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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a>, a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Tekscend Photomask IPO Lockup Expiry - US$1.1bn Lockup Release

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Itochu, Toyota Motor, Sumitomo Mitsui Financial, SoftBank, Rakuten, Nippon Steel, Sompo.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Itochu, Toyota Motor, Sumitomo Mitsui Financial, SoftBank, Rakuten, Nippon Steel, Sompo.


MS-Japan Index Earning Revision (Dec): Itochu, Toyota Motor, Sumitomo Mitsui Financial, SoftBank

<ul>
<li>We analysed the earning revision of component stocks of M-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.</li>
</ul>


We analysed the earning revision of component stocks of M-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.


M-Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

Equity Capital Markets

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a>, a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.


Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:203592" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:203753" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:204079" rel="noopener">Tekscend Photomask (429A JP) IPO: Valuation Insights</a>. </li>
<li>The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.</li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights. 
The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.


Tekscend Photomask (429A JP) IPO: Trading Debut

Japan

Toppan Printing Co., Ltd. is a printing company that provides commercial and publication printing services. The Company also prints securities paper, packaging products, and electronic related products such as photomasks and colorfilters. Toppan Printing also produces inks and operates a text book publication business.

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Toppan Printing (7911 JP)

Aequitas: Tekscend Photomask IPO Lockup Expiry - US$1.1bn Lockup Release

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...

Sumeet Singh

MS-Japan Index Earning Revision (Dec): Itochu, Toyota Motor, Sumitomo Mitsui Financial, SoftBank

We analyzed MS-Japan's consensus for Dec 2025 and highlighted changes of EPS in Itochu, Toyota Motor, Sumitomo Mitsui Financial, SoftBank, Rakuten,...

Ke Yan, CFA, FRM

M-Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

We analyzed M-Japan's consensus for Nov 2025 and highlighted changes of EPS in Toyota Motor (7203 JP), SoftBank (9984 JP), Rakuten (4755 JP),...

Ke Yan, CFA, FRM

Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...

Sumeet Singh

Tekscend Photomask (429A JP) IPO: Trading Debut

The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

Arun George

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