Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> (OST) aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (2202 HK)</a>. </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will run the deal through our ECM framework and talk about valuations.</li>
</ul>



Onewo Space-Tech (ONEWO HK) (OST) aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke (2202 HK). 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will run the deal through our ECM framework and talk about valuations.


Onewo Space-Tech IPO - Appears Digestible Even on Conservative Assumptions

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL) with a target price of INR 82 is premised on (1) recovery in domestic demand for petroleum products, (2) improvement in refining margins for FY23/24, and (3) gradual improvement in marketing margins over FY23-24 vis-à-vis FY22 levels. </li><li>During the quarter, it launched 0.7msf, with 7.6msf in pipeline for FY23 (6msf launched in FY22)</li><li>In value terms, for Q2/Q3/Q4FY22, launches worth INR 20/25/20-25bn are in the pipeline</li></ul><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>

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL) with a target price of INR 82 is premised on (1) recovery in domestic demand for petroleum products, (2) improvement in refining margins for FY23/24, and (3) gradual improvement in marketing margins over FY23-24 vis-à-vis FY22 levels. During the quarter, it launched 0.7msf, with 7.6msf in pipeline for FY23 (6msf launched in FY22)In value terms, for Q2/Q3/Q4FY22, launches worth INR 20/25/20-25bn are in the pipelineContent 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: Indian Oil Corporation, DLF, DCB Bank

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.

Equity Bottom-Up

<div><ul><li>Strong launch pipeline will continue to drive its sales performance - <span style="font-size: var(--content-font-size);">Sales bookings grew by 2.6x YoY to INR27b (est. INR24b) in 4QFY22. It ended FY22 on a high, with the best ever pre-sales of INR73b (up 136% YoY).</span></li></ul><div><ul><li>Office portfolio on track to deliver 19% rental CAGR over FY22-24 - <span style="font-size: var(--content-font-size);">Occupancy in DCCDL’s Office portfolio increased by 200bp QoQ to 88%, but sustained at 97% in Retail, resulting in a marginal rise in portfolio occupancy to 89%.</span></li></ul><div><ul><li>Key highlights from the management call - <span style="font-size: var(--content-font-size);">Cash flow: DLF is generating an FCF of INR5-7b per quarter and is confident about maintaining a similar run-rate. </span></li></ul></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>

Strong launch pipeline will continue to drive its sales performance - Sales bookings grew by 2.6x YoY to INR27b (est. INR24b) in 4QFY22. It ended FY22 on a high, with the best ever pre-sales of INR73b (up 136% YoY).Office portfolio on track to deliver 19% rental CAGR over FY22-24 - Occupancy in DCCDL’s Office portfolio increased by 200bp QoQ to 88%, but sustained at 97% in Retail, resulting in a marginal rise in portfolio occupancy to 89%.Key highlights from the management call - Cash flow: DLF is generating an FCF of INR5-7b per quarter and is confident about maintaining a similar run-rate. 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.

DLF - Rising Interest Rate Risk Overshadows Strong Performance

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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>DLF’s residential business continues to perform strongly, recording pre-sales of INR2,018cr (up 97% YoY and 33% QoQ</li><li>With pre-sales of INR4,544cr in M9FY22, the management revised its guidance to around INR6,000–6,500cr for FY22</li><li>It also reported strong cash surplus for the second consecutive quarter, with cash surplus of INR764cr resulting in net debt reduction of INR765crto INR3,220cr.</li></ul><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>

DLF’s residential business continues to perform strongly, recording pre-sales of INR2,018cr (up 97% YoY and 33% QoQWith pre-sales of INR4,544cr in M9FY22, the management revised its guidance to around INR6,000–6,500cr for FY22It also reported strong cash surplus for the second consecutive quarter, with cash surplus of INR764cr resulting in net debt reduction of INR765crto INR3,220cr.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.

DLF Ltd: Strong Residential Performance Continues

<p>DLF reported strong performance in its residential business as new sales value doubled YoY driven by new launches and robust cash flow generation. This led to further reduction in net debt in its development (DevCo) arm. Sales traction remained intact despite 12% price hike taken at the portfolio level since beginning of the year and DLF further plans to take 10-12% price hike in its key projects (Camellias and the recently launched ONE-Midtown). DLF's commercial portfolio (DCCDL) performance remained stable with marginal increase in occupancy to 88% v/s 87% in 2QFY22.</p><div><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>

DLF reported strong performance in its residential business as new sales value doubled YoY driven by new launches and robust cash flow generation. This led to further reduction in net debt in its development (DevCo) arm. Sales traction remained intact despite 12% price hike taken at the portfolio level since beginning of the year and DLF further plans to take 10-12% price hike in its key projects (Camellias and the recently launched ONE-Midtown). DLF's commercial portfolio (DCCDL) performance remained stable with marginal increase in occupancy to 88% v/s 87% in 2QFY22.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.

Strong demand traction and launches propelling pre-sales growth

India

DLF Ltd. is a real estate development company. The Company develops residential, commercial, and retail properties.

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DLF Ltd (DLFU IN)

Onewo Space-Tech IPO - Appears Digestible Even on Conservative Assumptions

Onewo Space-Tech aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke.

Sumeet Singh

HSIE Results Daily: Indian Oil Corporation, DLF, DCB Bank

During Q1FY23, DLF booked robust presales of INR 20.4bn (+101/-25% YoY/QoQ) and maintained FY23 presales guidance of INR 80bn.

HDFC Securities

DLF - Rising Interest Rate Risk Overshadows Strong Performance

Sales bookings grew by 2.6x YoY to INR27b (est. INR24b) in 4QFY22. It ended FY22 on a high, with the best ever pre-sales of INR73b (up 136% YoY).

Motilal Oswal

DLF Ltd: Strong Residential Performance Continues

DLF’s residential business continues to perform strongly, recording pre-sales of INR2,018cr (up 97% YoY and 33% QoQ. With pre-sales of INR4,544cr...

Edelweiss

Strong demand traction and launches propelling pre-sales growth

DLF reported strong performance in its residential business as new sales value doubled YoY driven by new launches and robust cash flow generation....

Motilal Oswal

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