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

Asirvad Micro Finance Limited / Equity Capital Markets

Asirvad Micro Finance Limited (1053198D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asirvad-micro-finance-limited" target="_blank" data-smartkarma-citation="entities:40211:1" rel="noopener">Asirvad Micro Finance Limited (1053198D IN)</a> is looking to raise around US$183m in its upcoming India IPO.</li>
<li>Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO.
Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.
In this note, we talk about the company’s historical performance.


Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Equity Bottom-Up

Ujjivan Small Finance Bank / Equity Bottom-Up

<ul><li>Ujjivan Small Finance Bank (UJJIVAN) hosted its Analyst Meet and cut its loan growth and credit cost guidance, primarily from the emerging headwinds in select pockets of its core MFI business (70% of loan book)</li><li>The bank continues to look to diversify its loan book by increasing its secured mix, largely through affordable housing and scale-up of new business such as 2W, micro-LAP, and gold loans</li><li>UJJIVAN revised its FY25 loan growth guidance to 20% (from earlier range of 20-25%), and its credit cost estimates upwards to ~1.7% (from earlier guidance of ~1.4%)</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.

Ujjivan Small Finance Bank (UJJIVAN) hosted its Analyst Meet and cut its loan growth and credit cost guidance, primarily from the emerging headwinds in select pockets of its core MFI business (70% of loan book)The bank continues to look to diversify its loan book by increasing its secured mix, largely through affordable housing and scale-up of new business such as 2W, micro-LAP, and gold loansUJJIVAN revised its FY25 loan growth guidance to 20% (from earlier range of 20-25%), and its credit cost estimates upwards to ~1.7% (from earlier guidance of ~1.4%)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.

Ujjivan Small Finance Bank: Profit Warning in Core MFI Business. Maintain BUY

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (MUTHOOTM IN)</a><a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener"> </a>raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.</li>
<li>Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Muthoot Microfin (MUTHOOTM IN) raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.
Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Muthoot Microfin Lockup Expiry - Pre-IPO Investors Well in the Money Despite the Stock’s Performance

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Secured Businesses to steer healthy credit growth – UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.</li><li>Hereon, growth will be driven by the non-MFI segments with continued momentum in the Affordable Housing and FIG segment and pick-up in the MSME segment as the bank aims at improving the share of secured businesses to 40% over the next couple of years vs ~30% currently.</li><li>In the MFI portfolio, Individual loans will be a key growth driver largely aided by graduating group loan customers.</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.

Secured Businesses to steer healthy credit growth – UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.Hereon, growth will be driven by the non-MFI segments with continued momentum in the Affordable Housing and FIG segment and pick-up in the MSME segment as the bank aims at improving the share of secured businesses to 40% over the next couple of years vs ~30% currently.In the MFI portfolio, Individual loans will be a key growth driver largely aided by graduating group loan customers.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.

Ujjivan Small Finance Bank - Growth Not A Challenge

<ul><li>Disbursements grew by 15% YoY and de-grew by 3% QoQ, with flat growth in MFI and a 5% degrowth in the non-MFI segments.</li><li>Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.</li><li>The share of MFI loans stood at 71% vs 72% QoQ.</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.

Disbursements grew by 15% YoY and de-grew by 3% QoQ, with flat growth in MFI and a 5% degrowth in the non-MFI segments.Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.The share of MFI loans stood at 71% vs 72% QoQ.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.

Ujjivan Small Finance Bank Ltd. - Growth Outlook Strong, Maintain BUY!

India

Ujjivan Small Finance Bank Ltd. is a mass-market focused bank in India, primarily serving financially unserved and underserved segments. It offers a comprehensive range of banking products and services, including savings and current accounts, fixed and recurring deposits, and various loans such as microfinance, housing, agriculture, vehicle, and MSME loans. The bank is headquartered in Bengaluru, Karnataka, India, and commenced banking operations on February 1, 2017.

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Ujjivan Small Finance Bank (UJJIVANS IN)

Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. In this note, we talk about the company’s...

Ethan Aw

Ujjivan Small Finance Bank: Profit Warning in Core MFI Business. Maintain BUY

Ujjivan Small Finance Bank (UJJIVAN) hosted its Analyst Meet and cut its loan growth and credit cost guidance, primarily from the emerging...

HDFC Securities

Muthoot Microfin Lockup Expiry - Pre-IPO Investors Well in the Money Despite the Stock’s Performance

Muthoot Microfin (MUTHOOTM IN) raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.

Ethan Aw

Ujjivan Small Finance Bank - Growth Not A Challenge

UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.

Axis Direct

Ujjivan Small Finance Bank Ltd. - Growth Outlook Strong, Maintain BUY!

Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.The share of MFI loans stood...

Axis Direct

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