Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> has broken its four-week decline and reversed direction. This raises the prospect for a bull run.</li>
<li>Continued decline or relief rally? Technical and fundamental arguments lend support to both directional views.</li>
<li>We identify options with attractive cost vs. upside profiles to implement tactical trades in this environment.</li>
</ul>


The NIFTY Index (NIFTY INDEX) has broken its four-week decline and reversed direction. This raises the prospect for a bull run.
Continued decline or relief rally? Technical and fundamental arguments lend support to both directional views.
We identify options with attractive cost vs. upside profiles to implement tactical trades in this environment.


EQD | Nifty 50 – Option Strategy for Bulls and Bears

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>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Singapore Telecommunications / Event-Driven

<ul>
<li>Reportedly (AFR), <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> is in advanced talks to sell Optus, Australia’s second-largest telco, to Brookfield for A$16bn-A$18bn. </li>
<li>SingTel quickly <a href="https://links.sgx.com/FileOpen/SGX%20Announcement%2020240313.ashx?App=Announcement&amp;FileID=791796" target="_blank" rel="noopener">countered</a> there is no impending deal; and "Optus remains an integral and strategic part of the Singtel Group and we are committed to Australia for the long term."</li>
<li>Optus' EBITDA in 3Q24 and 9M24 fell 1.8% and 8.3% in S$ terms. Extrapolating out for FY24E suggests pricing under this (very) indicative Offer of around 7.6-8.6 turns of EBITDA.</li>
</ul>


Reportedly (AFR), Singtel (ST SP) is in advanced talks to sell Optus, Australia’s second-largest telco, to Brookfield for A$16bn-A$18bn. 
SingTel quickly countered there is no impending deal; and "Optus remains an integral and strategic part of the Singtel Group and we are committed to Australia for the long term."
Optus' EBITDA in 3Q24 and 9M24 fell 1.8% and 8.3% in S$ terms. Extrapolating out for FY24E suggests pricing under this (very) indicative Offer of around 7.6-8.6 turns of EBITDA.


Optus Sale Would Be A BIG Payday For SingTel

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.</li>
<li>Our previous note included the company's business, financials and pre-IPO investor backing.</li>
<li>In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.</li>
</ul>


Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
Our previous note included the company's business, financials and pre-IPO investor backing.
In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.


Jio Platforms Pre-IPO: Peer Comparison and Valuation

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.</li>
<li>
Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.</li>
<li>
Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.</li>
</ul>



India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.

Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.

Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.


India Equities: Stocks to Watch After Deep Underperformance

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

EQD | Nifty 50 – Option Strategy for Bulls and Bears

The NIFTY 50 snaped its four-week decline. Options with attractive cost vs. upside profile make for tactical trades ahead of a recovery rally, or...

Gaudenz Schneider

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Optus Sale Would Be A BIG Payday For SingTel

SingTel is a deep value play, and an inexpensive entry into Bharti; yet the market pushes the implied stub further into negative territory. A sale...

David Blennerhassett

Jio Platforms Pre-IPO: Peer Comparison and Valuation

Jio Platforms has filed its draft prospectus with SEBI for its listing in India. In this note, we compare the company with its listed peers,...

Ke Yan, CFA, FRM

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Nifty 50 – Option Strategy for Bulls and Bears

​The NIFTY 50 snaped its four-week decline. Options with attractive cost vs. upside profile make for tactical trades ahead of a recovery rally, or...

Gaudenz Schneider

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Optus Sale Would Be A BIG Payday For SingTel

SingTel is a deep value play, and an inexpensive entry into Bharti; yet the market pushes the implied stub further into negative territory. A sale...

David Blennerhassett

Jio Platforms Pre-IPO: Peer Comparison and Valuation

Jio Platforms has filed its draft prospectus with SEBI for its listing in India. In this note, we compare the company with its listed peers,...

Ke Yan, CFA, FRM

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

The NIFTY 50 snaped its four-week decline. Options with attractive cost vs. upside profile make for tactical trades ahead of a recovery rally, or...