Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>Our base case valuation of Hyundai Motor India is market cap of US$18.6 billion, based on P/E of 24.4x our estimated net profit of 64.1 billion INR in FY25. </li>
<li>There have been some increasing concerns about Hyundai Motor India paying out higher royalty to its parent Hyundai Motor and dividend to shareholders, which could lower profit.</li>
<li>According to a recent article by livemint, the expected valuation of Hyundai Motor India has fallen to about USD16 billion to USD20 billion.</li>
</ul>


Our base case valuation of Hyundai Motor India is market cap of US$18.6 billion, based on P/E of 24.4x our estimated net profit of 64.1 billion INR in FY25. 
There have been some increasing concerns about Hyundai Motor India paying out higher royalty to its parent Hyundai Motor and dividend to shareholders, which could lower profit.
According to a recent article by livemint, the expected valuation of Hyundai Motor India has fallen to about USD16 billion to USD20 billion.


Hyundai Motor India IPO Valuation Analysis

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.

Bajaj Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$830m in its upcoming India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.


Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-fincorp-ltd" target="_blank" data-smartkarma-citation="entities:43860:1" rel="noopener">Hero FinCorp</a> (HF) is looking to raise around US$438m in its upcoming India IPO.</li>
<li>HF is a non-deposit taking NBFC. It offers a suite of financial products catering primarily to the retail segment and the MSME customer segment in India.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO.
HF is a non-deposit taking NBFC. It offers a suite of financial products catering primarily to the retail segment and the MSME customer segment in India.
In this note, we talk about the not-so-positive aspects of the deal.


Hero Fincorp Pre-IPO - The Negatives - Still Has Issues to Contend With

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-fincorp-ltd" target="_blank" data-smartkarma-citation="entities:43860:1" rel="noopener">Hero FinCorp</a> (HF) is looking to raise around US$438m in its upcoming India IPO.</li>
<li>HF is a non-deposit taking NBFC. It offers a suite of financial products catering primarily to the retail segment and the MSME customer segment in India.</li>
<li>In this note, we talk about the positive aspets of the deal.</li>
</ul>



Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO.
HF is a non-deposit taking NBFC. It offers a suite of financial products catering primarily to the retail segment and the MSME customer segment in India.
In this note, we talk about the positive aspets of the deal.


Hero Fincorp Pre-IPO - The Positives - Riding on the Parent's Brand

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric's</a> stock has surged since its Friday listing, despite a lukewarm IPO response. We look at a possible base-to-bullish case valuation range for Ola Electric's stock price.</li>
<li>With the e2W market up 96% YoY in July and Ola Electric's sales soaring 114%, the momentum is strong. Likely catalyst on the horizon adds to investor optimism.</li>
<li>Currently, on FY2026E EV/Revenue, Ola Electric trades on par with its closest Indian e2W peer.</li>
</ul>



Ola Electric's stock has surged since its Friday listing, despite a lukewarm IPO response. We look at a possible base-to-bullish case valuation range for Ola Electric's stock price.
With the e2W market up 96% YoY in July and Ola Electric's sales soaring 114%, the momentum is strong. Likely catalyst on the horizon adds to investor optimism.
Currently, on FY2026E EV/Revenue, Ola Electric trades on par with its closest Indian e2W peer.


Ola Electric (OLAELEC IN) : Soaring High - How Much Higher Can It Go?

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Hyundai Motor India IPO Valuation Analysis

Our base case valuation of Hyundai Motor India is market cap of US$18.6 billion, based on P/E of 24.4x our estimated net profit of 64.1 billion INR...

Douglas Kim

Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Hero Fincorp Pre-IPO - The Negatives - Still Has Issues to Contend With

Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Hero Fincorp Pre-IPO - The Positives - Riding on the Parent's Brand

Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Ola Electric (OLAELEC IN) : Soaring High - How Much Higher Can It Go?

Base-to-Bullish case Valuation Analysis. Stock currently closer to base case. Strong monthly sales and Upcoming catalyst adding to stock momentum.

Devi Subhakesan

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