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>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine Holdings (8766 JP)</a> had a stake over US$100m in at least 33 listed Japanese stocks, amounting to a total of US$16.5bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.

Tokio Marine Holdings (8766 JP) had a stake over US$100m in at least 33 listed Japanese stocks, amounting to a total of US$16.5bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell

<ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a href="https://www.smartkarma.com/entities/sompo-holdings-inc" target="_blank" data-smartkarma-citation="entities:632:1" rel="noopener">Sompo Holdings (8630 JP)</a> had a stake over US$100m in at least 16 listed Japanese stocks, amounting to a total of around US$6bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.

Sompo Holdings (8630 JP) had a stake over US$100m in at least 16 listed Japanese stocks, amounting to a total of around US$6bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Sompo Holdings Cross-Shareholding - At Least US$8bn of Cross-Shareholding to Sell

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 INDEX</a> is getting WEEKLY OVERBOUGHT after just +1 week up. Rallying further during the next 2-3 weeks may be hard, it could stall or fall.</li>
<li>If the index rallies further this week, it could fall the following week. Alternatively it could stall this week and rally the following week/s, but OVERBOUGHT status won't go away.</li>
<li>34256 is the Q3 resistance target on CC=+3, this should be a hard barrier to breach. An earlier barrier is Q3 resistance on the Gen.Pattern Boxplot = 33835.</li>
</ul>


The Nikkei 225 INDEX is getting WEEKLY OVERBOUGHT after just +1 week up. Rallying further during the next 2-3 weeks may be hard, it could stall or fall.
If the index rallies further this week, it could fall the following week. Alternatively it could stall this week and rally the following week/s, but OVERBOUGHT status won't go away.
34256 is the Q3 resistance target on CC=+3, this should be a hard barrier to breach. An earlier barrier is Q3 resistance on the Gen.Pattern Boxplot = 33835.


EQD | Nikkei 225 (NKY) Enters WEEKLY OVERBOUGHT Resistance Area

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Toyota Group autoparts maker <a href="https://www.smartkarma.com/entities/aisin-seiki-co-ltd" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin Seiki (7259 JP)</a> today <a href="https://www.aisin.com/en/news/2023/005984.html" target="_blank" rel="noopener">announced</a> a new <a href="https://www.aisin.com/en/investors/settlement/uploads/Mid%20Long-term%20IR_presentation_en.pdf" target="_blank" rel="noopener">Medium-Term Plan</a>. They plan to shift their business away from "entrusted" business, towards BEV, Brakes, and "Safe/Comfort Entry"</li>
<li>They aim to grow revenues 25% from 2021 to 2025 and an additional 10-20% by 2030. </li>
<li>They also aim to improve investment and capital efficiency, and that's where we can look at the interesting possibilities.</li>
</ul>


Toyota Group autoparts maker Aisin Seiki (7259 JP) today announced a new Medium-Term Plan. They plan to shift their business away from "entrusted" business, towards BEV, Brakes, and "Safe/Comfort Entry"
They aim to grow revenues 25% from 2021 to 2025 and an additional 10-20% by 2030. 
They also aim to improve investment and capital efficiency, and that's where we can look at the interesting possibilities.


The New Aisin (7259) MTP - Selling Crossholdings, Eventually

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS:  Strong ISM, Higher Yields, Strong USD = Equity Sell off; Oaktree's Marks sees rise in default from higher rates; Germany Industrial Orders fall; China bans iPhones in Govt offices</li>
<li>JAPAN: NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX intervention with weakening Yen; Inflation fears drive Gold purchases; Japan Defense Agency courting new Tech</li>
<li>JAPAN X: Panasonic CEO Aims to Triple P/B Ratio, Focusing on EV Battery Growth. Other Japanese firms should take heed. </li>
</ul>


OVERSEAS:  Strong ISM, Higher Yields, Strong USD = Equity Sell off; Oaktree's Marks sees rise in default from higher rates; Germany Industrial Orders fall; China bans iPhones in Govt offices
JAPAN: NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX intervention with weakening Yen; Inflation fears drive Gold purchases; Japan Defense Agency courting new Tech
JAPAN X: Panasonic CEO Aims to Triple P/B Ratio, Focusing on EV Battery Growth. Other Japanese firms should take heed. 


Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries

Japan

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

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Suzuki Motor (7269 JP)

Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell

Tokio Marine today announced that it aims to cut its cross-shareholding to zero by FY2029. It will aim to sell 50% of its holdings worth around...

Sumeet Singh

Sompo Holdings Cross-Shareholding - At Least US$8bn of Cross-Shareholding to Sell

The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings. Sompo had a stake of over...

Sumeet Singh

EQD | Nikkei 225 (NKY) Enters WEEKLY OVERBOUGHT Resistance Area

The Nikkei 225 Index is WEEKLY OVERBOUGHT after its 1-week up rally (CC=+1), additional gains in the next 2-3 weeks will be hampered down by...

Nico Rosti

The New Aisin (7259) MTP - Selling Crossholdings, Eventually

Aisin presented its revised MTP today, including ¥400bn of b/s restructuring, including cross-holding sales, over the next 2.5yrs. They expect OPMs...

Travis Lundy

Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries

Strong ISM Print sparks rate/inflation fears - US stocks sinks. NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell

Tokio Marine today announced that it aims to cut its cross-shareholding to zero by FY2029. It will aim to sell 50% of its holdings worth around...

Sumeet Singh

Sompo Holdings Cross-Shareholding - At Least US$8bn of Cross-Shareholding to Sell

The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings. Sompo had a stake of over...

Sumeet Singh

EQD | Nikkei 225 (NKY) Enters WEEKLY OVERBOUGHT Resistance Area

​The Nikkei 225 Index is WEEKLY OVERBOUGHT after its 1-week up rally (CC=+1), additional gains in the next 2-3 weeks will be hampered down by...

Nico Rosti

The New Aisin (7259) MTP - Selling Crossholdings, Eventually

Aisin presented its revised MTP today, including ¥400bn of b/s restructuring, including cross-holding sales, over the next 2.5yrs. They expect OPMs...

Travis Lundy

Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries

Strong ISM Print sparks rate/inflation fears - US stocks sinks. NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX...

Mark Chadwick

The Nikkei 225 Index is WEEKLY OVERBOUGHT after its 1-week up rally (CC=+1), additional gains in the next 2-3 weeks will be hampered down by...