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

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>We spent the past week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. </li>
<li>Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.</li>
<li>We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.</li>
</ul>


Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. 
Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.
We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.


Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Tata Steel is moving beyond captive mining at higher cost, weighing ownership against economics and keeping flexibility to source ore wherever returns are better.</li>
<li>The company is targeting approval-based, high-specification markets such as shipbuilding, oil &amp; gas, and data centres, where specialised products are less commoditised and offer greater value capture.</li>
<li>UK operations are edging closer to EBITDA breakeven as steel prices rise, while the Netherlands remains weighed down by weak demand, elevated inventories and regulatory hurdles.</li>
</ul>


Tata Steel is moving beyond captive mining at higher cost, weighing ownership against economics and keeping flexibility to source ore wherever returns are better.
The company is targeting approval-based, high-specification markets such as shipbuilding, oil &amp; gas, and data centres, where specialised products are less commoditised and offer greater value capture.
UK operations are edging closer to EBITDA breakeven as steel prices rise, while the Netherlands remains weighed down by weak demand, elevated inventories and regulatory hurdles.


Tata Steel Is Repricing the Value of Its Iron Ore Moat

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
 <li>Tata Steel is strategically positioned to leverage strong domestic demand in India, driven by infrastructure and automotive sectors, which forms the core of its profitability and growth outlook.</li>
 <li>The company's European operations, particularly in the UK, present significant headwinds due to high energy costs, operational challenges, and the capital-intensive transition to lower-emission steelmaking.</li>
 <li>A key strategic focus is the expansion of high-margin, value-added downstream products and increasing capacity in its cost-competitive Indian operations, aiming to de-risk the business from the cyclicality of the commoditized steel market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Tata Steel is strategically positioned to leverage strong domestic demand in India, driven by infrastructure and automotive sectors, which forms the core of its profitability and growth outlook.
  The company's European operations, particularly in the UK, present significant headwinds due to high energy costs, operational challenges, and the capital-intensive transition to lower-emission steelmaking.
  A key strategic focus is the expansion of high-margin, value-added downstream products and increasing capacity in its cost-competitive Indian operations, aiming to de-risk the business from the cyclicality of the commoditized steel market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Tata Steel Ltd (TATA IN) - Aug 2026

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>Strong Indian Operations: India EBITDA reached Rs 9,409 Cr (+30% YoY but flat QoQ), translating to an industry-leading EBITDA/t of Rs 18,198/t (vs Rs 15,257/t in Q4FY26), driven by a strong QoQ realisation increase of Rs 5,990/t and continuous focus on value-added products offsetting a seasonal drop in steel deliveries (down 16% QoQ but up 9% YoY at 5.2 MT).</li><li>Netherlands Uncertainty an Overhang: EBITDA contracted to Rs 39 Cr (Rs 624 Cr in Q4FY26) due to the full-quarter closure of the Direct Sheet Plant (DSP) following emission exceedances. TSN lost ~20% of its volume capability (~200 kt of DSP) during Q1.</li><li>The DSP unit (1.4 MTPA capacity, ~20% of TSN volume) was idle in Q1 due to tunnel furnace roller chromium emissions. A 4-week trial run will commence from 5 th August, 2026 after roller modifications, with full normalisation expected by Q2FY27</li></ul>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.

Strong Indian Operations: India EBITDA reached Rs 9,409 Cr (+30% YoY but flat QoQ), translating to an industry-leading EBITDA/t of Rs 18,198/t (vs Rs 15,257/t in Q4FY26), driven by a strong QoQ realisation increase of Rs 5,990/t and continuous focus on value-added products offsetting a seasonal drop in steel deliveries (down 16% QoQ but up 9% YoY at 5.2 MT).Netherlands Uncertainty an Overhang: EBITDA contracted to Rs 39 Cr (Rs 624 Cr in Q4FY26) due to the full-quarter closure of the Direct Sheet Plant (DSP) following emission exceedances. TSN lost ~20% of its volume capability (~200 kt of DSP) during Q1.The DSP unit (1.4 MTPA capacity, ~20% of TSN volume) was idle in Q1 due to tunnel furnace roller chromium emissions. A 4-week trial run will commence from 5 th August, 2026 after roller modifications, with full normalisation expected by Q2FY27Content 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 Steel: Muted Q1, EBITDA Matches Consensus; Outlook Cautious

India

Tata Steel Limited is an Indian multinational steel company that manufactures and distributes a wide range of steel products, including hot-rolled, cold-rolled, and galvanized steel, tubes, and wire rods. The company serves diverse sectors such as automotive, construction, engineering, and consumer goods. Tata Steel is headquartered in Mumbai, India, and was founded on August 26, 1907.

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Tata Steel (TATA IN)

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

Tata Steel Is Repricing the Value of Its Iron Ore Moat

Captive mining remains important, but Tata Steel is increasingly weighing mine economics, downstream value capture and capital allocation as...

Mint Finance

Primer: Tata Steel Ltd (TATA IN) - Aug 2026

Tata Steel is strategically positioned to leverage strong domestic demand in India, driven by infrastructure and automotive sectors, which forms...

αSK Primers

Tata Steel: Muted Q1, EBITDA Matches Consensus; Outlook Cautious

We use SoTP and ascribe a 1-year Fwd EV/EBITDA multiple of 7.0x (from 7.5x), 6.0x, and 6.0x to India standalone, other operations, and Europe,...

Axis Direct

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Dividend (Yield)

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

​Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

Tata Steel Is Repricing the Value of Its Iron Ore Moat

Captive mining remains important, but Tata Steel is increasingly weighing mine economics, downstream value capture and capital allocation as...

Mint Finance

Primer: Tata Steel Ltd (TATA IN) - Aug 2026

Tata Steel is strategically positioned to leverage strong domestic demand in India, driven by infrastructure and automotive sectors, which forms...

αSK Primers

Tata Steel: Muted Q1, EBITDA Matches Consensus; Outlook Cautious

We use SoTP and ascribe a 1-year Fwd EV/EBITDA multiple of 7.0x (from 7.5x), 6.0x, and 6.0x to India standalone, other operations, and Europe,...

Axis Direct

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...