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

Nissin Foods Holdings / Equity Capital Markets

Three shareholders of Nissin Foods plan to raise around US$226m via a global offering by selling 2.9% of the company. The selldown is being undertaken to reduce the cross shareholding.In this insight, we will run the deal through our ECM framework and provide our thoughts on the deal.

Three shareholders of Nissin Foods plan to raise around US$226m via a global offering by selling 2.9% of the company. The selldown is being undertaken to reduce the cross shareholding.In this insight, we will run the deal through our ECM framework and provide our thoughts on the deal.

Nissin Foods Placements - Shouldn't Have a Large Impact

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Sunic System Ltd. / Equity Capital Markets

The most important question for Sunic's IPO bookbuilding that is currently in progress is whether Sunic will receive more orders from LGD for the small-sized OLED panel production lines that will be housed in LGD's P10. Samsung Display won't do business with Sunic any time soon. In addition, those Chinese and Taiwanese display makers are still some years aways from turning to 6GH. Of course, mid capacity equipment is also an important element for Sunic's overall sales performance. But its success with this product segment also highly depends on its success in the large capacity equipment market since this allows Sunic to gain further trust even from mid capacity equipment buyers. So once again, the whole focus of this IPO bookbuilding is whether Sunic can get orders from LGD for P10 and if so how many.

The most important question for Sunic's IPO bookbuilding that is currently in progress is whether Sunic will receive more orders from LGD for the small-sized OLED panel production lines that will be housed in LGD's P10. Samsung Display won't do business with Sunic any time soon. In addition, those Chinese and Taiwanese display makers are still some years aways from turning to 6GH. Of course, mid capacity equipment is also an important element for Sunic's overall sales performance. But its success with this product segment also highly depends on its success in the large capacity equipment market since this allows Sunic to gain further trust even from mid capacity equipment buyers. So once again, the whole focus of this IPO bookbuilding is whether Sunic can get orders from LGD for P10 and if so how many.

Sunic System IPO Part 2 - Key Considerations for Bookbuilding

Japan

MEIKO TRANS CO., LTD. operates port-harbor transport facilities in the Nagoya area.  The Company also provides truck, air freight, and coastal transportation and cargo handling services and manages warehousing.  Meiko has overseas subsidiaries and operates international intermodal transportation as well.

ISEWAN TERMINAL SERVICE CO., LTD. mainly provides port-harbor transportation services at Nagoya port.  The Company transports steel products, iron ore, industrial machinery, chemical products, and various dry consumer and agricultural goods.  Isewan Terminal Service also offers ground transportation and warehousing services.

AGP CORPORATION supplies electricity and air-conditioning to airplanes.  The Company also maintains buildings and facilities at airports.

TOYO WHARF & WAREHOUSE CO., LTD. operates wharf warehousing and integrated port-land transportation businesses.  The Company specializes in special-purpose warehouses and facilities for grain and imported vegetables.  Toyo Wharf & Warehouse also provides real estate leasing services.

DAITO KOUN CO., LTD transports imported cargoes including mostly frozen foods. The Company also operates truck transportation, customs clearing, and warehousing businesses.

RINKO CORPORATION is a marine transport company based at Niigata Port.  The Company also provides truck transportation, warehousing and storage, and freight handling services.  Rinko also leases real estate, sells and repairs construction machinery, and operates customs brokerage.

FUSHIKI KAIRIKU UNSO CO., LTD. provides warehousing and harbor transportation services.  The Company has regular liner cargo services to China, South Korea, South East Asia, Russia, the United States, and Europe.  The Company also provides freight rail and truck transportation services and leases real estate.

SAKURAJIMA FUTO KAISHA, LTD. provides marine transportation and warehousing services at the Osaka Bay areas.  The Company mainly handles imported raw materials, petroleum products, and frozen food.  The Company also provides land transportation, customs clearance, and insurance agency services.

HAMAKYOREX CO., LTD. provides trucking, warehousing, and other related services. The Company's trucking services include distribution for retail firms such as large supermarkets.  Hamakyorex develops integrated distribution system.

Maruzen Showa Unyu Co., Ltd. provides van truckload, international logistics, marine cargo transportation, cargo handling, air cargo transportation, and warehousing services.  The Company has consignors of NKK Corp. and Showa Denko and transports Fuji Photo Film exports.  The Company offers customs clearing services and leases real estate as well.

Tianjin Port Development Holdings Limited operates container terminals in China.  The company provides container handling operations, stacking and warehousing services and non-containerized cargo services.

Jiangsu Lianyungang Port Co., Ltd. mainly operates port and other related services including loading and unloading, storage, port equipment rentals and maintenance services.

Bintulu Port Holdings Berhad operates as a holding company. The Company, through its subsidiaries, provides port services. Bintulu Port Holdings serves customers in Malaysia.

Chongqing Gangjiu Co., Ltd. provides inland water freight and passenger transportation and support services including loading and unloading, storage, and ship repair services.  The Company also operates in commercial trading.

Heilongjiang Transportation Development Co Ltd. invests, develops, builds and operates toll roads.It mainly engages in the operation of Hada Expressway and service facilities along Hada Expressway.

Heilongjiang Transportation Dvlp (601188 CH)

Zhuhai Port Co., Ltd. Zhuhai S.E.Z. is an investment holding company.  Through its subsidiaries, the Company develops real estate, provides port transportation services, manufactures pharmaceuticals, and operates in import and export trading.

Zhangjiagang Freetrade Science and Technology Co., Ltd. operates in port storage and transportation, machine-made paper manufacturing, electronic services, and saponin manufacturing.

Zhangjiagang Freetrade Sci &Tech (600794 CH)

Xiamen Port Development Co., Ltd. maintains and manages toll roads and bridges. Through its subsidiaries, the Company also manufactures and markets concrete and other building materials.

Xiamen Port Development Co, Ltd. (000905 CH)

PT Citra Marga Nusaphala Persada Tbk constructs, operates, and manages toll highways systems.  The Company derives its revenue primarily from toll gate proceeds, project management fees, and related services.

Ocean Wilsons Holdings Ltd. is an investment holding company.  The Group's operations include towage, lighterage contracting, stevedoring, ship building and repairing, tug and launch services, warehousing and agricultural merchanting.  The Group has operations in Bermuda and Brazil.

NISSIN CORPORATION is a transport company.  The Company provides port-harbor, land, air transport services, and warehousing.  Nissin has operation bases overseas including the United States, China, Europe, and Russia.

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Nissin Corp (9066 JP)

Nissin Foods Placements - Shouldn't Have a Large Impact

Three shareholders of Nissin Foods plan to raise around US$226m via a global offering by selling 2.9% of the company. The selldown is being...

Sumeet Singh

Sunic System IPO Part 2 - Key Considerations for Bookbuilding

The most important question for Sunic's IPO bookbuilding that is currently in progress is whether Sunic will receive more orders from LGD for the...

Sanghyun Park

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