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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom (6597372Z IN)</a>, a 70% owned subsidiary of <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>, aims to raise up to US$513 million at an IPO price range of Rs542-570 per share.</li>
<li>In <a href="https://www.smartkarma.com/insights/bharti-hexacom-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:134782" rel="noopener">Bharti Hexacom IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on low geographic diversification, slowing growth, share overhang from TCIL’s desire to exit fully, mid-tier revenue growth and EBITDA margin. </li>
</ul>



Bharti Hexacom (6597372Z IN), a 70% owned subsidiary of Bharti Airtel (BHARTI IN), aims to raise up to US$513 million at an IPO price range of Rs542-570 per share.
In Bharti Hexacom IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on low geographic diversification, slowing growth, share overhang from TCIL’s desire to exit fully, mid-tier revenue growth and EBITDA margin. 


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> is looking to raise up to US$1bn in its upcoming India IPO.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Bharti Hexacom is looking to raise up to US$1bn in its upcoming India IPO.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
In this note, we talk about the not-so-positive aspects of the deal.


Bharti Hexacom Pre-IPO - The Negatives - No Clear Rationale for Listing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom (6597372Z IN)</a>, a 70% owned subsidiary of <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>, aims to raise around US$500 million at a valuation of US$3.3-4.2 billion. </li>
<li>The offer is a pure secondary offering. The Government of India aims to reduce its stake from 30% to 15% of outstanding shares. </li>
<li>The bull case rests on market share gains, ARPU growth, low churn rates, improving margins, cash generation and low leverage. </li>
</ul>



Bharti Hexacom (6597372Z IN), a 70% owned subsidiary of Bharti Airtel (BHARTI IN), aims to raise around US$500 million at a valuation of US$3.3-4.2 billion. 
The offer is a pure secondary offering. The Government of India aims to reduce its stake from 30% to 15% of outstanding shares. 
The bull case rests on market share gains, ARPU growth, low churn rates, improving margins, cash generation and low leverage. 


Tata Consultancy Svcs / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN). 


ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
Macro data points: Chinese tourism and interest rates, Thailand GDP growth, South Korea exports</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a>, <a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

Macro data points: Chinese tourism and interest rates, Thailand GDP growth, South Korea exports

 Companies mentioned:JD.com (9618 HK), XPeng (9868 HK), Vodafone Idea (IDEA IN)



GEMWeekly (23 Feb 2024): China, Thailand, South Korea Macro; JD.com, Xpeng, Vodafone Idea

India

Vodafone Idea Limited operates as a telecom service provider. The Company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment. Vodafone Idea serves customers in India.

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Vodafone Idea (IDEA IN)

Bharti Hexacom IPO: The Bear Case

The bear case rests on low geographic diversification, slowing growth, share overhang from TCIL’s desire to exit fully, mid-tier revenue growth and...

Arun George

Bharti Hexacom Pre-IPO - The Negatives - No Clear Rationale for Listing

The company is said to be looking to launch its IPO next week, which will entirely comprise of an offer for sale of half of the stake of Government...

Sumeet Singh

Bharti Hexacom IPO: The Bull Case

The bull case rests on market share gains, ARPU growth, low churn rates, improving margins, cash generation and low leverage.

Arun George

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

GEMWeekly (23 Feb 2024): China, Thailand, South Korea Macro; JD.com, Xpeng, Vodafone Idea

The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)