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>Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> managed to get strong support, even though we remain somewhat unconvinved. </li>
<li>In the placement space,  we looked at the upcoming lockups for <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> and <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>, along with the <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> placement.</li>
</ul>


Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Kokusai Electric (6525 JP) managed to get strong support, even though we remain somewhat unconvinved. 
In the placement space,  we looked at the upcoming lockups for Rakuten Bank (5838 JP) and Zomato (ZOMATO IN), along with the Ingenia Communities (INA AU) placement.


ECM Weekly (15th Oct 2023) - Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>Since my last insight, <a href="https://www.smartkarma.com/entities/cellsource-co-ltd" target="_blank" data-smartkarma-citation="entities:40144:1" rel="noopener">CellSource (4880 JP)</a> and <a href="https://www.smartkarma.com/entities/kasumigaseki-capital-co-ltd" target="_blank" data-smartkarma-citation="entities:40162:1" rel="noopener">Kasumigaseki Capital (3498 JP)</a> have confirmed they will move to TSE Prime which means they will be included in TOPIX at end-November.</li>
<li>
<a href="https://www.smartkarma.com/entities/fp-partner-inc" target="_blank" data-smartkarma-citation="entities:40040:1" rel="noopener">FP Partner (7388 JP)</a> and <a href="https://www.smartkarma.com/entities/i-ne-co-ltd" target="_blank" data-smartkarma-citation="entities:40117:1" rel="noopener">I-NE (4933 JP)</a> will get included in TOPIX at the end of October.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
Since my last insight, CellSource (4880 JP) and Kasumigaseki Capital (3498 JP) have confirmed they will move to TSE Prime which means they will be included in TOPIX at end-November.

FP Partner (7388 JP) and I-NE (4933 JP) will get included in TOPIX at the end of October.


TOPIX Inclusions: Who Is Ready (Oct 2023)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seibu-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:40113:1" rel="noopener">Seibu Giken (6223 JP)</a> (SG) raised around US$93m in its Japan IPO after pricing at the top of its downward revised range.</li>
<li>SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Seibu Giken (6223 JP) (SG) raised around US$93m in its Japan IPO after pricing at the top of its downward revised range.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.


Seibu Giken IPO Trading - Still Not Particularly Enticing

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.

Kokusai Electric  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> is a speciality manufacturer of semiconductor production equipment. <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; (KKR US)</a> seeks to raise about US$750 million through listing Kokusai.</li>
<li>In <a href="https://www.smartkarma.com/insights/kokusai-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:113787" rel="noopener">Kokusai Electric IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on a declining revenue trend, a challenging near-term growth target, high China revenue risk, margins on a downward trend, increasing inventory days and deteriorating FCF.</li>
</ul>



Kokusai Electric (6525 JP) is a speciality manufacturer of semiconductor production equipment. KKR &amp; (KKR US) seeks to raise about US$750 million through listing Kokusai.
In Kokusai Electric IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on a declining revenue trend, a challenging near-term growth target, high China revenue risk, margins on a downward trend, increasing inventory days and deteriorating FCF.


Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments  <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>, <a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a>, <a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>, <a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics (1437124D HK)</a>, <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a>,<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a> IPOs. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/keiyo-co-ltd" target="_blank" data-smartkarma-citation="entities:14415:1" rel="noopener">Keiyo Co Ltd (8168 JP)</a>, <a href="https://www.smartkarma.com/entities/system-information-co-ltd" target="_blank" data-smartkarma-citation="entities:19470:1" rel="noopener">System Information (3677 JP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/imax-china-holding-inc" target="_blank" data-smartkarma-citation="entities:888:1" rel="noopener">IMAX China Holding (1970 HK)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">Nws Holdings (659 HK)</a>, <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments  Kokusai Electric (6525 JP), Doosan Robotics (454910 KS), Seoul Guarantee Insurance (031210 KS), Cainiao Smart Logistics (1437124D HK), J&amp;T Global Express (1936374D CH),VNG (VinaGame) (VNG US) IPOs. 
Event-Driven developments - Keiyo Co Ltd (8168 JP), System Information (3677 JP), Toyo Construction (1890 JP), IMAX China Holding (1970 HK), Nws Holdings (659 HK), Symbio Holdings (SYM AU). 


Weekly Deals Digest (01 Oct) - Cainiao, Kokusai, Doosan, IMAX China, Keiyo, Toyo, Liontown

Japan

Kokusai Electric Corporation manufactures and distributes semiconductor manufacturing systems. The Company produces batch processing systems, single wafer processing systems, and other systems. Kokusai Electric also operates advanced thermal process technology development, training, and other businesses.

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Kokusai Electric (6525 JP)

ECM Weekly (15th Oct 2023) - Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato

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

Sumeet Singh

TOPIX Inclusions: Who Is Ready (Oct 2023)

There are currently 67 names that satisfy all 6 key Segment Transfer requirements based on current data. Celsys (3663 JP) continues to be the top...

Janaghan Jeyakumar, CFA

Seibu Giken IPO Trading - Still Not Particularly Enticing

Seibu Giken (6223 JP) (SG) raised around US$93m in its Japan IPO after pricing at the top of its downward revised range. In this note we talk about...

Sumeet Singh

Kokusai Electric IPO: The Bear Case

The bear case rests on a declining revenue trend, a challenging near-term growth target, high China revenue risk, margins on a downward trend,...

Arun George

Weekly Deals Digest (01 Oct) - Cainiao, Kokusai, Doosan, IMAX China, Keiyo, Toyo, Liontown

Last week, notable developments occurred in Event-Driven (Keiyo, System Info, Toyo, IMAX China, NWS, InvoCare, Liontown, Symbio) and ECM (Kokusai,...

Arun George

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