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

Juniper Green Energy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/juniper-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:45455:1" rel="noopener">Juniper Green Energy Ltd (1831458D IN)</a> is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.</li>
<li>Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Juniper Green Energy Ltd (1831458D IN) is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.
Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

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)

<div><div><div><div><ul><li>Recovery trends in discretionary categories are healthy - Our discretionary universe is expected to clock 11/2% revenue/EBITDA growth YoY (partly impacted by Omicron) in Q4FY22 (three-year revenue/EBITDA CAGRs of 15/17% respectively).</li></ul></div></div></div></div><div><div><div><div><ul><li>Ex-jewellery, margin recovery to lag revenue recovery - While profitability is recovering across categories, (1) high commodity prices, (2) restoration of rent/other SG&amp;A overheads coupled with intermittent demand disruptions are likely to keep margins (ex-jewellery) under pressure.</li></ul><div><div><div><div><ul><li>Channel checks: Value chain checks suggest the following: (1) in F&amp;G, international e-tailers, Reliance Retail, and quick commerce players have been improving their assortment availability and pricing mechanisms.</li></ul></div></div></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>

Recovery trends in discretionary categories are healthy - Our discretionary universe is expected to clock 11/2% revenue/EBITDA growth YoY (partly impacted by Omicron) in Q4FY22 (three-year revenue/EBITDA CAGRs of 15/17% respectively).Ex-jewellery, margin recovery to lag revenue recovery - While profitability is recovering across categories, (1) high commodity prices, (2) restoration of rent/other SG&amp;A overheads coupled with intermittent demand disruptions are likely to keep margins (ex-jewellery) under pressure.Channel checks: Value chain checks suggest the following: (1) in F&amp;G, international e-tailers, Reliance Retail, and quick commerce players have been improving their assortment availability and pricing mechanisms.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.

Consumer Discretionary - Margin Recovery to Lag that in Topline

<div><ul><li>Recovery trends in discretionary categories are healthy - <span style="font-size: var(--content-font-size);">Our discretionary </span><span style="font-size: var(--content-font-size);">universe is expected to clock 11/2% revenue/EBITDA growth YoY (partly impacted by Omicron) in Q4FY22 (three-year revenue/EBITDA CAGRs of 15/17% respectively).</span></li></ul><div><div><div><ul><li>Ex-jewellery, margin recovery to lag revenue recovery: While profitability is recovering across categories, (1) high commodity prices, (2) restoration of rent/other SG&amp;A overheads coupled with intermittent demand disruptions are likely to keep margins (ex-jewellery) under pressure.</li></ul><div><div><div><div><ul><li>Channel checks: Value chain checks suggest the following: (1) in F&amp;G, international e-tailers, Reliance Retail, and quick commerce players have been improving their assortment availability and pricing mechanisms.</li></ul></div></div></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>

Recovery trends in discretionary categories are healthy - Our discretionary universe is expected to clock 11/2% revenue/EBITDA growth YoY (partly impacted by Omicron) in Q4FY22 (three-year revenue/EBITDA CAGRs of 15/17% respectively).Ex-jewellery, margin recovery to lag revenue recovery: While profitability is recovering across categories, (1) high commodity prices, (2) restoration of rent/other SG&amp;A overheads coupled with intermittent demand disruptions are likely to keep margins (ex-jewellery) under pressure.Channel checks: Value chain checks suggest the following: (1) in F&amp;G, international e-tailers, Reliance Retail, and quick commerce players have been improving their assortment availability and pricing mechanisms.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.

Consumer Discretionary Margin Recovery to Lag that in Topline

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Indo-MIM Ltd (1666551D IN) is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

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

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> / <a href="https://www.smartkarma.com/entities/pvr-ltd" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">PVR Ltd (PVRL IN)</a> / <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> (Retail) / <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> / <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a> / <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> </p>
<p>We have separated the quotes to highlight<em><strong> Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.</strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Asian Paints (APNT IN) / PVR Ltd (PVRL IN) / Reliance Industries (RIL IN) (Retail) / Titan Co Ltd (TTAN IN) / Page Industries (PAG IN) / InterGlobe Aviation Ltd (INDIGO IN) 
We have separated the quotes to highlight Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

India

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

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Asian Paints (APNT IN)

Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Juniper Green Energy is looking to raise about US$187m in its downsized India IPO. In this note, we talk about the RHP updates and implied...

Akshat Shah

Consumer Discretionary - Margin Recovery to Lag that in Topline

Recovery trends in discretionary categories are healthy: Our discretionary universe is expected to clock 11/2% revenue/EBITDA growth YoY (partly...

HDFC Securities

Consumer Discretionary Margin Recovery to Lag that in Topline

Recovery trends in discretionary categories are healthy; Our discretionary universe is expected to clock 11/2% revenue/EBITDA growth YoY (partly...

HDFC Securities

Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Indo-MIM Ltd (IML) is looking to raise about US$395m in its India IPO, downsized from its earlier estimated size of US$750m. In this note, we talk...

Akshat Shah

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

The edition focuses on key quotes from the earnings transcripts of Asian Paints / PVR Ltd / Reliance Retail / Titan / Page Industries /Indigo

Pranav Bhavsar

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