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

HDFC Asset Management Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aberdeen-asset-management-plc" target="_blank" data-smartkarma-citation="entities:21803:1" rel="noopener">Aberdeen Asset Management (ADN LN)</a> plans to raise around US$500m via selling its remaining 10% stake in <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a>. </li>
<li>We have covered one of the past deals in <a href="https://www.smartkarma.com/insights/hdfc-amc-placement-ofs-forced-to-sell-but-it-s-not-the-best-of-times-to-be-selling-or-buying" target="_blank" data-smartkarma-citation="insights:40431" rel="noopener">HDFC AMC Placement/OFS - Forced to Sell, but It's Not the Best of Times to Be Selling or Buying</a>.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>



Aberdeen Asset Management (ADN LN) plans to raise around US$500m via selling its remaining 10% stake in HDFC Asset Management Co Ltd (HDFCAMC IN). 
We have covered one of the past deals in HDFC AMC Placement/OFS - Forced to Sell, but It's Not the Best of Times to Be Selling or Buying.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


HDFC AMC Placement - It's a Cleanup but the Momentum Is Very Weak

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>The changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a>, <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ150 Index</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI300 Index</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a> and a bunch of other onshore China indices were implemented last week.</li>
<li>The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.</li>
<li>AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.</li>
</ul>


The changes for the KOSPI2 INDEX, KOSDAQ150 Index, CSI300 Index, STAR50 INDEX and a bunch of other onshore China indices were implemented last week.
The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.
AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.


Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

Event-Driven

<ul>
<li>We see 8 stocks moving from MidCap to LargeCap, 9 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 10 stocks from MidCap to SmallCap.</li>
<li>Following a strong listing, <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a> should be added to the Large Cap segment of the market in July.</li>
<li>The expected migrations from SmallCap to MidCap have outperformed the other migrations by a huge margin over the last couple of months and there could be profit taking ahead.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 9 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 10 stocks from MidCap to SmallCap.
Following a strong listing, Mankind Pharma (6596876Z IN) should be added to the Large Cap segment of the market in July.
The expected migrations from SmallCap to MidCap have outperformed the other migrations by a huge margin over the last couple of months and there could be profit taking ahead.


AMFI Stock Reclassification Preview (June 2023): Significant Outperformance

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>Bajaj Finance: Bajaj Finance (BAF) delivered yet another strong operating performance with RoA at over 5% and earnings growth of 30% YoY, despite a rising interest rate environment</li><li>Asset quality improved further, with GS-II/GS-III at 1.2%/0.9% (FY22: 2%/1.6%), normalised credit costs, and all businesses tagged green</li><li>With most digital initiatives having already gone live (and the rest expected by H1FY24), BAF is poised to deliver steady loan growth consistent with its Long-Range Strategy (LRS) (25-30% AUM/PAT CAGR during 2022-2027), driven by robust customer acquisition, mining of the existing customer franchise and the addition of new loan products</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.

Bajaj Finance: Bajaj Finance (BAF) delivered yet another strong operating performance with RoA at over 5% and earnings growth of 30% YoY, despite a rising interest rate environmentAsset quality improved further, with GS-II/GS-III at 1.2%/0.9% (FY22: 2%/1.6%), normalised credit costs, and all businesses tagged greenWith most digital initiatives having already gone live (and the rest expected by H1FY24), BAF is poised to deliver steady loan growth consistent with its Long-Range Strategy (LRS) (25-30% AUM/PAT CAGR during 2022-2027), driven by robust customer acquisition, mining of the existing customer franchise and the addition of new loan productsContent 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: Bajaj Finance, Maruti Suzuki, SBI Life Insurance

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

Nippon Life India Asset Management / Equity Bottom-Up

<ul><li>Long-term prospects of the Indian AMC industry remain intact given the low penetration levels in India vis-à-vis developed countries and is a play on the financialisation of savings in India.</li><li>Key to long-term profitability will be execution and building scale and the NAM is focused on the same.</li><li>NAM also intends to leverage Nippon Life’s global network to scale up its offshore business.</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.

Long-term prospects of the Indian AMC industry remain intact given the low penetration levels in India vis-à-vis developed countries and is a play on the financialisation of savings in India.Key to long-term profitability will be execution and building scale and the NAM is focused on the same.NAM also intends to leverage Nippon Life’s global network to scale up its offshore business.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.

Nippon Life India AMC - Weak Quarter; AUM Remained Flat Sequentially

India

Nippon Life India Asset Management Limited operates as an investment management firm. The Company offers portfolio management, financial planning, mutual fund investment, and advisory services to individuals, institutions, trusts, and private funds. Nippon Life India Asset Management serves customers in India.

Nippon Life India Asset Management (NAM IN)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nippon Life India Asset Management (NAM IN)

HDFC AMC Placement - It's a Cleanup but the Momentum Is Very Weak

Aberdeen Asset Management (ADN LN) plans to raise around US$500m via selling its remaining 10% stake in HDFC Asset Management Co Ltd (HDFCAMC IN).

Sumeet Singh

Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

AMFI Stock Reclassification Preview (June 2023): Significant Outperformance

With the review period nearing completion, there are a lot of migrations between size segments. SmallCap to MidCap migrations have outperformed....

Brian Freitas

HSIE Results Daily: Bajaj Finance, Maruti Suzuki, SBI Life Insurance

Bajaj Finance: Bajaj Finance (BAF) delivered yet another strong operating performance with RoA at over 5% and earnings growth of 30% YoY, despite a...

HDFC Securities

Nippon Life India AMC - Weak Quarter; AUM Remained Flat Sequentially

Long-term prospects of the Indian AMC industry remain intact given the low penetration levels in India vis-à-vis developed countries and is a play...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)