Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>Our <a href="https://www.smartkarma.com/insights/eqd-the-nifty-potential-upside-from-here" target="_blank" rel="noopener">last insight</a> predicted quite precisely what happened to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> during the last 3 weeks (our forecast was a 3-5 weeks rally, around +4%/+5% higher).</li>
<li>After 3 weeks up in a row, last week the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a> pulled back - the question obviously now is: would this be a good time to enter/re-enter the trade LONG?</li>
<li>The answer, as always, lies in our Market Reversal Matrix models, keep reading to find out...</li>
</ul>


Our last insight predicted quite precisely what happened to the NIFTY Index during the last 3 weeks (our forecast was a 3-5 weeks rally, around +4%/+5% higher).
After 3 weeks up in a row, last week the NIFTY pulled back - the question obviously now is: would this be a good time to enter/re-enter the trade LONG?
The answer, as always, lies in our Market Reversal Matrix models, keep reading to find out...


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.

Event-Driven

<ul>
<li>Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the Northeast.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>


Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the Northeast.
In this note, we will talk about the lockup dynamics and possible placement.


Bharti Hexacom IPO Lockup - US$1.2bn Lockup Expiry, Will Have to Sell for Free-Float

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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.

Equity Bottom-Up

<ul><li>Moderation in credit costs and stable NIMs would support earnings growth from H2FY25 onwards, however Q2 would see higher credit cost and continued pressure on margins.</li><li>Management is guiding for a 26-28% AUM growth in FY2025. Tightening of credit filters in unsecured segment will result in slower growth in unsecured but would be offset by faster growth in secured segment.</li><li>Bajaj Finance is consistently outpacing industry growth while maintaining sector leading profitability metrics across cycles drives our positive view.</li></ul>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.

Moderation in credit costs and stable NIMs would support earnings growth from H2FY25 onwards, however Q2 would see higher credit cost and continued pressure on margins.Management is guiding for a 26-28% AUM growth in FY2025. Tightening of credit filters in unsecured segment will result in slower growth in unsecured but would be offset by faster growth in secured segment.Bajaj Finance is consistently outpacing industry growth while maintaining sector leading profitability metrics across cycles drives our positive view.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.

Bajaj Finance Ltd - Better Times Ahead; Maintain Buy

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

Smartworks Coworking Spaces Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smartworks-coworking-spaces-ltd" target="_blank" data-smartkarma-citation="entities:43882:1" rel="noopener">Smartworks Coworking Spaces Ltd (1742134D IN)</a> is looking to raise about US$120m in its India IPO.</li>
<li>It is an office experience and managed campus platform, typically focused on leasing entire/large, bare shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with amenities.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Smartworks Coworking Spaces Ltd (1742134D IN) is looking to raise about US$120m in its India IPO.
It is an office experience and managed campus platform, typically focused on leasing entire/large, bare shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with amenities.
In this note, we talk about the company’s historical performance.


Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
-------------

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance ("BAF")</a> reported a decent Q1FY25 with robust AUM growth, however, loan losses came in slightly elevated. AUM grew 31% YoY to reach INR 3,54,192cr.</li>
<li>Annualized credit cost inched up to 2.1% vs 1.75-1.85% guided for FY25. This was led largely by weak collection efficiency. BAF is working on enhancing its collection infrastructure.</li>
<li>BAF listed its housing finance subsidiary on Sep 16, unlocking value for the shareholders. It created history with highest-ever subscription amount and got listed at a premium of 114%.</li>
</ul>



Bajaj Finance ("BAF") reported a decent Q1FY25 with robust AUM growth, however, loan losses came in slightly elevated. AUM grew 31% YoY to reach INR 3,54,192cr.
Annualized credit cost inched up to 2.1% vs 1.75-1.85% guided for FY25. This was led largely by weak collection efficiency. BAF is working on enhancing its collection infrastructure.
BAF listed its housing finance subsidiary on Sep 16, unlocking value for the shareholders. It created history with highest-ever subscription amount and got listed at a premium of 114%.


Bajaj Finance: Mixed Q1, However Growth Trajectory Remains Intact

India

Bajaj Finance Limited is a financial services company that operates branches in India, which provide an assortment of financial services.

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Bajaj Finance Ltd (BAF IN)

EQD | Is the NIFTY A BUY Here?

The NIFTY Index closed the week down, now the question is: IS THIS A GOOD TIME TO (RE)ENTER LONG? As always, the Market Reversal Matrix models...

Nico Rosti

Bharti Hexacom IPO Lockup - US$1.2bn Lockup Expiry, Will Have to Sell for Free-Float

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.

Sumeet Singh

Bajaj Finance Ltd - Better Times Ahead; Maintain Buy

Moderation in credit costs and stable NIMs would support earnings growth from H2FY25 onwards, however Q2 would see higher credit cost and continued...

Sharekhan

Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

Smartworks Coworking Spaces Limited is looking to raise about US$120m in its India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Bajaj Finance: Mixed Q1, However Growth Trajectory Remains Intact

BAF reported a mixed Q1FY25. It reported strong AUM growth, however, profitability did not grow as much in tandem, due to elevated credit cost and...

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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EQD | Is the NIFTY A BUY Here?

​The NIFTY Index closed the week down, now the question is: IS THIS A GOOD TIME TO (RE)ENTER LONG? As always, the Market Reversal Matrix models...

Nico Rosti

Bharti Hexacom IPO Lockup - US$1.2bn Lockup Expiry, Will Have to Sell for Free-Float

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.

Sumeet Singh

Bajaj Finance Ltd - Better Times Ahead; Maintain Buy

Moderation in credit costs and stable NIMs would support earnings growth from H2FY25 onwards, however Q2 would see higher credit cost and continued...

Sharekhan

Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

Smartworks Coworking Spaces Limited is looking to raise about US$120m in its India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Bajaj Finance: Mixed Q1, However Growth Trajectory Remains Intact

BAF reported a mixed Q1FY25. It reported strong AUM growth, however, profitability did not grow as much in tandem, due to elevated credit cost and...

Ankit Agrawal, CFA

The NIFTY Index closed the week down, now the question is: IS THIS A GOOD TIME TO (RE)ENTER LONG? As always, the Market Reversal Matrix models...