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>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a>  plans to raise around US$200m (estimated) in its Indian IPO.</li>
<li>Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.</li>
<li>In this note, we look at its updated filings and discuss the changes since its last filing in 2019.</li>
</ul>



SAMHI Hotels (SAMHI IN)  plans to raise around US$200m (estimated) in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we look at its updated filings and discuss the changes since its last filing in 2019.


Samhi Hotels Pre-IPO - Refiling Updates - Bigger Portfolio, Smaller Deal

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>Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)</li><li>Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectation</li><li>The FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spending</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.

Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectationThe FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spendingContent 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.

FMCG & Alco Bev - Slow Pick-Up in Growth, Margin Expansion to Continue

<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

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>Early Signs of Rural Recovery: Most Staple companies under our coverage have indicated early signs of rural recovery.</li><li>Moving forward, volume growth is also likely to pick up in the rural areas.</li><li>H2FY24 to be better, albeit with a little caveat: While easing inflation, higher government spending, and increased urban remittances will define future growth momentum in rural, early prediction of the El-Nino needs to be keenly watched out for.</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.

Early Signs of Rural Recovery: Most Staple companies under our coverage have indicated early signs of rural recovery.Moving forward, volume growth is also likely to pick up in the rural areas.H2FY24 to be better, albeit with a little caveat: While easing inflation, higher government spending, and increased urban remittances will define future growth momentum in rural, early prediction of the El-Nino needs to be keenly watched out for.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.

<ul><li>The HSIE consumer index sales grew by 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)</li><li>On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters</li><li>On a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) in Q4FY23</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.

The HSIE consumer index sales grew by 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quartersOn a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) in Q4FY23Content 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.

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

Samhi Hotels Pre-IPO - Refiling Updates - Bigger Portfolio, Smaller Deal

SAMHI Hotels (SAMHI IN) plans to raise around US$200m (estimated) in its Indian IPO. In this note, we talk about the updates from its recent filing.

Sumeet Singh

FMCG & Alco Bev - Slow Pick-Up in Growth, Margin Expansion to Continue

Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectation

HDFC Securities

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

Top Sector Ideas - FMCG Sector

Early Signs of Rural Recovery: Most Staple companies under our coverage have indicated early signs of rural recovery. Moving forward, volume growth...

Axis Direct

FMCG: Demand recovery lags margins

On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters

HDFC Securities

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