External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We recommend a BUY and assign 18x P/E multiple to its FY23E earnings of Rs 29.2/share which gives a TP of Rs 530/share, implying an upside of 10% from CMP.</p><div class="content-highlight"><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></div>

We recommend a BUY and assign 18x P/E multiple to its FY23E earnings of Rs 29.2/share which gives a TP of Rs 530/share, implying an upside of 10% from CMP.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.

SIS: Tepid Growth; International Business Struggles

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

<p style="text-align: justify;">With the MSCI ACWI (ACWI-US) breaking below our $70 “line in the sand” support level we highlighted last week, we believe additional downside is likely and that the path of least resistance is lower for global equities. Considering the damage done to major indexes around the world, any potential bottom is likely to take months to develop and until we see evidence of this repair process we want to be positioned primarily in Sectors with defensive characteristics. Of course, there will be major <em>countertrend </em>rallies along the way, but for now the trend is lower and we would treat rallies as selling opportunities. We outline important technical levels across all markets and highlight actionable opportunities within EM, and the Services and Staples Sectors.</p>

With the MSCI ACWI (ACWI-US) breaking below our $70 “line in the sand” support level we highlighted last week, we believe additional downside is likely and that the path of least resistance is lower for global equities. Considering the damage done to major indexes around the world, any potential bottom is likely to take months to develop and until we see evidence of this repair process we want to be positioned primarily in Sectors with defensive characteristics. Of course, there will be major countertrend rallies along the way, but for now the trend is lower and we would treat rallies as selling opportunities. We outline important technical levels across all markets and highlight actionable opportunities within EM, and the Services and Staples Sectors.

ACWI Below Our Line In The Sand: Further Weakness Expected

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

CMS Info Systems Ltd / Equity Capital Markets

<p>Baring Private Equity Asia plans to raise around US$150m by selling a 30% stake in <a href="https://www.smartkarma.com/entities/26155" target="_blank" data-smartkarma-citation="entities:26155:1">CMS Info Systems Pvt Ltd (9156635Z IN)</a> (CMS) via an IPO. </p><p>CMS is the largest cash management company in India with a sizeable lead over the next player. However, it has failed to keep up with industry growth and hasn't been able to scale back to the peak earnings at which Blackstone exited. This doesn't seem to have stopped Barings, which bought the company from Blackstone in 2015, from trying to IPO at nearly double the price it paid just about two years ago.</p>

Baring Private Equity Asia plans to raise around US$150m by selling a 30% stake in CMS Info Systems Pvt Ltd (9156635Z IN) (CMS) via an IPO. CMS is the largest cash management company in India with a sizeable lead over the next player. However, it has failed to keep up with industry growth and hasn't been able to scale back to the peak earnings at which Blackstone exited. This doesn't seem to have stopped Barings, which bought the company from Blackstone in 2015, from trying to IPO at nearly double the price it paid just about two years ago.

CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right

APAC IPOs & Placements

Zhen Zhou, Toh

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight">
<p>The ECM space has been in a lull this week even seeing only one new IPO filed in Hong Kong this week. Nevertheless, we saw some great debuts in India and also, a handful of mega IPO filings in India. </p>
<p><a href="https://www.smartkarma.com/entities/23696" target="_blank" data-smartkarma-citation="entities:23696:1">Security and Intelligence Services (SECIS IN)</a> made a decent debut, up about 5% on the first day but quickly fell to close 5% below IPO price on Friday. <a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> was…</p>
</div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.
The ECM space has been in a lull this week even seeing only one new IPO filed in Hong Kong this week. Nevertheless, we saw some great debuts in India and also, a handful of mega IPO filings in India. 
Security and Intelligence Services (SECIS IN) made a decent debut, up about 5% on the first day but quickly fell to close 5% below IPO price on Friday. Sumeet Singh was…


Smartkarma: ECM Coverage Weekly Update (12 August 2017)

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight">
<p>This week has been a rather uneventful week in the ECM space. But, we did see a rights issue by <a href="https://www.smartkarma.com/entities/2556" target="_blank" data-smartkarma-citation="entities:2556:1">Chandra Asri Petrochemical (TPIA IJ)</a> to comply the Indonesia's minimum free-float requirement of 7.5%. This is a quasi-IPO and will take more than a month to settle.</p>
<p>In India, we saw massive oversubscription of 76x in <a href="https://www.smartkarma.com/entities/24261" target="_blank" data-smartkarma-citation="entities:24261:1">Cochin Shipyard Ltd</a> as investors mostly see it as a proxy to…</p>
</div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.
This week has been a rather uneventful week in the ECM space. But, we did see a rights issue by Chandra Asri Petrochemical (TPIA IJ) to comply the Indonesia's minimum free-float requirement of 7.5%. This is a quasi-IPO and will take more than a month to settle.
In India, we saw massive oversubscription of 76x in Cochin Shipyard Ltd as investors mostly see it as a proxy to…


Smartkarma: ECM Coverage Weekly Update (5 August 2017)

India

SIS Ltd provides private security services. The Company offers security solutions including planning and deployment of security and armed guards, firemen, dog handlers, consulting, and investigation works. SIS serves customers in India, New Zealand, and Australia.

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SIS (SECIS IN)

SIS: Tepid Growth; International Business Struggles

We recommend a BUY and assign 18x P/E multiple to its FY23E earnings of Rs 29.2/share which gives a TP of Rs 530/share, implying an upside of 10%...

Axis Direct

ACWI Below Our Line In The Sand: Further Weakness Expected

With the MSCI ACWI (ACWI-US) breaking below our $70 “line in the sand” support level we highlighted last week, we believe additional downside is...

Vermilion Research

CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right

Baring Private Equity Asia plans to raise around US$150m by selling a 30% stake in CMS Info Systems Pvt Ltd (9156635Z IN) (CMS) via an IPO. CMS is...

Sumeet Singh

Smartkarma: ECM Coverage Weekly Update (12 August 2017)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. The ECM space has...

Zhen Zhou, Toh

Smartkarma: ECM Coverage Weekly Update (5 August 2017)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. This week has been a...

Zhen Zhou, Toh

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