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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Whirlpool of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>SKL is growing significantly ahead of peers (~15pps share-gain) on i) massive cost-leadership, led by deeply-entrenched manufacturing; ii) strong new product innovation capabilities and strategic ‘value for money’ positioning; and iii) improving branding/distribution expansion, including new-age channels (e-com, modern retail).</li><li>It has emerged as the leader in several high-growth categories, along with rapidly improving exports positioning (largest exporter; supplies to Walmart).</li><li>Potential mass-consumer demand cycle recovering after 2 tough years and SKL’s sharply enhanced manufacturing edge (gross block up 3x in 4Y, with end of capex cycle amid increasingly restricted imports) drive 15%/35% revenue/EPS CAGR over FY24-27E, with strong FCFF yield (5.6%) and balance sheet (D/E at 0.3x) by FY27E.</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>

SKL is growing significantly ahead of peers (~15pps share-gain) on i) massive cost-leadership, led by deeply-entrenched manufacturing; ii) strong new product innovation capabilities and strategic ‘value for money’ positioning; and iii) improving branding/distribution expansion, including new-age channels (e-com, modern retail).It has emerged as the leader in several high-growth categories, along with rapidly improving exports positioning (largest exporter; supplies to Walmart).Potential mass-consumer demand cycle recovering after 2 tough years and SKL’s sharply enhanced manufacturing edge (gross block up 3x in 4Y, with end of capex cycle amid increasingly restricted imports) drive 15%/35% revenue/EPS CAGR over FY24-27E, with strong FCFF yield (5.6%) and balance sheet (D/E at 0.3x) by FY27E.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.

Stovekraft - Challenger Brand Gunning for Leadership Position

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul>
<li>Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  </li>
<li>Key risks: Stocks face material headwinds on cost pressure, competition, valuations </li>
<li>Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia</li>
</ul>


Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  
Key risks: Stocks face material headwinds on cost pressure, competition, valuations 
Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia


External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Segment-wise performance: Revenue breakdown stands at: Pressure Cooker - 22.8%; LED - 7.5%; Induction Cooktop - 14.2%; Gas Cooktop - 9.6%; Non-stick Cookware - 16.1% and Mixer/Small Appliances - 29.8%.</li></ul><div><div><div><ul><li>In 4QFY22, Pressure Cooker volume declined by 9.3% YoY, Gas Cooktop volume declined by 48% YoY, Induction Cooktop volume grew by 83.3% YoY</li><li>Non-stick Cookware volume declined by 19.5% YoY, LED volume declined by 5.6% YoY and Small Appliances/Mixer/Others volume declined by 1.5% YoY.</li></ul></div></div></div></div></div></div></div><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>

Segment-wise performance: Revenue breakdown stands at: Pressure Cooker - 22.8%; LED - 7.5%; Induction Cooktop - 14.2%; Gas Cooktop - 9.6%; Non-stick Cookware - 16.1% and Mixer/Small Appliances - 29.8%.In 4QFY22, Pressure Cooker volume declined by 9.3% YoY, Gas Cooktop volume declined by 48% YoY, Induction Cooktop volume grew by 83.3% YoYNon-stick Cookware volume declined by 19.5% YoY, LED volume declined by 5.6% YoY and Small Appliances/Mixer/Others volume declined by 1.5% YoY.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.

Stove Kraft Limited - Margin Pressure Offsets Topline Growth; Exports Situation

India

Stove Kraft Limited manufactures and distributes kitchen appliances. The Company provides iron boxes, gas stoves, microwave ovens, mixer grinders, cooktops, rechargeable lamps, hand blenders, and other related products. Stove Kraft serves customers worldwide.

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Stove Kraft (STOVEKRA IN)

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Stovekraft - Challenger Brand Gunning for Leadership Position

It has emerged as the leader in several high-growth categories, along with rapidly improving exports positioning (largest exporter; supplies to...

Emkay

Era of the Value Stocks

Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks...

Nurture Capital Advisory

Stove Kraft Limited - Margin Pressure Offsets Topline Growth; Exports Situation

Stove Kraft Ltd reported 4QFY22 revenue of Rs2.61bn, up 11% YoY. The topline was 5.2% below our estimate. Gross margin contracted by 450bps YoY to...

Nirmal Bang

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