Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, ICICI Bank.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, ICICI Bank.


NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

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

National Securities Depository / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</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>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank, GMR Airports, SWIGGY, HDFC Bank.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank, GMR Airports, SWIGGY, HDFC Bank.


MS-India Index Earning Revision (Dec): InterGlobe Aviation, ICICI Bank, Shriram Finance

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JSW Steel, Trent, Infosys, HDFC Bank, InterGlobe Aviation, ICICI Bank, Bharti Airtel.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JSW Steel, Trent, Infosys, HDFC Bank, InterGlobe Aviation, ICICI Bank, Bharti Airtel.


NIFTY Index Earning Revision (Dec): JSW Steel, Trent, Infosys, HDFC Bank, InterGlobe Aviation

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

India

InterGlobe Aviation Ltd. operates IndiGo, India's largest passenger airline by domestic market share, focusing on low fares, punctuality, and a hassle-free travel experience. The company provides air transportation services for passengers and cargo on scheduled flights, along with ancillary services like car rental, airport lounge access, and travel insurance. IndiGo is headquartered in Gurugram, Haryana, India, and was founded in 2004.

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IndiGo (INDIGO IN)

NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

We analyzed NIFTY's consensus for Jan 2026 and highlighted changes of EPS in JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank,...

Ke Yan, CFA, FRM

Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon, who are all sitting on at least...

Sumeet Singh

MS-India Index Earning Revision (Dec): InterGlobe Aviation, ICICI Bank, Shriram Finance

We analyzed MS-India's consensus for Dec 2025 and highlighted changes of EPS in InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank,...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Dec): JSW Steel, Trent, Infosys, HDFC Bank, InterGlobe Aviation

We analyzed NIFTY's consensus for Dec 2025 and highlighted changes of EPS in JSW Steel, Trent, Infosys, HDFC Bank, InterGlobe Aviation, ICICI Bank,...

Ke Yan, CFA, FRM

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

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