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

Renesas Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hitachi-ltd" target="_blank" data-smartkarma-citation="entities:7797:1" rel="noopener">Hitachi Ltd (6501 JP)</a> and <a href="https://www.smartkarma.com/entities/nec-corp" target="_blank" data-smartkarma-citation="entities:17084:1" rel="noopener">NEC Corp (6701 JP)</a> aim to raise around US$2.1bn via a sell-down of  their 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>The stock has seen a number of deals over the past few years with the most recent one being a cleanup in Nov 2023, which did well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Hitachi Ltd (6501 JP) and NEC Corp (6701 JP) aim to raise around US$2.1bn via a sell-down of  their stake in Renesas Electronics (6723 JP). 
The stock has seen a number of deals over the past few years with the most recent one being a cleanup in Nov 2023, which did well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Placement - Another US$2bn Deal, Momentum and Index Weights Should Help

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. </li>
<li>The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.</li>
<li>Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.</li>
</ul>


Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. 
The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.
Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.


Japan Shopping Malls: More Proactive and Disciplined Post-Covid

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.

Equity Bottom-Up

Dai Ichi Life Insurance / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> has seen rebounding net profit at a strong rate of growth for the past four quarters. </li>
<li>ROE has moved from a dismal 3.4% to 11.8% from 2Q23 to 2Q24, where a single US bank impairment should now drop out of the numbers</li>
<li>New business annual premiums are up from JPY97bn to JPY122bn from 2Q23 to 2Q24 with a high solvency ratio of 654% </li>
</ul>



Dai Ichi Life Insurance (8750 JP) has seen rebounding net profit at a strong rate of growth for the past four quarters. 
ROE has moved from a dismal 3.4% to 11.8% from 2Q23 to 2Q24, where a single US bank impairment should now drop out of the numbers
New business annual premiums are up from JPY97bn to JPY122bn from 2Q23 to 2Q24 with a high solvency ratio of 654% 


Dai-Ichi Life Holdings - 4 Quarters Strongly Rising Profit, ROE: 3% to 12%, A Profit Upgrade?

<ul>
<li>In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan &amp; Korea, after having looked at Hong Kong and India earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan &amp; Korea, after having looked at Hong Kong and India earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - Japan & Korea

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A shift in composition needed in a Japanese portfolio this year</li>
<li>A weaker US and Japanese economy together with a stronger Yen will  make sector allocation key.</li>
<li>Some sectors to avoid or invest in during this next phase.</li>
</ul>


A shift in composition needed in a Japanese portfolio this year
A weaker US and Japanese economy together with a stronger Yen will  make sector allocation key.
Some sectors to avoid or invest in during this next phase.


2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 4

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)

Renesas Electronics Placement - Another US$2bn Deal, Momentum and Index Weights Should Help

Hitachi Ltd (6501 JP) and NEC Corp (6701 JP) aim to raise around US$2.1bn via a sell-down of their stake in Renesas Electronics (6723 JP).

Sumeet Singh

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Dai-Ichi Life Holdings - 4 Quarters Strongly Rising Profit, ROE: 3% to 12%, A Profit Upgrade?

Dai-ichi Life Holdings is a sprawling global insurer and asset manager, with Japan, Australia and US as key markets. Profit is improving strongly,...

Daniel Tabbush

Aequitas 2024 Asia IPO Pipeline - Japan & Korea

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan & Korea, after having looked at Hong Kong and India...

Sumeet Singh

2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 4

In light of a weaker US and Japanese economy and a stronger Yen, sector allocation is crucial for Japanese portfolios this year. Certain sectors...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Renesas Electronics Placement - Another US$2bn Deal, Momentum and Index Weights Should Help

Hitachi Ltd (6501 JP) and NEC Corp (6701 JP) aim to raise around US$2.1bn via a sell-down of their stake in Renesas Electronics (6723 JP).

Sumeet Singh

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

​Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Dai-Ichi Life Holdings - 4 Quarters Strongly Rising Profit, ROE: 3% to 12%, A Profit Upgrade?

Dai-ichi Life Holdings is a sprawling global insurer and asset manager, with Japan, Australia and US as key markets. Profit is improving strongly,...

Daniel Tabbush

Aequitas 2024 Asia IPO Pipeline - Japan & Korea

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan & Korea, after having looked at Hong Kong and India...

Sumeet Singh

2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 4

​In light of a weaker US and Japanese economy and a stronger Yen, sector allocation is crucial for Japanese portfolios this year. Certain sectors...

Rikki Malik

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

In light of a weaker US and Japanese economy and a stronger Yen, sector allocation is crucial for Japanese portfolios this year. Certain sectors...