in free float for the stock.</li>
<li>There could be more selling in <a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:29012:1" rel="noopener">Adani Green Energy</a> in February as the stock is deleted from the same large global index due to failing free float market cap thresholds.</li>
<li>With the company at the center of the U.S indictment focused on bribery charges, active foreign and local investors will be wary of buying the stock.</li>
</ul>


Passive global index trackers sold Adani Green Energy (ADANIGR IN) in November following a big drop in free float for the stock.
There could be more selling in Adani Green Energy in February as the stock is deleted from the same large global index due to failing free float market cap thresholds.
With the company at the center of the U.S indictment focused on bribery charges, active foreign and local investors will be wary of buying the stock.


Adani Green Energy (ADANIGR IN): Facing the Passive Boot; But Who Will Buy?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Ventive Hospitality Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

India

Adani Green Energy Limited is an Indian renewable energy company that develops, owns, and operates utility-scale grid-connected solar, wind, hybrid, and energy storage projects. The company supplies electricity to central and state government entities and government-backed corporations. It is headquartered in Ahmedabad, Gujarat, India, and was founded in 2015.

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

Adani Green Energy (ADANIGR IN)

HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Lucror Analytics - Morning Views Asia

In the US, the December CPI edged higher to 2.9% y-o-y (2.9% e / 2.7% p) and 0.4% m-o-m (0.4% e / 0.3% p), the fastest monthly pace since March 2024.

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Adani Green Energy, Fosun...

Lucror Analytics