APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

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>Birlasoft reported revenue at $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million.</li><li>EBITDA margin fell ~10 bps q-o-q to 12%, beating our estimate of 10.6%.</li><li>The company signed TCV deals of $226 million, up 66%q-o-q/4% y-o-y.</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.

Birlasoft reported revenue at $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million.EBITDA margin fell ~10 bps q-o-q to 12%, beating our estimate of 10.6%.The company signed TCV deals of $226 million, up 66%q-o-q/4% y-o-y.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.

Birlasoft Ltd - Higher than Usual Furloughs Mars Q3

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Birlasoft (BSOFT) posted in-line results with revenue increasing by 1.6% QoQ and margin expanding, a positive in the current context</li><li>BSOFT’s growth potential is supported by its highly scalable and resilient service line and senior management induction over the past year</li><li>Strong large client mining, BFSI growth opportunity, and consistent operational improvement (incl cash flows) are clear positives</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.

Birlasoft (BSOFT) posted in-line results with revenue increasing by 1.6% QoQ and margin expanding, a positive in the current contextBSOFT’s growth potential is supported by its highly scalable and resilient service line and senior management induction over the past yearStrong large client mining, BFSI growth opportunity, and consistent operational improvement (incl cash flows) are clear positivesContent 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.

Birlasoft (Q4FY24): Steady Progression. Maintain ADD

<ul><li>Birlasoft’s (BSOFT) growth momentum has the potential to accelerate, accompanied by sustainable margin expansion ahead</li><li>We believe that BSOFT possesses a scalable services portfolio and resilience in the current macroeconomic scenario (Birlasoft – the next large mid-tier)</li><li>Recent senior-level hires from tier-1 companies across service lines and sales are expected to support the addition of marquee logos, facilitate market-share gains in the BFSI vertical, and ensure the continuity of large account mining (T10 growing ahead of the company average)</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.

Birlasoft’s (BSOFT) growth momentum has the potential to accelerate, accompanied by sustainable margin expansion aheadWe believe that BSOFT possesses a scalable services portfolio and resilience in the current macroeconomic scenario (Birlasoft – the next large mid-tier)Recent senior-level hires from tier-1 companies across service lines and sales are expected to support the addition of marquee logos, facilitate market-share gains in the BFSI vertical, and ensure the continuity of large account mining (T10 growing ahead of the company average)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.

<ul><li>Birlasoft (BSOFT) is a leading mid-tier IT services company with a scalable services portfolio</li><li>The recent leadership changes can propel growth as well as improve the quality of revenue</li><li>BSOFT’s return potential is a combination of both earnings growth trajectory and multiple rerating, supported by an acceleration in growth, resilience &amp; scalability of the services portfolio and strong relative positioning</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.

Birlasoft (BSOFT) is a leading mid-tier IT services company with a scalable services portfolioThe recent leadership changes can propel growth as well as improve the quality of revenueBSOFT’s return potential is a combination of both earnings growth trajectory and multiple rerating, supported by an acceleration in growth, resilience &amp; scalability of the services portfolio and strong relative positioningContent 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.

Birlasoft (Initiating Coverage): The Next Large Mid-Tier. BUY

India

Birlasoft is an Indian multinational information technology services and consulting company. It specializes in digital transformation, integrating cloud, AI, and data analytics into operations, and offers services such as intelligent automation, product lifecycle management, and enterprise resource planning. The company is headquartered in Pune, India, and was founded in 1990.

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Birlasoft (BSOFT IN)

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Birlasoft Ltd - Higher than Usual Furloughs Mars Q3

Birlasoft reported revenue at $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million.

Sharekhan

Birlasoft (Q4FY24): Steady Progression. Maintain ADD

Birlasoft (BSOFT) posted in-line results with revenue increasing by 1.6% QoQ and margin expanding, a positive in the current context

HDFC Securities

Birlasoft: Getting Better. Maintain BUY

We believe that BSOFT possesses a scalable services portfolio and resilience in the current macroeconomic scenario (Birlasoft – the next large mid...

HDFC Securities

Birlasoft (Initiating Coverage): The Next Large Mid-Tier. BUY

Birlasoft (BSOFT) is a leading mid-tier IT services company with a scalable services portfolio. The recent leadership changes can propel growth as...

HDFC Securities

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