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/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe </a>(PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.</li>
<li>PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.
PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.
In this note, we talk about the positive aspects of the deal.


Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

Equity Bottom-Up

<ul><li>Valuation in Retail Sales diverging — Walmart (WMT) bricks and mortar seller with 82% in-store sales &amp; 18% online) VS Amazon (AMZN) with 95% online &amp; 5% in-store):</li><li>Walmart with a bonkers 45.8x forward P/E as it hit $1 trillion market capitalisation — also now trading at 3x its average (pre-2024) EV/EBIT multiple and 65x P/FCF for a business that grew revenues less than 4% CAGR for the last decade</li><li>Amazon with a colling 27.4x forward P/E</li></ul>

Valuation in Retail Sales diverging — Walmart (WMT) bricks and mortar seller with 82% in-store sales &amp; 18% online) VS Amazon (AMZN) with 95% online &amp; 5% in-store):Walmart with a bonkers 45.8x forward P/E as it hit $1 trillion market capitalisation — also now trading at 3x its average (pre-2024) EV/EBIT multiple and 65x P/FCF for a business that grew revenues less than 4% CAGR for the last decadeAmazon with a colling 27.4x forward P/E

Amazon Vs Walmart, Retail Sales & Banks + Investment Themes by Decades

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Price momentum remains weak (our index -22%), spot rates down sharply in January</li>
<li>North American Pacific coast ports inbound volume down ~5% Y/Y in December</li>
<li>Testing the waters: carriers remain cautious about quick return to Suez Canal</li>
</ul>


Price momentum remains weak (our index -22%), spot rates down sharply in January
North American Pacific coast ports inbound volume down ~5% Y/Y in December
Testing the waters: carriers remain cautious about quick return to Suez Canal


Monthly Container Shipping Tracker | Spot Rates Weaker Ahead of LNY | Suez Canal Re-Opening Update

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe</a> is looking to list on the Indian exchanges with pre-IPO investors looking to sell 50.66m shares at a valuation of US$13.1bn and raising around US$1.3bn in the IPO.</li>
<li>The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in September.</li>
<li>The stock should be added to the Large Cap segment in the AMFI Classification in July and to the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> in September.</li>
</ul>



Phonepe is looking to list on the Indian exchanges with pre-IPO investors looking to sell 50.66m shares at a valuation of US$13.1bn and raising around US$1.3bn in the IPO.
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in September.
The stock should be added to the Large Cap segment in the AMFI Classification in July and to the NSE Nifty Next 50 Index in September.


PhonePe IPO: Limited Float & Index Inclusion Timeline

<ul>
<li>A new civil lawsuit filed in Arizona mainly focuses on data collection, privacy issues</li>
<li>We believe US operating environment remains extremely challenging for Temu, SHEIN</li>
<li>Recent media reports suggest a dramatic decline in inbound parcel volume after August</li>
</ul>


A new civil lawsuit filed in Arizona mainly focuses on data collection, privacy issues
We believe US operating environment remains extremely challenging for Temu, SHEIN
Recent media reports suggest a dramatic decline in inbound parcel volume after August


Temu Faces New US Lawsuit in Arizona | Import Parcels Decline Sharply Since End of 'de Minimis'

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Amazon Vs Walmart, Retail Sales & Banks + Investment Themes by Decades

Walmart with a bonkers 45.8x forward P/E as it hit $1 trillion market capitalisation — also now trading at 3x its average (pre-2024) EV/EBIT multiple

Maverick Equity Research

Monthly Container Shipping Tracker | Spot Rates Weaker Ahead of LNY | Suez Canal Re-Opening Update

Underlying supply-demand conditions for deep sea container carriers remain weak, with poor US consumer sentiment and rapid capacity growth. A Suez...

Tracking Traffic

PhonePe IPO: Limited Float & Index Inclusion Timeline

Phonepe's IPO could raise US$1.3bn and value the company at US$13.1bn. Index inclusions could start in September and the stock will be added to the...

Brian Freitas

Temu Faces New US Lawsuit in Arizona | Import Parcels Decline Sharply Since End of 'de Minimis'

In this insight we examine a new civil lawsuit filed against Temu in the US state of Arizona. We also review a range of numbers suggesting a sharp...

Tracking Traffic

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