APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Paradeep Phosphates / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paradeep-phosphates" target="_blank" data-smartkarma-citation="entities:35965:1" rel="noopener">Paradeep Phosphates (75690Z IN)</a> is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares. </li>
<li>Paradeep Phosphates (PP) is a fertilizer manufacturing company based in India. The firm engages in manufacturing, trading, distribution and sales of a variety of complex fertilizers.</li>
<li>While profitability improved, margins have fluctuated over the track period. Subsidies provide some downside risk protection from a raw mat price squeeze, however, MRP also limits the firm’s pricing power.</li>
</ul>



Paradeep Phosphates (75690Z IN) is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares. 
Paradeep Phosphates (PP) is a fertilizer manufacturing company based in India. The firm engages in manufacturing, trading, distribution and sales of a variety of complex fertilizers.
While profitability improved, margins have fluctuated over the track period. Subsidies provide some downside risk protection from a raw mat price squeeze, however, MRP also limits the firm’s pricing power.


Paradeep Phosphates IPO - Operates in a Regulated Industry and Hasn't Done Much over the past Decade

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

Coromandel International / Equity Bottom-Up

<div><ul><li>4QFY22 earnings beat our estimates - CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs, <span style="font-size: var(--content-font-size);">selective price increases, better outsourcing of raw material, mix management of raw material (while maintaining quality), and better capacity utilization.</span></li></ul><div><ul><li>Higher fertilizer margin drives operating performance - <span style="font-size: var(--content-font-size);">CRIN reported an overall revenue of INR42.3b (est. INR40.3b) in 4QFY22, up 44% YoY.</span></li></ul><div><div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Subsidy outstanding as of Mar'22 stood at INR2.94b (v/s INR5.9b in </span><span style="font-size: var(--content-font-size);">Mar'21).</span></li></ul></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 earnings beat our estimates - CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs, selective price increases, better outsourcing of raw material, mix management of raw material (while maintaining quality), and better capacity utilization.Higher fertilizer margin drives operating performance - CRIN reported an overall revenue of INR42.3b (est. INR40.3b) in 4QFY22, up 44% YoY.Highlights from the management commentary - Subsidy outstanding as of Mar'22 stood at INR2.94b (v/s INR5.9b in Mar'21).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.

Coromandel International - Backward Integration and Operating Leverage Drive EBIDTA

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>Revenue at Rs42.27bn was 14% below NBIE estimate: EBITDA margin at 9% was a beat on our estimate of 4.8% due to higher-than-expected gross margin of 25.7% - a beat of 668bps.</li></ul><div><div><div><div><ul><li>4QFY22 revenue was up 48% YoY: Nutrient segment’s revenue was up 55.8% YoY at Rs36.82bn, a miss of 13.3% compared toth NBIE estimate of Rs42.47bn.</li></ul><div><div><div><div><ul><li>EBITDA margin beats NBIE est. by 418bps, but down 15bps YoY at 9%</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>

Revenue at Rs42.27bn was 14% below NBIE estimate: EBITDA margin at 9% was a beat on our estimate of 4.8% due to higher-than-expected gross margin of 25.7% - a beat of 668bps.4QFY22 revenue was up 48% YoY: Nutrient segment’s revenue was up 55.8% YoY at Rs36.82bn, a miss of 13.3% compared toth NBIE estimate of Rs42.47bn.EBITDA margin beats NBIE est. by 418bps, but down 15bps YoY at 9%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.

Coromandel International - Maintain Buy Despite Interim Worries on Input Costs

<p>In this note we have analyzed the volume performance for CRIN in 3QFY22, the trend in its key RMs, Rabi sowing in its key markets, and capacity expansion in sulfuric acid. The key insights are highlighted below:...</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>

In this note we have analyzed the volume performance for CRIN in 3QFY22, the trend in its key RMs, Rabi sowing in its key markets, and capacity expansion in sulfuric acid. The key insights are highlighted below:...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.

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

<p><a href="https://www.smartkarma.com/entities/coromandel-international-ltd" target="_blank" data-smartkarma-citation="entities:15305:1" rel="noopener">Coromandel International (CRIN IN)</a> being one of the flagship companies of the Murugappa Group boasts a vast product-line that places itself amongst the top-tier agricultural players in the industry. The fact that its major businesses have struck the right chords in recent years coupled with effective capital expenditure makes the company pleasing to the investors. However, there are some issues on the operational side which one should take into account before making a decision to invest.</p>

Coromandel International (CRIN IN) being one of the flagship companies of the Murugappa Group boasts a vast product-line that places itself amongst the top-tier agricultural players in the industry. The fact that its major businesses have struck the right chords in recent years coupled with effective capital expenditure makes the company pleasing to the investors. However, there are some issues on the operational side which one should take into account before making a decision to invest.

Coromandel International: Clean Management With Few Operational Hurdles

India

Coromandel International Limited is a leading Indian agri-solutions company, specializing in crop nutrition, crop protection, and sustainable farming inputs. It is India's second largest phosphatic fertilizer player and the largest global manufacturer of neem-based bio-pesticides, offering a wide range of fertilizers, crop protection chemicals, specialty nutrients, and organic fertilizers. The company was founded in 1961 and is headquartered in Chennai, Tamil Nadu, India.

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Coromandel International (CRIN IN)

Paradeep Phosphates IPO - Operates in a Regulated Industry and Hasn't Done Much over the past Decade

Paradeep Phosphates (75690Z IN) is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares.

Clarence Chu

Coromandel International - Backward Integration and Operating Leverage Drive EBIDTA

CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs,...

Motilal Oswal

Coromandel International - Maintain Buy Despite Interim Worries on Input Costs

We maintain Buy on Coromandel International (CRIN) based on the revised target price (TP) of Rs1,058 on the back of 10.4%/5.2% increase in FY23E...

Nirmal Bang

Near-term challenges on higher RM

In this note we have analyzed the volume performance for CRIN in 3QFY22, the trend in its key RMs, Rabi sowing in its key markets, and capacity...

Motilal Oswal

Coromandel International: Clean Management With Few Operational Hurdles

Coromandel International (CRIN IN) being one of the flagship companies of the Murugappa Group boasts a vast product-line that places itself amongst...

Nitin Mangal

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