Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

<ul><li>The commercial office property market in India is showing good signs of revival since last year</li><li>Demand indicators as seen through the leasing activity, rental movement and the fall in vacancy rates points to positive trends for the sector that has lagged its residential counterpart since 2012</li><li>The offers promising yields of 9-10% across the top cities along with chances of capital appreciation</li><li>High Yield has attracted many global PE &amp; pension funds and Blackstone today has emerged as the largest owner of grade-A office space in India with a portfolio of over 30msf (million square feet)</li><li>Impending creation and listing of REITs in India will be another positive trigger for the sector as developers and asset owners unlock capital from tenanted properties  </li></ul>

The commercial office property market in India is showing good signs of revival since last yearDemand indicators as seen through the leasing activity, rental movement and the fall in vacancy rates points to positive trends for the sector that has lagged its residential counterpart since 2012The offers promising yields of 9-10% across the top cities along with chances of capital appreciationHigh Yield has attracted many global PE &amp; pension funds and Blackstone today has emerged as the largest owner of grade-A office space in India with a portfolio of over 30msf (million square feet)Impending creation and listing of REITs in India will be another positive trigger for the sector as developers and asset owners unlock capital from tenanted properties  

Looking for Yield? India Office Property Offers 10%; Sector on an Uptick; REIT Listings Next Trigger

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

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (2908709Z IJ)</a> raised about US$284m in its India IPO in Oct 2025. The lockup on its promoters and the pre-IPO investor is set to expire soon.</li>
<li>Canara HSBC Life Insurance (CHLI) is a private life insurer in India, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Canara HSBC Life Insurance (2908709Z IJ) raised about US$284m in its India IPO in Oct 2025. The lockup on its promoters and the pre-IPO investor is set to expire soon.
Canara HSBC Life Insurance (CHLI) is a private life insurer in India, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. 
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Canara HSBC Life Insurance IPO Lockup - US$824m Lockup Expiry; Investors Well in The Money

The reforms credentials of Modi government have been dented with news of exit of Raghuram Rajan, Governor Reserve Bank of India (RBI) in September. Rajan is widely credited for initiating monetary policy reforms, maintaining the independence of RBI and also raising its stature as a strong institution globally. Failure to retain him will cost the economy in the medium to long run especially if any of the reforms undertaken are diluted. Many of the critics of Rajan state that a country does not…

The reforms credentials of Modi government have been dented with news of exit of Raghuram Rajan, Governor Reserve Bank of India (RBI) in September. Rajan is widely credited for initiating monetary policy reforms, maintaining the independence of RBI and also raising its stature as a strong institution globally. Failure to retain him will cost the economy in the medium to long run especially if any of the reforms undertaken are diluted. Many of the critics of Rajan state that a country does not…

Post Rajan World: Potential Red Flags to Watch & Why Strong Personality Head Imp in EMs Institutions

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Banks can earn losses. Multiple banks can report losses. India is a glowing example of this, where more than half of the banks with new data, have reported a loss. There are 43 banks in our sample, including unlisted banks, where more than half have released their year-end data for March 2016.<div class="content-highlight">The average decline in profit for the worst offenders is over 300%.</div>It is illustrative to consider what is transpiring in India for those looking at other markets too, notably China. It shows all too well…

Banks can earn losses. Multiple banks can report losses. India is a glowing example of this, where more than half of the banks with new data, have reported a loss. There are 43 banks in our sample, including unlisted banks, where more than half have released their year-end data for March 2016.The average decline in profit for the worst offenders is over 300%.It is illustrative to consider what is transpiring in India for those looking at other markets too, notably China. It shows all too well…

India

Poonawalla Fincorp Limited is a non-banking finance company that provides consumer and MSME financing services in India. The company offers a diversified product suite including personal, business, and asset-backed loans, along with supply chain financing and insurance products. It was incorporated in 1978 and is headquartered in Pune, India.

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Poonawalla Fincorp (POONAWAL IN)

Looking for Yield? India Office Property Offers 10%; Sector on an Uptick; REIT Listings Next Trigger

The commercial office property market in India is showing good signs of revival since last year Demand indicators as seen through the leasing...

Asia Advisors

Aequitas: Canara HSBC Life Insurance IPO Lockup - US$824m Lockup Expiry; Investors Well in The Money

Canara HSBC Life Insurance raised about US$284m in its India IPO in Oct 2025. The lockup on its promoters and the pre-IPO investor is set to expire...

Akshat Shah

Post Rajan World: Potential Red Flags to Watch & Why Strong Personality Head Imp in EMs Institutions

The reforms credentials of Modi government have been dented with news of exit of Raghuram Rajan, Governor Reserve Bank of India (RBI) in September....

Asia Advisors

Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Rubicon Research Limited raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

India - A Lesson on Banking in Distress

Banks can earn losses. Multiple banks can report losses. India is a glowing example of this, where more than half of the banks with new data, have...

Daniel Tabbush

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