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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards</a> is looking to raise around US$117m in its upcoming India IPO.</li>
<li>Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. </li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we will talk about recent updates and valuations.</li>
</ul>



Sula Vineyards is looking to raise around US$117m in its upcoming India IPO.
Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. 
We have looked at various aspects of the deal in our previous notes. In this note, we will talk about recent updates and valuations.


Sula Vineyards IPO - Does Offer a Unique Exposure with Lots of Ifs and Buts

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.</li>
<li>The reference period for the trading data used for the index selection ended on 31st October 2022.</li>
<li>There have been a couple of key revisions to the index selection methodologies for SENSEX and SENSEX Next 50 which could have important consequences.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.
The reference period for the trading data used for the index selection ended on 31st October 2022.
There have been a couple of key revisions to the index selection methodologies for SENSEX and SENSEX Next 50 which could have important consequences.


S&P BSE/​Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.</li>
<li>The reference period for the trading data used for the index selection ends on 31st October 2022.</li>
<li>At present, I see one change for SENSEX, three changes for BSE 100, and six changes for BSE 200. </li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.
The reference period for the trading data used for the index selection ends on 31st October 2022.
At present, I see one change for SENSEX, three changes for BSE 100, and six changes for BSE 200. 


S&P BSE/Sensex Quiddity Leaderboard Dec 22: Adani Names with F&O Question Marks Still in the Race

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador Inc (EMP PM)</a> is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. </li>
<li>Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. </li>
<li>While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. </li>
</ul>



Emperador Inc (EMP PM) is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. 
Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. 
While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. 


Emperador SGX Secondary Listing: Scotch, Not so Neat

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 headline performance: Standalone net sales grew by 9.5% YoY to Rs24.4bn (v/s est. Rs25bn).</li></ul><div><div><div><div><ul><li>FY22 performance: Revenue and EBITDA grew by 18.9% (led by ~12% volume growth) and &gt;50%, respectively.</li></ul><div><div><div><div><ul><li>Other highlights: (1) ENA and Glass are ~2/3rd of the company’s raw material basket and both the commodities are under inflationary pressure, witnessing inflation in double digits. (2) Recently received price increases from Assam, Rajasthan and Madhya Pradesh. (3) UNSP maintained its guidance to deliver mid to high teen operating margin.</li></ul></div></div></div></div></div></div></div></div></div></div></div></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>

4QFY22 headline performance: Standalone net sales grew by 9.5% YoY to Rs24.4bn (v/s est. Rs25bn).FY22 performance: Revenue and EBITDA grew by 18.9% (led by ~12% volume growth) and &gt;50%, respectively.Other highlights: (1) ENA and Glass are ~2/3rd of the company’s raw material basket and both the commodities are under inflationary pressure, witnessing inflation in double digits. (2) Recently received price increases from Assam, Rajasthan and Madhya Pradesh. (3) UNSP maintained its guidance to deliver mid to high teen operating margin.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.

United Spirits - Robust Operating Performance; Strategic Review a Positive for Medium-Term

India

United Spirits Ltd. manufactures and distributes alcoholic beverages. The Company provides a variety of alcohols and spirits, including whiskey, brandy, and rum. United Spirits also manufactures indian-made foreign liquor brands. United Spirits serves customers worldwide.

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United Spirits (UNITDSPR IN)

Sula Vineyards IPO - Does Offer a Unique Exposure with Lots of Ifs and Buts

Sula Vineyards is looking to raise around US$117m in its upcoming India IPO. In this note, we talk about the recent updates and valuations.

Sumeet Singh

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index

I see one change for SENSEX, 3 ADDs/DELs for BSE 100, 5 ADDs/DELs for the BSE 200, and 13 ADDs/DELs for the BSE 500. I expect the potential ADDs...

Janaghan Jeyakumar, CFA

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Adani Names with F&O Question Marks Still in the Race

Tata Motors could be a SENSEX ADD while Dr Reddy's could be a SENSEX DEL. There are multiple ADANI names with no derivative market linkage with...

Janaghan Jeyakumar, CFA

Emperador SGX Secondary Listing: Scotch, Not so Neat

Emperador is pre-marketing a secondary listing on the SGX IPO by raising US$300-500m. While the fundamentals are solid the valuation looks full in...

Arun George

United Spirits - Robust Operating Performance; Strategic Review a Positive for Medium-Term

United Spirits’ (UNSP) delivered a decent 4QFY22 operating performance, but the focus was on the outcome of the strategic review of select Popular...

Nirmal Bang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sula Vineyards IPO - Does Offer a Unique Exposure with Lots of Ifs and Buts

Sula Vineyards is looking to raise around US$117m in its upcoming India IPO. In this note, we talk about the recent updates and valuations.

Sumeet Singh

S&P BSE/​Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index

I see one change for SENSEX, 3 ADDs/DELs for BSE 100, 5 ADDs/DELs for the BSE 200, and 13 ADDs/DELs for the BSE 500. I expect the potential ADDs...

Janaghan Jeyakumar, CFA

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Adani Names with F&O Question Marks Still in the Race

Tata Motors could be a SENSEX ADD while Dr Reddy's could be a SENSEX DEL. There are multiple ADANI names with no derivative market linkage with...

Janaghan Jeyakumar, CFA

Emperador SGX Secondary Listing: Scotch, Not so Neat

Emperador is pre-marketing a secondary listing on the SGX IPO by raising US$300-500m. While the fundamentals are solid the valuation looks full in...

Arun George

United Spirits - Robust Operating Performance; Strategic Review a Positive for Medium-Term

United Spirits’ (UNSP) delivered a decent 4QFY22 operating performance, but the focus was on the outcome of the strategic review of select Popular...

Nirmal Bang

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index