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

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.</li>
<li>CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.</li>
<li>In this note, we talk about the peer comp and implied valuations in the IPO price range.</li>
</ul>


Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
In this note, we talk about the peer comp and implied valuations in the IPO price range.


Canara HSBC Life Insurance IPO - Steady Growth but Valuations Fullish

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (2908709Z IJ)</a> (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.</li>
<li>CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. </li>
<li>It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.</li>
</ul>



Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. 
It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.


Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Korea Zinc (010130 KS) is the world’s largest merchant zinc smelter, with growing exposure to high-margin rare metals (Sb/In/Bi).</li>
<li>Management is executing the “Troika Drive” strategy—expanding copper and nickel sulfate capacity while scaling strategic minerals and recycling.</li>
<li>Stock trades at ~5x 2027E earnings and ~4.7x EV/EBITDA, a clear discount to peers, key risks remain rare metal price volatility, zinc TC/RC recovery timing</li>
</ul>


Korea Zinc (010130 KS) is the world’s largest merchant zinc smelter, with growing exposure to high-margin rare metals (Sb/In/Bi).
Management is executing the “Troika Drive” strategy—expanding copper and nickel sulfate capacity while scaling strategic minerals and recycling.
Stock trades at ~5x 2027E earnings and ~4.7x EV/EBITDA, a clear discount to peers, key risks remain rare metal price volatility, zinc TC/RC recovery timing


Korea Zinc (010130 KS) – Rare Metals Rerating + TC/RC Recovery = Deep Value Setup

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

Index Rebalance

Max Healthcare Institute / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> and <a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> replace <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> and <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> in September.</li>
<li>There are 5 constituent changes to the <a href="https://www.smartkarma.com/entities/nifty-100-index" target="_blank" data-smartkarma-citation="entities:36051:1" rel="noopener">Nifty 100 Index (NSE100 INDEX)</a> leading to 4 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>. </li>
<li>There will be global passive buying in <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> on Tuesday. Then there will be net selling in the stock at the close on 29 September.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) replace Hero Motocorp (HMCL IN) and Indusind Bank (IIB IN) in the NIFTY Index (NIFTY INDEX) in September.
There are 5 constituent changes to the Nifty 100 Index (NSE100 INDEX) leading to 4 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX). 
There will be global passive buying in Swiggy (SWIGGY IN) on Tuesday. Then there will be net selling in the stock at the close on 29 September.


NIFTY50/NEXT50 Index Rebalance: Bunch Of (Mostly) Expected Changes; Positioning Increases

<ul>
<li>There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.</li>
</ul>


There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.


NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

India

Hindustan Zinc is an Indian integrated mining and resources producer, specializing in zinc, lead, and silver, and is the world's second-largest zinc producer and among the top five silver producers globally. The company also engages in captive power generation and manufactures phosphatic fertilizers. Hindustan Zinc is headquartered in Udaipur, Rajasthan, India, and was founded in 1966.

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Hindustan Zinc (HZ IN)

Canara HSBC Life Insurance IPO - Steady Growth but Valuations Fullish

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO. In this note, we talk about the peer comp and implied...

Akshat Shah

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

Korea Zinc (010130 KS) – Rare Metals Rerating + TC/RC Recovery = Deep Value Setup

Korea Zinc is the world's largest zinc smelter with a focus on rare metals, executing a growth strategy while trading at a discount to peers.

Rahul Jain

NIFTY50/NEXT50 Index Rebalance: Bunch Of (Mostly) Expected Changes; Positioning Increases

The changes to the NIFTY/NIFTYJR indices are mostly on expected lines. The inclusion of HZ could be a surprise. There is positioning in the changes...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

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Canara HSBC Life Insurance IPO - Steady Growth but Valuations Fullish

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO. In this note, we talk about the peer comp and implied...

Akshat Shah

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

Korea Zinc (010130 KS) – Rare Metals Rerating + TC/RC Recovery = Deep Value Setup

​Korea Zinc is the world's largest zinc smelter with a focus on rare metals, executing a growth strategy while trading at a discount to peers.

Rahul Jain

NIFTY50/NEXT50 Index Rebalance: Bunch Of (Mostly) Expected Changes; Positioning Increases

The changes to the NIFTY/NIFTYJR indices are mostly on expected lines. The inclusion of HZ could be a surprise. There is positioning in the changes...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

Korea Zinc is the world's largest zinc smelter with a focus on rare metals, executing a growth strategy while trading at a discount to peers.