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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>We cut our FY25/FY26/FY27E EPS estimates significantly by 31.2%/27.5%/16.8% to factor in low margins given the ECL provision in Q3FY25, M&amp;A expenses, and delay in order inflow from major clients.</li><li>We have revised TP to Rs692 (Rs831 earlier), based on 30x FY27E earnings.</li><li>CYIENTDL Q3FY25 EBITDA was much below our estimates due to higher expenses related to M&amp;A and ECL provision, and muted order inflow.</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.

We cut our FY25/FY26/FY27E EPS estimates significantly by 31.2%/27.5%/16.8% to factor in low margins given the ECL provision in Q3FY25, M&amp;A expenses, and delay in order inflow from major clients.We have revised TP to Rs692 (Rs831 earlier), based on 30x FY27E earnings.CYIENTDL Q3FY25 EBITDA was much below our estimates due to higher expenses related to M&amp;A and ECL provision, and muted order inflow.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.

Cyient DLM - Disappointing Results, Margin Contraction Continues

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

Motilal Oswal

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.

<ul><li>Cyient DLM’s (CYIENTDL) 3QFY25 consolidated revenue/EBITDA grew by ~38%/23% YoY.</li><li>However, EBITDA missed our estimates as margins declined 90bp YoY due to a high mix of low-margin business (BEL order execution).</li><li>Standalone revenue (excl. Altek – recently acquired) grew only ~11% YoY in 3QFY25. </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.

Cyient DLM’s (CYIENTDL) 3QFY25 consolidated revenue/EBITDA grew by ~38%/23% YoY.However, EBITDA missed our estimates as margins declined 90bp YoY due to a high mix of low-margin business (BEL order execution).Standalone revenue (excl. Altek – recently acquired) grew only ~11% YoY in 3QFY25. 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.

Cyient DLM - Slowdown in Order Flows Dampens Growth Visibility Earnings Below Our Estimates

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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>This insight explores the semiconductor industry's fundamental building blocks, focusing on India's role and target segments within the value chain.</li>
<li>The Indian government has committed INR 76,000 crore to establish a self-reliant semiconductor manufacturing ecosystem.</li>
<li>Key investments are being made in semiconductor manufacturing, focusing on design, assembly, testing, and packaging capabilities.</li>
</ul>


This insight explores the semiconductor industry's fundamental building blocks, focusing on India's role and target segments within the value chain.
The Indian government has committed INR 76,000 crore to establish a self-reliant semiconductor manufacturing ecosystem.
Key investments are being made in semiconductor manufacturing, focusing on design, assembly, testing, and packaging capabilities.


Thematic Building Block | India's Semiconductor Push

<ul><li>DET business reported 2QFY25 revenues of USD173m, up 1.3% QoQ in CC vs. our estimate of 1.0% growth.</li><li>Cyient reported broad-based growth in revenues across verticals, except Sustainability (down 6.45 QoQ cc).</li><li>EBIT margin of the DET business was up 75bp QoQ/down 232bp YoY at 14.2%, above our estimates of 12.7%.</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.

DET business reported 2QFY25 revenues of USD173m, up 1.3% QoQ in CC vs. our estimate of 1.0% growth.Cyient reported broad-based growth in revenues across verticals, except Sustainability (down 6.45 QoQ cc).EBIT margin of the DET business was up 75bp QoQ/down 232bp YoY at 14.2%, above our estimates of 12.7%.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.

Cyient - Decent Quarter, but Uncertainties Remain

India

Cyient is an Indian multinational technology company specializing in engineering, manufacturing, and digital transformation solutions. It provides services across various industries, including aerospace, defense, transportation, communications, and healthcare. Cyient was established in 1991 in Hyderabad, India.

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Cyient (CYL IN)

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Cyient DLM - Disappointing Results, Margin Contraction Continues

CYIENTDL Q3FY25 EBITDA was much below our estimates due to higher expenses related to M&A and ECL provision, and muted order inflow.

Prabhudas Lilladhar

Cyient DLM - Slowdown in Order Flows Dampens Growth Visibility Earnings Below Our Estimates

We estimate CYIENTDL to report a CAGR of 27%/34%/43% in revenue/ EBITDA/adj. PAT over FY24-27E. We retain our BUY rating on the stock with a TP of...

Motilal Oswal

Thematic Building Block | India's Semiconductor Push

India is investing heavily in its semiconductor industry to establish a self-reliant manufacturing ecosystem, with a focus on key segments within...

Pranav Bhavsar

Cyient - Decent Quarter, but Uncertainties Remain

DET business reported 2QFY25 revenues of USD173m, up 1.3% QoQ in CC vs. our estimate of 1.0% growth. Cyient reported broad-based growth in revenues...

Motilal Oswal

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Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Cyient DLM - Disappointing Results, Margin Contraction Continues

CYIENTDL Q3FY25 EBITDA was much below our estimates due to higher expenses related to M&A and ECL provision, and muted order inflow.

Prabhudas Lilladhar

Cyient DLM - Slowdown in Order Flows Dampens Growth Visibility Earnings Below Our Estimates

We estimate CYIENTDL to report a CAGR of 27%/34%/43% in revenue/ EBITDA/adj. PAT over FY24-27E. We retain our BUY rating on the stock with a TP of...

Motilal Oswal

Thematic Building Block | India's Semiconductor Push

​India is investing heavily in its semiconductor industry to establish a self-reliant manufacturing ecosystem, with a focus on key segments within...

Pranav Bhavsar

Cyient - Decent Quarter, but Uncertainties Remain

DET business reported 2QFY25 revenues of USD173m, up 1.3% QoQ in CC vs. our estimate of 1.0% growth. Cyient reported broad-based growth in revenues...

Motilal Oswal

India is investing heavily in its semiconductor industry to establish a self-reliant manufacturing ecosystem, with a focus on key segments within...