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

Kfin Technologies  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kfin-technologies" target="_blank" data-smartkarma-citation="entities:36609:1" rel="noopener">KFin Technologies (1804170D IN)</a> is looking to raise around US$300m in its India IPO.</li>
<li>KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.</li>
<li>Under its offering, it primarily serves asset managers and corporate issuers domestically, while providing investor solutions for mutual funds and private retirement schemes in other regions.</li>
</ul>



KFin Technologies (1804170D IN) is looking to raise around US$300m in its India IPO.
KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
Under its offering, it primarily serves asset managers and corporate issuers domestically, while providing investor solutions for mutual funds and private retirement schemes in other regions.


KFin Technologies Pre-IPO - Large Domestic Player Continues to Get Larger

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

Edelweiss Financial Services / Equity Bottom-Up

<ul>
<li>Credit business has seen decent recovery with asset quality stabilization and down-sizing of the wholesale loan book. Retail book is growing via co-lending and other asset-light models.</li>
<li>Asset Management business is scaling up well and is poised to benefit significantly from operating leverage, particularly in the Alternatives business as the carry fee kicks in from FY24.</li>
<li>Insurance businesses continue to scale up well. Edelweiss is seeking strategic partners for both the insurance businesses to take advantage of the new IRDA regulations.</li>
</ul>


Credit business has seen decent recovery with asset quality stabilization and down-sizing of the wholesale loan book. Retail book is growing via co-lending and other asset-light models.
Asset Management business is scaling up well and is poised to benefit significantly from operating leverage, particularly in the Alternatives business as the carry fee kicks in from FY24.
Insurance businesses continue to scale up well. Edelweiss is seeking strategic partners for both the insurance businesses to take advantage of the new IRDA regulations.


<ul>
<li>Edelweiss' credit business is now normalizing with GNPA at 2.5% and NNPA at 1.8%. Credit costs came in negative as asset quality is improving and excess provisioning is being normalized. </li>
<li>Rest of the businesses continue to scale up well. Edelweiss is among the fastest grower in the mutual fund and insurance businesses. Wealth Management business continues to do well.</li>
<li>At current valuation, Edelweiss is available cheap and as per our estimates, an investment in it has potential to more than quadruple by the end of FY25.</li>
</ul>


Edelweiss' credit business is now normalizing with GNPA at 2.5% and NNPA at 1.8%. Credit costs came in negative as asset quality is improving and excess provisioning is being normalized. 
Rest of the businesses continue to scale up well. Edelweiss is among the fastest grower in the mutual fund and insurance businesses. Wealth Management business continues to do well.
At current valuation, Edelweiss is available cheap and as per our estimates, an investment in it has potential to more than quadruple by the end of FY25.


Edelweiss: Credit Business Is Normalizing; Rest of the Businesses Are Scaling Up Well

<ul>
<li>After a tough 3Y since the IL&amp;FS crisis, Edelweiss' credit business is now getting back on track. Asset quality has normalized to &lt;2% Net NPA.</li>
<li>Edelweiss' other businesses continue to post robust growth. ARC, Asset Management and Insurance businesses are scaling up well. Wealth Management business is on track for listing by Feb 2023.</li>
<li>At a market cap of INR 5200cr, Edelweiss is trading cheap even if one ascribes zero valuation to its Credit business.</li>
</ul>


After a tough 3Y since the IL&amp;FS crisis, Edelweiss' credit business is now getting back on track. Asset quality has normalized to &lt;2% Net NPA.
Edelweiss' other businesses continue to post robust growth. ARC, Asset Management and Insurance businesses are scaling up well. Wealth Management business is on track for listing by Feb 2023.
At a market cap of INR 5200cr, Edelweiss is trading cheap even if one ascribes zero valuation to its Credit business.


<ul>
<li>Excluding one-off gains, Edelweiss reported weak Q3FY22 earnings, led by the credit business that has been adversely impacted by operational de-leverage from declining AUM.</li>
<li>However, barring the credit business, Edelweiss’ rest of the businesses continue to post strong growth and profitability. </li>
<li>There are material headwinds in the credit business currently; however, these are poised to recede as the business scales up over the next 2Y.</li>
</ul>


Excluding one-off gains, Edelweiss reported weak Q3FY22 earnings, led by the credit business that has been adversely impacted by operational de-leverage from declining AUM.
However, barring the credit business, Edelweiss’ rest of the businesses continue to post strong growth and profitability. 
There are material headwinds in the credit business currently; however, these are poised to recede as the business scales up over the next 2Y.


Edelweiss: Cheap Valuation; Scaling Up The Credit Business Is Key

India

Edelweiss Financial Services Ltd. provides financial services.  The Company offers financial services including lines of credit, investment banking, institutional and retail broking, financial planning, asset advisory, life insurance, and investment management services.

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Edelweiss Financial Services (EDEL IN)

KFin Technologies Pre-IPO - Large Domestic Player Continues to Get Larger

KFin Technologies (1804170D IN) is looking to raise around US$300m in its India IPO. KFin is a tech-driven financial services platform providing...

Clarence Chu

Edelweiss: At An Inflection Point

Given that the listing of the Wealth Management entity is around the corner and the credit business has also normalized, Edelweiss' stock is ripe...

Ankit Agrawal, CFA

Edelweiss: Credit Business Is Normalizing; Rest of the Businesses Are Scaling Up Well

Edelweiss' credit business is normalizing. Rest of the businesses are also scaling up well. At current valuation, Edelweiss is available cheap and...

Ankit Agrawal, CFA

Edelweiss: On Track for Strong FY23

Edelweiss' credit business is normalizing after a 3Y hiatus. Rest of the businesses are also scaling up well. As the WM business is de-merged and...

Ankit Agrawal, CFA

Edelweiss: Cheap Valuation; Scaling Up The Credit Business Is Key

Edelweiss has potential to command a valuation of INR 25,000cr+ over next 3-5Y vs current valuation of around INR 6,000cr.

Ankit Agrawal, CFA

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