Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Adani names are seeing new news and commentary. SEBI is <a href="https://www.reuters.com/world/india/india-regulator-probing-some-adani-offshore-deals-possible-rule-violations-2023-04-01/" target="_blank" rel="noopener">probing offshore deals</a> for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.</li>
<li>GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." </li>
<li>Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. </li>
</ul>


The Adani names are seeing new news and commentary. SEBI is probing offshore deals for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.
GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." 
Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. 


GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Adds 600 MW operational capacity in Maharashtra, acquired via CIRP at ₹6.67 crore/MW.</li>
<li>Supports Adani’s goal to reach 30,670 MW by FY2030 through scale-driven, base-load expansion.</li>
<li>Stock trades at ~12x forward P/E—undervalued given 70% capacity growth and strong operating leverage.</li>
</ul>


Adds 600 MW operational capacity in Maharashtra, acquired via CIRP at ₹6.67 crore/MW.
Supports Adani’s goal to reach 30,670 MW by FY2030 through scale-driven, base-load expansion.
Stock trades at ~12x forward P/E—undervalued given 70% capacity growth and strong operating leverage.


Adani Power Adds 600 MW—One Step Closer to 30 GW

<ul>
<li>Adani Power faced nearly USD 900 million in overdue receivables from its 1,600 MW Godda plant under a long-term export PPA.</li>
<li>Bangladesh resumed regular payments and cleared USD 437 million in June; future dues secured via Letter of Credit and sovereign guarantee.</li>
<li>Working capital improves over 40%, interest costs fall by ₹300–400 crore, and credit upgrade likely; boosts cash flow and strategic flexibility.</li>
</ul>


Adani Power faced nearly USD 900 million in overdue receivables from its 1,600 MW Godda plant under a long-term export PPA.
Bangladesh resumed regular payments and cleared USD 437 million in June; future dues secured via Letter of Credit and sovereign guarantee.
Working capital improves over 40%, interest costs fall by ₹300–400 crore, and credit upgrade likely; boosts cash flow and strategic flexibility.


Adani Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet

<ul>
<li>Adani Power delivered strong FY25 earnings and plans to expand capacity to 30.7 GW by FY30 through brownfield, greenfield, and acquisition-driven growth.</li>
<li>Godda, Jharkhand (110km from Bangladesh) project supports high realisations, but <strong>Bangladesh receivable buildup (~USD 900 million) r</strong>emains a working capital risk, with gradual collections ongoing.</li>
<li>Adani Power offers strong margins, improving ROCE, and trades at ~16.6× FY25 P/E.</li>
</ul>


Adani Power delivered strong FY25 earnings and plans to expand capacity to 30.7 GW by FY30 through brownfield, greenfield, and acquisition-driven growth.
Godda, Jharkhand (110km from Bangladesh) project supports high realisations, but Bangladesh receivable buildup (~USD 900 million) remains a working capital risk, with gradual collections ongoing.
Adani Power offers strong margins, improving ROCE, and trades at ~16.6× FY25 P/E.


APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

India

Adani Power Ltd is a power project development company. The Company develops, operates and maintains power projects in India.

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Adani Power (ADANI IN)

GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

This is an update on the Adani Names where GQG Partners purchased a US$1.8bn stake from the Promoters themselves. They are up 25% in a month. Which...

Travis Lundy

Adani Power Adds 600 MW—One Step Closer to 30 GW

Adani acquires 600 MW capacity in Maharashtra, driving towards goal of 30,670 MW by FY2030, stock undervalued at 12x forward P/E.

Rahul Jain

Adani Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet

Adani Power's financial situation improves as Bangladesh clears overdue receivables, secures future payments, and boosts working capital.

Rahul Jain

Adani Power: Navigating Challenges

Adani Power today announced a 1,500 MW supply deal with UPPCL from a $2B ultra-supercritical plant in UP, targeted for FY30. It will raise its...

Rahul Jain

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

This is an update on the Adani Names where GQG Partners purchased a US$1.8bn stake from the Promoters themselves. They are up 25% in a month. Which...

Travis Lundy

Adani Power Adds 600 MW—One Step Closer to 30 GW

​Adani acquires 600 MW capacity in Maharashtra, driving towards goal of 30,670 MW by FY2030, stock undervalued at 12x forward P/E.

Rahul Jain

Adani Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet

​Adani Power's financial situation improves as Bangladesh clears overdue receivables, secures future payments, and boosts working capital.

Rahul Jain

Adani Power: Navigating Challenges

Adani Power today announced a 1,500 MW supply deal with UPPCL from a $2B ultra-supercritical plant in UP, targeted for FY30. It will raise its...

Rahul Jain

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Adani acquires 600 MW capacity in Maharashtra, driving towards goal of 30,670 MW by FY2030, stock undervalued at 12x forward P/E.

Adani Power's financial situation improves as Bangladesh clears overdue receivables, secures future payments, and boosts working capital.