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.

Event-Driven

Australia & New Zealand Bankin / Event-Driven

<ul>
<li>ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.</li>
<li>The institutional part of the entitlement offer saw a strong take up and the shares have held up well since the deal was announced.</li>
<li>In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.</li>
</ul>


ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.
The institutional part of the entitlement offer saw a strong take up and the shares have held up well since the deal was announced.
In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.


ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

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

<ul>
<li>While HDFC Bank ("HDFCB") is doing all the right things (distribution expansion, digital infrastructure revamp) from a long-term perspective, it also has near-term growth triggers led by its retail book.  </li>
<li>Excluding auto sector and two-wheeler loans, HDFCB's retail book grew 25% YoY in Q1FY23. As the supply chain disruptions recede, HDFCB's retail book growth could surprise on the upside.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> is also making decent progress in its digitization upgrades which should further bolster the growth and productivity.</li>
</ul>


While HDFC Bank ("HDFCB") is doing all the right things (distribution expansion, digital infrastructure revamp) from a long-term perspective, it also has near-term growth triggers led by its retail book.  
Excluding auto sector and two-wheeler loans, HDFCB's retail book grew 25% YoY in Q1FY23. As the supply chain disruptions recede, HDFCB's retail book growth could surprise on the upside.

HDFC Bank (HDFCB IN) is also making decent progress in its digitization upgrades which should further bolster the growth and productivity.


HDFC Bank: Attractive Valuation with Near-Term Growth Triggers

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).
In this note, we will talk about the demand and trading dynamics.


Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

<ul>
<li>HDFCB's stock has seen significant volatility over the past one month. The Street seems to have four major concerns, which we think are either unfounded or too myopic.</li>
<li>A recent concern has been around the compression in NIMs, where the Street is missing the point that this is well offset by lower operating/credit costs per the shifting product-mix.</li>
<li>HDFC Bank has been gaining market share and with its distribution expansion, the growth is only going to accelerate further. Overall, the current valuations offer an attractive entry point. </li>
</ul>


HDFCB's stock has seen significant volatility over the past one month. The Street seems to have four major concerns, which we think are either unfounded or too myopic.
A recent concern has been around the compression in NIMs, where the Street is missing the point that this is well offset by lower operating/credit costs per the shifting product-mix.
HDFC Bank has been gaining market share and with its distribution expansion, the growth is only going to accelerate further. Overall, the current valuations offer an attractive entry point. 


Q4FY22 Earnings | HDFC Bank: All Is Well!

<ul>
<li>HDFC Bank continues to make steady efforts on the digitization front as it gears up to be a digitally savvy bank. It has been revamping its apps, PayZapp and Smartbuy.</li>
<li>HDFC Bank (HDFCB) posted steady growth and improvement in asset quality in Q3FY22. The growth focus and risk-on stance is back in the retail book with normalization of the environment.</li>
<li>While HDFCB’s stock has been under pressure over the past 1Y, we believe apprehensions around its restructuring book and the impact on its payments led fee business are overdone.</li>
</ul>


HDFC Bank continues to make steady efforts on the digitization front as it gears up to be a digitally savvy bank. It has been revamping its apps, PayZapp and Smartbuy.
HDFC Bank (HDFCB) posted steady growth and improvement in asset quality in Q3FY22. The growth focus and risk-on stance is back in the retail book with normalization of the environment.
While HDFCB’s stock has been under pressure over the past 1Y, we believe apprehensions around its restructuring book and the impact on its payments led fee business are overdone.


India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (ADR) (HDB US)

ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. The retail...

Sumeet Singh

HDFC Bank: Attractive Valuation with Near-Term Growth Triggers

HDFCB's stock has been under pressure over the past 6M due to narrative bias. However, the fundamentals remain sound. Current valuations offer the...

Ankit Agrawal, CFA

Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

Government of India raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India in its India IPO. In this note, we will...

Sumeet Singh

Q4FY22 Earnings | HDFC Bank: All Is Well!

HDFCB's stock has seen significant volatility in the past one month. The Street seems to have four major concerns, which we think are unfounded....

Ankit Agrawal, CFA

HDFC BANK: Steady As She Goes

we believe some of the apprehensions around HDFCB, especially relating to its restructuring book and the impact on its payments led fee business,...

Ankit Agrawal, CFA

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