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>Honasa Consumer (HC) is looking to raise about US$350m in its upcoming India IPO.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Honasa Consumer (HC) is looking to raise about US$350m in its upcoming India IPO.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. 
In this note, we will talk about the positive aspects of the deal.


Honasa Consumer Pre-IPO - The Positives - New Age DTC Brand

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Event-Driven

<ul>
<li>
GSK has issued their response to Elliot’s letter, released 1st July 2021. The content of the response in our view reveals a lack of commitment, and a rather overly defensive stance suggesting GSK have been caught off guard by the letter. </li>
<li>
We discuss what investors (and GSK) should prepare for next. We sense whilst support is being named by GSK certain lines that have been laid out by investors, shareholders, and activists. These lines are set to be tested in the coming months. We discuss the key points and areas where named support may be at risk. We specifically, detail what investors and "long-standing" shareholders might wish to prepare for next from both GSK and Elliot. </li>
<li>The Silver Lining to all this: The one thing which is positive from this response is that GSK has confirmed that potential conditions are now present to achieve a higher share price in the coming months.</li>
</ul>



GSK has issued their response to Elliot’s letter, released 1st July 2021. The content of the response in our view reveals a lack of commitment, and a rather overly defensive stance suggesting GSK have been caught off guard by the letter. 

We discuss what investors (and GSK) should prepare for next. We sense whilst support is being named by GSK certain lines that have been laid out by investors, shareholders, and activists. These lines are set to be tested in the coming months. We discuss the key points and areas where named support may be at risk. We specifically, detail what investors and "long-standing" shareholders might wish to prepare for next from both GSK and Elliot. 
The Silver Lining to all this: The one thing which is positive from this response is that GSK has confirmed that potential conditions are now present to achieve a higher share price in the coming months.


GSK (GSK.L/​​GSK.N) Fails to Impress, in Their Response to Elliot

<ul>
<li>
Elliot's 17-page “open letter” to GSK signals the start of a public campaign, which is expected to see remuneration and proxy-led campaign increase in velocity. </li>
<li>
Elliot Advisors' frustrations have been unleashed following the 23rd June 2021 briefing, via this letter. We examine the facts presented and how these may be interpreted. </li>
<li>
Elliot's investment case outlined in the letter further supports our view around the embedded value within GSK, as well as the likelihood of increased activism.</li>
<li>We discuss the next steps for GSK and investors and why we support Elliot's view to &gt;45%: It is now up to GSK and investors to firm up their positions, as well as for fellow activists to decide if they wish to join the public campaign. We detail why we fully expect further activist funds to join the campaign. </li>
</ul>



Elliot's 17-page “open letter” to GSK signals the start of a public campaign, which is expected to see remuneration and proxy-led campaign increase in velocity. 

Elliot Advisors' frustrations have been unleashed following the 23rd June 2021 briefing, via this letter. We examine the facts presented and how these may be interpreted. 

Elliot's investment case outlined in the letter further supports our view around the embedded value within GSK, as well as the likelihood of increased activism.
We discuss the next steps for GSK and investors and why we support Elliot's view to &gt;45%: It is now up to GSK and investors to firm up their positions, as well as for fellow activists to decide if they wish to join the public campaign. We detail why we fully expect further activist funds to join the campaign. 


GSK (GSK.L/​GSK.N) Elliot Goes Public with Campaign Demands

<ul>
<li>
Elliot Advisor's activist campaign has put some pressure on GSK. The "New GSK" Investor Day on 23rd June was the first public event since the campaign broke in the mainstream media. </li>
<li>
The Investor Day was always expected to form a key defence forum for management to justify the board's and management’s strategy. As expected, the CEO and loyal lieutenants came out swinging.</li>
<li>
While some good data points were presented at the briefing around the embedded value behind the stock and the progress of the Vaccine and Speciality Business, management made some strategic missteps in the briefing.  </li>
<li>
Look for three items to benefit GSK's share price in the coming quarters. Firstly, a greater focus from the market on the value which exists within. Secondly, a strong likelihood that Elliot Advisors won't be the last activist making demands on GSK. Thirdly, good potential for an acceleration of fundamentals.</li>
<li>
We walk through the good, bad, and the ugly from the briefing, and highlight why Activist presence is but one key reason why GSK is set to break out of a long term trading range and upside to a fair value of GBP21.25/share or US$59.00/ADR is increasingly likely. </li>
<li>Our note builds off the Investment thesis and review of Elliot's campaign in <a href="https://www.smartkarma.com/insights/gsk-gsk-l-why-activism-might-be-the-right-medicine" target="_blank" data-smartkarma-citation="insights:53323" rel="noopener">GSK (GSK.L) Why Activism Might Be the Right Medicine.</a>
</li>
</ul>



Elliot Advisor's activist campaign has put some pressure on GSK. The "New GSK" Investor Day on 23rd June was the first public event since the campaign broke in the mainstream media. 

The Investor Day was always expected to form a key defence forum for management to justify the board's and management’s strategy. As expected, the CEO and loyal lieutenants came out swinging.

While some good data points were presented at the briefing around the embedded value behind the stock and the progress of the Vaccine and Speciality Business, management made some strategic missteps in the briefing.  

Look for three items to benefit GSK's share price in the coming quarters. Firstly, a greater focus from the market on the value which exists within. Secondly, a strong likelihood that Elliot Advisors won't be the last activist making demands on GSK. Thirdly, good potential for an acceleration of fundamentals.

We walk through the good, bad, and the ugly from the briefing, and highlight why Activist presence is but one key reason why GSK is set to break out of a long term trading range and upside to a fair value of GBP21.25/share or US$59.00/ADR is increasingly likely. 
Our note builds off the Investment thesis and review of Elliot's campaign in GSK (GSK.L) Why Activism Might Be the Right Medicine.



GSK (GSK.L/GSK.N) Activists Likely to Question the Spin-Off

Hindustan Unilever / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/glaxosmithkline-plc" target="_blank" data-smartkarma-citation="entities:21960:1" rel="noopener">GlaxoSmithKline PLC (GSK LN)</a> owns about 5.7% of <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a>, through shares that it recently received upon the completion of <a href="https://www.smartkarma.com/entities/glaxosmithkline-consumer-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:18984:1" rel="noopener">Glaxosmithkline Consumer Healthcare (SKB IN)</a> takeover by HUL.As per media reports GSK has no intention of holding on to the stock for long. This creates a large overhang for HUL, just at the time when its earnings haven't been great. In this insight, I'll look take an early look at the deal.

GlaxoSmithKline PLC (GSK LN) owns about 5.7% of Hindustan Unilever (HUVR IN), through shares that it recently received upon the completion of Glaxosmithkline Consumer Healthcare (SKB IN) takeover by HUL.As per media reports GSK has no intention of holding on to the stock for long. This creates a large overhang for HUL, just at the time when its earnings haven't been great. In this insight, I'll look take an early look at the deal.

Hindustan Unilever Prospective Placement - Early Look - The US$3.6bn Overhang

India

Haleon India, formerly GlaxoSmithKline Consumer Healthcare Ltd, is a leading fast-moving consumer healthcare company with a purpose to deliver better everyday health. The company's product portfolio spans oral health, pain relief, respiratory health, digestive health, and vitamins, minerals, and supplements. Key brands include Sensodyne, Eno, Iodex, Otrivin, Crocin, and Centrum. Haleon India was established in 1958 and is headquartered in Gurugram, India.

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Haleon India (SKB IN)

Honasa Consumer Pre-IPO - The Positives - New Age DTC Brand

Honasa Consumer, a DTC beauty and personal care brand, is looking to raise about US$350m in its upcoming India IPO. In this note, we will talk...

Sumeet Singh

GSK (GSK.L/GSK.N) Fails to Impress, in Their Response to Elliot

@GSK response to the @elliot letter highlights defensive stance suggesting GSK caught off guard. Our latest commentary covers the response, why...

David Lepper

GSK (GSK.L/GSK.N) Elliot Goes Public with Campaign Demands

Elliot's @GSK “open letter” signals the start of a remuneration & proxy campaign. GSK's response is key to neutralising campaign & maintaining...

David Lepper

GSK (GSK.L/GSK.N) Activists Likely to Question the Spin-Off

Good data points were presented at the #GSK briefing around the embedded value, but strategic missteps by management may question the spin-off...

David Lepper

Hindustan Unilever Prospective Placement - Early Look - The US$3.6bn Overhang

GlaxoSmithKline PLC (GSK LN) owns about 5.7% of Hindustan Unilever (HUVR IN), through shares that it recently received upon the completion of...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Honasa Consumer Pre-IPO - The Positives - New Age DTC Brand

Honasa Consumer, a DTC beauty and personal care brand, is looking to raise about US$350m in its upcoming India IPO. In this note, we will talk...

Sumeet Singh

GSK (GSK.L/​​GSK.N) Fails to Impress, in Their Response to Elliot

@GSK response to the @elliot letter highlights defensive stance suggesting GSK caught off guard. Our latest commentary covers the response, why...

David Lepper

GSK (GSK.L/​GSK.N) Elliot Goes Public with Campaign Demands

Elliot's @GSK “open letter” signals the start of a remuneration & proxy campaign. GSK's response is key to neutralising campaign & maintaining...

David Lepper

GSK (GSK.L/GSK.N) Activists Likely to Question the Spin-Off

Good data points were presented at the #GSK briefing around the embedded value, but strategic missteps by management may question the spin-off...

David Lepper

Hindustan Unilever Prospective Placement - Early Look - The US$3.6bn Overhang

GlaxoSmithKline PLC (GSK LN) owns about 5.7% of Hindustan Unilever (HUVR IN), through shares that it recently received upon the completion of...

Sumeet Singh

GSK (GSK.L/GSK.N) Fails to Impress, in Their Response to Elliot

GSK (GSK.L/GSK.N) Elliot Goes Public with Campaign Demands