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/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-group-inc" target="_blank" data-smartkarma-citation="entities:217:1" rel="noopener">Sumitomo Mitsui Financial Group (8316 JP)</a> plan to raise around US$700m via selling down some of their stake in <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a>.</li>
<li>The deal is a large one to digest at over 20% of the company and 90 days of ADV.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) plan to raise around US$700m via selling down some of their stake in Toyoda Gosei (7282 JP).
The deal is a large one to digest at over 20% of the company and 90 days of ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.


Toyoda Gosei Placement - Somewhat Expected but Relatively Large with Delayed Buyback

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.</li>
<li>U.S. President Trump’s investment in <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has so far generated about a 48.5% return, which raises the question — what’s next?</li>
<li>That said, we continue to believe that <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> must demonstrate real performance improvements before claiming a full turnaround.</li>
</ul>



Intel Corp (INTC US) will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.
U.S. President Trump’s investment in Intel Corp (INTC US) has so far generated about a 48.5% return, which raises the question — what’s next?
That said, we continue to believe that Intel Corp (INTC US) must demonstrate real performance improvements before claiming a full turnaround.


Intel (INTC.US): Intel’s Share Price Is Encouraging; Caution Warranted on Its Near-Term Continuation

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> appears to be shining bright.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Zijin Gold appears to be shining bright.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Japanese equities delivered exceptional performance this week, with the Nikkei 225 surging 4.1% to fresh record highs </li>
<li>Expect the BoJ to maintain the 0.5% policy rate Friday, with October remaining the earliest viable hike window</li>
<li>Geopolitical tensions remain elevated with Polish airspace incidents and Middle East complexities creating volatility catalysts; We remain +ve on JP equities given attractive valuations and Fed tailwinds</li>
</ul>


Japanese equities delivered exceptional performance this week, with the Nikkei 225 surging 4.1% to fresh record highs 
Expect the BoJ to maintain the 0.5% policy rate Friday, with October remaining the earliest viable hike window
Geopolitical tensions remain elevated with Polish airspace incidents and Middle East complexities creating volatility catalysts; We remain +ve on JP equities given attractive valuations and Fed tailwinds


Japan Strategy Weekly | Nikkei Surges to Record High

<ul>
<li>Monetary support may temporarily ease Intel’s current financial difficulties, but the ultimate solution lies in securing technical support from manufacturing.  </li>
<li>We remain curious how the U.S. government will devise a solution for Intel if the company ultimately cannot provide the necessary support for U.S. Fabless players.</li>
<li>We are bearish on <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s current position and do not believe financial support alone can help the company overcome its challenges.</li>
</ul>


Monetary support may temporarily ease Intel’s current financial difficulties, but the ultimate solution lies in securing technical support from manufacturing.  
We remain curious how the U.S. government will devise a solution for Intel if the company ultimately cannot provide the necessary support for U.S. Fabless players.
We are bearish on Intel Corp (INTC US)’s current position and do not believe financial support alone can help the company overcome its challenges.


Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

Japan

Softbank Corporation provides mobile phone telecommunication and networking services. The Company offers mobile communication opening, short messaging function opening, video function opening, and other services. Softbank also provides mobile phones.

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Softbank Corp (9434 JP)

Toyoda Gosei Placement - Somewhat Expected but Relatively Large with Delayed Buyback

Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) plan to raise around US$700m via selling down some of their stake in Toyoda...

Sumeet Singh

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Japan Strategy Weekly | Nikkei Surges to Record High

Japanese equities surged to record highs this week, with the BoJ expected to maintain policy rate and geopolitical tensions adding volatility;...

Mark Chadwick

Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

Financial support may not be enough to save Intel from its current challenges; securing technical support from manufacturing is crucial for long...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Toyoda Gosei Placement - Somewhat Expected but Relatively Large with Delayed Buyback

Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) plan to raise around US$700m via selling down some of their stake in Toyoda...

Sumeet Singh

Intel (INTC.US): Intel’s Share Price Is Encouraging; Caution Warranted on Its Near-Term Continuation

​Intel Corp will hold its earnings call on October 23, recent share price upside is encouraging but performance improvements are needed for a full...

Patrick Liao

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Japan Strategy Weekly | Nikkei Surges to Record High

​Japanese equities surged to record highs this week, with the BoJ expected to maintain policy rate and geopolitical tensions adding volatility;...

Mark Chadwick

Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

​Financial support may not be enough to save Intel from its current challenges; securing technical support from manufacturing is crucial for long...

Patrick Liao

Intel Corp will hold its earnings call on October 23, recent share price upside is encouraging but performance improvements are needed for a full...

Japanese equities surged to record highs this week, with the BoJ expected to maintain policy rate and geopolitical tensions adding volatility;...

Financial support may not be enough to save Intel from its current challenges; securing technical support from manufacturing is crucial for long...