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.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Jardine Matheson Southeast Asia / Event-Driven

Jardine Matheson Southeast Asia (JCNC SP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>'s current implied stub value is around its highest-ever level.</li>
<li>The simple ratio of JCNC/<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> is around its highest level outside the 2008 GFC.</li>
<li>A weak Indonesian rupiah is likely a factor. Still, JCNC is trading rich to its NAV. A takeover from parent <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> is idealistic.</li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP)'s current implied stub value is around its highest-ever level.
The simple ratio of JCNC/Astra International (ASII IJ) is around its highest level outside the 2008 GFC.
A weak Indonesian rupiah is likely a factor. Still, JCNC is trading rich to its NAV. A takeover from parent Jardine Matheson Holdings (JM SP) is idealistic.


External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>Astra International (ASII IJ)Sharper Return Focus, Preserving Diversification. ASII aims to focus on Auto, Financial Services and HEMCE, although healthcare and infrastructure remain part of the wider growth portfolio.</li><li>We see near-term growth expansion on auto parts/ components, and UNTR’s diversification toward metallurgical coal.ASII targets low-teens TSR, supported by 45–50% DPR and next 12 months Rp8tr buyback.</li><li>We maintain our Buy rating and TP of Rp6,850. Refocusing on three growth engines</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astra International (ASII IJ)Sharper Return Focus, Preserving Diversification. ASII aims to focus on Auto, Financial Services and HEMCE, although healthcare and infrastructure remain part of the wider growth portfolio.We see near-term growth expansion on auto parts/ components, and UNTR’s diversification toward metallurgical coal.ASII targets low-teens TSR, supported by 45–50% DPR and next 12 months Rp8tr buyback.We maintain our Buy rating and TP of Rp6,850. Refocusing on three growth enginesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astra International (ASII.IJ) Sharper Return Focus, Preserving Diversification

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
Cautious entry: Indonesian stocks are stabilizing. We may consider a small absolute long on a 6-12-month horizon, either on the country level or with a basket of three stocks.</li>
<li>
Absolute for now: Historically, past downside extremes in Indonesian stocks preceded positive absolute returns 6-12-months forward, but relative performance remained weak over the same time horizon.</li>
<li>
Relative later: Our framework does not support an overweight to Indonesia vs. EM or Asia Pacific until relative trend signals improve. If you're already underweight, trim it.</li>
</ul>



Cautious entry: Indonesian stocks are stabilizing. We may consider a small absolute long on a 6-12-month horizon, either on the country level or with a basket of three stocks.

Absolute for now: Historically, past downside extremes in Indonesian stocks preceded positive absolute returns 6-12-months forward, but relative performance remained weak over the same time horizon.

Relative later: Our framework does not support an overweight to Indonesia vs. EM or Asia Pacific until relative trend signals improve. If you're already underweight, trim it.


Indonesia Stabilizes: Three Stocks with Relative Upside

<ul><li>Astra International (ASII IJ)A More Gradual Recovery Path; Lowering Estimates and TPPost 1Q26 miss, near-term visibility remains limited amid macro uncertainty, soft Auto demand, and RKAB uncertainty for UNTR.</li><li>We expect FY26F recovery to be more gradual, with Auto demand, Martabe restart, and Pama volume recovery as key swing factors.</li><li>Maintain Buy, Tactical (3M): N, with TP lowered to Rp6,850 as valuation remains undemanding, but hinging on better near-term catalysts.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astra International (ASII IJ)A More Gradual Recovery Path; Lowering Estimates and TPPost 1Q26 miss, near-term visibility remains limited amid macro uncertainty, soft Auto demand, and RKAB uncertainty for UNTR.We expect FY26F recovery to be more gradual, with Auto demand, Martabe restart, and Pama volume recovery as key swing factors.Maintain Buy, Tactical (3M): N, with TP lowered to Rp6,850 as valuation remains undemanding, but hinging on better near-term catalysts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astra International (ASII.IJ) A More Gradual Recovery Path; Lowering Estimates and TP

Indonesia

Astra International is a leading Indonesian conglomerate with a highly diversified business portfolio across seven main segments: automotive, financial services, heavy equipment, mining, construction, agribusiness, infrastructure, information technology, and property. The company manufactures, distributes, and services vehicles, provides financial and insurance services, and is involved in palm oil plantations, logistics, and property development. It was founded in 1957 and is headquartered in Jakarta, Indonesia.

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Astra International (ASII IJ)

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

Jardine Cycle & Carriage Is A Short

Jardine Cycle & Carriage's premium to NAV is not justifiable. I'd look to reverse the stub here - Short JCNC, Long Astra.

David Blennerhassett