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

Life Insurance Corporation of India / Equity Capital Markets

Life Insurance Corporation of India (LICI IN)

<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

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>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.


Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

<ul>
<li>
HDFC Bank is India’s largest private bank. The stock has been a tremendous compounder. Despite having always looked ‘expensive’, it has rewarded shareholders with a CAGR of 21.4% over the last 20 years (in USD). HDFC Bank is an option on India’s GDP growth and financialization.   
</li>
<li>
We find that the most important factor one needs to possess to own any stock, but especially a banking business in an emerging market trading for premium to book value, is conviction. With this in mind, we’ll explain why we believe HDFC is a rock-solid banking business by deconstructing the key elements of a bank business model. 
</li>
</ul>
<ul>
<li>
We acknowledge that a bank can be a bit of a black box, which is why it’s important for investors to have confidence in not only a bank’s business, but also its culture and management. HDFC Bank has a strong track record of navigating economic cycles through prudent risk management. 
</li>
</ul>



HDFC Bank is India’s largest private bank. The stock has been a tremendous compounder. Despite having always looked ‘expensive’, it has rewarded shareholders with a CAGR of 21.4% over the last 20 years (in USD). HDFC Bank is an option on India’s GDP growth and financialization.   


We find that the most important factor one needs to possess to own any stock, but especially a banking business in an emerging market trading for premium to book value, is conviction. With this in mind, we’ll explain why we believe HDFC is a rock-solid banking business by deconstructing the key elements of a bank business model. 




We acknowledge that a bank can be a bit of a black box, which is why it’s important for investors to have confidence in not only a bank’s business, but also its culture and management. HDFC Bank has a strong track record of navigating economic cycles through prudent risk management. 



<ul>
<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 pivoting itself to embrace new age digital banking processes. It has been revamping its back-end and front-end technology infrastructure to enable this. </li>
<li>It has been also partnering with the fintech ecosystem to enhance its reach. With fintechs as distributors, we think the value of back-end underwriting capabilities have grown all the more.</li>
<li>We think technology has potential to significantly catalyze HDFC Bank’s growth over the next 3-5Y, to the extent that it may even outgrow its last 3Y growth.</li>
</ul>



HDFC Bank (HDFCB IN) is pivoting itself to embrace new age digital banking processes. It has been revamping its back-end and front-end technology infrastructure to enable this. 
It has been also partnering with the fintech ecosystem to enhance its reach. With fintechs as distributors, we think the value of back-end underwriting capabilities have grown all the more.
We think technology has potential to significantly catalyze HDFC Bank’s growth over the next 3-5Y, to the extent that it may even outgrow its last 3Y growth.


HDFC BANK: Undergoing Digital Transformation - Fintech to Catalyze Growth, Not Disrupt It

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)

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

Deep Dive: HDFC Bank (HDB US)

We are kicking off with our first deep dive post this year on HDFC Bank - India’s largest private bank. In this post, we provide a contextual...

Value Punks

HDFC BANK: Undergoing Digital Transformation - Fintech to Catalyze Growth, Not Disrupt It

HDFC Bank is undergoing major digital transformation to gear up for the next phase of growth catalyzed by increased adoption of technology.

Ankit Agrawal, CFA

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