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

China Resources Beverage / 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, the prior week witnessed a number of listings with divergent results.</li>
<li>Given the market volatility, there was only one large placements in the prior week.</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, the prior week witnessed a number of listings with divergent results.
Given the market volatility, there was only one large placements in the prior week.


ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Acer's subsidiaries are driving growth, providing resilience and optimism in the face of shifts in the PC market.</li><li>China's smartphone industry is experiencing a boom in the second quarter of 2024, indicating strong potential for growth.</li><li>A potential US ban on Chinese vehicle technology could deepen the technology rift with lasting effects, impacting various industries.</li></ul>

Acer's subsidiaries are driving growth, providing resilience and optimism in the face of shifts in the PC market.China's smartphone industry is experiencing a boom in the second quarter of 2024, indicating strong potential for growth.A potential US ban on Chinese vehicle technology could deepen the technology rift with lasting effects, impacting various industries.

Tech Supply Chain Tracker (09-Aug-2024): Acer subs drive growth, boost resilience amid PC changes.

Japan Specialist

Mark Chadwick

<ul>
<li>Nintendo missed Q1 with Operating income coming in at Y54.5b (-71% YoY) vs our estimate Y116b and the street at Y94b</li>
<li>Switch 2 hardware and software units sold are now suffering from buyer fatigue as consumers await the next-gen console</li>
<li>The stock will likely fall quite sharply over the next week. Looking for good buying opportunity in anticipation of the next console cycle</li>
</ul>


Nintendo missed Q1 with Operating income coming in at Y54.5b (-71% YoY) vs our estimate Y116b and the street at Y94b
Switch 2 hardware and software units sold are now suffering from buyer fatigue as consumers await the next-gen console
The stock will likely fall quite sharply over the next week. Looking for good buying opportunity in anticipation of the next console cycle


<ul>
<li>Operating profit: FY3/24 OP was 529 billion yen (+4.9% YoY) vs analyst estimates of 537 billion (1.5% miss)</li>
<li>FY3/25 Operating guidance is 400 billion yen, significantly below analyst expectations of 480 billions (-16% miss).</li>
<li>The initial market reaction may be negative, we would use that as an opportunity to buy into the stock for the cyclical upturn in FY3/26.</li>
</ul>


Operating profit: FY3/24 OP was 529 billion yen (+4.9% YoY) vs analyst estimates of 537 billion (1.5% miss)
FY3/25 Operating guidance is 400 billion yen, significantly below analyst expectations of 480 billions (-16% miss).
The initial market reaction may be negative, we would use that as an opportunity to buy into the stock for the cyclical upturn in FY3/26.


Nintendo (7974) | Negative Surprise....Not Really

<ul>
<li>A group of shareholders aims to raise around US$1.3bn via selling around 11% of <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP).</a>
</li>
<li>In our earlier note, we talked about the placement and ran the deal through our ECM framework.</li>
<li>In this note, we talk about the updates and share price performance since then.</li>
</ul>


A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP).

In our earlier note, we talked about the placement and ran the deal through our ECM framework.
In this note, we talk about the updates and share price performance since then.


ASICS Placement Updates - Share Pop Done, Now Needs to Correct

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)

ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

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

Tech Supply Chain Tracker (09-Aug-2024): Acer subs drive growth, boost resilience amid PC changes.

Acer's subsidiaries grow amid PC market changes, China's smartphone market booms, potential US ban on Chinese vehicle tech, Nintendo and Sony face...

Tech Supply Chain Tracker

Nintendo (7974) | Game Over for Switch

Nintendo's Q1 operating income missed estimates, with Switch sales slowing due to buyer fatigue. Stock expected to drop, but potential buying...

Mark Chadwick

Nintendo (7974) | Negative Surprise....Not Really

Nintendo to Report Q1 (02 Aug); Shares Up 4% Since FY3/24 Results First Quarter - Operating income estimate Y116b vs street Y94b - Net sales...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

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

Tech Supply Chain Tracker (09-Aug-2024): Acer subs drive growth, boost resilience amid PC changes.

Acer's subsidiaries grow amid PC market changes, China's smartphone market booms, potential US ban on Chinese vehicle tech, Nintendo and Sony face...

Tech Supply Chain Tracker

Nintendo (7974) | Game Over for Switch

​Nintendo's Q1 operating income missed estimates, with Switch sales slowing due to buyer fatigue. Stock expected to drop, but potential buying...

Mark Chadwick

Nintendo (7974) | Negative Surprise....Not Really

Nintendo to Report Q1 (02 Aug); Shares Up 4% Since FY3/24 Results First Quarter - Operating income estimate Y116b vs street Y94b - Net sales...

Mark Chadwick

ASICS Placement Updates - Share Pop Done, Now Needs to Correct

A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP). We have looked at the deal dyanmics in our...

Sumeet Singh

Nintendo's Q1 operating income missed estimates, with Switch sales slowing due to buyer fatigue. Stock expected to drop, but potential buying...