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

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.
In this note, we talk about the positive aspects of the deal.


Leapmotor Pre-IPO - The Positives - Planned Launches Should Prop up Growth

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/hitachi-maxell-ltd" target="_blank" data-smartkarma-citation="entities:2484:1" rel="noopener">Maxell Ltd (6810 JP)</a> has been restructuring itself and the cost-cutting and rationalising of sales efforts and regions has led to post-relisting record OP.</li>
<li>But another (non-cash) write-off this past year has led to the third year of net losses in a row.</li>
<li>The company has, however, taken its actual cashflows and turned them into a large buyback</li>
</ul>



Maxell Ltd (6810 JP) has been restructuring itself and the cost-cutting and rationalising of sales efforts and regions has led to post-relisting record OP.
But another (non-cash) write-off this past year has led to the third year of net losses in a row.
The company has, however, taken its actual cashflows and turned them into a large buyback


Hitachi Maxell (6810 JP) - Very Big On-Market Buyback

Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

<ul>
<li>Toyota is famous for conservative guidance, but today's FY3/23 estimates of a 22% decline in pretax profit raised some eyebrows. Raw materials &amp; logistics are to blame. </li>
<li>Adjusting for various conservative assumptions by Toyota for FY3/23, flat profits are possible, but margin deterioration appears unavoidable.  </li>
<li>On flat profits in FY3/23, the 12x PER &amp; 5.5x EV/EBITDA are not particularly cheap. Toyota is in the "Guidance Dog House" until it can produce a significant beat. </li>
</ul>


Toyota is famous for conservative guidance, but today's FY3/23 estimates of a 22% decline in pretax profit raised some eyebrows. Raw materials &amp; logistics are to blame. 
Adjusting for various conservative assumptions by Toyota for FY3/23, flat profits are possible, but margin deterioration appears unavoidable.  
On flat profits in FY3/23, the 12x PER &amp; 5.5x EV/EBITDA are not particularly cheap. Toyota is in the "Guidance Dog House" until it can produce a significant beat. 


Toyota Guides for a 22% Profit Drop--Tough to Buy This Dip For Now

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>Toyota results were weak missing by 2.9% and OP by 8.5% due to weak volumes, material costs and some evidence of pulling forward costs. </li>
<li>Guidance was for a sharp YoY decline from ¥3trn in OP to just ¥2.4trn but this assumes limited price hikes and ¥115/$ so… who cares? </li>
<li>We expect the weak yen, rising hybrid penetration and volume recovery to drive OP into the ¥3.6-4.0trn range.</li>
</ul>


Toyota results were weak missing by 2.9% and OP by 8.5% due to weak volumes, material costs and some evidence of pulling forward costs. 
Guidance was for a sharp YoY decline from ¥3trn in OP to just ¥2.4trn but this assumes limited price hikes and ¥115/$ so… who cares? 
We expect the weak yen, rising hybrid penetration and volume recovery to drive OP into the ¥3.6-4.0trn range.


Toyota – Guidance Meaningless With A ¥115 Assumption

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul>
<li>
Five things to know about China’s draft rules on local financial institutions
</li>
<li>
Beijing shortens quarantines for inbound travelers, close contacts
</li>
<li>
Shrinking capital investment drags down Caixin New Economy Index
</li>
</ul>



Five things to know about China’s draft rules on local financial institutions


Beijing shortens quarantines for inbound travelers, close contacts


Shrinking capital investment drags down Caixin New Economy Index



CX Daily: Five Things To Know About China’s Draft Rules On Local Financial Institutions

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor Corp Spon Adr (TM US)

Leapmotor Pre-IPO - The Positives - Planned Launches Should Prop up Growth

Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we will...

Sumeet Singh

Hitachi Maxell (6810 JP) - Very Big On-Market Buyback

Maxell (6810) hit post-listing record OP as it recorded its third consecutive net loss but is answering that with an OP forecast increase and a...

Travis Lundy

Toyota Guides for a 22% Profit Drop--Tough to Buy This Dip For Now

Toyota is dead money until they provide a huge beat. Earnings call raised more questions than management was willing to answer. Quite surprisingly...

SC Capital

Toyota – Guidance Meaningless With A ¥115 Assumption

Toyota guidance looks meaningless given a ¥115/$ assumption and we expect OP to potentially hit ¥4trn next year with a run at ¥5trn possible over...

Mio Kato

CX Daily: Five Things To Know About China’s Draft Rules On Local Financial Institutions

Five things to know about China’s draft rules on local financial institutions. Beijing shortens quarantines for inbound travelers, close contacts

Caixin Global

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