Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX resumes rally as Powell Speech affirms 5% Peak rates;   Beta dominates as Energy and Tech lead; Oil rebound as EIA sees higher Oil +  Saudis lift prices</li>
<li>JAPAN.  NKY Futs -0.1% (flat) vs Cash;  Inbound headwinds as China excludes Japan from Group tours;  Son skips Softbank brief in wake of Vision fund disaster; Nintendo/Switch - its Over!</li>
<li>DAILY NUGGETS. Nintendo - Game Over. Is our view.  The Switch is getting old and we are past the peak..</li>
</ul>


OVERSEAS.  SPX resumes rally as Powell Speech affirms 5% Peak rates;   Beta dominates as Energy and Tech lead; Oil rebound as EIA sees higher Oil +  Saudis lift prices
JAPAN.  NKY Futs -0.1% (flat) vs Cash;  Inbound headwinds as China excludes Japan from Group tours;  Son skips Softbank brief in wake of Vision fund disaster; Nintendo/Switch - its Over!
DAILY NUGGETS. Nintendo - Game Over. Is our view.  The Switch is getting old and we are past the peak..


Good Morning Japan |Peak Rates Still 5% Post Powell - Beta Roars Back; Inbound-China Excludes Japan

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.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault</a> coming to a new arrangement regarding their working relationship, Renault will be left with a US$4.3bn Nissan stake that it will look to sell eventually.</li>
<li>The selldown will probably take a long while to materialize.</li>
<li>In this note, we talk about the announcement and take a very early look at the possible selldown.</li>
</ul>


With Nissan (7201 JP) and Renault coming to a new arrangement regarding their working relationship, Renault will be left with a US$4.3bn Nissan stake that it will look to sell eventually.
The selldown will probably take a long while to materialize.
In this note, we talk about the announcement and take a very early look at the possible selldown.


Nissan’s Renault Led Selldown Very Early Look - US$4.3bn Prolonged Overhang or Lack Thereof

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> is looking to raise around US$170m in its upcoming US IPO.</li>
<li>HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Hesai Group (HSAI US) is looking to raise around US$170m in its upcoming US IPO.
HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


<ul>
<li>OVERSEAS.  SPX +1.2% but all Action in Tech as SOX +5.5%; Barclay Sector upgrade spurs Semis; Fed Hikes in the rear view for now; Watch Copper - supply risks+China demand</li>
<li>JAPAN. NKY Futs +0.9% vs Cash; USDJPY 130.65; Where US goes, Japan will follow: All about Tech; Kishida speech: Nuclear Power, Defense, Child support in focus; Wage hikes gather steam. </li>
<li>DAILY NUGGET. Davos  on board with the coming of the Metaverse. We highlight this and think there are near term challenges. </li>
</ul>


OVERSEAS.  SPX +1.2% but all Action in Tech as SOX +5.5%; Barclay Sector upgrade spurs Semis; Fed Hikes in the rear view for now; Watch Copper - supply risks+China demand
JAPAN. NKY Futs +0.9% vs Cash; USDJPY 130.65; Where US goes, Japan will follow: All about Tech; Kishida speech: Nuclear Power, Defense, Child support in focus; Wage hikes gather steam. 
DAILY NUGGET. Davos  on board with the coming of the Metaverse. We highlight this and think there are near term challenges. 


Good Morning Japan |THE SQUEEZE - Just Buy Tech; US Broker U/G to Semi Spurs Rally; Watch Copper

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> (LGES) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of the IPO price range.</li>
<li>The stock was listed on 27th Jan 22. Its one-year lockup is set to expire soon.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note</li>
</ul>



LG Energy Solution (373220 KS) (LGES) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of the IPO price range.
The stock was listed on 27th Jan 22. Its one-year lockup is set to expire soon.
In this note, we will talk about the lock-up dynamics and updates since our last note


LG Energy IPO Lock-Up - Last of the Lockups at US$3bn

Japan

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

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Honda Motor (7267 JP)

Good Morning Japan |Peak Rates Still 5% Post Powell - Beta Roars Back; Inbound-China Excludes Japan

NKY indicated flate; Inbound headwinds as China exludes Japan from Group tours; Son skips Softbank brief in wake of Vision fund disaster; Nintendo...

Mark Chadwick

Nissan’s Renault Led Selldown Very Early Look - US$4.3bn Prolonged Overhang or Lack Thereof

With Nissan (7201 JP) and Renault (RNO FP) coming to a new arrangement regarding their working relationship, Renault will be left with a US$4.3bn...

Sumeet Singh

Hesai Group IPO - Thoughts on Valuation

Hesai Group (HSAI US) is looking to raise around US$170m in its upcoming US IPO. In this note, we till talk about valuations.

Sumeet Singh

Good Morning Japan |THE SQUEEZE - Just Buy Tech; US Broker U/G to Semi Spurs Rally; Watch Copper

JAPAN. NKY Futs +0.9% vs Cash; USDJPY 130.65; Where US goes, Japan will follow: All about Tech; Kishida speech: Nuclear Power, Defense, Child...

Mark Chadwick

LG Energy IPO Lock-Up - Last of the Lockups at US$3bn

LG Energy Solution (373220 KS) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of the IPO price range. Its one-year lockup...

Sumeet Singh

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