APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Entero Healthcare Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/entero-healthcare-solutions-limited" target="_blank" data-smartkarma-citation="entities:40156:1" rel="noopener">Entero Healthcare Solutions Limited (2294842D IN)</a> is looking to raise US$193m in its India IPO.</li>
<li>Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.</li>
<li>In this note, we will look at the RHP updates, undertake a peer comparison, and share our thoughts on valuation.</li>
</ul>



Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$193m in its India IPO.
Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.
In this note, we will look at the RHP updates, undertake a peer comparison, and share our thoughts on valuation.


Entero Healthcare IPO - Profitability Not Out of the Woods Yet

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.</li>
<li>A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.</li>
<li>With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is <em>above</em> $98, we would view pullbacks as buying opportunities.</li>
</ul>


We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.
A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.
With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.


Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Petroleo Brasileiro  / Technical Analysis

<ul>
<li>Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.</li>
<li>Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.</li>
<li>Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX</li>
</ul>


Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.
Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.
Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX


Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Global Healthcare Analyst

Tina Banerjee

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>Emcure Pharmaceuticals has re-submitted DRHP to the SEBI for the second time. The IPO consists of a fresh issue of INR8 billion and an offer-for-sale of up to ~14M shares.</li>
<li>In the re-submitted DRHP, the company has trimmed the sizes of both the fresh issue and OFS. Emcure originally planned to launch IPO its in 2022.</li>
<li>Emcure has added latest financial performances in re-filed DRHP.  During H1FY24, revenue from India increased only 3% YoY to INR16.4M, due to lower sales of anti-viral HIV products.</li>
</ul>


Emcure Pharmaceuticals has re-submitted DRHP to the SEBI for the second time. The IPO consists of a fresh issue of INR8 billion and an offer-for-sale of up to ~14M shares.
In the re-submitted DRHP, the company has trimmed the sizes of both the fresh issue and OFS. Emcure originally planned to launch IPO its in 2022.
Emcure has added latest financial performances in re-filed DRHP.  During H1FY24, revenue from India increased only 3% YoY to INR16.4M, due to lower sales of anti-viral HIV products.


Emcure Pharmaceuticals Pre-IPO: IPO Size Trimmed; Domestic Revenue Growth Decelerated

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>A few large placements in India, along with <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> pricing, kept the market ticking this week.</li>
<li>In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
A few large placements in India, along with Denso Corp (6902 JP) pricing, kept the market ticking this week.
In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.


ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

India

Mankind Pharma Limited is a pharmaceutical company. The Company focuses developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. Mankind Pharma serves customers in India.

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Mankind Pharma (MANKIND IN)

Entero Healthcare IPO - Profitability Not Out of the Woods Yet

Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$193m in its India IPO. In this note, we will look at the RHP updates, and...

Clarence Chu

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Seeing a clear shift into value and defensives, and we recommend adding exposure to these areas globally. Constructive if supports hold: $98-99 on...

Vermilion Research

Emcure Pharmaceuticals Pre-IPO: IPO Size Trimmed; Domestic Revenue Growth Decelerated

Emcure has re-flied DRHP for the second time and is looking to raise $400–500M through fresh issue and an OFS of ~14M shares. IPO proceeds will be...

Tina Banerjee

ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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