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> is looking to raise about US$255m in its upcoming 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>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming 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.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href='#lucror-entity-26076'>China Vanke </a></li><li><a href='#lucror-entity-8954'>Greentown China</a></li><li><a href='#lucror-entity-20776'>UPL Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Vanke Greentown ChinaUPL Ltd

Morning Views Asia: China Vanke  , Greentown China, UPL Ltd

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.</li>
<li>We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.</li>
<li>With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.
We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.
With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.


Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Adani Ports, Vedanta Resources, Softbank Group, Tata Motors, UPL Limited</li>
<li>In the US, the December personal spending came in above estimates at 0.7% m-o-m (0.5% e / 0.6% revised p), while personal income inched up to 0.4% m-o-m (0.4% e / 0.3% p).</li>
<li>Separately, the PCE price index climbed to 2.6% y-o-y (2.6% e / 2.4% p) and 0.3% m-o-m (0.3% e / 0.1% p). That said, the core PCE price index (the Fed's preferred measure of inflation) was largely stable at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.2% e / 0.1% p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Adani Ports, Vedanta Resources, Softbank Group, Tata Motors, UPL Limited
In the US, the December personal spending came in above estimates at 0.7% m-o-m (0.5% e / 0.6% revised p), while personal income inched up to 0.4% m-o-m (0.4% e / 0.3% p).
Separately, the PCE price index climbed to 2.6% y-o-y (2.6% e / 2.4% p) and 0.3% m-o-m (0.3% e / 0.1% p). That said, the core PCE price index (the Fed's preferred measure of inflation) was largely stable at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.2% e / 0.1% p).


<ul>
<li>Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.</li>
<li>Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.</li>
<li>The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. </li>
</ul>


Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.
Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.
The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. 


Lucror Analytics - Morning Views Asia - November 26, 2024

India

UPL Ltd. manufactures, distributes and exports off-patent agrochemicals. The Company also manufactures phosphorus & phosphorus-based compounds and its products include herbicides, fungicides, insecticides, fumigants and rodenticides. United Phosphorus also manufactures industrial chemicals, specialty chemicals and chloralkaline products

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UPL Ltd (UPLL IN)

Morning Views Asia: China Vanke , Greentown China, UPL Ltd

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Adani Ports, Vedanta...

Lucror Analytics

Lucror Analytics - Morning Views Asia - November 26, 2024

Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Morning Views Asia: China Vanke , Greentown China, UPL Ltd

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Adani Ports, Vedanta...

Lucror Analytics

Lucror Analytics - Morning Views Asia - November 26, 2024

Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other...

Lucror Analytics