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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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

<ul><li>Gland Pharma (Gland) delivered a better-than-expected operating performance for the quarter.</li><li>While revenue came in line, product mix and a higher share of milestone income led to better-than-expected margins in the base business.</li><li>Cenexi's performance was adversely affected by a surprise inspection of French health authorities and a lyophilizer breakdown.</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.

Gland Pharma (Gland) delivered a better-than-expected operating performance for the quarter.While revenue came in line, product mix and a higher share of milestone income led to better-than-expected margins in the base business.Cenexi's performance was adversely affected by a surprise inspection of French health authorities and a lyophilizer breakdown.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.

Gland Pharma - New Launches and Higher Milestone Income Drive Margins

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>GLAND’s base business (Ex-Cenexi) registered an 8% YoY revenue degrowth due to lower volumes; however, EBITDA margins expanded to ~38.7%, improving by 500 bps YoY and 444 bps QoQ, exceeding expectations.</li><li>Cenexi reported revenue of Rs 372 Cr (-16% YoY), an EBITDA loss of Rs 32 Cr, and EBITDA margins of -8.5%, impacted by unannounced inspections by ANSM.</li><li>However, management expects a positive EBITDA by Q3FY26E despite near-term headwinds and has guided for revenue of 200 Mn Euro in FY26.</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.

GLAND’s base business (Ex-Cenexi) registered an 8% YoY revenue degrowth due to lower volumes; however, EBITDA margins expanded to ~38.7%, improving by 500 bps YoY and 444 bps QoQ, exceeding expectations.Cenexi reported revenue of Rs 372 Cr (-16% YoY), an EBITDA loss of Rs 32 Cr, and EBITDA margins of -8.5%, impacted by unannounced inspections by ANSM.However, management expects a positive EBITDA by Q3FY26E despite near-term headwinds and has guided for revenue of 200 Mn Euro in FY26.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.

Gland Pharma Ltd - Base Business Faces Volume Decline; New Launches Offer Optimism

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

CG Power and Industrial Solutions / Event-Driven

CG Power and Industrial Solutions (CGPOWER IN)

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 4 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 3 stocks to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> and/or Nifty Midcap 150 Index in March.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 4 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 3 stocks to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in March.


AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

<ul><li>GLAND (Ex-Cenexi) registered a muted revenue growth of 5.1% YoY due to the annual shutdown of planned maintenance, maintaining EBITDA margins of ~34.3%, which is in line with preceding quarters on a YoY basis.</li><li>The acqiured business Cenexi reported revenue of Rs 340 Cr (-5% YoY), EBITDA loss of –Rs 69 Cr, and EBITDA margins of -20%. However, the management indicates a positive EBITDA in Q4FY25 despite near-term headwinds and guided revenue of 200 Mn Euro for FY26. </li><li>Maintaining an annual revenue growth rate of ~14-15% appears to be the company’s target, taking into account the expanded base from recent initiatives.</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.

GLAND (Ex-Cenexi) registered a muted revenue growth of 5.1% YoY due to the annual shutdown of planned maintenance, maintaining EBITDA margins of ~34.3%, which is in line with preceding quarters on a YoY basis.The acqiured business Cenexi reported revenue of Rs 340 Cr (-5% YoY), EBITDA loss of –Rs 69 Cr, and EBITDA margins of -20%. However, the management indicates a positive EBITDA in Q4FY25 despite near-term headwinds and guided revenue of 200 Mn Euro for FY26. Maintaining an annual revenue growth rate of ~14-15% appears to be the company’s target, taking into account the expanded base from recent initiatives.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.

Gland Pharma Ltd - Margins Impacted by Cenexi Business; Maintain HOLD

India

Gland Pharma is a leading pharmaceutical company specializing in the manufacturing and marketing of complex injectables, operating primarily under a business-to-business (B2B) model. The company provides contract development and manufacturing organization (CDMO) services and out-licenses its generic injectable portfolio globally. Headquartered in Hyderabad, India, it was founded in 1978.

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Gland Pharma (GLAND IN)

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Gland Pharma - New Launches and Higher Milestone Income Drive Margins

While revenue came in line, product mix and a higher share of milestone income led to better-than-expected margins in the base business.

Motilal Oswal

Gland Pharma Ltd - Base Business Faces Volume Decline; New Launches Offer Optimism

GLAND’s base business (Ex-Cenexi) registered an 8% YoY revenue degrowth due to lower volumes; however, EBITDA margins expanded to ~38.7%, improving...

Axis Direct

AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

There could be 33 migrations in January, 4 new listings in LargeCap, 3 in MidCap and multiple in SmallCap. Some of the AMFI changes will have...

Brian Freitas

Gland Pharma Ltd - Margins Impacted by Cenexi Business; Maintain HOLD

GLAND (Ex-Cenexi) registered a muted revenue growth of 5.1% YoY due to the annual shutdown of planned maintenance, maintaining EBITDA margins of...

Axis Direct

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