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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ICICI Bank, Vedanta, Mahindra &amp; Mahindra, HDFC Bank, Hindustan Petroleum, Dr. Reddy's Laboratories, Jindal Steel &amp; Power.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ICICI Bank, Vedanta, Mahindra &amp; Mahindra, HDFC Bank, Hindustan Petroleum, Dr. Reddy's Laboratories, Jindal Steel &amp; Power.


MS-India Index Earning Revision (Jul): ICICI Bank, Vedanta, Mahindra & Mahindra, HDFC Bank

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.</li>
<li>This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.</li>
<li>While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.</li>
</ul>


We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.
This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.
While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.


Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

Value investor- India mid & small caps

Bhaskar Chakraborty

Thematic (Sector/Industry)

<ul><li>India notifies 10% import tariff on Printed Circuit Board (PCB) for smartphones and feature phones</li><li>None of the Indian smartphone players have domestic PCB manufacturing capability yet. 3 out of the four Chinese majors have PCB manufacturing capability in India.</li><li>Indian smartphone players will see 4-6% increase in cost owing to the tariff. This could further imperil their finances and result in further erosion of market share (16% in 2017, down from 54% in 2013).</li><li>Chinese majors have local manufacturing in the country since 2015 and will not be impacted by tariffs.</li><li>Indian players have to now invest in PCB assembling plants instead of investing in product development and R&amp;D.</li><li>India's largest player Micromax has seen its revenues decline 50% over FY15-17. Further skewing of the competitive landscape via tariffs could imperil the survival of the Indian majors.</li></ul>

India notifies 10% import tariff on Printed Circuit Board (PCB) for smartphones and feature phonesNone of the Indian smartphone players have domestic PCB manufacturing capability yet. 3 out of the four Chinese majors have PCB manufacturing capability in India.Indian smartphone players will see 4-6% increase in cost owing to the tariff. This could further imperil their finances and result in further erosion of market share (16% in 2017, down from 54% in 2013).Chinese majors have local manufacturing in the country since 2015 and will not be impacted by tariffs.Indian players have to now invest in PCB assembling plants instead of investing in product development and R&amp;D.India's largest player Micromax has seen its revenues decline 50% over FY15-17. Further skewing of the competitive landscape via tariffs could imperil the survival of the Indian majors.

India's Latest Tariff Move Further Imperils Domestic Smartphone Makers

10% import duty on open cell LED panels despite no local manufacturing capability       Major TV makers have been importing open cell LED panels into India, finishing them and assembling them in their TV sets in the absence of end-to-end fab manufacturing capacity of LED panels in the country. The open cell LED panels were exempt from import duty before the 2018 budget. Government imposed 10% import duty on open cell LED panels in the budget. Setting up end to end fab LED manufacturing capacity…

10% import duty on open cell LED panels despite no local manufacturing capability       Major TV makers have been importing open cell LED panels into India, finishing them and assembling them in their TV sets in the absence of end-to-end fab manufacturing capacity of LED panels in the country. The open cell LED panels were exempt from import duty before the 2018 budget. Government imposed 10% import duty on open cell LED panels in the budget. Setting up end to end fab LED manufacturing capacity…

India Consumer Discretionary: TV Makers Could Cut Local Manufacturing Owing to Import Duty Hike

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

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPOR IN)</a> plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.</li>
<li>It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Bagmane Prime Office REIT (BPOR IN) plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.
It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.
In this note, we talk about the firm’s historical performance.


Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

India

Dixon Technologies (India) Ltd. is a major Indian electronics manufacturing services (EMS) provider. It specializes in manufacturing consumer electronics, home appliances, lighting products, and mobile phones, operating as both an Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM). The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1993.

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Dixon Technologies (DIXON IN)

MS-India Index Earning Revision (Jul): ICICI Bank, Vedanta, Mahindra & Mahindra, HDFC Bank

We analyzed MS-India's consensus for Jul 2026 and highlighted changes of EPS in ICICI Bank (ICICIBC IN), Vedanta (VEDL IN), Mahindra & Mahindra (MM...

Ke Yan, CFA, FRM

Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

Signs suggest this pullback may have run its course, as several global market indexes & Sectors appear to be making a higher low near logical...

Vermilion Research

India's Latest Tariff Move Further Imperils Domestic Smartphone Makers

India notifies 10% import tariff on Printed Circuit Board (PCB) for smartphones and feature phones None of the Indian smartphone players have...

Bhaskar Chakraborty

India Consumer Discretionary: TV Makers Could Cut Local Manufacturing Owing to Import Duty Hike

10% import duty on open cell LED panels despite no local manufacturing capability Major TV makers have been importing open cell LED panels...

Bhaskar Chakraborty

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

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