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

Zetwerk Manufacturing Businesses / Equity Capital Markets

Zetwerk Manufacturing Businesses (1834044D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zetwerk-manufacturing-businesses-limited" target="_blank" data-smartkarma-citation="entities:55492:1" rel="noopener">Zetwerk Manufacturing Businesses (1834044D IN)</a> Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO.</li>
<li>ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.</li>
</ul>



Zetwerk Manufacturing Businesses (1834044D IN) Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO.
ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.


Aequitas: Zetwerk Manufacturing Business IPO - Thoughts on Valuation

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>We are structurally bullish on AC Industry given massive under-penetration at 8%, though FY25 suffered volume pressures from unseasonal extended monsoons and deferred consumer purchasing behavior</li>
<li>A 10% GST reduction and El Niño heatwaves will drive recovery; notably, <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> reported 11% january volume growth after 9 declining months.</li>
<li>Key industry risks include unpredictable climate volatility, heavy import dependence for critical components, intense price wars, and shifting regulatory energy efficiency standards</li>
</ul>


We are structurally bullish on AC Industry given massive under-penetration at 8%, though FY25 suffered volume pressures from unseasonal extended monsoons and deferred consumer purchasing behavior
A 10% GST reduction and El Niño heatwaves will drive recovery; notably, Voltas Ltd (VOLT IN) reported 11% january volume growth after 9 declining months.
Key industry risks include unpredictable climate volatility, heavy import dependence for critical components, intense price wars, and shifting regulatory energy efficiency standards


AC Industry Turnaround: Riding The Great Indian Cooling Boom from El Niño to GST Cuts

<ul>
<li>India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption</li>
<li>The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.</li>
<li>With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.</li>
</ul>


India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption
The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.
With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.


Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

<ul>
<li>Secondary sales in the cooling market slowed recently, impacted by delayed summer onset and unseasonal rains across parts of the country.  </li>
<li>The secondary sales slowdown, tied to weather unpredictability, could impact immediate growth but does not reflect fundamental shifts in demand. </li>
<li>While short-term weather challenges have created inventory delays, the cooling sector's fundamentals remain strong, with long-term growth drivers like low penetration and GDP growth continuing to support industry expansion.</li>
</ul>


Secondary sales in the cooling market slowed recently, impacted by delayed summer onset and unseasonal rains across parts of the country.  
The secondary sales slowdown, tied to weather unpredictability, could impact immediate growth but does not reflect fundamental shifts in demand. 
While short-term weather challenges have created inventory delays, the cooling sector's fundamentals remain strong, with long-term growth drivers like low penetration and GDP growth continuing to support industry expansion.


AC & Cooling Product Market Slowdown in India: What Top Players Are Saying?

<ul>
<li>Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.</li>
<li>Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.</li>
<li>As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.</li>
</ul>


Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.
Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.
As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.


Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

India

PG Electroplast Limited is a prominent Indian Electronic Manufacturing Services (EMS) and plastic injection moulding company. It provides comprehensive Original Design Manufacturing (ODM) and Original Equipment Manufacturing (OEM) solutions for consumer durables and electronic products, including air conditioners, washing machines, and LED televisions. The company, part of the PG Group, was formally established in 2003 and is headquartered in Greater Noida, India, with the PG Group's operations beginning in 1977.

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PG Electroplast (PGEL IN)

Aequitas: Zetwerk Manufacturing Business IPO - Thoughts on Valuation

Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO. In this note, we talk about the peer comp and...

Akshat Shah

AC Industry Turnaround: Riding The Great Indian Cooling Boom from El Niño to GST Cuts

Structurally bullish on AC Industry despite FY25 volume pressures; potential recovery driven by GST reduction and El Niño heatwaves, with risks...

Nimish Maheshwari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

AC & Cooling Product Market Slowdown in India: What Top Players Are Saying?

Recent slowdown in secondary sales in the cooling market due to delayed summer onset and unseasonal rains, but long-term growth drivers like low...

Nimish Maheshwari

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Zetwerk Manufacturing Business IPO - Thoughts on Valuation

Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO. In this note, we talk about the peer comp and...

Akshat Shah

AC Industry Turnaround: Riding The Great Indian Cooling Boom from El Niño to GST Cuts

​Structurally bullish on AC Industry despite FY25 volume pressures; potential recovery driven by GST reduction and El Niño heatwaves, with risks...

Nimish Maheshwari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

​India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

AC & Cooling Product Market Slowdown in India: What Top Players Are Saying?

​Recent slowdown in secondary sales in the cooling market due to delayed summer onset and unseasonal rains, but long-term growth drivers like low...

Nimish Maheshwari

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

​Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

Structurally bullish on AC Industry despite FY25 volume pressures; potential recovery driven by GST reduction and El Niño heatwaves, with risks...

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Recent slowdown in secondary sales in the cooling market due to delayed summer onset and unseasonal rains, but long-term growth drivers like low...

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...