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>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Equity Capital Markets

Aadhar Housing Finance / Equity Capital Markets

<ul>
<li>Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we look at the updates from the company’s recent filings.</li>
</ul>


Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we look at the updates from the company’s recent filings.


Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

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)

<ul><li>Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with robust AUM growth (+34% YoY) despite a regulatory embargo on select products, offset by sharp NIM compression (21bps) and elevated credit costs (1.6% annualised)</li><li>While the regulatory embargo led to muted traction in customer acquisitions and loan volumes, a shift towards secured assets helped drive loan growth</li><li>On the back of its omnichannel strategy, the widest product suite and focus on cross-selling, we believe BAF is poised for ~23% AUM CAGR over the medium term, while also simultaneously delivering steady profitability</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.

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with robust AUM growth (+34% YoY) despite a regulatory embargo on select products, offset by sharp NIM compression (21bps) and elevated credit costs (1.6% annualised)While the regulatory embargo led to muted traction in customer acquisitions and loan volumes, a shift towards secured assets helped drive loan growthOn the back of its omnichannel strategy, the widest product suite and focus on cross-selling, we believe BAF is poised for ~23% AUM CAGR over the medium term, while also simultaneously delivering steady profitabilityContent 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.

HSIE Results Daily: Bajaj Finance, LTIMindtree, Macrotech Developers

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

<ul><li>Healthy operating metrics: BAF added 3.23 Mn customers (+5/-16% YoY/QoQ) during the qtr. vs 3.1/3.9 Mn customer YoY/QoQ, taking the total customer base to 83.64 Mn customers (+21/4% YoY/QoQ).</li><li>The company booked ~7.9 Mn loans during the qtr. (+4/-20% YoY/QoQ).</li><li>The new loans booked during the quarter were lower by approximately 0.8 Mn on account of the restrictions placed by the RBI, on sanction and disbursal of loans under 'eCOM' and 'lnsta EMI Card'.</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.

Healthy operating metrics: BAF added 3.23 Mn customers (+5/-16% YoY/QoQ) during the qtr. vs 3.1/3.9 Mn customer YoY/QoQ, taking the total customer base to 83.64 Mn customers (+21/4% YoY/QoQ).The company booked ~7.9 Mn loans during the qtr. (+4/-20% YoY/QoQ).The new loans booked during the quarter were lower by approximately 0.8 Mn on account of the restrictions placed by the RBI, on sanction and disbursal of loans under 'eCOM' and 'lnsta EMI Card'.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. - Inline Quarter, Strong RoA Delivery to Continue!

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Canara Bank has seen stunning profit expansion over the past several years </li>
<li>Lower NPLs can drive lower credit costs to support profit expansion further</li>
<li>ROE moved from 11.7% to 17.3% over the past several years</li>
</ul>


Canara Bank has seen stunning profit expansion over the past several years 
Lower NPLs can drive lower credit costs to support profit expansion further
ROE moved from 11.7% to 17.3% over the past several years


Canara Bank - Radically Lower NPLs and Sharply Expanding Net Profit

India

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

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

Bajaj Finance Ltd (BAF IN)

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

As per media reports, Aadhar Housing Finance is likely to launch its IPO in mid-May with an aim of raising around US$600m.

Sumeet Singh

HSIE Results Daily: Bajaj Finance, LTIMindtree, Macrotech Developers

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with robust AUM growth (+34% YoY) despite a regulatory embargo on select products

HDFC Securities

Bajaj Finance Ltd. - Inline Quarter, Strong RoA Delivery to Continue!

Healthy operating metrics: BAF added 3.23 Mn customers (+5/-16% YoY/QoQ) during the qtr. vs 3.1/3.9 Mn customer YoY/QoQ, taking the total customer...

Axis Direct

Canara Bank - Radically Lower NPLs and Sharply Expanding Net Profit

Radically lower NPLs and sharply higher net profit can continue with benign credit costs, especially as Loss Loans are down a lot. ROE and ROA are...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)