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/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders raised around US$2.4bn in its Japan IPO. </li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. 
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

International Games System / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/international-games-system-co-ltd" target="_blank" data-smartkarma-citation="entities:3486:1" rel="noopener">International Games System (3293 TT)</a> could be added to a global index at the end of November and there will be a lot of buying in the stock.</li>
<li>The big rally in the stock has led to <a href="https://www.smartkarma.com/entities/international-games-system-co-ltd" target="_blank" data-smartkarma-citation="entities:3486:1" rel="noopener">International Games System (3293 TT)</a> trading expensive to its regional peers.</li>
<li>There has been an increase in cumulative excess volume over the last month. But there could still be more to go over the next week.</li>
</ul>



International Games System (3293 TT) could be added to a global index at the end of November and there will be a lot of buying in the stock.
The big rally in the stock has led to International Games System (3293 TT) trading expensive to its regional peers.
There has been an increase in cumulative excess volume over the last month. But there could still be more to go over the next week.


International Games System (3293 TT): Positioning & Potential Passive Buying

<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 live IPOs front, the two Japanese IPOs, <a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a> and <a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> appeared attractively priced. The same couldn't be said about <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India</a>.</li>
<li>On the placements front, there were deals in Hong Kong, Japan and India. </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 live IPOs front, the two Japanese IPOs, Tokyo Metro (9023 JP) and Rigaku Holdings (268A JP) appeared attractively priced. The same couldn't be said about Hyundai Motor India.
On the placements front, there were deals in Hong Kong, Japan and India. 


ECM Weekly (14th Oct 2024) - Tokyo Metro, Rigaku, Hyundai, China Res, Swiggy, USS, Akeso, Shiyue

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Equity Bottom-Up

<ul>
<li>Gaming Award nominations could spark sales lift into key holiday selling season   </li>
<li>Highly watched Industry Scores are moving higher for FF7 Rebirth. FF7 Rebirth moving higher up key US gaming charts</li>
<li>Five CQ4 release titles could drive revenues higher from recent lower reset. Big valuation discount and balance sheet opportunities exist</li>
</ul>


Gaming Award nominations could spark sales lift into key holiday selling season   
Highly watched Industry Scores are moving higher for FF7 Rebirth. FF7 Rebirth moving higher up key US gaming charts
Five CQ4 release titles could drive revenues higher from recent lower reset. Big valuation discount and balance sheet opportunities exist


Gaming. Square Enix (9684 JP). 3 NOTABLE POSITIVES SO FAR IN OCTOBER. BIG MONTH AHEAD

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>NVDA lifts markets on comments from Hon Hai Chairman that demand for Blackwell was 'crazy'.</li>
<li>Oil related names in JP will follow US lower on the drop in oil, despite Hurricane Milton having the potential to disrupt production.</li>
<li>HK futures finding off the lows overnight should point to upside for related China names in Japan to start; Gamers to be sold heavily after PIF sale.</li>
</ul>


NVDA lifts markets on comments from Hon Hai Chairman that demand for Blackwell was 'crazy'.
Oil related names in JP will follow US lower on the drop in oil, despite Hurricane Milton having the potential to disrupt production.
HK futures finding off the lows overnight should point to upside for related China names in Japan to start; Gamers to be sold heavily after PIF sale.


Japan Morning Connection: HK Futures off the Lows Should Point to Upside for China Related Names

Japan

Nintendo Co., Ltd. globally develops, manufactures and sells home-use video game hardware and software in home entertainment business.  The company also produces home-game products including cards.

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Nintendo (7974 JP)

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

International Games System (3293 TT): Positioning & Potential Passive Buying

The increased market cap could lead to IGS being added to passive portfolios at the end of Nov. There is a fair bit of positioning, but the stock...

Brian Freitas

ECM Weekly (14th Oct 2024) - Tokyo Metro, Rigaku, Hyundai, China Res, Swiggy, USS, Akeso, Shiyue

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

Gaming. Square Enix (9684 JP). 3 NOTABLE POSITIVES SO FAR IN OCTOBER. BIG MONTH AHEAD

Gaming award nominations and industry scores for FF7 Rebirth could boost sales during the holiday season. CQ4 releases may drive revenues higher...

Neil Campling

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

International Games System (3293 TT): Positioning & Potential Passive Buying

The increased market cap could lead to IGS being added to passive portfolios at the end of Nov. There is a fair bit of positioning, but the stock...

Brian Freitas

ECM Weekly (14th Oct 2024) - Tokyo Metro, Rigaku, Hyundai, China Res, Swiggy, USS, Akeso, Shiyue

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

Gaming. Square Enix (9684 JP). 3 NOTABLE POSITIVES SO FAR IN OCTOBER. BIG MONTH AHEAD

​Gaming award nominations and industry scores for FF7 Rebirth could boost sales during the holiday season. CQ4 releases may drive revenues higher...

Neil Campling

Japan Morning Connection: HK Futures off the Lows Should Point to Upside for China Related Names

NVDA +4.1% on comments from Hon Hai that demand for Blackwell chips was ‘crazy’, Oil related will follow US lower, HK futures off the lows should...

Andrew Jackson

Gaming award nominations and industry scores for FF7 Rebirth could boost sales during the holiday season. CQ4 releases may drive revenues higher...