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

Afcons Infrastructure Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise around US$650m in its India IPO.</li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.</li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO.
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.


Afcons Infrastructure IPO - Decent Upside from the Price Range

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products division</li><li>PAT at INR 9.9bn was higher than our estimates (INR 7.9bn) due to lower RM cost and lower depreciation</li><li>While ROCE for Q1 was ~18%, SAMIL maintained its long-term aspiration of 40%</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.

Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products divisionPAT at INR 9.9bn was higher than our estimates (INR 7.9bn) due to lower RM cost and lower depreciationWhile ROCE for Q1 was ~18%, SAMIL maintained its long-term aspiration of 40%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.

HSIE Results Daily: Samvardhana Motherson International, Oil India, Happiest Minds Technologies

HSIE Results Daily: Samvardhana Motherson International, Oil India

<ul><li>NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained muted</li><li>FY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)</li><li>NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall ask</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.

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained mutedFY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall askContent 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.

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

<ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation</li><li>Cement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MT</li><li>Margin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY)</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.

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuationCement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MTMargin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY)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.

HSIE Results Daily: Shree Cement, Cummins, Prestige Estates, Apollo Tyres

India

Dilip Buildcon Limited operates in engineering, procurement, and construction business. The Company focuses on development, operation, and maintenance of roads, bridges, culverts, tunnels, high capacity transport corridors, and subways, as well as building works, pump stations, civil structures, and ware housing structures.

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Dilip Buildcon Ltd (DBL IN)

Afcons Infrastructure IPO - Decent Upside from the Price Range

Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO. In this note, we look at the updates since, and...

Clarence Chu

HSIE Results Daily: Samvardhana Motherson International, Oil India, Happiest Minds Technologies

Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products division

HDFC Securities

HSIE Results Daily: Samvardhana Motherson International, Oil India

Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products division

HDFC Securities

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity...

HDFC Securities

HSIE Results Daily: Shree Cement, Cummins, Prestige Estates, Apollo Tyres

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation

HDFC Securities

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