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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>’s (KE) stock.</li>
<li>KE had seen a number of selldowns in the past from KKR and Applied Materials, with mixed results.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of Kokusai Electric (6525 JP)’s (KE) stock.
KE had seen a number of selldowns in the past from KKR and Applied Materials, with mixed results.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Kokusai Electric Placement - Past Deals Have Been Mixed but Its a US$1bn Cleanup

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<p>During June three important semiconductor forecasts were released.  While one predicts growth through 2019, the other two agree that a downturn is upcoming, but both suggest downturns that are milder than any in the history of the industry.  This post examines all three and explains why a typical collapse is more likely than any of these forecasts.</p>

During June three important semiconductor forecasts were released.  While one predicts growth through 2019, the other two agree that a downturn is upcoming, but both suggest downturns that are milder than any in the history of the industry.  This post examines all three and explains why a typical collapse is more likely than any of these forecasts.

A Semiconductor Downturn's Coming, But How Bad Will It Be?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>AMAT reported Q2 FY26 revenue of a record $7.91 billion, up 11% YoY, up 12.8% QoQ and roughly $260 million above the guided midpoint</li>
<li>AMAT guided Q3 FY26 revenue of $8.95 billion at the midpoint, roughly +13% QoQ, and non-GAAP EPS of $3.36 +/- $0.20</li>
<li>Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in calendar 2026. Yikes!</li>
</ul>


AMAT reported Q2 FY26 revenue of a record $7.91 billion, up 11% YoY, up 12.8% QoQ and roughly $260 million above the guided midpoint
AMAT guided Q3 FY26 revenue of $8.95 billion at the midpoint, roughly +13% QoQ, and non-GAAP EPS of $3.36 +/- $0.20
Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in calendar 2026. Yikes!


AMAT Q2 FY26. Raising WFE Guidance From 20% YoY Growth To 30%. Yikes!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p style="text-align: justify;">The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed signals , our outlook remains neutral and we continue to expect further consolidation and volatility.  In today’s report we highlight concerning groups that illustrate areas of growing deterioration across the market. Concerning groups: TE-04 and TE-05 (Semiconductor Equipment, Large, Mid, and Small-Cap), CD-08 (Home Furnishings), and FN-25 (Asset Management &amp; Custody Banks, Mid-Cap).</p>

The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed signals , our outlook remains neutral and we continue to expect further consolidation and volatility.  In today’s report we highlight concerning groups that illustrate areas of growing deterioration across the market. Concerning groups: TE-04 and TE-05 (Semiconductor Equipment, Large, Mid, and Small-Cap), CD-08 (Home Furnishings), and FN-25 (Asset Management &amp; Custody Banks, Mid-Cap).

U.S. Equity Strategy: Upgrading Utilities; Downgrading Manufacturing

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>TSMC’s weak guidance last week and Q2 shipment downgrades for Apple reflect the ‘peak smartphone’ underweight stance on the Asian supply chain covered last September and since.</li>
<li>Smartphone sales have entered a structural slowdown – chip companies like MediaTek which have diversified revenue exposure into new end markets look more resilient.</li>
<li>The sell-off in semi equipment makers despite strong results reflects fears that the DRAM/NAND capex cycles are also topping out -  NAND prices fell up to 10%…</li>
</ul>


TSMC’s weak guidance last week and Q2 shipment downgrades for Apple reflect the ‘peak smartphone’ underweight stance on the Asian supply chain covered last September and since.
Smartphone sales have entered a structural slowdown – chip companies like MediaTek which have diversified revenue exposure into new end markets look more resilient.
The sell-off in semi equipment makers despite strong results reflects fears that the DRAM/NAND capex cycles are also topping out -  NAND prices fell up to 10%…


‘Peak Smartphone’ Thesis Goes Mainstream, as EM Disappoints Bulls…

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

Aequitas: Kokusai Electric Placement - Past Deals Have Been Mixed but Its a US$1bn Cleanup

KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of Kokusai Electric (6525 JP)’s (KE) stock. In this...

Sumeet Singh

A Semiconductor Downturn's Coming, But How Bad Will It Be?

During June three important semiconductor forecasts were released. While one predicts growth through 2019, the other two agree that a downturn is...

Jim Handy

AMAT Q2 FY26. Raising WFE Guidance From 20% YoY Growth To 30%. Yikes!

Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in...

William Keating

U.S. Equity Strategy: Upgrading Utilities; Downgrading Manufacturing

The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed...

Vermilion Research

‘Peak Smartphone’ Thesis Goes Mainstream, as EM Disappoints Bulls…

TSMC’s weak guidance last week and Q2 shipment downgrades for Apple reflect the ‘peak smartphone’ underweight stance on the Asian supply chain...

Sean Maher

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