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.

Equity Capital Markets

<ul>
<li>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, we will undertake a peer comparison and talk about valuations.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, we will undertake a peer comparison and talk about valuations.


Metro Brands IPO - Don't See Any Reason to Pay a Premium

<ul>
<li>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, will look at the company's background and past performance.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, will look at the company's background and past performance.


Metro Brands IPO - Core Brands Aren’t Growing

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>Footwear, like most F&amp;L categories, is fragmenting, with top businesses within the ecosystem losing revenue/EBITDA share</li><li>Against this backdrop, a company’s ability to connect relevant assortment with relevant distribution at smart price points is key for a long and healthy reinvestment story</li><li>Bata isn’t quite there yet (TP: INR1,400/sh, implying 38x FY24 P/E; trading at 51x); Relaxo is, but is fully priced (TP: INR1,050/sh, implying 55x FY24 P/E; trading at 68x). We initiate coverage on both recommending SELL on both.</li></ul><div class="content-highlight"><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></div>

Footwear, like most F&amp;L categories, is fragmenting, with top businesses within the ecosystem losing revenue/EBITDA shareAgainst this backdrop, a company’s ability to connect relevant assortment with relevant distribution at smart price points is key for a long and healthy reinvestment storyBata isn’t quite there yet (TP: INR1,400/sh, implying 38x FY24 P/E; trading at 51x); Relaxo is, but is fully priced (TP: INR1,050/sh, implying 55x FY24 P/E; trading at 68x). We initiate coverage on both recommending SELL on both.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.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

LVMH Moet Hennessy Louis Vuitton SE / Technical Analysis

<ul>
<li>Select regions such as the US, Europe, Japan, and India are bullish, while others are not -- namely Hong Kong and China.</li>
<li>Relative strength (RS) for MSCI ACWI Technology is breaking out to new highs while RS on the MSCI ACWI Discretionary Sector is on the cusp of a breakout. </li>
<li>We highlight several buy opportunities within global Technology and Consumer Discretionary.</li>
</ul>


Select regions such as the US, Europe, Japan, and India are bullish, while others are not -- namely Hong Kong and China.
Relative strength (RS) for MSCI ACWI Technology is breaking out to new highs while RS on the MSCI ACWI Discretionary Sector is on the cusp of a breakout. 
We highlight several buy opportunities within global Technology and Consumer Discretionary.


Add To Global Technology and Consumer Discretionary

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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

<p>It has a robust b/s with healthy cash and bank balance worth Rs 865+ crore (as on H1FY22), negative working capital cycle, generating RoCE of 23%+ Q2FY22 Results: Bata India reported strong operational numbers in Q2FY22 with...</p><div class="content-highlight"><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></div>

It has a robust b/s with healthy cash and bank balance worth Rs 865+ crore (as on H1FY22), negative working capital cycle, generating RoCE of 23%+ Q2FY22 Results: Bata India reported strong operational numbers in Q2FY22 with...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.

Bata India: Stronger than Expected Revenue Recovery

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

Metro Brands IPO - Don't See Any Reason to Pay a Premium

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO.

Sumeet Singh

Metro Brands IPO - Core Brands Aren’t Growing

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO.

Sumeet Singh

Footwear: No bargains here!

Footwear, like most F&L categories, is fragmenting, with top businesses within the ecosystem losing revenue/EBITDA share.

HDFC Securities

Add To Global Technology and Consumer Discretionary

Relative strength (RS) for MSCI ACWI Technology is breaking out to new highs while RS on the ACWI Discretionary Sector is on the cusp of a...

Vermilion Research

Bata India: Stronger than Expected Revenue Recovery

It has a robust b/s with healthy cash and bank balance worth Rs 865+ crore (as on H1FY22), negative working capital cycle, generating RoCE of 23%+...

ICICI Securities Limited

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