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>Following yesterday's news release by Reuters that <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> could sell up to 10% of <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>, the deal was officially launched today.</li>
<li>Toyota is the company’s largest shareholder and its largest customer.</li>
<li>We have covered the deal background in our earlier note, <a href="https://www.smartkarma.com/insights/denso-corp-placement-possible-placement-by-toyota-to-raise-us-4-7bn" target="_blank" data-smartkarma-citation="insights:118615" rel="noopener">Denso Corp Placement - Possible Placement by Toyota to Raise US$4.7bn</a>. In this note, we talk about the final terms.</li>
</ul>


Following yesterday's news release by Reuters that Toyota Motor (7203 JP) could sell up to 10% of Denso Corp (6902 JP), the deal was officially launched today.
Toyota is the company’s largest shareholder and its largest customer.
We have covered the deal background in our earlier note, Denso Corp Placement - Possible Placement by Toyota to Raise US$4.7bn. In this note, we talk about the final terms.


Denso Corp Placement - Toyota to Raise US$4.4bn, as Expected

<ul>
<li>Aequitas Research 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/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies</a> didn't disappoint Tata Group fans, at least on the subscription front.</li>
<li>The placements continued to flow in this week as well in Japan.</li>
</ul>


Aequitas Research 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, Tata Technologies didn't disappoint Tata Group fans, at least on the subscription front.
The placements continued to flow in this week as well in Japan.


ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gs-yuasa-corp" target="_blank" data-smartkarma-citation="entities:8298:1" rel="noopener">Gs Yuasa Corp (6674 JP)</a> (GSY) is looking to raise around US$240m via a public offering, along with placing shares via third-party allotment with <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> .</li>
<li>The company formed a JV with Honda Motors earlier this year and will use the bulk of the proceeds for investments in the JV.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Gs Yuasa Corp (6674 JP) (GSY) is looking to raise around US$240m via a public offering, along with placing shares via third-party allotment with Honda Motor (7267 JP) .
The company formed a JV with Honda Motors earlier this year and will use the bulk of the proceeds for investments in the JV.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


GS Yuasa Placement - Well Flagged but Relatively Large Deal, Liquidity Might Be an Issue

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Overseas: SPX +0.1% , Nasdaq +0.1%; Relatively stable day. Walmart stock -8% on cautious outlook, Burberry -9% on weak luxury spend</li>
<li>Today: NKY Futs -0.1% v cash. JPY 150.8/$; Japan to scrap quarterly reporting? Asahi Group Share Offering</li>
<li>ValueAct’s investment into Recruit highlights continued opportunities and value in the Japanese market</li>
</ul>


Overseas: SPX +0.1% , Nasdaq +0.1%; Relatively stable day. Walmart stock -8% on cautious outlook, Burberry -9% on weak luxury spend
Today: NKY Futs -0.1% v cash. JPY 150.8/$; Japan to scrap quarterly reporting? Asahi Group Share Offering
ValueAct’s investment into Recruit highlights continued opportunities and value in the Japanese market


Ohayo Japan | November Rally Takes a Rest; ValueAct Finds Value in Recruit

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a> announced a partial tender offer from <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> at JPY1,600 per share, a 40.0% premium to the undisturbed price. </li>
<li>The transaction facilitates <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a>'s exit. The offer is for a minimum of 81.2 million shares (51.16% ownership ratio) and a maximum of 87.3 million shares (55.00%). </li>
<li>Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The offer is light vs. historical multiples and share prices. </li>
</ul>



Benefit One Inc (2412 JP) announced a partial tender offer from M3 Inc (2413 JP) at JPY1,600 per share, a 40.0% premium to the undisturbed price. 
The transaction facilitates Pasona Group (2168 JP)'s exit. The offer is for a minimum of 81.2 million shares (51.16% ownership ratio) and a maximum of 87.3 million shares (55.00%). 
Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The offer is light vs. historical multiples and share prices. 


Benefit One (2412 JP): M3’s Partial Tender Offer

Japan

Recruit Holdings Co. Ltd. operates information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more. The company also operate staffing services and advertising business.

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Recruit Holdings (6098 JP)

Denso Corp Placement - Toyota to Raise US$4.4bn, as Expected

Following yesterday's news release by Reuters that Toyota Motor (7203 JP) could sell up to 10% of Denso Corp (6902 JP), the deal was officially...

Sumeet Singh

ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

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

Sumeet Singh

GS Yuasa Placement - Well Flagged but Relatively Large Deal, Liquidity Might Be an Issue

Gs Yuasa Corp (6674 JP) (GSY) is looking to raise around US$240m via a public offering, along with placing shares via third-party allotment with...

Sumeet Singh

Ohayo Japan | November Rally Takes a Rest; ValueAct Finds Value in Recruit

Walmart and Burberry stocks decline, Japan considers scrapping quarterly reporting, ValueAct invests in Recruit. Japanese market offers...

Mark Chadwick

Benefit One (2412 JP): M3’s Partial Tender Offer

Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The JPY1,600 partial offer is light vs....

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Denso Corp Placement - Toyota to Raise US$4.4bn, as Expected

Following yesterday's news release by Reuters that Toyota Motor (7203 JP) could sell up to 10% of Denso Corp (6902 JP), the deal was officially...

Sumeet Singh

ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

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

Sumeet Singh

GS Yuasa Placement - Well Flagged but Relatively Large Deal, Liquidity Might Be an Issue

Gs Yuasa Corp (6674 JP) (GSY) is looking to raise around US$240m via a public offering, along with placing shares via third-party allotment with...

Sumeet Singh

Ohayo Japan | November Rally Takes a Rest; ValueAct Finds Value in Recruit

​Walmart and Burberry stocks decline, Japan considers scrapping quarterly reporting, ValueAct invests in Recruit. Japanese market offers...

Mark Chadwick

Benefit One (2412 JP): M3’s Partial Tender Offer

Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The JPY1,600 partial offer is light vs....

Arun George

Walmart and Burberry stocks decline, Japan considers scrapping quarterly reporting, ValueAct invests in Recruit. Japanese market offers...