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

Liontown Resources / Equity Capital Markets

<ul>
<li>Liontown Resource (LTR) is looking to raise around US$321m in its fully underwritten Australian placement.</li>
<li>The company will use the proceeds from the placement to develop its Kathleen Valley Lithium Project.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Liontown Resource (LTR) is looking to raise around US$321m in its fully underwritten Australian placement.
The company will use the proceeds from the placement to develop its Kathleen Valley Lithium Project.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Liontown Placement - Large Deal but Appears to Be Well Flagged

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> has "given up" and accepted the fact of the Tender Offer. There will be no Poison Pill EGM, and SBI will "honour" Shinsei management policy</li>
<li>Approval from the anti-trust watchdog is by no means a sure thing in the <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> / <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> merge. </li>
<li>Hotel operator <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company Limited (2006 HK)</a> has announced a pre-conditional Offer from an entity primarily controlled by Shanghai SASAC. </li>
</ul>



Shinsei Bank (8303 JP) has "given up" and accepted the fact of the Tender Offer. There will be no Poison Pill EGM, and SBI will "honour" Shinsei management policy
Approval from the anti-trust watchdog is by no means a sure thing in the True Corp Pcl (TRUE TB) / Total Access Communication (DTAC TB) merge. 
Hotel operator Shanghai Jin Jiang Capital Company Limited (2006 HK) has announced a pre-conditional Offer from an entity primarily controlled by Shanghai SASAC. 


Last Week in Event SPACE: Shinsei Bank, True Corp/DTAC, Kansai Super, SingTel, DiDi Global

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Today 3D Investment Partners addressed Toshiba’s spinoff plan in a letter addressed to the Strategic Review Committee. </li>
<li>Unsurprisingly, they were dissatisfied with the results of the strategic review. </li>
<li>Also unsurprisingly they offered no great alternatives pointing to continued meandering.</li>
</ul>


Today 3D Investment Partners addressed Toshiba’s spinoff plan in a letter addressed to the Strategic Review Committee. 
Unsurprisingly, they were dissatisfied with the results of the strategic review. 
Also unsurprisingly they offered no great alternatives pointing to continued meandering.


Toshiba – 3D’s Letter Suggests a Lack of Ideas

<ul>
<li>Toshiba stock has been slightly weak since earnings and its official spinoff announcement. </li>
<li>After speaking to the company, we came away more encouraged about the core business. </li>
<li>However, we believe real buying will not come in until there is more clarity on its future and would thus target a lower entry point.</li>
</ul>


Toshiba stock has been slightly weak since earnings and its official spinoff announcement. 
After speaking to the company, we came away more encouraged about the core business. 
However, we believe real buying will not come in until there is more clarity on its future and would thus target a lower entry point.


Toshiba – Processing Things After Speaking to the Company

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

In this report, we have crawled through over ten years of technical publications to analyze the Fuel Cell space. The top five companies we screen from a technology perspective are <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>, <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>, <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/general-motors-co" target="_blank" data-smartkarma-citation="entities:18811:1" rel="noopener">General Motors Co (GM US)</a>, and <a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener">Bloom Energy Corp (BE US)</a> Technologically automakers (Japanese in particular) dominate the fuel cell sector. Among pure plays, <a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener">Bloom Energy Corp (BE US)</a> and <a href="https://www.smartkarma.com/entities/ballard-power-systems-inc" target="_blank" data-smartkarma-citation="entities:25813:1" rel="noopener">Ballard Power Systems (BLDP CN)</a> are best positioned and perhaps the only ones who come somewhat close to the auto OEMs from a technology perspective. Some lesser-known private players that have gained traction in technological terms over the last five years are Dioxide Materials, 24M Technologies, and Bayotech.Currently, batteries have a decisive advantage over fuel cells, and as a business proposition, fuel cells have so far mostly failed to live up to their technological promise. However, fuel cells using hydrogen generated from renewables offer a much lower environmental impact across their lifecycle. This sustains investor interest in the hope that system price declines, economies of scale, lower cost of renewable energy generation, and maturation as a business could make FC competitive longer term.

In this report, we have crawled through over ten years of technical publications to analyze the Fuel Cell space. The top five companies we screen from a technology perspective are Toyota Motor (7203 JP), Honda Motor (7267 JP), Hyundai Motor Co (005380 KS), General Motors Co (GM US), and Bloom Energy Corp (BE US) Technologically automakers (Japanese in particular) dominate the fuel cell sector. Among pure plays, Bloom Energy Corp (BE US) and Ballard Power Systems (BLDP CN) are best positioned and perhaps the only ones who come somewhat close to the auto OEMs from a technology perspective. Some lesser-known private players that have gained traction in technological terms over the last five years are Dioxide Materials, 24M Technologies, and Bayotech.Currently, batteries have a decisive advantage over fuel cells, and as a business proposition, fuel cells have so far mostly failed to live up to their technological promise. However, fuel cells using hydrogen generated from renewables offer a much lower environmental impact across their lifecycle. This sustains investor interest in the hope that system price declines, economies of scale, lower cost of renewable energy generation, and maturation as a business could make FC competitive longer term.

Stock Ideas From Data Mining Technical Publications: A Look into Fuel Cells

Japan

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

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Toshiba Corp (6502 JP)

Liontown Placement - Large Deal but Appears to Be Well Flagged

Liontown Resource (LTR) is looking to raise around US$321m in its fully underwritten Australian placement. In this note, we will talk about the...

Sumeet Singh

Last Week in Event SPACE: Shinsei Bank, True Corp/DTAC, Kansai Super, SingTel, DiDi Global

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Toshiba – 3D’s Letter Suggests a Lack of Ideas

3D's letter to Toshiba's SRC points to a fundamental disconnect with reality on their part. We see little prospect of a positive resolution in the...

Mio Kato

Toshiba – Processing Things After Speaking to the Company

After speaking to Toshiba we came away more encouraged about the core business but believe real buying will not come in until there is more clarity...

Mio Kato

Stock Ideas From Data Mining Technical Publications: A Look into Fuel Cells

Fuel cells have a place in the green energy market but with poor economics, they have a problem finding where that is. Japanese automakers...

Pyari Menon

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