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> raised about US$252m in its 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 covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its 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 covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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

Triveni Engineering & Industries / Equity Bottom-Up

<ul><li>Triveni Engineering and Industries Ltd’s (TEIL’s) Q2FY2025 performance was affected by a decline in profitability of sugar and alcohol divisions, resulting in a 93% y-o-y decline in EBIDTA; it registered loss of Rs. 22.4 crore.</li><li>With favourable weather and a lot of back-end work on variety of sugar, the sugar production for sugar year 2024-25 would be much better.</li><li>Favourable government policy (including likely allowing of sugar exports) will boost sugar business performance.</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>

Triveni Engineering and Industries Ltd’s (TEIL’s) Q2FY2025 performance was affected by a decline in profitability of sugar and alcohol divisions, resulting in a 93% y-o-y decline in EBIDTA; it registered loss of Rs. 22.4 crore.With favourable weather and a lot of back-end work on variety of sugar, the sugar production for sugar year 2024-25 would be much better.Favourable government policy (including likely allowing of sugar exports) will boost sugar business performance.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.

Triveni Engineering & Industries Ltd - Lower Margins Hit Q2

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dhampur-bio-organics-limited" target="_blank" data-smartkarma-citation="entities:43978:1" rel="noopener">Dhampur Bio Organics (DBOL IN)</a>: Integrated sugar manufacturer listed in 2022 post demerger from <a href="https://www.smartkarma.com/entities/dhampur-sugar-mills-ltd" target="_blank" data-smartkarma-citation="entities:10655:1" rel="noopener">Dhampur Sugar Mills (DSM IN)</a> </li>
<li>With change in Ethanol policy from Sep-24, Company will be significantly benefitted with its grain-based ethanol plant and higher sugar production with good monsoon. </li>
<li>Company is reducing its debt significantly to deleverage its balance sheet.</li>
</ul>



Dhampur Bio Organics (DBOL IN): Integrated sugar manufacturer listed in 2022 post demerger from Dhampur Sugar Mills (DSM IN) 
With change in Ethanol policy from Sep-24, Company will be significantly benefitted with its grain-based ethanol plant and higher sugar production with good monsoon. 
Company is reducing its debt significantly to deleverage its balance sheet.


The Beat Ideas: Dhampur Bio Organics Ltd.- Ethanol, Value Added Products & Deleveraging

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/triveni-turbine-ltd" target="_blank" data-smartkarma-citation="entities:18786:1" rel="noopener">Triveni Turbine (TRIV IN)</a>  is one of the leading players in manufacturing of steam turbines, which in turn has uses across various energy intensive industries. </li>
<li>The company has recovered well from covid, has a robust order book in conjuction with healthy financial position. Balance sheet is debt-free, high cash and lean WC cycle. </li>
<li>The only possible risk that comes to the balance sheet would be of potential statutory disputes. The contingent liabilities remain under-stated.</li>
</ul>



Triveni Turbine (TRIV IN)  is one of the leading players in manufacturing of steam turbines, which in turn has uses across various energy intensive industries. 
The company has recovered well from covid, has a robust order book in conjuction with healthy financial position. Balance sheet is debt-free, high cash and lean WC cycle. 
The only possible risk that comes to the balance sheet would be of potential statutory disputes. The contingent liabilities remain under-stated.


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.

<p>High sugar prices; distillery volumes boost profits in India with sugar crushing capacity of 60,000 TCD, distillery capacity of 320 KLD &amp; co-generation power of 100 MW. It also has power transmission &amp; waste water management business contributing 10% to revenues. The company is increasing its distillery capacity from current 11 crore litre per annum to 22 crore litre per annum by FY24 to utilise B-heavy, grain &amp; sugarcane juice route to produce ethanol...</p><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>

High sugar prices; distillery volumes boost profits in India with sugar crushing capacity of 60,000 TCD, distillery capacity of 320 KLD &amp; co-generation power of 100 MW. It also has power transmission &amp; waste water management business contributing 10% to revenues. The company is increasing its distillery capacity from current 11 crore litre per annum to 22 crore litre per annum by FY24 to utilise B-heavy, grain &amp; sugarcane juice route to produce ethanol...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.

Triveni Engineering: High Sugar Prices; Distillery Volumes Boost Profits

India

Triveni Engineering & Industries Limited conducts operations in sugar manufacturing and engineered-to-order mechanical equipment.

Triveni Engineering & Industries (TRE IN)

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Triveni Engineering & Industries (TRE IN)

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Triveni Engineering & Industries Ltd - Lower Margins Hit Q2

Triveni Engineering and Industries Ltd’s (TEIL’s) Q2FY2025 performance was affected by a decline in profitability of sugar and alcohol divisions,...

Sharekhan

The Beat Ideas: Dhampur Bio Organics Ltd.- Ethanol, Value Added Products & Deleveraging

Dhampur Bio Organics, a sugar manufacturer, set to benefit from new ethanol policy and debt reduction and huge capex in FY24.

Sudarshan Bhandari

Triveni Turbine Ltd- Forensic Analysis

Triveni Turbine is a leading manufacturer of steam turbines with a healthy financial position, and a debt-free balance sheet. The only potential...

Nitin Mangal

Triveni Engineering: High Sugar Prices; Distillery Volumes Boost Profits

High sugar prices; distillery volumes boost profits in India with sugar crushing capacity of 60,000 TCD, distillery capacity of 320 KLD & co...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Triveni Engineering & Industries Ltd - Lower Margins Hit Q2

Triveni Engineering and Industries Ltd’s (TEIL’s) Q2FY2025 performance was affected by a decline in profitability of sugar and alcohol divisions,...

Sharekhan

The Beat Ideas: Dhampur Bio Organics Ltd.- Ethanol, Value Added Products & Deleveraging

​Dhampur Bio Organics, a sugar manufacturer, set to benefit from new ethanol policy and debt reduction and huge capex in FY24.

Sudarshan Bhandari

Triveni Turbine Ltd- Forensic Analysis

​Triveni Turbine is a leading manufacturer of steam turbines with a healthy financial position, and a debt-free balance sheet. The only potential...

Nitin Mangal

Triveni Engineering: High Sugar Prices; Distillery Volumes Boost Profits

High sugar prices; distillery volumes boost profits in India with sugar crushing capacity of 60,000 TCD, distillery capacity of 320 KLD & co...

ICICI Securities Limited

Dhampur Bio Organics, a sugar manufacturer, set to benefit from new ethanol policy and debt reduction and huge capex in FY24.

Triveni Turbine is a leading manufacturer of steam turbines with a healthy financial position, and a debt-free balance sheet. The only potential...