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>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> aims to sell around US$9bn worth of  <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, trimming its stake by a third.</li>
<li>We have looked at the deal in our previous notes, <a href="https://www.smartkarma.com/insights/japan-post-bank-placement-deal-structure-past-deals-index-buyback" target="_blank" data-smartkarma-citation="insights:96666" rel="noopener">Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback</a> and <a href="https://www.smartkarma.com/insights/japan-post-bank-placement-misbehaving-still-has-time-to-correct-a-look-at-past-deals" target="_blank" data-smartkarma-citation="insights:97201" rel="noopener">Japan Post Bank Placement - Misbehaving</a>. </li>
<li>In this note, we talk about the updates since our last note and have a look at the post pricing performance of a few more deals.</li>
</ul>



Japan Post Holdings (6178 JP) aims to sell around US$9bn worth of  Japan Post Bank (7182 JP), trimming its stake by a third.
We have looked at the deal in our previous notes, Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback and Japan Post Bank Placement - Misbehaving. 
In this note, we talk about the updates since our last note and have a look at the post pricing performance of a few more deals.


Japan Post Bank Placement -  Still Misbehaving - Post-Pricing Performance of Some More Deals

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 analyzed the latest HK SFC report for aggregate short position as of Mar 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent, Meituan, Hsbc, Bidu, Hkelectric, Goldwind, Zijin Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 3rd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent, Meituan, Hsbc, Bidu, Hkelectric, Goldwind, Zijin Mining.


HK Short Interest Weekly: Tencent, Meituan, Hsbc, Bidu, Hkelectric, Goldwind, Zijin Mining

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.</li>
<li>Placements as well picked up pace, despite the ongoing <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s mega deal set to suck liquidity out of the system for a while. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.
Placements as well picked up pace, despite the ongoing Japan Post Bank (7182 JP)'s mega deal set to suck liquidity out of the system for a while. 


ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>In C4Q22, JD reported in-line total revenue and beat in profit. We trimmed down our forecast on C1Q23 total revenue by 4% due to slower-than-expected rebound in retail spending. </li>
<li>JD is shifting its strategy to be more focused on low price and user, and we suggest that the repositioning period could be painful for the company.</li>
<li>We cut our revenue forecast by 5%. Our estimates on top and bottom lines in 2023 are (6%) and (28%) below cons. Maintain SELL rating and cut TP to US$27.</li>
</ul>


In C4Q22, JD reported in-line total revenue and beat in profit. We trimmed down our forecast on C1Q23 total revenue by 4% due to slower-than-expected rebound in retail spending. 
JD is shifting its strategy to be more focused on low price and user, and we suggest that the repositioning period could be painful for the company.
We cut our revenue forecast by 5%. Our estimates on top and bottom lines in 2023 are (6%) and (28%) below cons. Maintain SELL rating and cut TP to US$27.


[JD.com (JD US) Target Price Change]: Painful Transition Weighs on Both Topline and Margin

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>JD’s revenue growth rate reached its historical low in 2022, but we believe it will recover in following two years.</li>
<li>JD’s operating margin hit its historical high in 2022 and we believe the improvement will continue.</li>
<li>We believe EPS will grow by more than 100% in 2022 and the stock has an upside of 42%.</li>
</ul>


JD’s revenue growth rate reached its historical low in 2022, but we believe it will recover in following two years.
JD’s operating margin hit its historical high in 2022 and we believe the improvement will continue.
We believe EPS will grow by more than 100% in 2022 and the stock has an upside of 42%.


JD.com (9618 HK): 2022, Historical Low Growth, But Historical High Margin.

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

Japan Post Bank Placement - Still Misbehaving - Post-Pricing Performance of Some More Deals

Japan Post Holdings aims to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third. In this note, we look at the...

Sumeet Singh

HK Short Interest Weekly: Tencent, Meituan, Hsbc, Bidu, Hkelectric, Goldwind, Zijin Mining

We analyzed the latest HK SFC report for aggregate short position as of Mar 3rd and highlight short interest changes in Tencent, Meituan, Hsbc,...

Ke Yan, CFA, FRM

ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

[JD.com (JD US) Target Price Change]: Painful Transition Weighs on Both Topline and Margin

JD is shifting its strategy to be more focused on low price and user, and we suggest that the repositioning period could be painful for the...

Blue Lotus Research Institute

JD.com (9618 HK): 2022, Historical Low Growth, But Historical High Margin.

JD’s revenue growth rate was the historical low in 2022. JD’s operating margin reached its historical high in 2022. We believe EPS will grow by...

Ming Lu

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