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

TVS Supply Chain Solutions / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/tvs-supply-chain-solutions" target="_blank" data-smartkarma-citation="entities:36778:1" rel="noopener">TVS Supply Chain Solutions (1915741D IN)</a> is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.</li>
<li>TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. </li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.</li>
</ul>



TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.
TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. 
In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.


TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

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Equity Bottom-Up

<ul><li>VRL Logistics (VRLL) announced a capex plan of INR5.6b to purchase 1,600 trucks (~25,000t carrying capacity) spread over the next 12-18 months.</li><li>This capex is essential to: a) replace its older fleet that moves out due to the vehicle scraping policy and b) capture the pick-up in demand in the LTL segment.</li><li>We believe VRLL would be very well placed to capitalize on the growth opportunity after this capacity addition.</li></ul><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>

VRL Logistics (VRLL) announced a capex plan of INR5.6b to purchase 1,600 trucks (~25,000t carrying capacity) spread over the next 12-18 months.This capex is essential to: a) replace its older fleet that moves out due to the vehicle scraping policy and b) capture the pick-up in demand in the LTL segment.We believe VRLL would be very well placed to capitalize on the growth opportunity after this capacity addition.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.

VRL Logistics: New Capex Plan to Capitalize on the Growth Opportunities

<ul><li>The management is optimistic on VRLL’s growth prospects over the next couple of years. A shift towards the organized sector would result in robust business opportunities </li><li>In the near term, stabilization of fuel prices and improved volumes will benefit this sector. </li><li>We expect VRLL to clock a revenue/EBITDA/PAT CAGR of ~19%/19%/45% over FY21- 24E. We reiterate our Buy rating, with a TP of INR540/share (35x FY24E EPS)</li></ul><div class="content-highlight"><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></div>

The management is optimistic on VRLL’s growth prospects over the next couple of years. A shift towards the organized sector would result in robust business opportunities In the near term, stabilization of fuel prices and improved volumes will benefit this sector. We expect VRLL to clock a revenue/EBITDA/PAT CAGR of ~19%/19%/45% over FY21- 24E. We reiterate our Buy rating, with a TP of INR540/share (35x FY24E EPS)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.

<ul><li>With a robust growth outlook, we expect strong upside in the stock from current levels</li><li>The strong tailwinds for VRL would drive consistent growth in volumes and earnings over the next few years</li><li>VRL is focusing on the high-margin LTL business (driven by the B2B segment) and expanding its network into newer markets</li></ul><div class="content-highlight"><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></div>

With a robust growth outlook, we expect strong upside in the stock from current levelsThe strong tailwinds for VRL would drive consistent growth in volumes and earnings over the next few yearsVRL is focusing on the high-margin LTL business (driven by the B2B segment) and expanding its network into newer marketsContent 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.

VRL Logistics: Volume Growth to Drive Earnings

India

VRL Logistics Limited provides goods and passenger transportation services. The Company offers various goods transportation services, including general parcel and priority parcel delivery, courier, and full-truckload services through its transportation network. VRL Logistics serves customers in India.

VRL Logistics Ltd (VRLL IN)

TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.

Ethan Aw

VRL Logistics: New Capex Plan to Capitalize on the Growth Opportunities

VRL Logistics (VRLL) announced a capex plan of INR5.6b to purchase 1,600 trucks (~25,000t carrying capacity) spread over the next 12-18...

Motilal Oswal

VRL Logistics: Well Placed to Capitalize

We hosted the management of VRLL to get an understanding of the current business scenario and its outlook. The management is optimistic on...

Motilal Oswal

VRL Logistics: Volume Growth to Drive Earnings

With a robust growth outlook, we expect strong upside in the stock from current levels. The strong tailwinds for VRL would drive consistent growth...

Motilal Oswal