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

SBI Funds Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> raised about US$1.2bn in its upcoming India IPO.</li>
<li>SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



SBI Funds Management raised about US$1.2bn in its upcoming India IPO.
SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: SBI Funds Management IPO Trading - Couldn’t Have Asked for a Better Market Reopening

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>India moves to largest underweight country holding among EM Value managers.  Current underweight the highest on record.</li>
<li>Among Value managers, India saw net fund outflows of $322m, the underweight increase by -1.92% and a further 7.7% of managers move to underweight over the last 6-months.</li>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> is the key underweight, whilst <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a><a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> and <a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro </a>have been avoided by EM Value managers altogether.</li>
</ul>


India moves to largest underweight country holding among EM Value managers.  Current underweight the highest on record.
Among Value managers, India saw net fund outflows of $322m, the underweight increase by -1.92% and a further 7.7% of managers move to underweight over the last 6-months.

Reliance Industries (RIL IN) is the key underweight, whilst Bajaj Finance Ltd (BAF IN)Bharti Airtel (BHARTI IN) and Larsen &amp; Toubro have been avoided by EM Value managers altogether.


Value Funds Move to Record Underweight in India

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>Germany, the EU's most consequential power, now has a "traffic-lights" coalition government with an ambitious agenda for its structural transformation into a green, digitized economy. </li>
<li>Socially-Liberal policies, including expunging 'race" from the constitution, will allow greater entry of technology professionals, and relatively smooth path toward citizenship, which should attract considerable talent. </li>
<li>With the debt brake absent in 2022, the state railway and development bank will borrow big to fund the investment surge, lowering Germany's current account surplus and boosting Eurozone growth. </li>
</ul>


Germany, the EU's most consequential power, now has a "traffic-lights" coalition government with an ambitious agenda for its structural transformation into a green, digitized economy. 
Socially-Liberal policies, including expunging 'race" from the constitution, will allow greater entry of technology professionals, and relatively smooth path toward citizenship, which should attract considerable talent. 
With the debt brake absent in 2022, the state railway and development bank will borrow big to fund the investment surge, lowering Germany's current account surplus and boosting Eurozone growth. 


Germany: Scholz-Led Traffic-Light Coalition to Redefine Left-Wing Pragmatism

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Jio Platforms Pre-IPO - The Negatives - Lower ARPU, Related Party

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
In this note, we talk about the positive aspects of the deal.


Aequitas: Jio Platforms Pre-IPO - The Positives - The Long Planned Disruption

India

Tata Consultancy Services (TCS) is an Indian multinational information technology (IT) services and consulting company. It offers a comprehensive portfolio of services including IT infrastructure services, engineering and industrial services, business intelligence, and cloud services, along with various business solutions to multiple industries. TCS is headquartered in Mumbai, Maharashtra, India, and was founded in 1968.

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Tata Consultancy Services (TCS IN)

Aequitas: SBI Funds Management IPO Trading - Couldn’t Have Asked for a Better Market Reopening

SBI Funds Management raised about US$1.2bn in its upcoming India IPO. In this note, we talk about the overall demand and trading dynamics.

Sumeet Singh

Value Funds Move to Record Underweight in India

India moves to the largest underweight country holding among EM Value managers. Current underweight the highest on record.

Steven Holden

Germany: Scholz-Led Traffic-Light Coalition to Redefine Left-Wing Pragmatism

The new coalition will borrow in 2022, & invest in a green, digital transformation over the next 5 years. Germany's large current account surplus...

Prasenjit K. Basu

Aequitas: Jio Platforms Pre-IPO - The Positives - The Long Planned Disruption

Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SBI Funds Management IPO Trading - Couldn’t Have Asked for a Better Market Reopening

SBI Funds Management raised about US$1.2bn in its upcoming India IPO. In this note, we talk about the overall demand and trading dynamics.

Sumeet Singh

Value Funds Move to Record Underweight in India

India moves to the largest underweight country holding among EM Value managers. Current underweight the highest on record.

Steven Holden

Germany: Scholz-Led Traffic-Light Coalition to Redefine Left-Wing Pragmatism

The new coalition will borrow in 2022, & invest in a green, digital transformation over the next 5 years. Germany's large current account surplus...

Prasenjit K. Basu

Aequitas: Jio Platforms Pre-IPO - The Negatives - Lower ARPU, Related Party

Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

Aequitas: Jio Platforms Pre-IPO - The Positives - The Long Planned Disruption

Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh