APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Bharat Highways InVIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-highways-invit" target="_blank" data-smartkarma-citation="entities:36714:1" rel="noopener">Bharat Highways InVIT (BHINV IN)</a> is looking to raise up to US$301m in its Indian IPO.</li>
<li>Bharat Highways InVIT is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India.</li>
<li>In this note, we talk about the company’s historical performance and provide our quick thoughts on valuation.</li>
</ul>



Bharat Highways InVIT (BHINV IN) is looking to raise up to US$301m in its Indian IPO.
Bharat Highways InVIT is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India.
In this note, we talk about the company’s historical performance and provide our quick thoughts on valuation.


Bharat Highways InvIT IPO - Hardly Attractive Given the Lackluster Sentiment

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

<ul><li>GR Infraprojects Ltd. (GRIL) reported a weak set of numbers in Q3FY24.</li><li>The company recorded revenue of Rs 1,806 Cr, a decrease of 5% YoY, attributed to the delay in awarding AD for HAM projects.</li><li>EBIDTA stood at Rs 228 Cr, down 18% YoY, below expectations due to delay in receiving appointed date,negative operating leverage and delays in realizing operating revenue. </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.

GR Infraprojects Ltd. (GRIL) reported a weak set of numbers in Q3FY24.The company recorded revenue of Rs 1,806 Cr, a decrease of 5% YoY, attributed to the delay in awarding AD for HAM projects.EBIDTA stood at Rs 228 Cr, down 18% YoY, below expectations due to delay in receiving appointed date,negative operating leverage and delays in realizing operating revenue. 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.

GR Infraprojects Ltd - Challenging Quarter; Retain HOLD

Thematic (Sector/Industry)

<ul><li>We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 14%11%/13% YoY.</li><li>The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.</li><li>We estimate EBITDA margins to be 15.2% against 14.8%/15.7% QoQ/YoY. H2 is traditionally a better period for project execution for infra companies and profitability tends to improve. </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 expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 14%11%/13% YoY.The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.We estimate EBITDA margins to be 15.2% against 14.8%/15.7% QoQ/YoY. H2 is traditionally a better period for project execution for infra companies and profitability tends to improve. 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.

<ul><li>The revenue from operations grew by 2.9%to Rs 8,148 Cr in FY23 from Rs 7,919 Cr in FY22.</li><li>The said growth was largely contributed by the increase in the sale of services and products and the increase in other operating revenue.</li><li>As of 31st Mar’23, the company’s order book stood at Rs 26,780 Cr.</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.

The revenue from operations grew by 2.9%to Rs 8,148 Cr in FY23 from Rs 7,919 Cr in FY22.The said growth was largely contributed by the increase in the sale of services and products and the increase in other operating revenue.As of 31st Mar’23, the company’s order book stood at Rs 26,780 Cr.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.

G R Infraprojects Ltd - Delay in Appointed Date to Impact Revenue Growth

<ul><li>GR Infraprojects Ltd.(GRIL) reported a weak set of numbers in Q2FY24.</li><li>The company reported revenue of Rs 1,574 Cr (down 11% YoY) due to disruptive monsoon, delay in the declaration of AD for various projects and delay in 2 Punjab projects.</li><li>It posted EBIDTA of Rs 194 Cr (down 25% YoY), marginally down from our expectations. </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.

GR Infraprojects Ltd.(GRIL) reported a weak set of numbers in Q2FY24.The company reported revenue of Rs 1,574 Cr (down 11% YoY) due to disruptive monsoon, delay in the declaration of AD for various projects and delay in 2 Punjab projects.It posted EBIDTA of Rs 194 Cr (down 25% YoY), marginally down from our expectations. 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.

GR Infraprojects Ltd - Weak Quarter; Delays in Appointed Date Pose Concern

India

G R Infraprojects Limited provides infrastructure construction services. The Company constructs and maintains roads, highways, bridges, culverts, flyovers, and airport runways. G R Infraprojects serves customers in India.

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G R Infraprojects (GRINFRA IN)

Bharat Highways InvIT IPO - Hardly Attractive Given the Lackluster Sentiment

Bharat Highways InVIT (BHINV IN) is looking to raise up to US$301m in its Indian IPO. In this note, we talk about the company’s historical...

Ethan Aw

GR Infraprojects Ltd - Challenging Quarter; Retain HOLD

EBIDTA stood at Rs 228 Cr, down 18% YoY, below expectations due to delay in receiving appointed date,negative operating leverage and delays in...

Axis Direct

Infra-Road Q3FY24 Earnings Preview

We estimate EBITDA margins to be 15.2% against 14.8%/15.7% QoQ/YoY. H2 is traditionally a better period for project execution for infra companies...

Axis Direct

G R Infraprojects Ltd - Delay in Appointed Date to Impact Revenue Growth

The said growth was largely contributed by the increase in the sale of services and products and the increase in other operating revenue.

Axis Direct

GR Infraprojects Ltd - Weak Quarter; Delays in Appointed Date Pose Concern

The company reported revenue of Rs 1,574 Cr (down 11% YoY) due to disruptive monsoon, delay in the declaration of AD for various projects and delay...

Axis Direct

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