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 group of shareholders aims to raise around US$380m via selling around 4% of <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP).</a>
</li>
<li>Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP).

Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.
In this note, we will talk about the placement and run the deal through our ECM framework.


Isuzu Motors Placement - Relatively Small Deal Along with Buyback

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There is very high delta in 30-year JGB yields in the recent month, and preceding periods</li>
<li>This is very much unlike what we see with the 1-year JGBs, different implications.</li>
<li>Insurance companies are the major holders of long-dated JGBs where banks have low duration on their bond holdings.</li>
</ul>


There is very high delta in 30-year JGB yields in the recent month, and preceding periods
This is very much unlike what we see with the 1-year JGBs, different implications.
Insurance companies are the major holders of long-dated JGBs where banks have low duration on their bond holdings.


Japan - Sharply Higher Long-Dated JGBs Should Mean Sizable Valuation Losses at Insurers, Not Banks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genda-inc" target="_blank" data-smartkarma-citation="entities:39911:1" rel="noopener">GENDA (9166 JP),</a> along with a selling shareholder, is looking to raise around US$190m to partly fund its M&amp;A.</li>
<li>Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&amp;A.
Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
In this note, we will talk about the placement and run the deal through our ECM framework.


GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> is looking to raise US$940m via selling its remaining stake in <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>.</li>
<li>DENSO last sold some of its stake nearly a year ago and hence, this deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Denso Corp (6902 JP) is looking to raise US$940m via selling its remaining stake in Renesas Electronics (6723 JP).
DENSO last sold some of its stake nearly a year ago and hence, this deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Block - Well Flagged, Clean up but Momentum Isn’t Great

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<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/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> is said to be gearing up for an IPO launch this month, as per media reports.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> was the only sizable placement over the past week that we covered.</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, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.


ECM Weekly (5 May 2025) - CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

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Japan Post Holdings (6178 JP)

Isuzu Motors Placement - Relatively Small Deal Along with Buyback

A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Japan - Sharply Higher Long-Dated JGBs Should Mean Sizable Valuation Losses at Insurers, Not Banks

Japan's insurance companies are more exposed and highly exposed to rising long-dated JGB yields, unlike for banks. The former will have more...

Daniel Tabbush

GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&A. In this note, we talk about the deal...

Sumeet Singh

Renesas Electronics Block - Well Flagged, Clean up but Momentum Isn’t Great

Denso Corp (6902 JP) is looking to raise US$940m via selling its remaining stake in Renesas Electronics (6723 JP). This is a well-flagged deal.

Sumeet Singh

ECM Weekly (5 May 2025) - CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)