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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric(OLAELEC IN)</a> ’s management, during Investor call, seemed confident in driving volume growth through expanded distribution, new model launches, and focused on technology upgrades and vertical integration for cost advantages.</li>
<li>The company, however, remains intent on continuing its disruptor play strategy of aggressive discounts and competitive pricing to drive volume growth—uncommon in India’s auto sector.</li>
<li>Investors seeking profitability and capital returns will need patience (and faith in Ola's strategy), while competitors like <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd(BJAUT IN)</a> and <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor(TVSL IN)</a>  may feel the pressure.</li>
</ul>



Ola Electric(OLAELEC IN) ’s management, during Investor call, seemed confident in driving volume growth through expanded distribution, new model launches, and focused on technology upgrades and vertical integration for cost advantages.
The company, however, remains intent on continuing its disruptor play strategy of aggressive discounts and competitive pricing to drive volume growth—uncommon in India’s auto sector.
Investors seeking profitability and capital returns will need patience (and faith in Ola's strategy), while competitors like Bajaj Auto Ltd(BJAUT IN) and TVS Motor(TVSL IN)  may feel the pressure.


OLA Electric: Wimpy Quarter. But, Bigger Question—How Long Will the Disruptor Play Last?

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.</li>
<li>Names in this auto-focused edition include <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>, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> .</li>
<li>Bearish names include <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> , <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> and <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> as a potential name to be bullish on.</li>
</ul>


We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.
Names in this auto-focused edition include Mahindra &amp; Mahindra (MM IN), Maruti Suzuki India (MSIL IN), Ola Electric (OLAELEC IN), Tata Motors Ltd (TTMT IN) .
Bearish names include Tata Motors Ltd (TTMT IN) , Escorts Kubota Limited (ESCORTS IN) and Ola Electric (OLAELEC IN) as a potential name to be bullish on.


Namaste India 🙏 | Earnings Edition - Autos

<ul>
<li>After two challenging months, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> ’s October sales rebounded strongly, driven by strong festive demand and deep discounts.</li>
<li>The company appears to have effectively managed its after-sales complaints crisis, easing  investor concerns ahead its 90-day lock-up expiry on November 5th.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>'s upside and path to profitability relies on increasing electric bike adoption, improving margins through in-house cell manufacturing, and leveraging PLI incentives.</li>
</ul>


After two challenging months, Ola Electric (OLAELEC IN) ’s October sales rebounded strongly, driven by strong festive demand and deep discounts.
The company appears to have effectively managed its after-sales complaints crisis, easing  investor concerns ahead its 90-day lock-up expiry on November 5th.

Ola Electric (OLAELEC IN)'s upside and path to profitability relies on increasing electric bike adoption, improving margins through in-house cell manufacturing, and leveraging PLI incentives.


Ola Electric's Volume Recovery: Eases Investor Concerns Ahead of Lock up Expiry on Nov 5th

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Hyundai Motor India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-co-3267897e-5e6b-47f2-9804-92aa22202d2b" target="_blank" data-smartkarma-citation="entities:26933:1" rel="noopener">Hyundai Motor (005387 KS)</a> raised around US$3.3bn via listing its India unit, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India</a>. HMI is a wholly owned subsidiary of the Hyundai Motor Group.</li>
<li>HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Hyundai Motor (005387 KS) raised around US$3.3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.


Hyundai Motor India IPO Trading - Set for a Tricky Start

India

Ola Electric is an Indian electric vehicle manufacturer that designs and manufactures electric two-wheelers, including the Ola S1 series, and produces battery cells. The company also offers charging solutions and energy storage products. Ola Electric is headquartered in Bengaluru, India, and was founded in 2017.

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Ola Electric (OLAELEC IN)

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

OLA Electric: Wimpy Quarter. But, Bigger Question—How Long Will the Disruptor Play Last?

Ola seems intent on continuing its disruptor play strategy—aggressive pricing to drive volume growth, uncommon in India’s auto sector. Investors...

Devi Subhakesan

Namaste India 🙏 | Earnings Edition - Autos

We highlight key earnings and call takeaways from companies like Mahindra & Mahindra, Maruti Suzuki India, Ola Electric, and Tata Motors.

Pranav Bhavsar

Ola Electric's Volume Recovery: Eases Investor Concerns Ahead of Lock up Expiry on Nov 5th

Expect the stock to stay range bound with near term valuations in line with well-established two wheeler peers TVS Motors and Bajaj Auto.

Devi Subhakesan

Hyundai Motor India IPO Trading - Set for a Tricky Start

Hyundai Motor (005387 KS) raised around US$3.3bn via listing its India unit, Hyundai Motor India. In this note, we talk about the demand and...

Sumeet Singh

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