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/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its Space segment in the previous note. In this note, we talk about its connectivity segment.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its Space segment in the previous note. In this note, we talk about its connectivity segment.


Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering nearly 1,500 companies, we’re able to provide a wide variety of what we believe are attractively priced securities looking across sectors, industries, and geographies. Best Ideas are nominated by analysts and approved by managers in addition to the normal due diligence processes that precede our published research and ratings.The list may include a broad mix of quality and risk characteristics to meet varying investor needs, including no-, narrow-, and wide-moat companies as well as the full spectrum of uncertainty ratings from low to very high. Most or all of the highlighted stocks will be trading at a discount to our estimate of intrinsic value, indicating improved odds of capital appreciation.

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering nearly 1,500 companies, we’re able to provide a wide variety of what we believe are attractively priced securities looking across sectors, industries, and geographies. Best Ideas are nominated by analysts and approved by managers in addition to the normal due diligence processes that precede our published research and ratings.The list may include a broad mix of quality and risk characteristics to meet varying investor needs, including no-, narrow-, and wide-moat companies as well as the full spectrum of uncertainty ratings from low to very high. Most or all of the highlighted stocks will be trading at a discount to our estimate of intrinsic value, indicating improved odds of capital appreciation.

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

A quick tour of news flow in the Asian telco space in the past week. <h2>China: China Tower IPO, SOE reform and 5G</h2>China Tower IPO: The massive <a href="https://www.smartkarma.com/entities/27037" target="_blank" data-smartkarma-citation="entities:27037:1">China Tower Corp (1409417D HK)</a> IPO is upon us and if reports are to be believed the IPO is looking to raise $8.8bn by selling a 25% stake and valuing the company at US$35bn (with a greenshoe of 15%). It looks like the IPO will open on July 23rd with pricing on 1 August. We have written on this before (see <a href="https://www.smartkarma.com/insights/china-tower-ipo-a-low-return-entity-created-to-boost-telco-returns" target="_blank" data-smartkarma-citation="insights:21790">China Tower IPO - A Low Return Entity Created to Boost</a>…

A quick tour of news flow in the Asian telco space in the past week. China: China Tower IPO, SOE reform and 5GChina Tower IPO: The massive China Tower Corp (1409417D HK) IPO is upon us and if reports are to be believed the IPO is looking to raise $8.8bn by selling a 25% stake and valuing the company at US$35bn (with a greenshoe of 15%). It looks like the IPO will open on July 23rd with pricing on 1 August. We have written on this before (see China Tower IPO - A Low Return Entity Created to Boost…

This Week in Asian Telcos: China Tower IPO the Key Event to Watch Out For

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

Equity Bottom-Up

<ul>
<li>The DoT has finalised Vodafone Idea's AGR dues at INR64,046 crore as of December 31, 2025, down 27% from the provisional ₹87,695 crore, with repayments deferred entirely to FY32–FY41.</li>
<li>The resolution removes a decade-long legal overhang, accelerates Vi's long-stalled INR 45,000 crore capex plan, and materially improves bank lending confidence, a precondition for competitive survival.</li>
<li>The AGR closure is necessary but not sufficient: Vi must now close its debt raise, stop subscriber churn, narrow the ARPU gap, all before spectrum dues spike sharply from FY28.</li>
</ul>


The DoT has finalised Vodafone Idea's AGR dues at INR64,046 crore as of December 31, 2025, down 27% from the provisional ₹87,695 crore, with repayments deferred entirely to FY32–FY41.
The resolution removes a decade-long legal overhang, accelerates Vi's long-stalled INR 45,000 crore capex plan, and materially improves bank lending confidence, a precondition for competitive survival.
The AGR closure is necessary but not sufficient: Vi must now close its debt raise, stop subscriber churn, narrow the ARPU gap, all before spectrum dues spike sharply from FY28.


Vodafone Idea: The End of AGR Chapter, What Next?

With investment bankers appointed to review strategic options for the three controlling shareholders of <a href="https://www.smartkarma.com/entities/412" target="_blank" data-smartkarma-citation="entities:412:1">M1 (M1 SP)</a> there has been speculation about its prospects. <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> has written about M1 deal speculation recently in <a href="https://www.smartkarma.com/insights/m1-what-monsters-lurk-beneath" target="_blank" data-smartkarma-citation="insights:10249">M1 - What Monsters Lurk Beneath?</a> We have also been doing work on the subject and look at some of the possible outcomes as well as the broader M&amp;A theme in Singapore. Our view is that a change of ownership at M1 will not itself improve market dynamics with all three…

With investment bankers appointed to review strategic options for the three controlling shareholders of M1 (M1 SP) there has been speculation about its prospects. Travis Lundy has written about M1 deal speculation recently in M1 - What Monsters Lurk Beneath? We have also been doing work on the subject and look at some of the possible outcomes as well as the broader M&amp;A theme in Singapore. Our view is that a change of ownership at M1 will not itself improve market dynamics with all three…

Singapore Telco M&A: Lots of Rumors but Is a Deal Really Plausible?

United Kingdom

Vodafone is a British multinational telecommunications company that provides mobile and fixed services, including voice, messaging, data, and television. The company also offers Internet of Things (IoT) solutions, cloud services, and cybersecurity for businesses. Vodafone's global headquarters are in Newbury, Berkshire, England, and it was officially founded in 1991, evolving from Racal Telecom Limited.

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Vodafone (VOD LN)

Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about its connectivity...

Sumeet Singh

Best Ideas List for January 2019

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering...

Morningstar, Inc.

This Week in Asian Telcos: China Tower IPO the Key Event to Watch Out For

A quick tour of news flow in the Asian telco space in the past week. China: China Tower IPO, SOE reform and 5GChina Tower IPO: The massive China...

New Street Research

Vodafone Idea: The End of AGR Chapter, What Next?

DoT finalizes Vodafone Idea's AGR dues at INR64,046 crore, easing financial burden and paving the way for Vi's recovery and growth.

Sudarshan Bhandari

Singapore Telco M&A: Lots of Rumors but Is a Deal Really Plausible?

With investment bankers appointed to review strategic options for the three controlling shareholders of M1 (M1 SP) there has been speculation about...

New Street Research

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Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about its connectivity...

Sumeet Singh

Best Ideas List for January 2019

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering...

Morningstar, Inc.

This Week in Asian Telcos: China Tower IPO the Key Event to Watch Out For

A quick tour of news flow in the Asian telco space in the past week. China: China Tower IPO, SOE reform and 5GChina Tower IPO: The massive China...

New Street Research

Vodafone Idea: The End of AGR Chapter, What Next?

​DoT finalizes Vodafone Idea's AGR dues at INR64,046 crore, easing financial burden and paving the way for Vi's recovery and growth.

Sudarshan Bhandari

Singapore Telco M&A: Lots of Rumors but Is a Deal Really Plausible?

With investment bankers appointed to review strategic options for the three controlling shareholders of M1 (M1 SP) there has been speculation about...

New Street Research

DoT finalizes Vodafone Idea's AGR dues at INR64,046 crore, easing financial burden and paving the way for Vi's recovery and growth.