APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Archean Chemical Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/archean-chemical-industries" target="_blank" data-smartkarma-citation="entities:36520:1" rel="noopener">Archean Chemical Industries (0810406D IN)</a> is looking to raise about US$178m in its India IPO. </li>
<li>Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. </li>
<li>We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.</li>
</ul>



Archean Chemical Industries (0810406D IN) is looking to raise about US$178m in its India IPO. 
Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. 
We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.


Archean Chemical Industries IPO - Strong Growth Makes It Worth a Shot

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

<div><div><div><div><ul><li>Earnings beat our estimates -  Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa, and the UK. Volume growth was steady.</li></ul></div></div></div></div><div><ul><li>Favorable Soda Ash demand-supply scenario drives performance - <span style="font-size: var(--content-font-size);">TTCH reported revenue of INR34.8b (est. INR32.9) in 4QFY22, up 32% YoY.</span></li></ul></div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Market dynamics in Soda Ash: Demand for Soda Ash is expected to stay robust over the next 18 months.</span></li></ul></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>

Earnings beat our estimates -  Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa, and the UK. Volume growth was steady.Favorable Soda Ash demand-supply scenario drives performance - TTCH reported revenue of INR34.8b (est. INR32.9) in 4QFY22, up 32% YoY.Highlights from the management commentary - Market dynamics in Soda Ash: Demand for Soda Ash is expected to stay robust over the next 18 months.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.

Tata Chemicals - Robust Operating Performance Across Key Geographies

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul>
<li>Commencing operations in 1944, Tata Chemicals has come a long way to become one of the top five players in the global soda ash market.</li>
<li>Under basic chemical, TCL offers soda ash, sodium bicarbonate, cement, salt, marine chemicals and crushed refined soda.</li>
<li>Basic chemical forms 75% of overall revenue while the rest comes from speciality products</li>
</ul>
<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>


Commencing operations in 1944, Tata Chemicals has come a long way to become one of the top five players in the global soda ash market.
Under basic chemical, TCL offers soda ash, sodium bicarbonate, cement, salt, marine chemicals and crushed refined soda.
Basic chemical forms 75% of overall revenue while the rest comes from speciality products

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.

Tata Chemicals: Better Soda Ash Prices to Support Growth Ahead

Asia Consumer Research, Investory

Devi Subhakesan

Asia Consumer Research

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Tata Consumer Products / Equity Bottom-Up

<p>In this insight, we discuss  <a href="https://www.smartkarma.com/entities/tata-consumer-products" target="_blank" data-smartkarma-citation="entities:258:1" rel="noopener">Tata Consumer Products (TATACONS IN)</a> 's potential to outperform peers in the India consumer sector in terms of revenue and profit growth over the next few years. Its inclusion in India's Nifty index from March 31st would attract more investor attention and investment to the stock. The predominantly beverages (branded tea, coffee) company that competes with global multinationals is now expanding its foods business to address the highly unorganised but growing domestic packaged kitchen staples and snacks/breakfast segment.</p><p> From Tata salt to Tata Starbucks, this consumer goods company already have a wide array of brands under its portfolio. Leveraging on the goodwill enjoyed by the Tata brand in India and by expanding its reach and distribution wider, Tata Consumer is fast-tracking growth in the foods segment. <strong>The potential is immense, competition </strong>(national level) <strong>is scant and the young company </strong>(in its new avatar, name and structure) <strong>can make it big if it successfully adapts few pages from the playbook of <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a></strong>- another Tata enterprise that leveraged quality and brand to take on large unorganised consumer sectors. </p>

In this insight, we discuss  Tata Consumer Products (TATACONS IN) 's potential to outperform peers in the India consumer sector in terms of revenue and profit growth over the next few years. Its inclusion in India's Nifty index from March 31st would attract more investor attention and investment to the stock. The predominantly beverages (branded tea, coffee) company that competes with global multinationals is now expanding its foods business to address the highly unorganised but growing domestic packaged kitchen staples and snacks/breakfast segment. From Tata salt to Tata Starbucks, this consumer goods company already have a wide array of brands under its portfolio. Leveraging on the goodwill enjoyed by the Tata brand in India and by expanding its reach and distribution wider, Tata Consumer is fast-tracking growth in the foods segment. The potential is immense, competition (national level) is scant and the young company (in its new avatar, name and structure) can make it big if it successfully adapts few pages from the playbook of Titan Co Ltd (TTAN IN)- another Tata enterprise that leveraged quality and brand to take on large unorganised consumer sectors. 

Tata Consumer (TATACONS IN): Index Inclusion Adds Further Flavour. Tasty Mix.

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Thematic (Sector/Industry)

<p>In our previous insight on this subject (<a href="https://www.smartkarma.com/insights/why-indian-ceos-never-ask-tough-questions-to-the-government" target="_blank" data-smartkarma-citation="insights:10370">Why Indian CEOs Never Ask Tough Questions to the Government?)</a>, we had spoken about how the owners and CEOs of Indian companies usually have only good words to say about the government, at least at public forums. So, the recent accolades for Prime Minister by Ratan Tata, ex-Chairman of Tata Group and Anand Mahindra, Chairman of <a href="https://www.smartkarma.com/entities/16441" target="_blank" data-smartkarma-citation="entities:16441:1">Mahindra &amp; Mahindra Ltd (MM IN)</a> are not surprising. However, what the CFO of <a href="https://www.smartkarma.com/entities/2499" target="_blank" data-smartkarma-citation="entities:2499:1">Larsen &amp; Toubro Ltd (LT IN)</a> recently said about Demonetization and GST was a contrarian and more objective view. This should be applauded and hopefully, the government will listen more carefully to these inputs. An honest feedback from industry is important if the Govt is really serious about evaluating its policies objectively and want to achieve quicker results on turnaround of the Indian economy.</p>

In our previous insight on this subject (Why Indian CEOs Never Ask Tough Questions to the Government?), we had spoken about how the owners and CEOs of Indian companies usually have only good words to say about the government, at least at public forums. So, the recent accolades for Prime Minister by Ratan Tata, ex-Chairman of Tata Group and Anand Mahindra, Chairman of Mahindra &amp; Mahindra Ltd (MM IN) are not surprising. However, what the CFO of Larsen &amp; Toubro Ltd (LT IN) recently said about Demonetization and GST was a contrarian and more objective view. This should be applauded and hopefully, the government will listen more carefully to these inputs. An honest feedback from industry is important if the Govt is really serious about evaluating its policies objectively and want to achieve quicker results on turnaround of the Indian economy.

Why Do Indian CEOs Never Ask Tough Questions to the Government - Part 2

India

Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy chemicals, pharmaceuticals, fertilizers and agro-chemicals. The Company's salt products include common salt, pure salt and gypsum salt.  Heavy chemicals include soda ash, caustic soda and hydrochloric acid. Tata Chemicals' pharmaceuticals include bromides of ammonium, sodium, potassium and ethyl.

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Tata Chemicals (TTCH IN)

Archean Chemical Industries IPO - Strong Growth Makes It Worth a Shot

Archean Chemical Industries (0810406D IN) is looking to raise about US$178m in its India IPO. In this note, we will talk about the peer comparison...

Ethan Aw

Tata Chemicals - Robust Operating Performance Across Key Geographies

Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa,...

Motilal Oswal

Tata Chemicals: Better Soda Ash Prices to Support Growth Ahead

Commencing operations in 1944, Tata Chemicals has come a long way to become one of the top five players in the global soda ash market.

ICICI Securities Limited

Tata Consumer (TATACONS IN): Index Inclusion Adds Further Flavour. Tasty Mix.

Tata consumer is fast-tracking growth in the foods business by expanding into the unorganised India kitchen staples segment and expanding its...

Devi Subhakesan

Why Do Indian CEOs Never Ask Tough Questions to the Government - Part 2

In our previous insight on this subject (Why Indian CEOs Never Ask Tough Questions to the Government?), we had spoken about how the owners and CEOs...

Pankaj Sharma

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