Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul><li>Just two weeks ago, I wrote about how I thought this was a mid-memory cycle.</li><li>I mainly supported the memory companies if you didn’t read between the lines (<a href="https://www.smartkarma.com/insights/chatgpt-o1-strawberry-and-memory" target="_blank" rel="noopener">ChatGPT o1 (Strawberry) and Memory)</a></li><li>Fast-forward a week, and it seems that the calls for the end of memory were a bit premature.</li></ul>

Just two weeks ago, I wrote about how I thought this was a mid-memory cycle.I mainly supported the memory companies if you didn’t read between the lines (ChatGPT o1 (Strawberry) and Memory)Fast-forward a week, and it seems that the calls for the end of memory were a bit premature.

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>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.3bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
In this note, we talk about the not-so-positive aspects of the deal.


Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s  shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. </li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Tokyo Metro (9023 JP)'s  shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. 
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
In this note, we talk about the positive aspects of the deal.


Tokyo Metro IPO - The Positives - Quasi-Monopoly Status

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (TKYMETRO JP)</a>’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.</li>
<li>Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.</li>
<li>In this note, we take an early look at the possible listing.</li>
</ul>



Tokyo Metro (TKYMETRO JP)’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.
Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.
In this note, we take an early look at the possible listing.


Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Don't expect initial 'sell the fact' reaction to Fed's best-case 50 bps cut to weigh on Japan, with a lot of money on the sidelines in Asia to be deployed.</li>
<li>Shin-Etsu via its PVC sub Shintech and the Japanese home builders with high US exposure continue to look attractive as rate cut plays.</li>
<li>Further US export controls for allies on chip making equipment are imminent and names with lower China sales ratios remain the safer SPE plays.</li>
</ul>


Don't expect initial 'sell the fact' reaction to Fed's best-case 50 bps cut to weigh on Japan, with a lot of money on the sidelines in Asia to be deployed.
Shin-Etsu via its PVC sub Shintech and the Japanese home builders with high US exposure continue to look attractive as rate cut plays.
Further US export controls for allies on chip making equipment are imminent and names with lower China sales ratios remain the safer SPE plays.


Japan Morning Connection: Market Expected to Recover After Fed Announcement

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)

Micron and WFE

Just two weeks ago, I wrote about how I thought this was a mid-memory cycle. I mainly supported the memory companies if you didn’t read between...

Fabricated Knowledge

Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we talk about the not-so-postive.

Sumeet Singh

Tokyo Metro IPO - The Positives - Quasi-Monopoly Status

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

The company has now officially filed to raise around US$2.3bn in its IPO next month, which will make it the largest IPO in Japan since 2018.

Sumeet Singh

Japan Morning Connection: Market Expected to Recover After Fed Announcement

Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Micron and WFE

Just two weeks ago, I wrote about how I thought this was a mid-memory cycle. I mainly supported the memory companies if you didn’t read between...

Fabricated Knowledge

Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we talk about the not-so-postive.

Sumeet Singh

Tokyo Metro IPO - The Positives - Quasi-Monopoly Status

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

The company has now officially filed to raise around US$2.3bn in its IPO next month, which will make it the largest IPO in Japan since 2018.

Sumeet Singh

Japan Morning Connection: Market Expected to Recover After Fed Announcement

​Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...

Andrew Jackson

Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...