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

Nomura Research Institute / Equity Capital Markets

<ul>
<li>Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research.</li>
<li>This is not the first sale by Nomura and hence, might not come as a complete surprise.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research.
This is not the first sale by Nomura and hence, might not come as a complete surprise.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Nomura Research Placement - Has Sold Before, Deal Might Be More Reflective on the Parent's Results

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Japan Financials have suffered a long-term decline in exposure.  Ownership has dropped from 56% of managers in December 2013 to just 31.2% today.</li>
<li>However, there are signs that these ownership declines are starting to reverse course, led by manager buying in Japan Post Holdings, Ms&amp;Ad Insurance and Sompo Holdings</li>
<li>If recent activity suggests a shift in sentiment for Japan Financials stocks, there is plenty of room for ownership levels to move higher from here.</li>
</ul>


Japan Financials have suffered a long-term decline in exposure.  Ownership has dropped from 56% of managers in December 2013 to just 31.2% today.
However, there are signs that these ownership declines are starting to reverse course, led by manager buying in Japan Post Holdings, Ms&amp;Ad Insurance and Sompo Holdings
If recent activity suggests a shift in sentiment for Japan Financials stocks, there is plenty of room for ownership levels to move higher from here.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet <a href="https://www.smartkarma.com/entities/olam-international-ltd" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam (OLAM SP)</a> is a tricky beast to analyze.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. </li>
<li>The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> and AGL has rejected it.</li>
</ul>


With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet Olam (OLAM SP) is a tricky beast to analyze.

Bank of Kyoto (8369 JP) would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. 
The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for AGL Energy Ltd (AGL AU) and AGL has rejected it.


Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

Cosmo Energy Holdings   / Equity Capital Markets

<ul>
<li>Mubadala aims to raise around US$287m via selling its 15.8% stake in <a href="https://www.smartkarma.com/entities/cosmo-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26565:1" rel="noopener">Cosmo Energy Holdings (5021 JP)</a>.</li>
<li>The stock has been doing well owing to the rise in crude prices and Mubadala has sold some stock before and hence, the deal might not be wholly unexpected. </li>
<li>However, its an accelerated bookbuild in Japan, which don’t have a great track record.</li>
</ul>


Mubadala aims to raise around US$287m via selling its 15.8% stake in Cosmo Energy Holdings (5021 JP).
The stock has been doing well owing to the rise in crude prices and Mubadala has sold some stock before and hence, the deal might not be wholly unexpected. 
However, its an accelerated bookbuild in Japan, which don’t have a great track record.


Cosmo Energy Holdings Placement - Stock Has Done Well, Deal Might Be Expected but It's Accelerated

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>We have articulated why we believe Japan Post Bank and Japan Post Insurance could have 100%+ upside.</li>
<li>We further believe that Japan Post Holdings also offers very significant upside potential.</li>
<li>His comes not just from its subsidiaries’ performance but also improvements in post office profitability and shrinking of the holdco discount.</li>
</ul>


We have articulated why we believe Japan Post Bank and Japan Post Insurance could have 100%+ upside.
We further believe that Japan Post Holdings also offers very significant upside potential.
His comes not just from its subsidiaries’ performance but also improvements in post office profitability and shrinking of the holdco discount.


Japan Post Holdings – Gaming Out a Five Bagger

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

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Japan Post Holdings (6178 JP)

Nomura Research Placement - Has Sold Before, Deal Might Be More Reflective on the Parent's Results

Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research. This won't be the first selldown by the parent.

Sumeet Singh

Japan Financials: Bottoming Out?

Japan Financials have suffered a long-term decline in exposure among active Global fund managers. However, there are signs that ownership levels...

Steven Holden

Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Cosmo Energy Holdings Placement - Stock Has Done Well, Deal Might Be Expected but It's Accelerated

Mubadala aims to raise around US$287m via selling its 15.8% stake in Cosmo Energy Holdings (5021 JP). It will mark a complete exit for Mubadala.

Sumeet Singh

Japan Post Holdings – Gaming Out a Five Bagger

We believe that Japan Post Holdings offers very significant upside potential from improvements in profitability, shrinking of the holdco discount...

Mio Kato

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