Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>RBI's MPC cut 25bp as expected, but it remains behind the curve, with the real policy rate now excessively high at +5%. RBI inflation forecasts were and remain too high. </li>
<li>Food deflation is likely to be shortlived, with vegetable prices rising MoM since May'25. But all other food and non-food inflation components are moderating, and GST cuts impart further disinflation. </li>
<li>We expect inflation to be 1.8%YoY in Q4FY26 (vs RBI's 2.9%YoY forecast), 2.3% and 2.5% in Q1 and Q2FY27, so expect another 75bp reduction in repo rate by Aug'26. </li>
</ul>


RBI's MPC cut 25bp as expected, but it remains behind the curve, with the real policy rate now excessively high at +5%. RBI inflation forecasts were and remain too high. 
Food deflation is likely to be shortlived, with vegetable prices rising MoM since May'25. But all other food and non-food inflation components are moderating, and GST cuts impart further disinflation. 
We expect inflation to be 1.8%YoY in Q4FY26 (vs RBI's 2.9%YoY forecast), 2.3% and 2.5% in Q1 and Q2FY27, so expect another 75bp reduction in repo rate by Aug'26. 


India: RBI Cuts 25bp but the Real Policy Rate Is Still Too High at +5%

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

SBI (State Bank of India) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.</li>
<li>Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.
Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.


SBI US$3bn QIP - No Surprises - Not the World’s Best Kept Secret

<ul>
<li>As per news reports and company filings, <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> could soon look to raise around US$3bn (INR250bn) via a QIP.</li>
<li>SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.</li>
<li>In this note, we will talk about the possible fund raising and other deal dynamics.</li>
</ul>


As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.
SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.
In this note, we will talk about the possible fund raising and other deal dynamics.


SBI Possible US$3bn QIP - Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>The Reserve Bank of India (RBI) will announce its monetary policy decision on Friday, June 6, 2025. Market consensus expects a rate cut to 5.75%.</li>
<li>Analysis of the <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> over the past decade shows mostly negative returns on rate decision days when a cut is expected.</li>
<li>This Insight highlights actionable insights for traders by revealing historical patterns in the <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India</a>’s behavior on RBI rate decision days and breaking down price dynamics by scenario.</li>
</ul>


The Reserve Bank of India (RBI) will announce its monetary policy decision on Friday, June 6, 2025. Market consensus expects a rate cut to 5.75%.
Analysis of the State Bank Of India (SBIN IN) over the past decade shows mostly negative returns on rate decision days when a cut is expected.
This Insight highlights actionable insights for traders by revealing historical patterns in the State Bank Of India’s behavior on RBI rate decision days and breaking down price dynamics by scenario.


State Bank of India (SBIN IN): Reserve Bank of India Day Patterns Offer a Tactical Trade Setup

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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SBI (State Bank of India) (SBIN IN)

India: RBI Cuts 25bp but the Real Policy Rate Is Still Too High at +5%

RBI cut rates 25bp but remains behind the curve, as its inflation forecasts were and remain too high. We expect another 75bp of rate cuts by...

Prasenjit K. Basu

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

SBI US$3bn QIP - No Surprises - Not the World’s Best Kept Secret

State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.

Sumeet Singh

SBI Possible US$3bn QIP - Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well

As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.

Sumeet Singh

State Bank of India (SBIN IN): Reserve Bank of India Day Patterns Offer a Tactical Trade Setup

RBI expected to cut rates to 5.75% on June 6, 2025. Analysis shows negative returns for State Bank of India on rate cut days, offering insights...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India: RBI Cuts 25bp but the Real Policy Rate Is Still Too High at +5%

​RBI cut rates 25bp but remains behind the curve, as its inflation forecasts were and remain too high. We expect another 75bp of rate cuts by...

Prasenjit K. Basu

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

SBI US$3bn QIP - No Surprises - Not the World’s Best Kept Secret

State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.

Sumeet Singh

SBI Possible US$3bn QIP - Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well

As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.

Sumeet Singh

State Bank of India (SBIN IN): Reserve Bank of India Day Patterns Offer a Tactical Trade Setup

​RBI expected to cut rates to 5.75% on June 6, 2025. Analysis shows negative returns for State Bank of India on rate cut days, offering insights...

Gaudenz Schneider

RBI cut rates 25bp but remains behind the curve, as its inflation forecasts were and remain too high. We expect another 75bp of rate cuts by...

RBI expected to cut rates to 5.75% on June 6, 2025. Analysis shows negative returns for State Bank of India on rate cut days, offering insights...