In today’s briefing:
- Max Healthcare (MAXHEALT IN): Sell
- Safex Chemicals India Ltd Pre-IPO Tearsheet
- Lucror Analytics – Morning Views Asia
- ICICI Prudential AMC IPO: Over 55% of AUM in High-Margin Equity, Powering B30 Growth
- Asian Paints Vs. Grasim: The Anti-Trust Showdown
Max Healthcare (MAXHEALT IN): Sell
- We are bullish on the long-term growth of the hospital sector in India.
- Like in the case of Apollo Hospitals, Max Healthcare will have tough competition from both listed and unlisted players.
- A 65 FPE does not factor in the high cost of expansion and potential challenges.
Safex Chemicals India Ltd Pre-IPO Tearsheet
- Safex Chemicals (India) Limited (1414700D IN) (SCIL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin, SBI.
- SCIL is a specialty chemicals company in agrochemicals, operating across branded formulation, specialty chemicals, and CDMO segments, serving both farmers and global agrochemical firms.
- According to the Frost & Sullivan Report, SCIL was among the fastest-growing players in the Indian agrochemical industry in terms of revenue growth between FY2023-25.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports
- Front-end UST yields declined yesterday, on account of subdued PPI data. The curve steepened meaningfully, following reports that US President Donald Trump had discussed with Republican members of Congress the dismissal of Fed Chairman Jerome Powell (which Mr Trump subsequently denied).
- The yield on the 2Y UST fell 5 bps to 3.89%, while the yield on the 10Y UST was down 3 bps at 4.46%. Equities recovered from an earlier sell-off, with the S&P 500 and Nasdaq both ending 0.3% higher at 6,264 and 20,730, respectively.
ICICI Prudential AMC IPO: Over 55% of AUM in High-Margin Equity, Powering B30 Growth
- ICICI Prudential AMC (570643Z IN) is the largest AMC in India by active mutual fund QAAUM with 13.3% market share.
- Company is growing at more than 30% CAGR in last 3 years and having focus on B30 Cities and emerging markets to drive growth.
- Since company is cash rich with no borrowings, they are coming up with 100% OFS.
Asian Paints Vs. Grasim: The Anti-Trust Showdown
- Grasim (Birla Opus) filed an antitrust complaint alleging Asian Paints used dealer-exclusivity, supply-chain pressure, and reputational tactics to throttle its rollout.
- CCI’s prima-facie order opens a DG probe; outcome could reset the playbook on dealer contracts in all B2C staples.
- DG has 90 days to file its report. Possible end-states: (i) dismissal, (ii) monetary penalty + conduct remedies (exclusivity clauses void), (iii) structural remedy (unlikely).
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