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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we looked at <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> refiling and <a href="https://www.smartkarma.com/entities/xiaocaiyuan-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:40688:1" rel="noopener">Xiaocaiyuan International Holding</a> .</li>
<li>For placements, it was an action packed week in India, again, with Australia joining in as well.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we looked at Trial Holdings (5882 JP) refiling and Xiaocaiyuan International Holding .
For placements, it was an action packed week in India, again, with Australia joining in as well.


ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

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.

Thematic (Sector/Industry)

<ul><li>Hindalco’s Indian operations delivered robust performance.</li><li>Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.</li><li>Nalco reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates. </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.

Hindalco’s Indian operations delivered robust performance.Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.Nalco reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates. 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.

Top Sector Ideas - Metals and Mining Q3FY24

Equity Bottom-Up

<ul><li>Hindalco’s Indian operations delivered robust performance.</li><li>Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.</li><li>The company’s consolidated PAT increased by 71%/6% YoY/QoQ to Rs 2,331 Cr, led by higher EBITDA.</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.

Hindalco’s Indian operations delivered robust performance.Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.The company’s consolidated PAT increased by 71%/6% YoY/QoQ to Rs 2,331 Cr, led by higher EBITDA.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.

Hindalco Industries Ltd - Novelis Capex Overhang; Indian Operations Remain Strong

Hindalco Industries Ltd - Novelis Capex Overhang

<ul><li>Novelis delivered a largely inline set of results with Adj EBITDA/t improving by 33% YoY to $499/t on an impacted base of last year (due to higher energy costs and can destocking impact).</li><li>As was guided, Adj EBITDA/t dropped by 4% QoQ due to lower shipments at 910 kt (down 2% QoQ, flat YoY) on account of maintenance shutdown at Oswego hot mill.</li><li>Net sales at $3.9 Bn were down 6% YoY, led by lower Average Aluminium LME prices in Q3FY24 (down 6% YoY). </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.

Novelis delivered a largely inline set of results with Adj EBITDA/t improving by 33% YoY to $499/t on an impacted base of last year (due to higher energy costs and can destocking impact).As was guided, Adj EBITDA/t dropped by 4% QoQ due to lower shipments at 910 kt (down 2% QoQ, flat YoY) on account of maintenance shutdown at Oswego hot mill.Net sales at $3.9 Bn were down 6% YoY, led by lower Average Aluminium LME prices in Q3FY24 (down 6% YoY). 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.

Hindalco Industries Ltd - Adj. EBITDA/T Recovery as Expected

India

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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Hindalco Industries (HNDL IN)

ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Top Sector Ideas - Metals and Mining Q3FY24

Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream...

Axis Direct

Hindalco Industries Ltd - Novelis Capex Overhang; Indian Operations Remain Strong

Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream...

Axis Direct

Hindalco Industries Ltd - Novelis Capex Overhang

Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream...

Axis Direct

Hindalco Industries Ltd - Adj. EBITDA/T Recovery as Expected

Novelis delivered a largely inline set of results with Adj EBITDA/t improving by 33% YoY to $499/t on an impacted base of last year (due to higher...

Axis Direct

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