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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (6600 JP)</a> aims to list in Japan by Oct 2024 at a valuation of over US$10bn, as per media reports. </li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers</li>
<li>In this note, we take an early look at the possible listing.</li>
</ul>



Kioxia Holdings (6600 JP) aims to list in Japan by Oct 2024 at a valuation of over US$10bn, as per media reports. 
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers
In this note, we take an early look at the possible listing.


Kioxia IPO Early Re-Look - Better Placed This Time Around

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Earnings surpassed consensus expectations providing no pullback to allow entry</li>
<li>Most operating metrics improved and all trends are goign in the right direction</li>
<li>Capital management is top of mind for management with a common thread of increasing ROEs and PBRs</li>
</ul>


Earnings surpassed consensus expectations providing no pullback to allow entry
Most operating metrics improved and all trends are goign in the right direction
Capital management is top of mind for management with a common thread of increasing ROEs and PBRs


Japanese Megabanks' Earnings Exceed Expectations - Stay on the Train?

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Event-Driven

<ul>
<li>Seven Eleven's future usually gets outlined as: Japan ex-growth and only growth is overseas. This is wrong. While the CVS sector is saturated, Seven Eleven itself has not reached saturation.</li>
<li>There are major areas of growth, both territorially and new offshoot businesses.  Seven is already 32% more efficient than Lawson but more to come.</li>
<li>Here we take a deep dive into the state of CVS retailing in Japan and how Seven Eleven does, and will, fit into this – and how it will grow.</li>
</ul>


Seven Eleven's future usually gets outlined as: Japan ex-growth and only growth is overseas. This is wrong. While the CVS sector is saturated, Seven Eleven itself has not reached saturation.
There are major areas of growth, both territorially and new offshoot businesses.  Seven is already 32% more efficient than Lawson but more to come.
Here we take a deep dive into the state of CVS retailing in Japan and how Seven Eleven does, and will, fit into this – and how it will grow.


Even in Japan, Significant Growth Potential for Seven Eleven and Other CVS

<ul>
<li>This week, earnings results for the megabanks risk being a “sell on the news” event.</li>
<li>Analysts have been raising earnings estimates over the past 2 months.</li>
<li>Longer term story intact with most dynamics trending in their favour.</li>
</ul>


This week, earnings results for the megabanks risk being a “sell on the news” event.
Analysts have been raising earnings estimates over the past 2 months.
Longer term story intact with most dynamics trending in their favour.


Making Bank - Sector Outperforming Despite the BoJ's “dovishness”

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>We must recognize the wide variance in credit growth rates across Asian countries</li>
<li>There are critical implications for differences in net interest income growth and profit</li>
<li>Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth</li>
</ul>


We must recognize the wide variance in credit growth rates across Asian countries
There are critical implications for differences in net interest income growth and profit
Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth


Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

Japan

Sumitomo Mitsui Financial Group, Inc. manages financial operations for its subsidiaries. The Company provides commercial banking and a variety of financial services.

Sumitomo Mitsui Financial Group (8316 JP)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sumitomo Mitsui Financial Group (8316 JP)

Kioxia IPO Early Re-Look - Better Placed This Time Around

The deal is now live, with Kioxia looking to raise around around US$700m at a valuation of around US$4.8bn. We've had a early look at the deal in...

Sumeet Singh

Japanese Megabanks' Earnings Exceed Expectations - Stay on the Train?

Banks' strong earnings performance and focus on capital management drives positive stock price performance. Will it continue?

Rikki Malik

Even in Japan, Significant Growth Potential for Seven Eleven and Other CVS

Contrary to popular belief, Seven Eleven in Japan is not saturated and has room for growth both territorially and new ventures. We look at Seven's...

Michael Causton

Making Bank - Sector Outperforming Despite the BoJ's “dovishness”

Analysts raise earnings estimates for megabanks, but upcoming results may trigger a "sell on the news" reaction. Overall, long-term outlook...

Rikki Malik

Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

There is a wide variance of domestic loan growth rates in Asian countries, one must be highly selective. There are implications for growth of net...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kioxia IPO Early Re-Look - Better Placed This Time Around

The deal is now live, with Kioxia looking to raise around around US$700m at a valuation of around US$4.8bn. We've had a early look at the deal in...

Sumeet Singh

Japanese Megabanks' Earnings Exceed Expectations - Stay on the Train?

Banks' strong earnings performance and focus on capital management drives positive stock price performance. Will it continue?

Rikki Malik

Even in Japan, Significant Growth Potential for Seven Eleven and Other CVS

​Contrary to popular belief, Seven Eleven in Japan is not saturated and has room for growth both territorially and new ventures. We look at Seven's...

Michael Causton

Making Bank - Sector Outperforming Despite the BoJ's “dovishness”

​Analysts raise earnings estimates for megabanks, but upcoming results may trigger a "sell on the news" reaction. Overall, long-term outlook...

Rikki Malik

Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

There is a wide variance of domestic loan growth rates in Asian countries, one must be highly selective. There are implications for growth of net...

Daniel Tabbush

Contrary to popular belief, Seven Eleven in Japan is not saturated and has room for growth both territorially and new ventures. We look at Seven's...

Analysts raise earnings estimates for megabanks, but upcoming results may trigger a "sell on the news" reaction. Overall, long-term outlook...