External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>HDFC Ltd is the largest NBFC engaged in the housing finance business.</li><li>It has demonstrated a consistent performance in terms of both business growth as well as asset quality.</li><li>Target Price and Valuation: We value HDFC Ltd at ~2.5x FY24E core ABV and Rs 1676 (post15% discount) for subsidiaries and maintain target price of Rs 3350/share.</li></ul><div class="content-highlight"><em>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.</em></div>

HDFC Ltd is the largest NBFC engaged in the housing finance business.It has demonstrated a consistent performance in terms of both business growth as well as asset quality.Target Price and Valuation: We value HDFC Ltd at ~2.5x FY24E core ABV and Rs 1676 (post15% discount) for subsidiaries and maintain target price of Rs 3350/share.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.

HDFC Ltd: Credit Growth Gains Momentum; Outlook Optimistic

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>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, we talk about the demand and trading dynamics.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, we talk about the demand and trading dynamics.


Metro Brands IPO Trading - Lukewarm Demand, Peers Have Corrected

<ul>
<li>Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO.</li>
<li>We have covered various aspects of the deal in our previous notes links to which are below.</li>
<li>In this note, we will talk about the upcoming anchor book lock-up expiry and look at how past IPOs have done around this time period.</li>
</ul>


Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO.
We have covered various aspects of the deal in our previous notes links to which are below.
In this note, we will talk about the upcoming anchor book lock-up expiry and look at how past IPOs have done around this time period.


Paytm (One 97) - Large Anchor Book Expiry, Prior Listings Have Corrected a Few Days Ahead

<ul>
<li>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, we will undertake a peer comparison and talk about valuations.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, we will undertake a peer comparison and talk about valuations.


Metro Brands IPO - Don't See Any Reason to Pay a Premium

<ul>
<li>Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.</li>
<li>SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.</li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>


Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.
SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.
In this note we will talk about the subscription levels and trading dynamics.


Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

India

Housing Development Finance Corporation Ltd. HDFC provides housing finance company. The Company provides wide range of housing loans, loan for home improvement, extensions, top ups, and non housing loans and loans for non resident Indian (NRI). HDFC serves customers in India, kuwait, Singapore, Oman, UAE, and the United Kingdom.

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HDFC Limited (HDFC IN)

HDFC Ltd: Credit Growth Gains Momentum; Outlook Optimistic

HDFC Ltd is the largest NBFC engaged in the housing finance business. It has demonstrated a consistent performance in terms of both business growth...

ICICI Securities Limited

Metro Brands IPO Trading - Lukewarm Demand, Peers Have Corrected

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. In this...

Sumeet Singh

Paytm (One 97) - Large Anchor Book Expiry, Prior Listings Have Corrected a Few Days Ahead

Paytm raised around US$2.2bn in its IPO. In this note, we look at the upcoming anchor book lock-up expiry and how other IPOs have done around that...

Sumeet Singh

Metro Brands IPO - Don't See Any Reason to Pay a Premium

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO.

Sumeet Singh

Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)