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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>HDFC Bank results to FYE24 are improving and we retain it as a buy, with pre-provision returns improving slightly QoQ and best in peer group NPL ratio and coverage</li>
<li>Bank of Baroda is our core value Indian bank pick, for its undemanding valuations, healthy ROE and potential for NPL improvements</li>
<li>Bandhan bank is a potential contrarian pick for its value attributes; we are cautious on State Bank of India for its delinquency risks, low core capital ratio </li>
</ul>


HDFC Bank results to FYE24 are improving and we retain it as a buy, with pre-provision returns improving slightly QoQ and best in peer group NPL ratio and coverage
Bank of Baroda is our core value Indian bank pick, for its undemanding valuations, healthy ROE and potential for NPL improvements
Bandhan bank is a potential contrarian pick for its value attributes; we are cautious on State Bank of India for its delinquency risks, low core capital ratio 


Indian Banks Screener FYE24, Part 1: We like Quality Name HDFC Bank, Baroda Is the Value Pick

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)</li><li>The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)</li><li>Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of deposits</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.

ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of depositsContent 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.

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>ICICIB reported a healthy domestic credit growth of 17/3% YoY/QoQ vs. our expectation of ~18%. Retail books grew by 19/4% YoY/QoQ, and Business Banking grew by 32/6.5% YoY/QoQ.</li><li>SME book grew by 25/4% YoY/QoQ and the domestic corporate book grew by 10%/flat YoY/QoQ.</li><li>Deposit growth was strong at 20/6% YoY/QoQ, driven by a robust CASA Deposit growth of 10/13% YoY. CASA Ratio improved to 42.2% vs 45.8/39.6% YoY/QoQ.</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.

ICICIB reported a healthy domestic credit growth of 17/3% YoY/QoQ vs. our expectation of ~18%. Retail books grew by 19/4% YoY/QoQ, and Business Banking grew by 32/6.5% YoY/QoQ.SME book grew by 25/4% YoY/QoQ and the domestic corporate book grew by 10%/flat YoY/QoQ.Deposit growth was strong at 20/6% YoY/QoQ, driven by a robust CASA Deposit growth of 10/13% YoY. CASA Ratio improved to 42.2% vs 45.8/39.6% YoY/QoQ.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.

ICICI Bank - Inline Quarter; Strong Performance to Continue

Equity Capital Markets

Aadhar Housing Finance / Equity Capital Markets

<ul>
<li>Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we look at the updates from the company’s recent filings.</li>
</ul>


Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we look at the updates from the company’s recent filings.


Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

India

ICICI Bank Limited operates a network of banks located throughout India. The Group specializes in retail and corporate banking, in addition to Forex and treasury operations. ICICI Bank also provides a wide variety of investment banking, insurance and financial services to its clients.

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Icici Bank Ltd Spon Adr (IBN US)

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

Indian Banks Screener FYE24, Part 1: We like Quality Name HDFC Bank, Baroda Is the Value Pick

We provide new 4QFYE24 data on 4 of the 10 Indian banks that have reported in our enlarged peer group; we rate HDFC Bank a buy, as well as Baroda...

Victor Galliano

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition)

HDFC Securities

ICICI Bank - Inline Quarter; Strong Performance to Continue

ICICIB reported a healthy domestic credit growth of 17/3% YoY/QoQ vs. our expectation of ~18%. Retail books grew by 19/4% YoY/QoQ, and Business...

Axis Direct

Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

As per media reports, Aadhar Housing Finance is likely to launch its IPO in mid-May with an aim of raising around US$600m.

Sumeet Singh

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