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

Nusantara Sejahtera Raya / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI (CINEMA IJ)</a> aims to raise up to US$160m in its Indonesia IPO.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we will undertake a peer comparison.</li>
</ul>



Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
We have looked at the company's past performance in our earlier notes. In this note, we will undertake a peer comparison.


Nusantara Sejahtera Raya (Cinema XXI) IPO - Peer Comparison

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a>  is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Nexus Select Trust (NST IN)  is looking to raise up to US$500m in its upcoming India IPO. 
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In this note, we will talk about the positive aspects of the deal.


Nexus Select Trust Pre-IPO - The Positives - Forecasting Robust Growth

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

Equity Bottom-Up

<ul><li>After reporting a weak performance in 2QFY23, PVR saw recovery and reported EBITDA of INR1.3b (v/s Est. INR1.1b) in 3QFY23, led by improving occupancies, (albeit below pre-covid levels) and healthy distribution income, driving up PAT to INR252m (v/s INR53m est.).</li><li>Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the combined entity should support growth.</li><li>However, a mixed bag performance of recent big ticket movies coupled with rising concerns of OTT continue to remain our key monitorables</li></ul><p><em>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.</em></p>

After reporting a weak performance in 2QFY23, PVR saw recovery and reported EBITDA of INR1.3b (v/s Est. INR1.1b) in 3QFY23, led by improving occupancies, (albeit below pre-covid levels) and healthy distribution income, driving up PAT to INR252m (v/s INR53m est.).Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the combined entity should support growth.However, a mixed bag performance of recent big ticket movies coupled with rising concerns of OTT continue to remain our key monitorablesContent 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.

PVR - Occupancies Recover but yet Below Pre Covid Levels

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.</li>
<li>Based on the latest data, I expect one ADD/DEL for SENSEX, one ADD/DEL for BSE 100, and 3 ADDs/DELs for BSE 200. </li>
<li>The potential ADDs/DELs for SENSEX could see index flows of US$100mn or more but the other index changes are both small in size and volume impact (days-to-trade).</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.
Based on the latest data, I expect one ADD/DEL for SENSEX, one ADD/DEL for BSE 100, and 3 ADDs/DELs for BSE 200. 
The potential ADDs/DELs for SENSEX could see index flows of US$100mn or more but the other index changes are both small in size and volume impact (days-to-trade).


S&P BSE Quiddity Leaderboard Dec 2022: Multiple Adani Names with F&O Question Marks

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>
<a href="https://www.smartkarma.com/entities/pvr-ltd" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">PVR Ltd (PVRL IN)</a> &amp; <a href="https://www.smartkarma.com/entities/inox-leisure-ltd" target="_blank" data-smartkarma-citation="entities:1999:1" rel="noopener">Inox Leisure (INOL IN)</a> announced a stock merger. The merger would be in a ratio of 3:10, creating the largest multiplex company in India. </li>
<li>Synergies include more bargaining power, better F&amp;B margins and more ad revenues </li>
<li>Thanks to COVID's impact, the merger may not require approval from CCI. </li>
</ul>



PVR Ltd (PVRL IN) &amp; Inox Leisure (INOL IN) announced a stock merger. The merger would be in a ratio of 3:10, creating the largest multiplex company in India. 
Synergies include more bargaining power, better F&amp;B margins and more ad revenues 
Thanks to COVID's impact, the merger may not require approval from CCI. 


PVR & Inox Merger | Leveraging COVID Impact to Gain Dominance in Indian Multiplex Market

India

PVR Inox is India's largest film exhibition company, operating a vast network of multiplex cinemas across India and Sri Lanka. The company generates revenue through movie ticket sales, food and beverage sales, in-cinema advertising, and also engages in film distribution and production. PVR Inox is headquartered in Gurugram, India, and was founded in 1991.

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PVR Inox (PVRINOX IN)

Nusantara Sejahtera Raya (Cinema XXI) IPO - Peer Comparison

Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. We have looked at the past performance in our earlier notes, in this note...

Sumeet Singh

Nexus Select Trust Pre-IPO - The Positives - Forecasting Robust Growth

Nexus Select Trust, backed by Blackstoner, is looking to raise up to US$500m in its upcoming India IPO. In this note, we will talk about the...

Sumeet Singh

PVR - Occupancies Recover but yet Below Pre Covid Levels

Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the...

Motilal Oswal

S&P BSE Quiddity Leaderboard Dec 2022: Multiple Adani Names with F&O Question Marks

Multiple ADANI names could be involved in index changes. However, there are several question marks due to lack of derivative market linkage for...

Janaghan Jeyakumar, CFA

PVR & Inox Merger | Leveraging COVID Impact to Gain Dominance in Indian Multiplex Market

PVR Ltd (PVRL IN) & Inox Leisure (INOL IN) announced a stock merger. Thanks to COVID, the merger may not require CCI approvals paving way for...

Pranav Bhavsar

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