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>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>As <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> called off its listing, Government of India is still vacillating on <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india-lic" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corp of India (LIC) (1248Z IN)</a>. </li>
<li>Placement scene remains quiet with <a href="https://www.smartkarma.com/entities/cosmo-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26565:1" rel="noopener">Cosmo Energy Holdings (5021 JP)</a> deeply discounted block following up on <a href="https://www.smartkarma.com/entities/zip-industries-aust-pty-ltd" target="_blank" data-smartkarma-citation="entities:24111:1" rel="noopener">ZIP Holdings (ZHL AU)</a> deeply discounted block the previous week.</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.
As SBI Sumishin Net Bank (7163 JP) called off its listing, Government of India is still vacillating on Life Insurance Corp of India (LIC) (1248Z IN). 
Placement scene remains quiet with Cosmo Energy Holdings (5021 JP) deeply discounted block following up on ZIP Holdings (ZHL AU) deeply discounted block the previous week.


ECM Weekly (13th Mar 2022)-Arrail, Aquila, Propguru, Ferretti, Jinmao, Nio, Fabindia, Hyu Hvy, Cosmo

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sre-holdings-corp" target="_blank" data-smartkarma-citation="entities:29672:1" rel="noopener">SRE Holdings Corp (2980 JP)</a> last week announced an offering of new shares and a secondary share sale by <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</a> of the bulk of its holdings.</li>
<li>The Z Holdings sale coincides with a "new business alliance" between SRE and Yahoo. At first glance, it appears as if both sides have decided to rejig what they do.</li>
<li>SRE has an interesting business model which is quite growthy. It is growthier than it planned and others expected, but the stock has fallen 70% in 3mos. It's a buy.</li>
</ul>



SRE Holdings Corp (2980 JP) last week announced an offering of new shares and a secondary share sale by Z Holdings (4689 JP) of the bulk of its holdings.
The Z Holdings sale coincides with a "new business alliance" between SRE and Yahoo. At first glance, it appears as if both sides have decided to rejig what they do.
SRE has an interesting business model which is quite growthy. It is growthier than it planned and others expected, but the stock has fallen 70% in 3mos. It's a buy.


SRE Holdings (2980 JP) Offering - New Higher Growth at New Lower Multiple

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<div>There are currently ~1,500 stocks listed in the Mothers, JASDAQ, and Second Sections of the Tokyo Stock Exchange. As time passes, some of these stocks will "graduate" to the First Section of the Tokyo Stock Exchange (TSE1), triggering inclusion into the TOPIX Index causing passive funds tracking TOPIX to buy them on an inclusion event. This presents various trading opportunities in several phases of this event timeline.  </div><div>
Being able to identify such candidates at a "Pre-event" phase (before the TSE reassignment is confirmed) can unlock great value for speculative bets. Smartkarma readers familiar with the work of Quiddity Advisors will be able to recall the attractive rewards <a href="https://www.smartkarma.com/entities/shinnihonseiyaku-co-ltd" target="_blank" data-smartkarma-citation="entities:28122:1" rel="noopener">Shinnihonseiyaku Co Ltd (4931 JP)</a>, <a href="https://www.smartkarma.com/entities/gremz-inc" target="_blank" data-smartkarma-citation="entities:1858:1" rel="noopener">Gremz Inc (3150 JP)</a>, and <a href="https://www.smartkarma.com/entities/sansan-inc" target="_blank" data-smartkarma-citation="entities:28112:1" rel="noopener">Sansan Inc (4443 JP)</a> were able to deliver in their pre-event phases. 
This insight is a continuation of our work in identifying such pre-event candidates.
More below the fold  
</div>

There are currently ~1,500 stocks listed in the Mothers, JASDAQ, and Second Sections of the Tokyo Stock Exchange. As time passes, some of these stocks will "graduate" to the First Section of the Tokyo Stock Exchange (TSE1), triggering inclusion into the TOPIX Index causing passive funds tracking TOPIX to buy them on an inclusion event. This presents various trading opportunities in several phases of this event timeline.  
Being able to identify such candidates at a "Pre-event" phase (before the TSE reassignment is confirmed) can unlock great value for speculative bets. Smartkarma readers familiar with the work of Quiddity Advisors will be able to recall the attractive rewards Shinnihonseiyaku Co Ltd (4931 JP), Gremz Inc (3150 JP), and Sansan Inc (4443 JP) were able to deliver in their pre-event phases. 
This insight is a continuation of our work in identifying such pre-event candidates.
More below the fold  


In the month of January 2021, one of the most anticipated TOPIX Inclusion candidates, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> announced its move to TSE1 triggering what could potentially be one of the largest TOPIX Inclusion events in recent memory. The stock could see its TOPIX Inclusion take place at the end of February, along with <a href="https://www.smartkarma.com/entities/sansan-inc" target="_blank" data-smartkarma-citation="entities:28112:1" rel="noopener">Sansan Inc (4443 JP)</a> - another larger-than-usual candidate - and two other super-high-impact names <a href="https://www.smartkarma.com/entities/bull-dog-sauce-co-ltd" target="_blank" data-smartkarma-citation="entities:16235:1" rel="noopener">Bull Dog Sauce (2804 JP)</a> and <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a>. There is plenty to look forward to. In this insight, I have provided performance updates for 6 "Live" event stocks (including the names mentioned above) which are expected to have Inclusion Events at the end of February 2021 and 14 "Post" event stocks that completed their Inclusion Events at the end of December 2020 and January 2021 (on 28 January 2021).Furthermore, I have also highlighted some interesting Pre-event situations involving stocks that are likely to become TSE1-promotion candidates in the near future.

In the month of January 2021, one of the most anticipated TOPIX Inclusion candidates, Toshiba Corp (6502 JP) announced its move to TSE1 triggering what could potentially be one of the largest TOPIX Inclusion events in recent memory. The stock could see its TOPIX Inclusion take place at the end of February, along with Sansan Inc (4443 JP) - another larger-than-usual candidate - and two other super-high-impact names Bull Dog Sauce (2804 JP) and Alps Logistics (9055 JP). There is plenty to look forward to. In this insight, I have provided performance updates for 6 "Live" event stocks (including the names mentioned above) which are expected to have Inclusion Events at the end of February 2021 and 14 "Post" event stocks that completed their Inclusion Events at the end of December 2020 and January 2021 (on 28 January 2021).Furthermore, I have also highlighted some interesting Pre-event situations involving stocks that are likely to become TSE1-promotion candidates in the near future. 

Today after market close, Japan-based business card digitisation company <a href="https://www.smartkarma.com/entities/sansan-inc" target="_blank" data-smartkarma-citation="entities:28112:1" rel="noopener">Sansan Inc (4443 JP)</a> announced they had <a href="https://ir.corp-sansan.com/en/ir/news/auto_20210114444245/pdfFile.pdf" target="_blank" rel="noopener">received approval</a> to move from the MOTHERS section to the First Section of the Tokyo Stock Exchange on the 21st of January 2021.This was one of the eight picks highlighted in <a href="https://www.smartkarma.com/insights/topix-inclusions-new-regulations-who-is-ready-2-0" target="_blank" data-smartkarma-citation="insights:45783" rel="noopener">TOPIX Inclusions:  New Regulations! Who Is READY? 2.0</a> at the end of November 2020, and so far it is the third stock among those eight listed to graduate to TSE1 after <a href="https://www.smartkarma.com/entities/sre-holdings-corp" target="_blank" data-smartkarma-citation="entities:29672:1" rel="noopener">SRE Holdings Corp (2980 JP)</a> and <a href="https://www.smartkarma.com/entities/base-co-ltd" target="_blank" data-smartkarma-citation="entities:29159:1" rel="noopener">Base Co Ltd (4481 JP)</a>.  TSE1 reassignment triggers inclusion into the TOPIX Index and the Inclusion Event can be expected to be at the close of trading 25th February 2021.   This will be a Very Large TOPIX Inclusion Event.  In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event.

Today after market close, Japan-based business card digitisation company Sansan Inc (4443 JP) announced they had received approval to move from the MOTHERS section to the First Section of the Tokyo Stock Exchange on the 21st of January 2021.This was one of the eight picks highlighted in TOPIX Inclusions:  New Regulations! Who Is READY? 2.0 at the end of November 2020, and so far it is the third stock among those eight listed to graduate to TSE1 after SRE Holdings Corp (2980 JP) and Base Co Ltd (4481 JP).  TSE1 reassignment triggers inclusion into the TOPIX Index and the Inclusion Event can be expected to be at the close of trading 25th February 2021.   This will be a Very Large TOPIX Inclusion Event.  In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event. 

Japan

SRE Holdings Corporation operates real estate businesses. The Company provides real estate sales, housing renovation, housing loans, real estate brokerage, and other services. SRE Holdings also operates information technology platform development, artificial intelligence solution development, and other businesses.

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SRE Holdings Corp (2980 JP)

ECM Weekly (13th Mar 2022)-Arrail, Aquila, Propguru, Ferretti, Jinmao, Nio, Fabindia, Hyu Hvy, Cosmo

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

SRE Holdings (2980 JP) Offering - New Higher Growth at New Lower Multiple

SRE and Yahoo are re-jigging their business tie-up, and Yahoo is selling most of its shares in SRE. Shares are down 70% from 14 weeks ago. That's...

Travis Lundy

TOPIX Inclusions: Who Is READY? 3.0

We update which stocks in MOTHERS/JASDAQ/TSE2 are eligible, ready, or could be ready to move to TSE1 (TOPIX inclusion). The last list at end-Nov...

Janaghan Jeyakumar, CFA

TOPIX Inclusion Trade Summary: Jan 2021

TOPIX Inclusion Monthly Summary for December inclusions and how they did in January (badly), how January inclusions did vs TOPIX (on average well)...

Janaghan Jeyakumar, CFA

TOPIX Inclusion: Sansan Inc (4443 JP)

Sansan is a SaaS company purpose-built for Japan's reverence for business cards. The inclusion was predicted, but will come as a surprise to many....

Janaghan Jeyakumar, CFA

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