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

Aditya Birla Sun Life AMC / Equity Capital Markets

Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders aim to raise around US$300m via reducing their stake in the company’s Indian IPO. ABSL is the largest non-bank affiliated asset management company (AMC) in India by quarterly average assets under management (QAAUM) and the fourth largest AMC in India. according to CRISIL.ABSL managed total AUM of INR2.9tn across mutual funds, portfolio management services, offshore and real estate offerings, as of Jun 21.ABSL enjoys a strong brand name in the country. However, unlike other AMC’s it lacks a strong parent, i.e. a bank for it to piggyback on its network. Therefore, the company has lagged its larger peers in terms of equity AUM exposure, which flows down to it having lower profitability as well.

Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders aim to raise around US$300m via reducing their stake in the company’s Indian IPO. ABSL is the largest non-bank affiliated asset management company (AMC) in India by quarterly average assets under management (QAAUM) and the fourth largest AMC in India. according to CRISIL.ABSL managed total AUM of INR2.9tn across mutual funds, portfolio management services, offshore and real estate offerings, as of Jun 21.ABSL enjoys a strong brand name in the country. However, unlike other AMC’s it lacks a strong parent, i.e. a bank for it to piggyback on its network. Therefore, the company has lagged its larger peers in terms of equity AUM exposure, which flows down to it having lower profitability as well.

Aditya Birla Sun Life AMC Pre-IPO - Strong Profit Growth but It's Losing Market Share

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Equity Bottom-Up

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

Mixed quarter; long-term growth potential intact<div class="content-highlight">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.</div>

Mixed quarter; long-term growth potential intactContent 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.

Aditya Birla Fashion & Retail Ltd. Rs Q4FY21 Result Update

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

This monthly insight aims to provide the narrative behind the monthly data points we have previously published. The monthly data points published are described in the following insights:
<ul>
<li>
<a href="https://www.smartkarma.com/insights/alternative-data-india-consumer-tracker-recovery-continues" target="_blank" data-smartkarma-citation="insights:42245" rel="noopener">Alternative Data | India Consumer Tracker - Recovery Continues</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/alternative-data-india-consumer-tracker-rural-india-is-firing-recovery" target="_blank" data-smartkarma-citation="insights:41423" rel="noopener">Alternative Data | India Consumer Tracker - Rural India Is Firing Recovery</a> </li>
</ul>
Other postcards written by us include the following:
<ul>
<li>
<a href="https://www.smartkarma.com/insights/postcard-from-lucknow-india-the-road-to-usd-5-trillion" target="_blank" data-smartkarma-citation="insights:34882" rel="noopener">Postcard from Lucknow (India) | The Road to USD 5 Trillion</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/postcard-from-surat-india-studded-jewellery-unlikely-to-aid-in-margin-expansion-for-titan" target="_blank" data-smartkarma-citation="insights:28437" rel="noopener">Postcard from Surat (India) | Studded Jewellery Unlikely to Aid in Margin Expansion for Titan</a> </li>
</ul>

This monthly insight aims to provide the narrative behind the monthly data points we have previously published. The monthly data points published are described in the following insights:


Alternative Data | India Consumer Tracker - Recovery Continues 

Alternative Data | India Consumer Tracker - Rural India Is Firing Recovery 

Other postcards written by us include the following:


Postcard from Lucknow (India) | The Road to USD 5 Trillion 

Postcard from Surat (India) | Studded Jewellery Unlikely to Aid in Margin Expansion for Titan 


Postcard from the North East | Savings Now Running Out; Market Share Gains for Organised Players

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Recent news flow on <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:216:1">Tata Motors Ltd (TTMT IN)</a> has been nothing short of horrendous and the stock price has reflected the risks associated with the events.The Differential Voting Rights (DVR) line has outperformed the ordinary shares over the last 3 months with most of the gains coming over the last week.In this Insight we look at recent headlines that have led to a sell-off in the stock, at the stock performance, at the discount in the DVR and the reasons for the discount, and at near-term catalysts that could lead to a narrowing in the DVR discount.

Recent news flow on Tata Motors Ltd (TTMT IN) has been nothing short of horrendous and the stock price has reflected the risks associated with the events.The Differential Voting Rights (DVR) line has outperformed the ordinary shares over the last 3 months with most of the gains coming over the last week.In this Insight we look at recent headlines that have led to a sell-off in the stock, at the stock performance, at the discount in the DVR and the reasons for the discount, and at near-term catalysts that could lead to a narrowing in the DVR discount.

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<a href="https://www.smartkarma.com/entities/26778" target="_blank" data-smartkarma-citation="entities:26778:1">TCNS Clothing Co Ltd (0365999Z IN)</a> plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our earlier write-up <a href="https://www.smartkarma.com/insights/tcns-clothing-pre-ipo-fast-growth-growing-segment-and-a-good-track-record" target="_blank">TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record</a>. In this insight, we will look at the FY18 performance along with the impact of restated financials. We will also compare the company versus some of its listed and unlisted peers, and run the deal through our framework.The company's heady growth over the past few years seems to be slowing down with growth increasingly being driven by store addition rather than SSSG. Its FY18 numbers seem to imply that SSSG might have turned negative for some type of stores in 2H18, which is a concern. While the standalone p/e doesn't appear appetising given the slowing growth, the IPO doesn't seem as expensive given the peer group's vertigo-inducing valuations.

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our earlier write-up TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record. In this insight, we will look at the FY18 performance along with the impact of restated financials. We will also compare the company versus some of its listed and unlisted peers, and run the deal through our framework.The company's heady growth over the past few years seems to be slowing down with growth increasingly being driven by store addition rather than SSSG. Its FY18 numbers seem to imply that SSSG might have turned negative for some type of stores in 2H18, which is a concern. While the standalone p/e doesn't appear appetising given the slowing growth, the IPO doesn't seem as expensive given the peer group's vertigo-inducing valuations. 

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

India

Aditya Birla Fashion and Retail Ltd provides a wide range of mid-priced garments for men. The Company's collection includes internationally styled formal, elite, casual, party, and wedding apparel.

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

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Aditya Birla Fashion and Retail Ltd (ABFRL IN)

Aditya Birla Fashion & Retail Ltd. Rs Q4FY21 Result Update

Mixed quarter; long-term growth potential intact

Edelweiss

Tata Motors: DVR Spread Tightening

Recent news flow on Tata Motors Ltd (TTMT IN) has been nothing short of horrendous and the stock price has reflected the risks associated with the...

Brian Freitas

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aditya Birla Sun Life AMC Pre-IPO - Strong Profit Growth but It's Losing Market Share

Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders aim to raise around US$300m via reducing their stake in the company’s Indian IPO.

Sumeet Singh

Aditya Birla Fashion & Retail Ltd. Rs Q4FY21 Result Update

Mixed quarter; long-term growth potential intact

Edelweiss

Postcard from the North East | Savings Now Running Out; Market Share Gains for Organised Players

Thie Monthly Insight ai

Pranav Bhavsar

Tata Motors: DVR Spread Tightening

Recent news flow on Tata Motors Ltd (TTMT IN) has been nothing short of horrendous and the stock price has reflected the risks associated with the...

Brian Freitas

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our...

Sumeet Singh