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

General Insurance Corp Of India / Equity Capital Markets

<ul>
<li>The GoI is looking to raise up to US$600m from selling its stake in <a href="https://www.smartkarma.com/entities/general-ins-corp-of-india" target="_blank" data-smartkarma-citation="entities:25944:1" rel="noopener">General Insurance Corp Of India (GICRE IN)</a>.</li>
<li>Earlier in Apr 2024, there were media reports indicating that the GoI planned to offload a 10% stake in the insurer over multiple tranches.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


The GoI is looking to raise up to US$600m from selling its stake in General Insurance Corp Of India (GICRE IN).
Earlier in Apr 2024, there were media reports indicating that the GoI planned to offload a 10% stake in the insurer over multiple tranches.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


General Insurance Corp of India OFS - Large One to Digest, and a Potential Overhang to Contend With

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 19 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with same-way flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 9.8% resulting in a one-way trade of INR 8.2bn (US$98m). With US$40.1bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The adds have outperformed the deletes this year, though near-term performance has been meh. There was a similar trend in March and the adds could outperform nearer to implementation.</li>
</ul>


There are 19 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with same-way flows from passive trackers of other indices.
Estimated one-way turnover is 9.8% resulting in a one-way trade of INR 8.2bn (US$98m). With US$40.1bn tracking the index actively, the impact on the stocks will be much larger.
The adds have outperformed the deletes this year, though near-term performance has been meh. There was a similar trend in March and the adds could outperform nearer to implementation.


NIFTY MIDCAP150 Index Rebalance: 19 Changes a Side; Lots of Overlap with Other Index Flow

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.

Equity Bottom-Up

<ul><li>Expected Reduction in Under-Recovery: In Q1FY25, the group’s under-recovery was down 33% QoQ to Rs 140 Cr led by the resolution of land acquisition issues at the TPS-II plant.</li><li>The majority of the under-recovery was due to the boiler issues at the TPS-II expansion Plant.</li><li>The company has completed short-term modifications and the long-term modifications are on track with materials already procured. </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.

Expected Reduction in Under-Recovery: In Q1FY25, the group’s under-recovery was down 33% QoQ to Rs 140 Cr led by the resolution of land acquisition issues at the TPS-II plant.The majority of the under-recovery was due to the boiler issues at the TPS-II expansion Plant.The company has completed short-term modifications and the long-term modifications are on track with materials already procured. 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.

NLC India Limited  - Key Highlights of Q1FY25 Conference Call

<ul><li>Q1FY25 PAT largely inline: NLCIL’s PAT increased to Rs 567 Cr (up 37%/397% YoY/QoQ), largely in line with our estimate.</li><li>PAT, excluding regulatory deferral income of Rs 98 Cr, stood at Rs 469 Cr, up 13%/22% YoY/QoQ.</li><li>Revenue at Rs 3,376 Cr (up 2% YoY, down 5% QoQ) missed our estimates due to lower revenue from both the power segment (due to a lower blended tariff) and the mining segment (potentially due to lower eauction prices). </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.

Q1FY25 PAT largely inline: NLCIL’s PAT increased to Rs 567 Cr (up 37%/397% YoY/QoQ), largely in line with our estimate.PAT, excluding regulatory deferral income of Rs 98 Cr, stood at Rs 469 Cr, up 13%/22% YoY/QoQ.Revenue at Rs 3,376 Cr (up 2% YoY, down 5% QoQ) missed our estimates due to lower revenue from both the power segment (due to a lower blended tariff) and the mining segment (potentially due to lower eauction prices). 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.

NLC India Limited - PAT Largely Inline; Revenue/EBITDA Miss

<ul><li>We initiate coverage of NLC India Limited (NLCIL) with a BUY recommendation and a target price of Rs 340/share, implying an upside potential of 20% from the CMP.</li><li>NLCIL is a Navratna CPSE and operates across lignite &amp; Coal mining, Power generation, Power Trading, and Consultancy for Mining &amp; Power.</li><li>NLCIL is the designated nodal agency for lignite mining in India and owns more than 50% of the Lignite Reserves.</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 initiate coverage of NLC India Limited (NLCIL) with a BUY recommendation and a target price of Rs 340/share, implying an upside potential of 20% from the CMP.NLCIL is a Navratna CPSE and operates across lignite &amp; Coal mining, Power generation, Power Trading, and Consultancy for Mining &amp; Power.NLCIL is the designated nodal agency for lignite mining in India and owns more than 50% of the Lignite Reserves.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.

NLC India Ltd - Capacity Addition Across Mining and Power Segments to Drive Growth

India

NLC India Limited operates as a mining and power company. The Company focuses on lignite mining, as well as provides thermal and renewable power generation services. NLC India serves clients in India.

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NLC India (NLC IN)

General Insurance Corp of India OFS - Large One to Digest, and a Potential Overhang to Contend With

The GoI is looking to raise up to US$600m from selling its stake in General Insurance Corp Of India (GICRE IN). In this note, we run the deal...

Clarence Chu

NIFTY MIDCAP150 Index Rebalance: 19 Changes a Side; Lots of Overlap with Other Index Flow

There are 19 changes for the index in Sep. Estimated one-way turnover is 9.8% resulting in a one-way trade of INR 8.2bn (US$98m). There are many...

Brian Freitas

NLC India Limited - Key Highlights of Q1FY25 Conference Call

The modifications are expected to be completed by Sep’24 post which substantial reduction is expected in the under recovery of TPS-II Expansion.

Axis Direct

NLC India Limited - PAT Largely Inline; Revenue/EBITDA Miss

Q1FY25 PAT largely inline: NLCIL’s PAT increased to Rs 567 Cr (up 37%/397% YoY/QoQ), largely in line with our estimate. PAT, excluding regulatory...

Axis Direct

NLC India Ltd - Capacity Addition Across Mining and Power Segments to Drive Growth

We initiate coverage of NLC India Limited (NLCIL) with a BUY recommendation and a target price of Rs 340/share, implying an upside potential of 20%...

Axis Direct

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