APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

Aegis Vopak Terminals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aegis-vopak-terminals-ltd" target="_blank" data-smartkarma-citation="entities:44115:1" rel="noopener">Aegis Vopak Terminals Ltd (1902844D IN)</a> raised about US$328m in its upcoming India IPO.</li>
<li>It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.</li>
<li>In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Aegis Vopak Terminals Ltd (1902844D IN) raised about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/aegis-vopak-terminals-ltd" target="_blank" data-smartkarma-citation="entities:44115:1" rel="noopener">Aegis Vopak Terminals Ltd (1902844D IN)</a>  is looking to raise about US$328m in its upcoming India IPO.</li>
<li>It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.</li>
<li>In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.</li>
</ul>



Aegis Vopak Terminals Ltd (1902844D IN)  is looking to raise about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.


Aegis Vopak Pre-IPO: Expensive Related to Peers

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.</li>
<li>FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.</li>
<li>Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.</li>
</ul>


Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.
FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.
Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.


Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Navkar Corporation Limited / Equity Bottom-Up

<ul>
<li>JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license). </li>
<li>Access to Navkar’s 100 acres undeveloped land  in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.</li>
<li>JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.</li>
</ul>


JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license). 
Access to Navkar’s 100 acres undeveloped land  in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.
JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.


Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
<ol>
<li><a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" rel="noopener">SK Hynix</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" rel="noopener">Adani Transmission</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" rel="noopener">Adani Green Energy</a></li>
<li><a href="https://www.smartkarma.com/entities/cifi-holdings-group-co-ltd" target="_blank" rel="noopener">CIFI Holdings</a></li>
<li><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" rel="noopener">Rakuten</a></li>
</ol>
and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:

SK Hynix
Adani Transmission
Adani Green Energy
CIFI Holdings
Rakuten

and more...

India

JSW Infrastructure Limited operates and manages ports and terminals. The Company handles various types of cargo, including dry bulk, break bulk, liquid bulk, gases, and containers, as well as offers cargo handling, end-to-end logistics, and storage solutions. JSW Infrastructure serves customers in India.

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JSW Infrastructure (JSWINFRA IN)

Aegis Vopak IPO: Anemic Demand

Aegis Vopak raised about US$328m in its upcoming India IPO. There is not much appetite for the IPO as the subscription rate for shares has been...

Nicholas Tan

Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30

Adani aims for 1 billion tonnes of cargo by 2030, with strong near-term revenue growth and conservative PAT outlook. Trades at 17x EV/EBITDA FY27...

Rahul Jain

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

JSW group plans to enhance its port and logistics services by leveraging Navkar's inland capabilities and targeting significant growth in Capex...

Viral Kishorchandra Shah

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aegis Vopak IPO: Anemic Demand

Aegis Vopak raised about US$328m in its upcoming India IPO. There is not much appetite for the IPO as the subscription rate for shares has been...

Nicholas Tan

Aegis Vopak Pre-IPO: Expensive Related to Peers

Aegis Vopak is looking to raise about US$328m in its upcoming India IPO. In this note, we look at the firm’s recent financial performance updates,...

Nicholas Tan

Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30

Adani aims for 1 billion tonnes of cargo by 2030, with strong near-term revenue growth and conservative PAT outlook. Trades at 17x EV/EBITDA FY27...

Rahul Jain

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

​JSW group plans to enhance its port and logistics services by leveraging Navkar's inland capabilities and targeting significant growth in Capex...

Viral Kishorchandra Shah

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

JSW group plans to enhance its port and logistics services by leveraging Navkar's inland capabilities and targeting significant growth in Capex...