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

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>In this insight we discuss about <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> 's remarkable 57% CAGR EPS from FY2021 to FY2026.</li>
<li>We further discuss what has led to this superb performance and break this into flawless execution, strong management and capital allocation.</li>
<li>We finally discuss about FY27 outlook &amp; beyond and finally our view on valuation.</li>
</ul>


In this insight we discuss about Mahindra &amp; Mahindra (MM IN) 's remarkable 57% CAGR EPS from FY2021 to FY2026.
We further discuss what has led to this superb performance and break this into flawless execution, strong management and capital allocation.
We finally discuss about FY27 outlook &amp; beyond and finally our view on valuation.


Mahindra & Mahindra (MM IN) - Flawless Execution, Strong Management Focus & Superb Outlook

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.

Thematic (Sector/Industry)

<ul><li>Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS Motors (+27%), Hero (+17%), HMSI (+14%), and Bajaj Auto (+12%).</li><li>Exports showed improved traction across global markets, led by Bajaj Auto, TVS Motors, HMSI &amp; Hero MotoCorp.</li><li>The domestic PV industry posted a ~28% YoY growth to ~21.6 Lc units, driven by strong performance from Tata Motors (+51%), Maruti Suzuki (+32%), Kia India (+23%), M&amp;M (+22%), Hyundai (+13%), JSW MG Motor (+13%) and Toyota Kirloskar (+12%). </li></ul><p><em>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.</em></p>

Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS Motors (+27%), Hero (+17%), HMSI (+14%), and Bajaj Auto (+12%).Exports showed improved traction across global markets, led by Bajaj Auto, TVS Motors, HMSI &amp; Hero MotoCorp.The domestic PV industry posted a ~28% YoY growth to ~21.6 Lc units, driven by strong performance from Tata Motors (+51%), Maruti Suzuki (+32%), Kia India (+23%), M&amp;M (+22%), Hyundai (+13%), JSW MG Motor (+13%) and Toyota Kirloskar (+12%). 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.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>After a difficult Q1 FY27, Hyundai delivered 219,072 wholesale units in July–September 2026, up 23.0% sequentially, including a company-record 77,916 units in September.</li>
<li>The rebound reflects normalized production and healthier domestic momentum after supplier fire caused a loss of approximately 13,900 units of June production. Nevertheless, Q2 sales disclosures establish volumes, not profitability.</li>
<li>Short-Term execution risk has diminished, but investment conviction depends on margins recovering toward FY27 guidance and on tangible delivery against the company's FY2030 SUV, alternative-powertrain, localisation and revenue targets.</li>
</ul>


After a difficult Q1 FY27, Hyundai delivered 219,072 wholesale units in July–September 2026, up 23.0% sequentially, including a company-record 77,916 units in September.
The rebound reflects normalized production and healthier domestic momentum after supplier fire caused a loss of approximately 13,900 units of June production. Nevertheless, Q2 sales disclosures establish volumes, not profitability.
Short-Term execution risk has diminished, but investment conviction depends on margins recovering toward FY27 guidance and on tangible delivery against the company's FY2030 SUV, alternative-powertrain, localisation and revenue targets.


Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth?

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>As the April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.</li>
<li>Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.</li>
<li>The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.</li>
</ul>


As the April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.
Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.
The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.


Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

India

Mahindra & Mahindra is a prominent Indian multinational manufacturing corporation. It is a leading global manufacturer of tractors and a major producer of SUVs, commercial vehicles, and two-wheelers. Headquartered in Mumbai, India, the company was founded on October 2, 1945.

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Mahindra & Mahindra (MM IN)

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah