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

Tsingtao Brewery / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.</li>
<li>Placements stole the limelight this week with Tsingtao, Woodside and Digital Tel Infra all managing to do well.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.
Placements stole the limelight this week with Tsingtao, Woodside and Digital Tel Infra all managing to do well.


ECM Weekly (5th June 2022) - Tsingtao, Woodside, Digital Tel, CALB, Scivita

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>Bata India (BATA) reported Q4FY22 revenue at Rs 665 Cr as against Rs 590 Cr in Q4FY21, registering a growth of 12.8% despite Omicron disruptions. </li><li>We remain positive on the stock from a long-term perspective given its immense growth potential</li><li>Maintain BUY with revised TP of Rs 2,200/share and assign a PE of 43x FY24E EPS.</li></ul><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>

Bata India (BATA) reported Q4FY22 revenue at Rs 665 Cr as against Rs 590 Cr in Q4FY21, registering a growth of 12.8% despite Omicron disruptions. We remain positive on the stock from a long-term perspective given its immense growth potentialMaintain BUY with revised TP of Rs 2,200/share and assign a PE of 43x FY24E EPS.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: Showing Resilience Amidst Challenging Times; Maintain BUY

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>4QFY22 performance: Gross margin, EBITDA and PAT outperformed our estimates significantly though revenue came in short due to higher-than-expected impact of Omicron in the initial part of the quarter (see table below)</li></ul><div><div><div><div><ul><li>Sales were up 7% over 4QFY20 and could have been 11-12% had it not been for the third covid wave in January 2022. The EBTIDA margin surprise could have been a lot larger had the lost sales come through.</li></ul><div><div><div><div><ul><li>Bata being recognized as a sneaker destination: BIL’s sneaker portfolio continues to outperform all other products.</li></ul></div></div></div></div></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>

4QFY22 performance: Gross margin, EBITDA and PAT outperformed our estimates significantly though revenue came in short due to higher-than-expected impact of Omicron in the initial part of the quarter (see table below)Sales were up 7% over 4QFY20 and could have been 11-12% had it not been for the third covid wave in January 2022. The EBTIDA margin surprise could have been a lot larger had the lost sales come through.Bata being recognized as a sneaker destination: BIL’s sneaker portfolio continues to outperform all other products.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 - FY25 Revenue Goal Implies Significant Acceleration

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Campus Activewear / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> India IPO raised around US$184m. The IPO was a 100% secondary selldown.</li>
<li>The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.</li>
<li>Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. </li>
</ul>



Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The IPO was a 100% secondary selldown.
The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.
Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. 


Campus Activewear IPO Trading - Strong Bookbuild and Anchor

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> is about to go public soon. </li>
<li>The RHP has portrayed Campus's return ratios such as ROCE to be one of the highest in its peer group, inching past the likes of <a href="https://www.smartkarma.com/entities/bata-india-ltd" target="_blank" data-smartkarma-citation="entities:3051:1" rel="noopener">Bata India Ltd (BATA IN)</a>.</li>
<li>However, upon further investigation of the financials, the return ratios seem to be mysterious, simply because of capital reserve arising from acquisition of promoter-companies, back when Ind AS was adopted.</li>
</ul>



Campus Activewear Ltd (1535013D IN) is about to go public soon. 
The RHP has portrayed Campus's return ratios such as ROCE to be one of the highest in its peer group, inching past the likes of Bata India Ltd (BATA IN).
However, upon further investigation of the financials, the return ratios seem to be mysterious, simply because of capital reserve arising from acquisition of promoter-companies, back when Ind AS was adopted.


Campus Activewear IPO: Mysterious Return Ratios

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)

ECM Weekly (5th June 2022) - Tsingtao, Woodside, Digital Tel, CALB, Scivita

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Bata India: Showing Resilience Amidst Challenging Times; Maintain BUY

We remain positive on the stock from a long-term perspective given its immense growth potentialMaintain BUY with revised TP of Rs 2,200/share and...

Axis Direct

Bata India - FY25 Revenue Goal Implies Significant Acceleration

Bata India’s (BIL) revenue goal of achieving Rs50bn by FY25 implies a significant growth acceleration beyond FY23 (~19% CAGR).

Nirmal Bang

Campus Activewear IPO Trading - Strong Bookbuild and Anchor

Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The overall subscription rate had led the likes of Zomato, PAYTM and PB...

Clarence Chu

Campus Activewear IPO: Mysterious Return Ratios

Campus had reported highest ROCE among the peers. However, the return ratios seem to be mysterious simply because of creation of negative capital...

Nitin Mangal

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