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/ms-ad-insurance-group-holdings" target="_blank" data-smartkarma-citation="entities:631:1" rel="noopener">MS&amp;AD Insurance (8725 JP)</a> had a stake over US$100m in at least 29 listed Japanese stocks, amounting to a total of US$17.4bn.</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.

MS&amp;AD Insurance (8725 JP) had a stake over US$100m in at least 29 listed Japanese stocks, amounting to a total of US$17.4bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell

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

Asm International Nv / Technical Analysis

<ul>
<li>Global equities (MSCI ACWI) are resuming their uptrends following several weeks of consolidation above major base supports (classic bull market behavior). Our outlook for global equities remains bullish.</li>
<li>Europe's EURO STOXX 50 has held above critical support at 4400-4415, and now displays a bull flag breakout following over a month of consolidation -- add exposure</li>
<li>We highlight many buy opportunities within global Technology, Services, and Communications</li>
</ul>


Global equities (MSCI ACWI) are resuming their uptrends following several weeks of consolidation above major base supports (classic bull market behavior). Our outlook for global equities remains bullish.
Europe's EURO STOXX 50 has held above critical support at 4400-4415, and now displays a bull flag breakout following over a month of consolidation -- add exposure
We highlight many buy opportunities within global Technology, Services, and Communications


EURO STOXX 50, MSCI ACWI Breaking Out; Bullish Outlook Intact; Buys in Technology, Services, & Comm

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS:  SPX -0.6% as Tech leads Tuesday's decline; Inflation concerns continue to weigh; UAW vs Detroit Big 3 discussion continue - strike deadline draws close; Fund managers avoid China. </li>
<li>JAPAN:  NKY Futs -0.6% Disc vs Cash; USDJPY 1471; Cabinet reshuffle day - changes in Defense and Foreign Affairs; GTX engine issue shocks Japanese partners;  Street upgrade Galore !</li>
<li>JAPAN X: Reports are that SoftBank is Explores New York Listing for PayPay Amid Rising Tech Valuations. With ARM (effectively) done and dusted, Softie likely turns to a PayPay listing</li>
</ul>


OVERSEAS:  SPX -0.6% as Tech leads Tuesday's decline; Inflation concerns continue to weigh; UAW vs Detroit Big 3 discussion continue - strike deadline draws close; Fund managers avoid China. 
JAPAN:  NKY Futs -0.6% Disc vs Cash; USDJPY 1471; Cabinet reshuffle day - changes in Defense and Foreign Affairs; GTX engine issue shocks Japanese partners;  Street upgrade Galore !
JAPAN X: Reports are that SoftBank is Explores New York Listing for PayPay Amid Rising Tech Valuations. With ARM (effectively) done and dusted, Softie likely turns to a PayPay listing


Ohayo Japan: Tech Leads US Equity Decline; JAPAN X: Softbank's ARM Done(Almost), PayPay IPO Next?

<ul>
<li>OVERSEAS: Chinese Ban on iPhone weighs on US Equity Sentiment;  Tech, to no one's surprise, hit hard, with Nasdaq100 -0.7% SOX -2%; Initial Jobless Claims drop - fuels inflation fears</li>
<li>JAPAN: NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week;   HA-2 Moon Rocket Successful Launch.; More rumors on Switch 2</li>
<li>JAPAN X: Unveiling the Future: Nintendo's Switch 2 Rumors ? or  Reality ? Seems like Reality. Likely not a smart move to go bearish on Nintendo ! Watch this space.  </li>
</ul>


OVERSEAS: Chinese Ban on iPhone weighs on US Equity Sentiment;  Tech, to no one's surprise, hit hard, with Nasdaq100 -0.7% SOX -2%; Initial Jobless Claims drop - fuels inflation fears
JAPAN: NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week;   HA-2 Moon Rocket Successful Launch.; More rumors on Switch 2
JAPAN X: Unveiling the Future: Nintendo's Switch 2 Rumors ? or  Reality ? Seems like Reality. Likely not a smart move to go bearish on Nintendo ! Watch this space.  


Ohayo Japan|China's Apple Ban Hits Equities; JAPAN X: Nintendo's Switch 2 Prospects in 2024 ?

<ul>
<li>OVERSEAS. Another strong post Fed Day with SPX breaks 4100 level; Slew of big tech after hours: AMZN; Google, AAPL-Mkt doesn't like; Ford, not to be left out, MISSES</li>
<li>JAPAN. NKY Futs +0.5% vs Cash; USDJPY 128.69;  Mgmt Transitions,  Sony and Z-HD make changes; Earnings:  Sony +ve;  -ve Panasonic (but special case); Murata - last of bad news ?</li>
<li>DAILY NUGGETS. Panasonic – Still deciding. Seems we have to wait a bit longer on the impact of the IRA credits.</li>
</ul>


OVERSEAS. Another strong post Fed Day with SPX breaks 4100 level; Slew of big tech after hours: AMZN; Google, AAPL-Mkt doesn't like; Ford, not to be left out, MISSES
JAPAN. NKY Futs +0.5% vs Cash; USDJPY 128.69;  Mgmt Transitions,  Sony and Z-HD make changes; Earnings:  Sony +ve;  -ve Panasonic (but special case); Murata - last of bad news ?
DAILY NUGGETS. Panasonic – Still deciding. Seems we have to wait a bit longer on the impact of the IRA credits.


Good Morning Japan | SPX Breakout but After-Hours Earnings Sap FOMO; Sony Beat; Pana-Still Deciding

Japan

Kyocera Corporation manufacturers electronic equipment and components. The Company's products include telecommunication equipment, information equipment, optical equipment, ceramic products, semiconductor parts, chips, hybrid integrated circuits, thermal printheads, image sensors, liquid crystal displays, and connectors. Kyocera operates worldwide.

TDK CORPORATION manufactures electronics components such as magnetic tapes and ferrite cores.  The Company also sells power supplies, inductors, transformers, ceramic capacitors, magnets, LAN (Local Area Network) components, sensors, and semiconductors.  TDK markets its products worldwide.

Murata Manufacturing Co., Ltd. manufactures and sells electronic modules and components. The Company produces communication modules, power supply modules, multilayer ceramic capacitors, noise countermeasure components, timing devices, sensor devices, high frequency components, batteries, and other products. Murata Manufacturing markets its products across worldwide.

YASKAWA Electric Corporation manufactures and markets servomotors, controllers, inverters, and industrial robots.  The Company's products include spindle controllers, computerized numerical control (CNC) systems, and system engineering.

YOKOGAWA ELECTRIC CORPORATION develops, manufactures, and markets information technology (IT) solutions, measuring and control equipment, semiconductors, and electronic components.  The Company's products include IT controllers, flowmeters, pressure transmitters, analyzers, data recorder, switching power supplies, and AC (alternating current) adaptors.

OMRON Corporation manufactures electronic components, equipment and systems used for factory automation. The Company provides products and services in a variety of fields including industrial automation, electronic components, automotive electronics, social systems such as ticket gate machines and traffic control, and healthcare.

IBIDEN CO, LTD. develops, produces, and markets ceramics, housing materials, and electronics.  The Company's products include printed circuit boards (PCB), graphite specialties, integrated circuit (IC) packages, ceramic fibers, melamine decorative high-pressure laminates, and pre-cut structural materials.

Shimadzu Corporation is a precision tools and equipment maker.  The Company develops, manufactures, and sells analytical and measuring instruments, medical systems, and  aircraft and industrial equipment.  Shimadzu researches, develops, and markets the products through its related companies in Japan, the US, the UK, and China.

YASKAWA Electric Corporation manufactures and markets motors, controllers, inverters, and industrial robots. The Company's products is split into 4 segments such as motion control, robotics, system engineering, and information technology.

Azbil Corporation develops, manufactures, and markets total automation equipment used in industrial and commercial buildings. The Company's products include sensors, switches, recording meters, security systems, air conditioners, pressure transmitters, and flow meters.

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

Keysight Technologies, Inc. offers electronic measurement services using wireless, modular, and software solutions.

CDW Corporation of Delaware provides information technology products and services. The Company offers hardware, software, computer peripherals, cloud computing, mobile devices, network communication, and security solutions. CDW serves business, government, education, and healthcare customers throughout North America.

NAURA Technology Group Co., Ltd. is an integrated high-tech company, which manufactures electronics equipments and components, including IC equipments, hybrid integrated circuits and combines with R&D, sales, and services.

Hangzhou Hikvision Digital Technology Co., Ltd develops, manufactures and sells video surveillance products.  The Company manufactures video and audio compression card, network hard disk video recorders, video servers, cameras, network storage, and other digital products.

Largan Precision Company Limited manufactures and markets optical lens modules and optoelectronic components. The Company offers lenses for liquid crystal display (LCD) projectors, scanners, optical mice, digital still cameras (DSCs), digital versatile discs (DVDs), light emitting diodes (LEDs), and photography mobile phones.

Coherent Corp. designs engineered materials and optoelectronic components. The Company offers products to industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Coherent also manufactures semiconductor lasers and optics for high power industrial lasers, optical communications systems, datacenter connectivity, and 3D sensing.

Zebra Technologies Corporation designs and manufactures enterprise mobile computers, advanced data capture devices, such as laser, 2D and RFID scanners and readers, and specialty printers for barcode labeling and personal identification. The Company also produces WLAN products, real-time location systems, related supplies and application software.

Trimble Navigation Ltd is a leading provider of advanced location-based solutions that maximize productivity and enhance profitability. The Company integrates its positioning expertise in GPS, laser, optical and inertial technologies with application software, wireless communications, and services to provide complete commercial solutions.

Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors.  Delta also manufactures magnetic and networking components.

MURATA MANUFACTURING COMPANY, LTD. manufactures and sells ceramic applied electronic components.  The Company's products include filters, capacitors, thermistors, resistors, noise suppression components, coils, piezoelectric sound components, power supplies, sensors, hybrid integrated circuit (IC), and microwave components.

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Murata Manufacturing (6981 JP)

MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell

Along with its results announcement today, MS&AD announced that it will accelerate its cross-shareholding unwind and is targeting a sale of around...

Sumeet Singh

EURO STOXX 50, MSCI ACWI Breaking Out; Bullish Outlook Intact; Buys in Technology, Services, & Comm

EURO $STOXX 50, MSCI $ACWI Breaking Out; Bullish Outlook Intact; Actionable Themes: Global Technology, Services, and Communications $ASML $ASMIY...

Vermilion Research

Ohayo Japan: Tech Leads US Equity Decline; JAPAN X: Softbank's ARM Done(Almost), PayPay IPO Next?

SPX declines lead by Tech; JAPAN: NKY Futs -0.6% Disc vs Cash; USDJPY 1471; Cabinet reshuffle day - changes in Defense and Foreign Affairs; GTX...

Mark Chadwick

Ohayo Japan|China's Apple Ban Hits Equities; JAPAN X: Nintendo's Switch 2 Prospects in 2024 ?

China Ban Weighs on Apple, Tech Space; NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week; HA-2 Moon...

Mark Chadwick

Good Morning Japan | SPX Breakout but After-Hours Earnings Sap FOMO; Sony Beat; Pana-Still Deciding

NKY Futs indicate +0.5% but are unlikely to be realised as the damper from earnings after hours in the US likely weighs on sentiment. Apple...

Mark Chadwick

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