APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

P N Gadgil Jewellers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> raised around US$130m in its India IPO. </li>
<li>It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) raised around US$130m in its India IPO. 
It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.


P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

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>In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)</li><li>The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer season</li><li>White goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr CAGR)</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.

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer seasonWhite goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr CAGR)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.

Consumer Durables & EMS: Decoding Q1FY25 Trends

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

Equity Bottom-Up

Kaynes Technology India / Equity Bottom-Up

<ul><li> KAYNES’s revenue jumped 70% YoY in 1QFY25, led by strong traction in the Industrials (up 2.7x YoY; includes EV) and Automotive (up 56% YoY) verticals.</li><li>The order book as of Jun’24 witnessed strong growth of 68% YoY to ~INR50.4b.</li><li>Margins remained mostly stable during the quarter (EBITDA margins down ~20bp YoY), due to an unfavorable business mix.</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.

 KAYNES’s revenue jumped 70% YoY in 1QFY25, led by strong traction in the Industrials (up 2.7x YoY; includes EV) and Automotive (up 56% YoY) verticals.The order book as of Jun’24 witnessed strong growth of 68% YoY to ~INR50.4b.Margins remained mostly stable during the quarter (EBITDA margins down ~20bp YoY), due to an unfavorable business mix.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.

Kaynes Technologies - An All-Round Performance

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core income), partly offset by elevated credit costs</li><li>Loan growth (+15 YoY) was in line, largely driven by SME, business banking and credit card businesses</li><li>ICICIBC witnessed lower recoveries in the corporate and SME portfolios alongside a marginal uptick in retail slippages; however, the bank continued to maintain a healthy PCR (80%)</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) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core income), partly offset by elevated credit costsLoan growth (+15 YoY) was in line, largely driven by SME, business banking and credit card businessesICICIBC witnessed lower recoveries in the corporate and SME portfolios alongside a marginal uptick in retail slippages; however, the bank continued to maintain a healthy PCR (80%)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.

HSIE Results Daily: ICICI Bank, Dr Reddy’s Laboratories, Ashok Leyland

<ul><li>With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4</li><li>Stable commodity prices and improving op-lev will enable sequential improvement in margins</li><li>We expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year CAGR)</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.

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4Stable commodity prices and improving op-lev will enable sequential improvement in marginsWe expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year CAGR)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.

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

India

Kaynes Technology India Private Limited manufactures electronic components. The Company offers pcba's, bluetooth modules, and chipset. Kaynes Technology India serves defence, aerospace, railways, other transportation, health care, automobiles, and aerospace sectors worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kaynes Technology India (KAYNES IN)

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Consumer Durables & EMS: Decoding Q1FY25 Trends

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR). The growth was driven by the summer portfolio (room AC, air...

HDFC Securities

Kaynes Technologies - An All-Round Performance

KAYNES’s revenue jumped 70% YoY in 1QFY25, led by strong traction in the Industrials (up 2.7x YoY; includes EV) and Automotive (up 56% YoY) verticals.

Motilal Oswal

HSIE Results Daily: ICICI Bank, Dr Reddy’s Laboratories, Ashok Leyland

ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core...

HDFC Securities

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)