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>National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. </li>
<li>The deal will be run by ISec, Axis Capital, HSBC, IDBI, Motilal and SBI Caps.</li>
<li>It IS the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
</ul>


National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
The deal will be run by ISec, Axis Capital, HSBC, IDBI, Motilal and SBI Caps.
It IS the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.


National Securities Depository Limited (NSDL) Pre-IPO Tearsheet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank (FB IN)</a> aims to raise around US$370m via a QIP to increase its Tier-1 capital.</li>
<li>The deal is well flagged as the company had earlier obtained board approval for a fundraising and had guided towards a funding raising in FY24.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Federal Bank (FB IN) aims to raise around US$370m via a QIP to increase its Tier-1 capital.
The deal is well flagged as the company had earlier obtained board approval for a fundraising and had guided towards a funding raising in FY24.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Federal Bank QIP - Well Flagged Deal but the Last One Didn’t Do Well

<ul>
<li>The promoters of Patanjali Foods aim to sell up to 9% of the company via an FPO. </li>
<li>The sale is being done so as to increase the firm’s public shareholding to the minimum required 25% imposed by SEBI.</li>
<li>We have looked at the background of the deal in our earlier note, in this note we talk about the recent update and run the deal through our ECM framework.</li>
</ul>


The promoters of Patanjali Foods aim to sell up to 9% of the company via an FPO. 
The sale is being done so as to increase the firm’s public shareholding to the minimum required 25% imposed by SEBI.
We have looked at the background of the deal in our earlier note, in this note we talk about the recent update and run the deal through our ECM framework.


Patanjali Foods FPO - Very Well Flagged with a Decent Discount

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>New HDFC Bank appears to have far better returns and credit metrics that large Asian peers</li>
<li>Pro-Forma amalgamation puts HDFC Bank as 2nd largest bank in Asia Pacific in market cap </li>
<li>Comparably large banks in Asia are concentrated in China, where credit metrics are opaque</li>
</ul>


New HDFC Bank appears to have far better returns and credit metrics that large Asian peers
Pro-Forma amalgamation puts HDFC Bank as 2nd largest bank in Asia Pacific in market cap 
Comparably large banks in Asia are concentrated in China, where credit metrics are opaque


HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

Equity Bottom-Up

<ul>
<li>What sets HDFC Bank apart from peers is stability, strength in profit, ROA, NPLs, NIM</li>
<li>Peers see volatile, high NPL ratios, where HDFC Bank may see NPLs at less than 1% soon</li>
<li>Amalgamation HDFC into HDFC Bank can see more interest, supported by fundamentals </li>
</ul>


What sets HDFC Bank apart from peers is stability, strength in profit, ROA, NPLs, NIM
Peers see volatile, high NPL ratios, where HDFC Bank may see NPLs at less than 1% soon
Amalgamation HDFC into HDFC Bank can see more interest, supported by fundamentals 


HDFC Bank - Stability, Strength Against India Peer Banks and Non-Banks

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)

National Securities Depository Limited (NSDL) Pre-IPO Tearsheet

National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. It is the largest depository in India.

Sumeet Singh

Federal Bank QIP - Well Flagged Deal but the Last One Didn’t Do Well

Federal Bank (FB IN) aims to raise around US$370m via a QIP to increase its Tier-1 capital. In this note, we talk about the deal dynamics and run...

Sumeet Singh

Patanjali Foods FPO - Very Well Flagged with a Decent Discount

The promoters of Patanjali Foods aim to sell up to 9% of the company via an FPO. In this note, we talk about the deal dynamics and run the deal...

Sumeet Singh

HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

The merger is now done, and this is more relevant, highlighting now large HDFC Bank is now in Asia Pacific, not only in India.

Daniel Tabbush

HDFC Bank - Stability, Strength Against India Peer Banks and Non-Banks

Stability and strength, sets HDFC Bank apart from its peers, as does it high ranking in system for loans outstanding. HDFC Finance amalgamation can...

Daniel Tabbush

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