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

<ul>
<li>In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a>. Prior to that it had sold a similar amount in Mar 2022.</li>
<li>CPPIB will be released from its placement linked lockup early next month.</li>
<li>In this note, we will talk about the lockup dynamics and past deals performance.</li>
</ul>


In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in Mar 2022.
CPPIB will be released from its placement linked lockup early next month.
In this note, we will talk about the lockup dynamics and past deals performance.


Kotak Mahindra Bank - US$1.2 Billion Lockup Release

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance (BAF IN)</a> vs. <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlight: Going long <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a> and short <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance (BAF IN)</a> targets a 5% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Bajaj Finance (BAF IN) vs. Kotak Mahindra Bank (KMB IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlight: Going long Kotak Mahindra Bank (KMB IN) and short Bajaj Finance (BAF IN) targets a 5% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Kotak Mahindra Bank (KMB IN) Vs Bajaj Finance (BAF IN): Pair Trade with a Valuation Edge

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>KMB will pay a total purchase consideration of Rs 2.82 Bn, inclusive of a non-compete payment to DBAG.</li><li>Management has indicated that the purchase price will be fully written off in the quarter of deal closing.</li><li>Separately, KMB shall pay DBAG the net asset value (amount of assets minus liabilities) of the business undertaking as on the closing date.</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.

KMB will pay a total purchase consideration of Rs 2.82 Bn, inclusive of a non-compete payment to DBAG.Management has indicated that the purchase price will be fully written off in the quarter of deal closing.Separately, KMB shall pay DBAG the net asset value (amount of assets minus liabilities) of the business undertaking as on the closing date.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.

Kotak Mahindra Bank Ltd - Acquisition of Deutsche Bank India's Retail Banking...

<ul><li>We met with Mr Ashok Vaswani - MD CEO of Kotak Mahindra Bank (KMB) to understand the current business trends and risks amidst uncertain macros and the bank’s long-term strategies and growth roadmap.</li><li>During Mr Vaswani’s tenure at KMB (over the last 30 months), the bank has prepared the foundation for strong sustainable growth delivery as it (1) effectively resolved the RBI embargo while simultaneously strengthening its tech infrastructure, (2) reset its unsecured portfolio underwriting, (3) managed a clustered management transition and (4) recalibrated its growth engine. We believe KMB’s concentrated efforts in its identified focus segments (1) Affluent (Solitaire), (2) Contrarian bet on core India through Kotak811, (3) SME segment and (4) Institutions should enable the bank to deliver Advances/Deposits/NII/Earnings CAGR growth of 17/16/15/21% over FY26-28E.</li><li>We continue to maintain our positive outlook on the bank and maintain our BUY recommendation on the stock with an unchanged TP of Rs 500/share (2.2x FY28 ABV core book), implying an upside of 25% from the CMP.</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.

We met with Mr Ashok Vaswani - MD CEO of Kotak Mahindra Bank (KMB) to understand the current business trends and risks amidst uncertain macros and the bank’s long-term strategies and growth roadmap.During Mr Vaswani’s tenure at KMB (over the last 30 months), the bank has prepared the foundation for strong sustainable growth delivery as it (1) effectively resolved the RBI embargo while simultaneously strengthening its tech infrastructure, (2) reset its unsecured portfolio underwriting, (3) managed a clustered management transition and (4) recalibrated its growth engine. We believe KMB’s concentrated efforts in its identified focus segments (1) Affluent (Solitaire), (2) Contrarian bet on core India through Kotak811, (3) SME segment and (4) Institutions should enable the bank to deliver Advances/Deposits/NII/Earnings CAGR growth of 17/16/15/21% over FY26-28E.We continue to maintain our positive outlook on the bank and maintain our BUY recommendation on the stock with an unchanged TP of Rs 500/share (2.2x FY28 ABV core book), implying an upside of 25% from the CMP.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.

Kotak Mahindra Bank Ltd - The Heavy Lifting Is Behind; Ready for Lift-Off!

<ul><li>Unsecured Book Stress Behind; Credit Costs Outlook Stable: In Q4, a sharp decline in slippages and credit costs was the highlight.</li><li>Slippage decline was aided by improved collection efficiency (CE) across CV, MFI, and credit cards.</li><li>The secured book continues to exhibit near-negligible delinquencies. </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.

Unsecured Book Stress Behind; Credit Costs Outlook Stable: In Q4, a sharp decline in slippages and credit costs was the highlight.Slippage decline was aided by improved collection efficiency (CE) across CV, MFI, and credit cards.The secured book continues to exhibit near-negligible delinquencies. 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.

Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure

India

Kotak Mahindra Bank is an Indian banking and financial services company that offers a comprehensive range of banking products and financial services to corporate and retail customers. These services include personal finance, investment banking, life insurance, wealth management, consumer banking, commercial banking, and treasury operations. The company provides deposit accounts, various loans, credit and debit cards, mutual funds, and insurance plans. Headquartered in Mumbai, India, the company was founded in 1985 as Kotak Mahindra Finance Limited and received its banking license in 2003.

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

Kotak Mahindra Bank (KMB IN)

Kotak Mahindra Bank - US$1.2 Billion Lockup Release

In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in...

Sumeet Singh