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/kagome-co-ltd" target="_blank" data-smartkarma-citation="entities:14533:1" rel="noopener">Kagome Co Ltd (2811 JP)</a> aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024.</li>
<li>At the time of the acquisition, the company has stated its intention to part finance the acquisition via issuance of treasury shares</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Kagome Co Ltd (2811 JP) aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024.
At the time of the acquisition, the company has stated its intention to part finance the acquisition via issuance of treasury shares
In this note, we will talk about the placement and run the deal through our ECM framework.


Kagome Placement - Very Well Flagged Deal but Liquidity Might Be a Concern

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul>
<li>China's smartphone market saw growth in 1Q 2024, with increased shipments of OLED panels indicating potential for LG.</li>
<li>Panasonic's battery unit received US subsidy but faces weak EV demand, potentially hurting sales.</li>
<li>Concerns rise as tech giants invest in AI infrastructure, with focus on consolidation, data privacy, and potential misuse of power.</li>
</ul>


China's smartphone market saw growth in 1Q 2024, with increased shipments of OLED panels indicating potential for LG.
Panasonic's battery unit received US subsidy but faces weak EV demand, potentially hurting sales.
Concerns rise as tech giants invest in AI infrastructure, with focus on consolidation, data privacy, and potential misuse of power.


Tech Supply Chain Tracker (11-May-2024): China smartphone market, Q1 2024

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: US Stock Cap strong week with positive gains; Payrolls jumped, but so did Unemployment rate=past peak rates ?  China slowdown fueling worries about Contagion. </li>
<li>JAPAN: NKY Futures +0.2% vs Cash; USDJPY 146.2; Japan Govt to Shorten Assessment Period for Off-Shore Wind; Japan-UK to cooperate in next Gen nuclear plants; ARM Pricing ~50 billion USD. </li>
<li>JAPAN X: Daikin and Mitsubishi Electric Poised to Benefit from US Heat Pump Growth. </li>
</ul>


OVERSEAS: US Stock Cap strong week with positive gains; Payrolls jumped, but so did Unemployment rate=past peak rates ?  China slowdown fueling worries about Contagion. 
JAPAN: NKY Futures +0.2% vs Cash; USDJPY 146.2; Japan Govt to Shorten Assessment Period for Off-Shore Wind; Japan-UK to cooperate in next Gen nuclear plants; ARM Pricing ~50 billion USD. 
JAPAN X: Daikin and Mitsubishi Electric Poised to Benefit from US Heat Pump Growth. 


Ohayo Japan|US Stocks Cap Strong Week; JAPAN X: Daikin, Melco to Benefit from US Heat Pump Growth

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>In our two previous Int'l Compass reports (Aug. 18 &amp; 24) we discussed that we were buyers on the pullback to the major $93 support level on MSCI ACWI (ACWI-US).</li>
<li>$93 on ACWI is 1+ year base support and a level that coincides with the 10-month uptrend. We remain bullish as long as the ACWI-US is above $93.</li>
<li>$93 on ACWI-US is likely the low for this pullback as long as the 10-year Treasury yield and DXY can stay below respective resistance levels (4.3%-4.35% and $103.70-$105.70).</li>
</ul>


In our two previous Int'l Compass reports (Aug. 18 &amp; 24) we discussed that we were buyers on the pullback to the major $93 support level on MSCI ACWI (ACWI-US).
$93 on ACWI is 1+ year base support and a level that coincides with the 10-month uptrend. We remain bullish as long as the ACWI-US is above $93.
$93 on ACWI-US is likely the low for this pullback as long as the 10-year Treasury yield and DXY can stay below respective resistance levels (4.3%-4.35% and $103.70-$105.70).


Further Declines in DXY, Sovereign Yields May Provide More Fuel for a Rally in Global Equities

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 38 adds/36 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.</li>
<li>Based on the adds, deletes and capping changes, we estimate one way turnover of 4.35% and a two-way trade of JPY 461bn (US$3.24bn).</li>
<li>There are a few stocks that will have same way flow from other index trackers within a few weeks of the JPX Nikkei 400 Index rebalance.</li>
</ul>


There are 38 adds/36 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.
Based on the adds, deletes and capping changes, we estimate one way turnover of 4.35% and a two-way trade of JPY 461bn (US$3.24bn).
There are a few stocks that will have same way flow from other index trackers within a few weeks of the JPX Nikkei 400 Index rebalance.


JPX Nikkei 400 Index Rebalance: Some Big Impact Names

Japan

Mazda Motor Corporation manufactures and sells automobiles, trucks, auto parts, and its accessories.  The Company operates its business worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mazda Motor (7261 JP)

Kagome Placement - Very Well Flagged Deal but Liquidity Might Be a Concern

Kagome Co Ltd (2811 JP) aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024. In this note, we run the...

Sumeet Singh

Tech Supply Chain Tracker (11-May-2024): China smartphone market, Q1 2024

China's smartphone market grows in 1Q 2024, LG competes with Samsung in OLED panels, Panasonic's battery unit receives subsidy, tech giants invest...

Tech Supply Chain Tracker

Ohayo Japan|US Stocks Cap Strong Week; JAPAN X: Daikin, Melco to Benefit from US Heat Pump Growth

Mixed US Payrolls; US Equities close with gains; NKY Futures +0.2% vs Cash; USDJPY 146.2; Japan Govt to Shorten Assessment Period for Off-Shore...

Mark Chadwick

Further Declines in DXY, Sovereign Yields May Provide More Fuel for a Rally in Global Equities

We continue to believe $93 on $ACWI is likely the low for this pullback as long as the 10-year Treasury yield $TNX and $DXY can stay below their...

Vermilion Research

JPX Nikkei 400 Index Rebalance: Some Big Impact Names

There are 38 adds and 36 deletes for the JPXNK400 Index. The adds have outperformed the deletes and there is a fair bit to trade on a lot of...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)