Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

ORIX Corporation provides comprehensive financial services throughout the world. The Company's business lines include leasing, real estate loans, life insurance, banking, and consumer finance.  The Company also operates Environment related business and Private equity investment business. ORIX has a professional baseball team, the ORIX Buffalos.

<ul>
 <li>ORIX's highly diversified business portfolio, spanning ten segments from finance to service-related industries, provides a significant buffer against volatility in any single sector and allows for synergistic collaboration.</li>
 <li>The company is pursuing a strategic shift towards an asset-light model, focusing on capital recycling and fee-generating activities to improve return on equity (ROE), with a target of 11% by FY28 and 15% by 2035.</li>
 <li>While demonstrating resilient revenue growth, <a href="https://smartkarma.com/entities/orix-corp-c10c0f76-b8ab-4583-9f3c-8fe16a1e5c70">ORIX </a>faces challenges related to its capital structure, including a high debt-to-equity ratio and potential financial distress risks in a rising interest rate environment.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  ORIX's highly diversified business portfolio, spanning ten segments from finance to service-related industries, provides a significant buffer against volatility in any single sector and allows for synergistic collaboration.
  The company is pursuing a strategic shift towards an asset-light model, focusing on capital recycling and fee-generating activities to improve return on equity (ROE), with a target of 11% by FY28 and 15% by 2035.
  While demonstrating resilient revenue growth, ORIX faces challenges related to its capital structure, including a high debt-to-equity ratio and potential financial distress risks in a rising interest rate environment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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

SBI Shinsei Bank / Equity Capital Markets

SBI Shinsei Bank, Ltd. provides banking services including deposits, loans, and foreign exchange transaction, as well as investment trust service and issuance of long-term bonds.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, HK IPOs continue to be launched into the year end.</li>
<li>On the placements front, there are a number of lockup expiries coming up over the next few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.


ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

<ul>
 <li>
<a href="https://smartkarma.com/entities/india-shelter-finance">India Shelter Finance</a> is a rapidly growing housing finance company focused on the underserved affordable housing segment in India's Tier II and Tier III cities.</li>
 <li>The company targets self-employed individuals, a niche with significant growth potential but also higher inherent credit risk. Its in-house, technology-driven model for loan origination and servicing is a key operational strength.</li>
 <li>Strong financial performance, characterized by robust AUM growth and healthy profitability, is a key attraction. However, the company's high valuation and exposure to interest rate volatility are notable risks.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
India Shelter Finance is a rapidly growing housing finance company focused on the underserved affordable housing segment in India's Tier II and Tier III cities.
  The company targets self-employed individuals, a niche with significant growth potential but also higher inherent credit risk. Its in-house, technology-driven model for loan origination and servicing is a key operational strength.
  Strong financial performance, characterized by robust AUM growth and healthy profitability, is a key attraction. However, the company's high valuation and exposure to interest rate volatility are notable risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: India Shelter Finance (0570670D IN) - Dec 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.</li>
<li>The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.</li>
<li>We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.
The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.
We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.


A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>EURNOK has risen through December, briefly moving above 12 ahead of Norges Bank’s policy meeting.</li><li>However, from the current levels, we see more limited upside and expect EURNOK to gradually drift lower towards 11.75 during the first quarter.</li><li>The NOK has faced significant headwinds, particularly in December, driven by several factors.</li></ul>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.

EURNOK has risen through December, briefly moving above 12 ahead of Norges Bank’s policy meeting.However, from the current levels, we see more limited upside and expect EURNOK to gradually drift lower towards 11.75 during the first quarter.The NOK has faced significant headwinds, particularly in December, driven by several factors.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.