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/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>We have looked at its past performance in our earlier notes. In this note, we will talk about valuations.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
We have looked at its past performance in our earlier notes. In this note, we will talk about valuations.


DN Solutions IPO - Thoughts on Valuations - Probably Needs a Price Cut

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skf-india-ltd" target="_blank" data-smartkarma-citation="entities:4984:1" rel="noopener">SKF India Ltd (SKF IN)</a> has announced the demerger of its industrial business, which will be listed separately for enhanced focus and operational efficiency in both segments.</li>
<li>The company’s automotive business has high volume but low margins, whereas the industrial segment offers higher margins, highlighting a significant contrast in profitability between the two business segments.</li>
<li>The automotive business would attract investors seeking long-term, steady growth, while the industrial segment would appeal to investors focused on higher margins and more lucrative returns.</li>
</ul>



SKF India Ltd (SKF IN) has announced the demerger of its industrial business, which will be listed separately for enhanced focus and operational efficiency in both segments.
The company’s automotive business has high volume but low margins, whereas the industrial segment offers higher margins, highlighting a significant contrast in profitability between the two business segments.
The automotive business would attract investors seeking long-term, steady growth, while the industrial segment would appeal to investors focused on higher margins and more lucrative returns.


Event Driven- SKF India Demerger: The Automotive & Industrial Split

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>We have looked at its past performance in our earlier notes. In this note, we will undertake a peer comparison.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
We have looked at its past performance in our earlier notes. In this note, we will undertake a peer comparison.


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.</li>
<li>While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.</li>
<li>Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.</li>
</ul>


Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.
While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.
Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.


Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Taiwan server revenue and shipment forecast for 2025 is expected to increase, reflecting growth in the IT industry. </li><li>Japanese government plans to invest $1 billion in Space Strategy Fund projects, highlighting a push for innovation and exploration in the aerospace sector. </li><li>SoftBank's $6.5B Ampere acquisition is a strategic move in the AI chip market with Arm, positioning the company for future technological advancements.</li></ul>

Taiwan server revenue and shipment forecast for 2025 is expected to increase, reflecting growth in the IT industry. Japanese government plans to invest $1 billion in Space Strategy Fund projects, highlighting a push for innovation and exploration in the aerospace sector. SoftBank's $6.5B Ampere acquisition is a strategic move in the AI chip market with Arm, positioning the company for future technological advancements.

Tech Supply Chain Tracker (21-Mar-2025): Taiwan server revenue forecast 2025.

Japan

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

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Honda Motor (7267 JP)

DN Solutions IPO - Thoughts on Valuations - Probably Needs a Price Cut

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note we...

Sumeet Singh

Event Driven- SKF India Demerger: The Automotive & Industrial Split

SKF India Ltd to demerge industrial business for enhanced focus and operational efficiency, highlighting significant contrast in profitability...

Nimish Maheshwari

DN Solutions Pre-IPO - Peer Comparison

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

Tech Supply Chain Tracker (21-Mar-2025): Taiwan server revenue forecast 2025.

Taiwan server revenue forecast, Japan's $1B Space Strategy Fund, SoftBank's Ampere acquisition, China's Empyrean Technology acquires Xpeedic,...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

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DN Solutions IPO - Thoughts on Valuations - Probably Needs a Price Cut

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note we...

Sumeet Singh

Event Driven- SKF India Demerger: The Automotive & Industrial Split

​SKF India Ltd to demerge industrial business for enhanced focus and operational efficiency, highlighting significant contrast in profitability...

Nimish Maheshwari

DN Solutions Pre-IPO - Peer Comparison

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

​Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

Tech Supply Chain Tracker (21-Mar-2025): Taiwan server revenue forecast 2025.

Taiwan server revenue forecast, Japan's $1B Space Strategy Fund, SoftBank's Ampere acquisition, China's Empyrean Technology acquires Xpeedic,...

Tech Supply Chain Tracker

SKF India Ltd to demerge industrial business for enhanced focus and operational efficiency, highlighting significant contrast in profitability...

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.