Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Core business well positioned to benefit from the growth in the Japanese VC industry</li>
<li>A good Partner for international firms looking to invest in Japan</li>
<li>New direction on Capital Allocation is underappreciated by the market</li>
</ul>


Core business well positioned to benefit from the growth in the Japanese VC industry
A good Partner for international firms looking to invest in Japan
New direction on Capital Allocation is underappreciated by the market


JAFCO (8595) In the Right Place at the Right Time

Macroeconomics

<ul>
<li>Commercial Real Estate issues, the dog that didn't bark in 2023, is back.</li>
<li>Unlike March 2023, this cannot be fixed by liquidity injections alone.</li>
<li>US employment data surprises on the upside. Further Government manipulation?</li>
</ul>


Commercial Real Estate issues, the dog that didn't bark in 2023, is back.
Unlike March 2023, this cannot be fixed by liquidity injections alone.
US employment data surprises on the upside. Further Government manipulation?


Further Cracks Appearing in the US Economy

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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>In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023. </li>
<li>The following dataset includes all Japanese IPOs and placements above US$100m, <strong>which amounted to a total of 32 deals. </strong>
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023. 
The following dataset includes all Japanese IPOs and placements above US$100m, which amounted to a total of 32 deals. 

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas Japan IPOs + Placements Broker Performance 2023

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Quarterly figures are poor, with net interest income growth negative, again</li>
<li>Fees appear to be topping out, with operating costs at very high levels</li>
<li>7 August letter from Senator Warren: congressional scrutiny on SVB</li>
</ul>


Quarterly figures are poor, with net interest income growth negative, again
Fees appear to be topping out, with operating costs at very high levels
7 August letter from Senator Warren: congressional scrutiny on SVB


GS - 2 Quarters Of Falling Net Int Inc, Fees Topping Out, Very High Costs, Credit Metrics Worsening

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> raised around US$123m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</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>



Integral Corporation (5842 JP) raised around US$123m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.


Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

Japan

Nomura Holdings, Inc. is a holding company which manages financial operations for its subsidiaries.  As a group, the Company provides a variety of financial services such as dealing, brokerage, underwriting, and asset management. Nomura Securities Co., a registered member of the New York and London Stock Exchanges, has branches around the world.

Price Gauge
52-week Range	0.00 - 0.00
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Nomura Holdings (8604 JP)

JAFCO (8595) In the Right Place at the Right Time

Japanese VC industry growth presents an opportunity for core business; an ideal partner for foreign investors in Japan; and the market undervalues...

Rikki Malik

Further Cracks Appearing in the US Economy

Commercial real estate issues resurface in 2024, posing a challenge that cannot be resolved solely through liquidity injections. US employment...

Rikki Malik

Aequitas Japan IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023, which includes all Japanese IPOs and placements...

Ethan Aw

GS - 2 Quarters Of Falling Net Int Inc, Fees Topping Out, Very High Costs, Credit Metrics Worsening

We now see GS struggling further with recent results but also see average growth rate of net interest income at large US banks decelerating sharply...

Daniel Tabbush

Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

Integral Corporation (5842 JP) raised around US$123m in its Japan IPO. In this note, we talk about the trading dynamics

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JAFCO (8595) In the Right Place at the Right Time

​Japanese VC industry growth presents an opportunity for core business; an ideal partner for foreign investors in Japan; and the market undervalues...

Rikki Malik

Further Cracks Appearing in the US Economy

​Commercial real estate issues resurface in 2024, posing a challenge that cannot be resolved solely through liquidity injections. US employment...

Rikki Malik

Aequitas Japan IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023, which includes all Japanese IPOs and placements...

Ethan Aw

GS - 2 Quarters Of Falling Net Int Inc, Fees Topping Out, Very High Costs, Credit Metrics Worsening

We now see GS struggling further with recent results but also see average growth rate of net interest income at large US banks decelerating sharply...

Daniel Tabbush

Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

Integral Corporation (5842 JP) raised around US$123m in its Japan IPO. In this note, we talk about the trading dynamics

Sumeet Singh

Japanese VC industry growth presents an opportunity for core business; an ideal partner for foreign investors in Japan; and the market undervalues...

Commercial real estate issues resurface in 2024, posing a challenge that cannot be resolved solely through liquidity injections. US employment...