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/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> aims to raise around US$8-10bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a> ’ US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the positive aspects of the deal.


ARM Holdings Limited - The Positives - Pervasive Global Presence

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. PCE Deflator 3.0%YoY; 0.2%MoM calms (re)inflation fears; Yields fall,  Equities rebound as Goldilocks View of Economy/Markets intact; SPX 2Q earnings not so bad; China further moves to bolster economy; </li>
<li>JAPAN. NKY Futures 1% vs Cash; USDJPY 141.2; BOJ Tweaks - 0.5% JGB10Y  yield now a reference, not a ceiling; To buy bonds at 1%.; Next inflation forecast 1.9%=continued easing</li>
<li>NUGGET. Nidec-Renesas Partnership potentially a big deal for both companies. Successful execution will lead to sales and profit growth for both companies in their respective areas.</li>
</ul>


OVERSEAS. PCE Deflator 3.0%YoY; 0.2%MoM calms (re)inflation fears; Yields fall,  Equities rebound as Goldilocks View of Economy/Markets intact; SPX 2Q earnings not so bad; China further moves to bolster economy; 
JAPAN. NKY Futures 1% vs Cash; USDJPY 141.2; BOJ Tweaks - 0.5% JGB10Y  yield now a reference, not a ceiling; To buy bonds at 1%.; Next inflation forecast 1.9%=continued easing
NUGGET. Nidec-Renesas Partnership potentially a big deal for both companies. Successful execution will lead to sales and profit growth for both companies in their respective areas.


Ohayo Japan|Benign PCE Deflator Spurs Equities; BOJ Easing to Continue: Nidec+Renasas = A Big Deal

<ul>
<li>OVERSEAS. SOX 1.9% bid as Generative AI drives bid for semis/tech hardware; Booming US Economy as GDP prints 2.4% driving yields higher; But USD weaker vs Yen on BOJ. </li>
<li>JAPAN.  NKY Futures -1% vs Cash; USDJPY 139. 5; Really all about the BOJ as the Nikkei broke news  on potential YCC tweak; Earnings deluge: -ve Shin-etsu; Fujitsu. </li>
<li>NUGGET. Tokyo Steel has more advantages than meets the eye. No need for the massive capex in the crucial process that Nippon Steel or JFE needs to put out. Bullish. </li>
</ul>


OVERSEAS. SOX 1.9% bid as Generative AI drives bid for semis/tech hardware; Booming US Economy as GDP prints 2.4% driving yields higher; But USD weaker vs Yen on BOJ. 
JAPAN.  NKY Futures -1% vs Cash; USDJPY 139. 5; Really all about the BOJ as the Nikkei broke news  on potential YCC tweak; Earnings deluge: -ve Shin-etsu; Fujitsu. 
NUGGET. Tokyo Steel has more advantages than meets the eye. No need for the massive capex in the crucial process that Nippon Steel or JFE needs to put out. Bullish. 


Ohayo Japan| AI Bid; Strong GDP->more Hikes? Stocks Drop; NUGGET: Steel Decarb-Advantage Tokyo Steel

<ul>
<li>OVERSEAS.  Fed job done; Inflation over- Stocks, Bonds Rally, USD falls; China new June new Credit growth accelerates- spurs Resources; Musk launches xAI ; Big Broker Upgrade to Euro Semi</li>
<li>JAPAN. NKY Futures +0.3% vs Cash; USDJPY 138.5; US CPI print drives yen strength - headwind to stocks; PayPay to list in US ?  GS Ups Sony to Conviction BUY</li>
<li>NUGGET. DX Consultant BayCurrent to report on Friday - Generative AI boom the next driver ? </li>
</ul>


OVERSEAS.  Fed job done; Inflation over- Stocks, Bonds Rally, USD falls; China new June new Credit growth accelerates- spurs Resources; Musk launches xAI ; Big Broker Upgrade to Euro Semi
JAPAN. NKY Futures +0.3% vs Cash; USDJPY 138.5; US CPI print drives yen strength - headwind to stocks; PayPay to list in US ?  GS Ups Sony to Conviction BUY
NUGGET. DX Consultant BayCurrent to report on Friday - Generative AI boom the next driver ? 


Ohayo Japan| Fed Job Done-Inflation Over, Stocks Rally; NUGGET: BayCurrent - To Leap from DX to AI ?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Since the announcement of the US$1.9 billion secondary placement, <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a>’s shares are down -25.0% from the undisturbed price of JPY21,950 per share (5 July).</li>
<li>So far, Socionext’s shares have mostly followed the pattern of previous large placements. Investors participating in previous large Japanese placements tend to secure positive returns.</li>
<li>The offering will likely be priced on 11 July. Due to the steep share price decline, Socionext is trading at an undemanding multiple compared to global SoC peers.  </li>
</ul>


Since the announcement of the US$1.9 billion secondary placement, Socionext (6526 JP)’s shares are down -25.0% from the undisturbed price of JPY21,950 per share (5 July).
So far, Socionext’s shares have mostly followed the pattern of previous large placements. Investors participating in previous large Japanese placements tend to secure positive returns.
The offering will likely be priced on 11 July. Due to the steep share price decline, Socionext is trading at an undemanding multiple compared to global SoC peers.  


Socionext (6526 JP): The Current Playbook

Japan

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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Renesas Electronics (6723 JP)

ARM Holdings Limited - The Positives - Pervasive Global Presence

Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO. In this note, we talk about the...

Sumeet Singh

Ohayo Japan|Benign PCE Deflator Spurs Equities; BOJ Easing to Continue: Nidec+Renasas = A Big Deal

US Equities rebound as confidence grows in Golilocks trade; NKY Futures 1% vs Cash; USDJPY 141.2; BOJ Tweaks -To buy 10 year bonds at 1%.; Next...

Mark Chadwick

Ohayo Japan| AI Bid; Strong GDP->more Hikes? Stocks Drop; NUGGET: Steel Decarb-Advantage Tokyo Steel

Strong US GDP print drive yield higher, stocks drop; NKY Futures -1% vs Cash; USDJPY 139. 5; Really all about the BOJ as the Nikkei broke news on...

Mark Chadwick

Ohayo Japan| Fed Job Done-Inflation Over, Stocks Rally; NUGGET: BayCurrent - To Leap from DX to AI ?

Fed job done - inflation defeated; NKY Futures +0.3% vs Cash; USDJPY 138.5; US CPI print drives yen strength - headwind to stocks; PayPay to list...

Mark Chadwick

Socionext (6526 JP): The Current Playbook

So far, Socionext’s shares have mostly followed the pattern of previous large placements. Investors participating in previous large Japanese...

Arun George

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