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

Hexaware Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>is looking to raise about US$1.2bn in its upcoming India IPO.</li>
<li>Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Hexaware Technologies (HEXW IN)is looking to raise about US$1.2bn in its upcoming India IPO.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we look at the firm’s past performance.


Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>Persistent Systems: Persistent Systems’ (PSYS) Q3 print was exemplary, delivering growth (in-line) and an improving margin profile, though new deal bookings were soft</li><li>PSYS’ programmatic consistency in growth, backed by its software development pedigree, positions it well towards its aspiration of reaching USD 5bn by FY31E</li><li>PSYS remains our preferred pick in the midcap space, combining growth and quality, even as margin improvement remains a work in progress</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.

Persistent Systems: Persistent Systems’ (PSYS) Q3 print was exemplary, delivering growth (in-line) and an improving margin profile, though new deal bookings were softPSYS’ programmatic consistency in growth, backed by its software development pedigree, positions it well towards its aspiration of reaching USD 5bn by FY31EPSYS remains our preferred pick in the midcap space, combining growth and quality, even as margin improvement remains a work in progressContent 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.

HSIE Results Daily: Persistent Systems, Dalmia Bharat, Zensar Technologies

Akshat Shah

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$480m in its upcoming India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$480m in its upcoming India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we talk about the company’s historical performance.


Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

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

<ul>
<li>Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..</li>
<li>... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.</li>
<li>Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..
... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.
Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond


Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

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 Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.</li>
<li>Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.</li>
<li>The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.</li>
</ul>


There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.
Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.
The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.


NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

India

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For

Hexaware Technologies (HEXW IN) is looking to raise about US$1.2bn in its upcoming India IPO. In this note, we look at the firm’s past performance.

Clarence Chu

HSIE Results Daily: Persistent Systems, Dalmia Bharat, Zensar Technologies

Persistent Systems: Persistent Systems’ (PSYS) Q3 print was exemplary, delivering growth (in-line) and an improving margin profile, though new deal...

HDFC Securities

Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Dr Agarwal’s Healthcare is looking to raise about US$480m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Ride the Trend Higher in MSCI $ACWI and $SPX; We are still bullish as Risk-On Signals Dominate. Ideas to buy/stay long in global Discretionary,...

Vermilion Research

NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

There are 19 changes a side and all names are in line with our forecast. Estimated one-way turnover is 64.9% resulting in a one-way trade of INR...

Brian Freitas

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