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

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advance Metal’s (JXAM) parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.
In this note, we talk about the positive aspects of the deal.


JX Advance Metals Pre-IPO - The Positives - Transforming

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

Thematic (Sector/Industry)

<ul>
<li>Global semiconductor sales reached a all time record high of $627.6 billion in 2024, an increase of 19.1% YoY, details here:</li>
<li>As anticipated, semi sales eased off in December 2024, reaching $57.0 billion, a decrease of 1.2% MoM but still up 17% YoY.</li>
<li>WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward to &gt;15% </li>
</ul>


Global semiconductor sales reached a all time record high of $627.6 billion in 2024, an increase of 19.1% YoY, details here:
As anticipated, semi sales eased off in December 2024, reaching $57.0 billion, a decrease of 1.2% MoM but still up 17% YoY.
WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward to &gt;15% 


Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The 1Q25 outlook is expected to see a 0-5% decline quarter-over-quarter due to the recent earthquake in southern Taiwan.  </li>
<li>Factors such as increased demand related to <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>  iPhone production and subsidies for China's electronics industry are expected to boost Novatek's output in 1Q25.</li>
<li>US President Donald Trump has expressed dissatisfaction with Taiwan's increasing dominance in the semiconductor manufacturing sector.</li>
</ul>


The 1Q25 outlook is expected to see a 0-5% decline quarter-over-quarter due to the recent earthquake in southern Taiwan.  
Factors such as increased demand related to Apple (AAPL US)  iPhone production and subsidies for China's electronics industry are expected to boost Novatek's output in 1Q25.
US President Donald Trump has expressed dissatisfaction with Taiwan's increasing dominance in the semiconductor manufacturing sector.


Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

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

<ul>
<li>Growing Signs That ARM-Based Chips Are Set to Disrupt the PC Market</li>
<li>Qualcomm’s Earnings Call Insights -- Snapdragon’s ARM-Based Push into PCs Successfully Taking Significant Market Share</li>
<li>Mediatek Earnings Call Highlights -- Reiterates ARM-Based Entry into PC Market with AI Supercomputer CPU in Collaboration with NVIDIA</li>
</ul>


Growing Signs That ARM-Based Chips Are Set to Disrupt the PC Market
Qualcomm’s Earnings Call Insights -- Snapdragon’s ARM-Based Push into PCs Successfully Taking Significant Market Share
Mediatek Earnings Call Highlights -- Reiterates ARM-Based Entry into PC Market with AI Supercomputer CPU in Collaboration with NVIDIA


PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Cautious 2025 outlook: SEAJ and other Japanese SPE firms have toned down 2025 expectations. TEL mentions a flat total end-demand.</li>
<li>In 2024, spending was concentrated in leading edge (AI) and China. In 2025, Intel and Samsung Logic Capex declines, China should decline. The bright spots are TSMC and HBM Capex.</li>
<li>Consensus expectations are low, but rightly so. The stock is at average PEx. Neutral territory.</li>
</ul>


Cautious 2025 outlook: SEAJ and other Japanese SPE firms have toned down 2025 expectations. TEL mentions a flat total end-demand.
In 2024, spending was concentrated in leading edge (AI) and China. In 2025, Intel and Samsung Logic Capex declines, China should decline. The bright spots are TSMC and HBM Capex.
Consensus expectations are low, but rightly so. The stock is at average PEx. Neutral territory.


Tokyo Electron (TEL):  Maintains Its FY25 Guidance and Provides a Cautious 2025 Outlook

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward...

William Keating

Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

1Q25 outlook for Novatek expected to decline 0-5% due to Taiwan earthquake, but boosted by Apple demand and China subsidies. Trump unhappy with...

Patrick Liao

PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market

ARM-based chips, led by Qualcomm and Mediatek, are poised to disrupt the PC market with successful market share gains and collaborations with...

Vincent Fernando, CFA

Tokyo Electron (TEL): Maintains Its FY25 Guidance and Provides a Cautious 2025 Outlook

Japanese SPE firms are cautious about 2025, with TSMC and HBM Capex as bright spots, while Intel and Samsung Logic Capex declines. Tokyo...

Nicolas Baratte

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward...

William Keating

Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

​1Q25 outlook for Novatek expected to decline 0-5% due to Taiwan earthquake, but boosted by Apple demand and China subsidies. Trump unhappy with...

Patrick Liao

PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market

​ARM-based chips, led by Qualcomm and Mediatek, are poised to disrupt the PC market with successful market share gains and collaborations with...

Vincent Fernando, CFA

Tokyo Electron (TEL): Maintains Its FY25 Guidance and Provides a Cautious 2025 Outlook

​Japanese SPE firms are cautious about 2025, with TSMC and HBM Capex as bright spots, while Intel and Samsung Logic Capex declines. Tokyo...

Nicolas Baratte

1Q25 outlook for Novatek expected to decline 0-5% due to Taiwan earthquake, but boosted by Apple demand and China subsidies. Trump unhappy with...

ARM-based chips, led by Qualcomm and Mediatek, are poised to disrupt the PC market with successful market share gains and collaborations with...

Japanese SPE firms are cautious about 2025, with TSMC and HBM Capex as bright spots, while Intel and Samsung Logic Capex declines. Tokyo...