APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Asirvad Micro Finance Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asirvad-micro-finance-limited" target="_blank" data-smartkarma-citation="entities:40211:1" rel="noopener">Asirvad Micro Finance Limited (1053198D IN)</a> is looking to raise around US$183m in its upcoming India IPO. The deal will be run by JM Financial, Kotak, Nomura, SBI Caps.</li>
<li>Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.</li>
<li>As per the CRISIL report, Asirvad was the largest MFI in India in terms of geographical coverage and third largest MFI in India in terms of AUM, in FY23.</li>
</ul>



Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. The deal will be run by JM Financial, Kotak, Nomura, SBI Caps.
Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.
As per the CRISIL report, Asirvad was the largest MFI in India in terms of geographical coverage and third largest MFI in India in terms of AUM, in FY23.


Asirvad Micro Finance Limited Pre-IPO Tearsheet

Asian bank research and consultancy, Tabbush Report

Daniel Tabbush

Asian bank research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>Cost at PNB are high and rising, a major drag on its ROA and RORWA, which largely offsets better credit metrics. </li>
<li>There are many market positives in India banks, but relative to all large peers, <a href="https://www.smartkarma.com/entities/punjab-national-bank" target="_blank" data-smartkarma-citation="entities:542:1" rel="noopener">Punjab National Bank (PNB IN)</a><span>has the lowest</span> RORWA </li>
<li>There is no LDR expansion at PNB. NIM is languishing. Its high 20% govt loans/total loans is high, with 2 peers' even higher, but better returns. </li>
</ul>


Cost at PNB are high and rising, a major drag on its ROA and RORWA, which largely offsets better credit metrics. 
There are many market positives in India banks, but relative to all large peers, Punjab National Bank (PNB IN)has the lowest RORWA 
There is no LDR expansion at PNB. NIM is languishing. Its high 20% govt loans/total loans is high, with 2 peers' even higher, but better returns. 


Punjab National Bank - Weak Returns, High Costs, High Govt Loans, No LDR Expansion, NIM Down QoQ

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELETEs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.</li>
<li>The BSE AllCap index Rebalance was completed in September 2023. There were 77 ADDs and 73 DELs. </li>
<li>Since the BSE AllCap index is the main universe for the BSE 200, 100, and SENSEX indices, there have been some changes to our December 2023 index change expectations.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELETEs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.
The BSE AllCap index Rebalance was completed in September 2023. There were 77 ADDs and 73 DELs. 
Since the BSE AllCap index is the main universe for the BSE 200, 100, and SENSEX indices, there have been some changes to our December 2023 index change expectations.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: AllCap Sep 23 Rebal Done; Some Changes to Expectations

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> reported 51% attrition in FY2023 from 37% in FY2022</li>
<li>In the annual report the directors completely ignored acknowledging or discussing the attrition apart from the mandatory disclosure</li>
<li>The sharply rising attrition indicates poor human resource policies in recruitment and training which adversely impact cost management</li>
</ul>



Indusind Bank (IIB IN) reported 51% attrition in FY2023 from 37% in FY2022
In the annual report the directors completely ignored acknowledging or discussing the attrition apart from the mandatory disclosure
The sharply rising attrition indicates poor human resource policies in recruitment and training which adversely impact cost management


Indusind Bank: When Half the Staff Left, Why Didn’t Independent Directors Think It Worth Mentioning?

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.</li>
<li>In July, we saw the deletion of <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> from several indices in this family which triggered multiple intra-review index changes.</li>
<li>At present, I do not see any changes for the SENSEX index but I see seven ADDs/DELs for BSE 100 and five ADDs/DELs for BSE 200.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.
In July, we saw the deletion of HDFC Limited (HDFC IN) from several indices in this family which triggered multiple intra-review index changes.
At present, I do not see any changes for the SENSEX index but I see seven ADDs/DELs for BSE 100 and five ADDs/DELs for BSE 200.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200

India

YES BANK Limited provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, corporate, and business banking services. YES BANK serves the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology, and infrastructure development industries in India.

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Yes Bank (YES IN)

Asirvad Micro Finance Limited Pre-IPO Tearsheet

Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. The deal will be run by JM Financial,...

Clarence Chu

Punjab National Bank - Weak Returns, High Costs, High Govt Loans, No LDR Expansion, NIM Down QoQ

PNB is seeing rising operating costs, languishing NIM, stagnant LDR. Its high government loans may be a key burden on returns. Credit cost decline...

Daniel Tabbush

Quiddity Leaderboard BSE/SENSEX Dec 23: AllCap Sep 23 Rebal Done; Some Changes to Expectations

Currently, I do not see any changes for the SENSEX Index in December 2023. There could be seven changes for the BSE 100 index and six changes for...

Janaghan Jeyakumar, CFA

Indusind Bank: When Half the Staff Left, Why Didn’t Independent Directors Think It Worth Mentioning?

The complete neglect by the Indusind Bank board to discuss attrition reflects poorly on its conduct. Providing increment to a key official when...

Hemindra Hazari

Quiddity Leaderboard BSE/SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200

All else equal, if Wipro's average share price for the remainder of the reference period is more than 17% lower than the latest price, the company...

Janaghan Jeyakumar, CFA

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52-week Range

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Asirvad Micro Finance Limited Pre-IPO Tearsheet

Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. The deal will be run by JM Financial,...

Clarence Chu

Punjab National Bank - Weak Returns, High Costs, High Govt Loans, No LDR Expansion, NIM Down QoQ

PNB is seeing rising operating costs, languishing NIM, stagnant LDR. Its high government loans may be a key burden on returns. Credit cost decline...

Daniel Tabbush

Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: AllCap Sep 23 Rebal Done; Some Changes to Expectations

Currently, I do not see any changes for the SENSEX Index in December 2023. There could be seven changes for the BSE 100 index and six changes for...

Janaghan Jeyakumar, CFA

Indusind Bank: When Half the Staff Left, Why Didn’t Independent Directors Think It Worth Mentioning?

The complete neglect by the Indusind Bank board to discuss attrition reflects poorly on its conduct. Providing increment to a key official when...

Hemindra Hazari

Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200

All else equal, if Wipro's average share price for the remainder of the reference period is more than 17% lower than the latest price, the company...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/SENSEX Dec 23: AllCap Sep 23 Rebal Done; Some Changes to Expectations

Quiddity Leaderboard BSE/SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200