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/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> is looking to raise up to US$393m in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>In this note, we talk about implied valuations in the IPO price range</li>
</ul>



Trial Holdings (5882 JP) is looking to raise up to US$393m in its Japan IPO.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
In this note, we talk about implied valuations in the IPO price range


Trial Holdings IPO - Sector Lagging Margins Warrant a Discount

SBI Sumishin Net Bank  / Equity Capital Markets

<ul>
<li>
<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> (SSNB) raised around US$370m in its second listing attempt.</li>
<li>SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.</li>
<li>In this note, we talk about the recent updates and trading dynamics.</li>
</ul>



SBI Sumishin Net Bank (7163 JP) (SSNB) raised around US$370m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about the recent updates and trading dynamics.


SBI Sumishin Net Bank IPO Trading - Rakuten Filing Will Add on More Pressure

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/w-scope-chungju-plant-co-ltd-wcp" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (393890 KS)</a> raised around US$314m via in its Korean IPO. The stock was listed on 30th Sep 2022, its six-month lockup will expire soon.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



WCP (393890 KS) raised around US$314m via in its Korean IPO. The stock was listed on 30th Sep 2022, its six-month lockup will expire soon.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.
In this note, we will talk about the lock-up dynamics and updates since our last note.


W-Scope IPO Lock-Up - US$300m Worth of Shares to Come Free

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s Board is clearly giving this to shareholders and saying "We did our job. Now it's up to you."</li>
<li>
<a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> admits to falsifying some engine emission tests. But the market dinging the company ~20% is excessive. </li>
<li>US$16bn of <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> shares from <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> got delivered on 24 March 2023. That's a lot.</li>
</ul>



Toshiba Corp (6502 JP)'s Board is clearly giving this to shareholders and saying "We did our job. Now it's up to you."

Toyota Industries (6201 JP) admits to falsifying some engine emission tests. But the market dinging the company ~20% is excessive. 
US$16bn of Meituan (3690 HK) shares from Tencent (700 HK) got delivered on 24 March 2023. That's a lot.


Last Week in Event SPACE: Toshiba, Toyota Industries, Meituan, Kingsoft, Rakuten Bank

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>, one of the world's leading forklift manufacturers, has admitted to fabricating the results of parts testing, forcing some forklift shipments to be halted.</li>
<li>TICO has decided to suspend the shipping of three models of forklifts equipped with the suspect engines, which account for ~6% of total forklift sales (in terms of count). </li>
<li>Shares, quite rightly, have taken a hit. But this correction appears excessive.</li>
</ul>



Toyota Industries (6201 JP), one of the world's leading forklift manufacturers, has admitted to fabricating the results of parts testing, forcing some forklift shipments to be halted.
TICO has decided to suspend the shipping of three models of forklifts equipped with the suspect engines, which account for ~6% of total forklift sales (in terms of count). 
Shares, quite rightly, have taken a hit. But this correction appears excessive.


Toyota Industries: Guilty As Charged. But Excessively Punished

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 (7203 JP)

Trial Holdings IPO - Sector Lagging Margins Warrant a Discount

Trial Holdings (5882 JP) is looking to raise up to US$393m in its Japan IPO. In this note, we talk about implied valuations.

Sumeet Singh

SBI Sumishin Net Bank IPO Trading - Rakuten Filing Will Add on More Pressure

SBI Sumishin Net Bank (7163 JP) (SSNB) raised around US$370m in its second listing attempt. In this note, we talk about the trading dynamics.

Sumeet Singh

W-Scope IPO Lock-Up - US$300m Worth of Shares to Come Free

WCP (393890 KS) raised around US$314m via in its Korean IPO. The stock was listed on 30th Sep 2022, its six-month lockup will expire soon.

Sumeet Singh

Last Week in Event SPACE: Toshiba, Toyota Industries, Meituan, Kingsoft, Rakuten Bank

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

Toyota Industries: Guilty As Charged. But Excessively Punished

TICO has decided to suspend the shipping of forklifts equipped with suspect engines, which account for ~6% of total forklift sales. Shares have...

David Blennerhassett

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