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>As per media reports <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> (TMC) could be planning to unwind some of its US$19bn cross-shareholding by working with financial institutions.</li>
<li>In our prior series of notes, we had looked at the cross-shareholding across a swathe of companies, the largest of which was Toyota Motors.</li>
<li>In this note, we take a quick look at the possible shareholding unwind.</li>
</ul>


As per media reports Toyota Motor (7203 JP) (TMC) could be planning to unwind some of its US$19bn cross-shareholding by working with financial institutions.
In our prior series of notes, we had looked at the cross-shareholding across a swathe of companies, the largest of which was Toyota Motors.
In this note, we take a quick look at the possible shareholding unwind.


Aequitas: Toyota Motors Cross-Shareholding - Possible US$19bn Unwind, Might Not Be Soon

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 analyzed the changes in margin trading positions of JPX stocks as of Feb 6th. The aggregated net margin trading position is USD23,298m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest, SoftBank, Fujikura, Sumitomo Mitsui Financial, Recruit, Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, Nec, Advantest.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Feb 6th. The aggregated net margin trading position is USD23,298m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest, SoftBank, Fujikura, Sumitomo Mitsui Financial, Recruit, Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, Nec, Advantest.


JPX Margin Trading Weekly (Feb 6th): Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

SMIC (Semiconductor Manufacturing International Corp) / Equity Bottom-Up

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

<ul>
<li>Due to U.S. export restrictions on chip technology to China, mainland China’s semiconductor industry has been significantly impacted.  </li>
<li>Currently, in terms of chip manufacturing technology, <a href="https://www.smartkarma.com/entities/asml-holding-nv" target="_blank" data-smartkarma-citation="entities:21097:1" rel="noopener">ASML Holding NV (ASML NA)</a> advancements in lithography machine-related technology represent a formidable barrier that’s extremely difficult to overcome.</li>
<li>China must gradually build an upstream supply chain for chips to develop independent chip production technology.</li>
</ul>


Due to U.S. export restrictions on chip technology to China, mainland China’s semiconductor industry has been significantly impacted.  
Currently, in terms of chip manufacturing technology, ASML Holding NV (ASML NA) advancements in lithography machine-related technology represent a formidable barrier that’s extremely difficult to overcome.
China must gradually build an upstream supply chain for chips to develop independent chip production technology.


SMIC (981.HK): The EUV Issue Remains, Forcing China to Develop Its Own Technology Now?

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/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a> was IPOed in 2014. MitCorp sold. Others sold. Fujifilm and Medipal stayed in. The stock ran up. SBI bought from Fujifilm in Nov2020 at ¥2355.</li>
<li>The stock fell, SBI bought more in 2021-2022. Then it fell more in 2023 and SBI bought more, then fell more in 2024 and SBI bought more. </li>
<li>The Nikkei <a href="https://www.nikkei.com/article/DGXZQOUB115D70R10C25A9000000/" target="_blank" rel="noopener">reports</a> today that Nippon Life will announce a TOB on 15 December with a max price of ¥60bn (242% premium), which coincidentally would bring SBI close to breakeven.</li>
</ul>



Medical Data Vision (3902 JP) was IPOed in 2014. MitCorp sold. Others sold. Fujifilm and Medipal stayed in. The stock ran up. SBI bought from Fujifilm in Nov2020 at ¥2355.
The stock fell, SBI bought more in 2021-2022. Then it fell more in 2023 and SBI bought more, then fell more in 2024 and SBI bought more. 
The Nikkei reports today that Nippon Life will announce a TOB on 15 December with a max price of ¥60bn (242% premium), which coincidentally would bring SBI close to breakeven.


[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


Japan

FUJIFILM Holdings Corporation develops, sells and services Imaging, Information, and Document Solutions.  Its products include color films, digital cameras, photofinishing products and equipment.  The Group also manufactures medical and graphic art use equipment and materials, FPD materials, and optical devices, and provides services on office copy machines, printers, and related equipment.

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FUJIFILM Holdings (4901 JP)

Aequitas: Toyota Motors Cross-Shareholding - Possible US$19bn Unwind, Might Not Be Soon

As per media reports Toyota Motor (7203 JP) (TMC) could be planning to unwind some of its US$19bn cross-shareholding by working with financial...

Sumeet Singh

JPX Margin Trading Weekly (Feb 6th): Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Nintendo (7974 JP), Shin-Etsu Chemical (4063 JP), Lasertec (6920...

Ke Yan, CFA, FRM

SMIC (981.HK): The EUV Issue Remains, Forcing China to Develop Its Own Technology Now?

US export restrictions have significantly impacted China's semiconductor industry. China must build its own chip supply chain to develop...

Patrick Liao

[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

The Nikkei reports Nippon Life will launch a TOB to buy out Medical Data Vision at "up to ¥60bn", announcing it tomorrow. That is a whopping 240%...

Travis Lundy

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Toyota Motors Cross-Shareholding - Possible US$19bn Unwind, Might Not Be Soon

As per media reports Toyota Motor (7203 JP) (TMC) could be planning to unwind some of its US$19bn cross-shareholding by working with financial...

Sumeet Singh

JPX Margin Trading Weekly (Feb 6th): Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Nintendo (7974 JP), Shin-Etsu Chemical (4063 JP), Lasertec (6920...

Ke Yan, CFA, FRM

SMIC (981.HK): The EUV Issue Remains, Forcing China to Develop Its Own Technology Now?

​US export restrictions have significantly impacted China's semiconductor industry. China must build its own chip supply chain to develop...

Patrick Liao

[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

The Nikkei reports Nippon Life will launch a TOB to buy out Medical Data Vision at "up to ¥60bn", announcing it tomorrow. That is a whopping 240%...

Travis Lundy

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

US export restrictions have significantly impacted China's semiconductor industry. China must build its own chip supply chain to develop...