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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> is looking to raise up to US$513m in its upcoming India IPO.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we talk about valutions.</li>
</ul>



Bharti Hexacom is looking to raise up to US$513m in its upcoming India IPO.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
We have looked at the company's past performance in our earlier notes. In this note, we talk about valutions.


Bharti Hexacom IPO - Unexciting and at a Half-Decent Discount

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ipca-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:15774:1" rel="noopener">Ipca Laboratories (IPCA IN)</a> reported strong Q3FY24 results, with revenue and net profit increasing 33% and 67%, YoY, respectively. Domestic formulation and generic exports remained main growth drivers.</li>
<li>Ipca’s India formulation business revenue is expected to grow 15% YoY to ~INR7,000 million in Q4FY24. The company guided for 13–14% domestic revenue growth in FY25.</li>
<li>Riding on improving profitability at Unichem operation and launch of U.S. product, Ipca is expecting 10–12% growth in EBITDA and 2% improvement in EBITDA margin in FY25.  </li>
</ul>



Ipca Laboratories (IPCA IN) reported strong Q3FY24 results, with revenue and net profit increasing 33% and 67%, YoY, respectively. Domestic formulation and generic exports remained main growth drivers.
Ipca’s India formulation business revenue is expected to grow 15% YoY to ~INR7,000 million in Q4FY24. The company guided for 13–14% domestic revenue growth in FY25.
Riding on improving profitability at Unichem operation and launch of U.S. product, Ipca is expecting 10–12% growth in EBITDA and 2% improvement in EBITDA margin in FY25.  


Ipca Laboratories (IPCA IN): Solid Q3 Result; Mid-Teens Growth Expected in Domestic Revenue in Q4

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)</li><li>However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19</li><li>We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growth</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>

The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growthContent 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.

Pharmaceuticals: Domestic formulations sector: secular growth stories

Zydus Lifesciences Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences Ltd (ZYDUSLIF IN)</a> reported 16% YoY and 7% QoQ growth in India formulation business revenue in Q3FY24 on the back of healthy volume growth and new product launches.</li>
<li>Profitability improvement continued, with Q3FY24 improving 200 basis points YoY to 24.5%. Net profit surged 27% YoY.</li>
<li>The Board approved INR6 billion buyback, representing 0.59% of total outstanding equity shares at a price of INR1005 per share (25% premium to last closing price) via tender offer route.</li>
</ul>



Zydus Lifesciences Ltd (ZYDUSLIF IN) reported 16% YoY and 7% QoQ growth in India formulation business revenue in Q3FY24 on the back of healthy volume growth and new product launches.
Profitability improvement continued, with Q3FY24 improving 200 basis points YoY to 24.5%. Net profit surged 27% YoY.
The Board approved INR6 billion buyback, representing 0.59% of total outstanding equity shares at a price of INR1005 per share (25% premium to last closing price) via tender offer route.


Zydus Lifesciences (ZYDUSLIF IN): Strong India Momentum; Q3 Net Profit Jumps 27%; Buyback Approved

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Entero Healthcare Solutions Limited / 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

India

Mankind Pharma Limited develops and delivers pharmaceutical products. The Company distributes antibiotic, antifungal, antiviral, gastrointestinal, cardiovascular, dermal, erectile dysfunction, digestive, gynecological, and therapeutic medical drugs. Mankind Pharma operates in India.

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Mankind Pharma (6596876Z IN)

Bharti Hexacom IPO - Unexciting and at a Half-Decent Discount

Bharti Hexacom is looking to raise up to US$513m in its upcoming India IPO. We have looked at the past performance in our earlier note, in this...

Sumeet Singh

Ipca Laboratories (IPCA IN): Solid Q3 Result; Mid-Teens Growth Expected in Domestic Revenue in Q4

Ipca reports strong Q3FY24 results with revenue and net profit up 33% and 67% YoY. The company is expecting continued growth in India formulation...

Tina Banerjee

Pharmaceuticals: Domestic formulations sector: secular growth stories

We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster...

HDFC Securities

Zydus Lifesciences (ZYDUSLIF IN): Strong India Momentum; Q3 Net Profit Jumps 27%; Buyback Approved

Zydus Lifesciences reported strong revenue growth and improved profitability in Q3FY24, leading to a 27% increase in net profit. The company also...

Tina Banerjee

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bharti Hexacom IPO - Unexciting and at a Half-Decent Discount

Bharti Hexacom is looking to raise up to US$513m in its upcoming India IPO. We have looked at the past performance in our earlier note, in this...

Sumeet Singh

Ipca Laboratories (IPCA IN): Solid Q3 Result; Mid-Teens Growth Expected in Domestic Revenue in Q4

​Ipca reports strong Q3FY24 results with revenue and net profit up 33% and 67% YoY. The company is expecting continued growth in India formulation...

Tina Banerjee

Pharmaceuticals: Domestic formulations sector: secular growth stories

We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster...

HDFC Securities

Zydus Lifesciences (ZYDUSLIF IN): Strong India Momentum; Q3 Net Profit Jumps 27%; Buyback Approved

​Zydus Lifesciences reported strong revenue growth and improved profitability in Q3FY24, leading to a 27% increase in net profit. The company also...

Tina Banerjee

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

Ipca reports strong Q3FY24 results with revenue and net profit up 33% and 67% YoY. The company is expecting continued growth in India formulation...

Zydus Lifesciences reported strong revenue growth and improved profitability in Q3FY24, leading to a 27% increase in net profit. The company also...