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

Resonac Holdings  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/showa-denko-k-k" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Showa Denko K.K. (4004 JP)</a> aims to raise around US$745m via a global follow-on offering. Proceeds from the placement will be used to finance its planned capex across its different business segments.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Showa Denko K.K. (4004 JP) aims to raise around US$745m via a global follow-on offering. Proceeds from the placement will be used to finance its planned capex across its different business segments.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Showa Denko Placement - Relatively Large Deal, past Deal Didn’t Do Well

Obic Business Consultants / Equity Capital Markets

A group of OBIC Business Consultant’s (4733 JP, OBC) shareholders plan to raise around US$447m (JPY48bn) by selling 12.87% of the company. The stated purpose of the selldown is to ensure that OBC qualifies for prime market on the TSE.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

A group of OBIC Business Consultant’s (4733 JP, OBC) shareholders plan to raise around US$447m (JPY48bn) by selling 12.87% of the company. The stated purpose of the selldown is to ensure that OBC qualifies for prime market on the TSE.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

OBIC Business Consultants Placement - Large Deal Needs a Large Correction - Remains in Transition

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<h2>Eight new names, SoftBank remains for the 3rd quarter running</h2>
<ul>
<li>
OurQ2-2021 All Cap High-Risk screen of stocks produced a market cap-weighted average price decline of 2%. In comparison, the MSCI Asia Pacific Index posted a decline of 1.7% over the same period. The stock quality of our Q2 2021 decreased 2.4 points or 3.8% over the period. Within the mix of 34 stocks in our Q2 2021 (May) list 19 posted negative performance, with an average decline of 14.1%.</li>
<li>
At a static number of 34 stocks our Q3 2021 screen, delivers an interesting composition this quarter, with eight (8) new names and strong representation from Hong Kong in terms of geography and Industrials and Basic Materials from a sector perspective. This suggests that the “reopening of the economy” trade may have run its course for now.</li>
<li>Our Q3 2021 screen shows a further reduction in average stock rank (a reading on relative quality amongst the broad market peers with 100 being the highest) to 61 from 65.18 in Q2 2021.</li>
<li>
Stock specific focus: We discuss why SoftBank stands out as a stock that presents with additional risk. We also discuss the fact that whilst there is a high representation of Industrials in the list, within this list, there are several names that may warrant not being too bearish towards.</li>
</ul>

Eight new names, SoftBank remains for the 3rd quarter running


OurQ2-2021 All Cap High-Risk screen of stocks produced a market cap-weighted average price decline of 2%. In comparison, the MSCI Asia Pacific Index posted a decline of 1.7% over the same period. The stock quality of our Q2 2021 decreased 2.4 points or 3.8% over the period. Within the mix of 34 stocks in our Q2 2021 (May) list 19 posted negative performance, with an average decline of 14.1%.

At a static number of 34 stocks our Q3 2021 screen, delivers an interesting composition this quarter, with eight (8) new names and strong representation from Hong Kong in terms of geography and Industrials and Basic Materials from a sector perspective. This suggests that the “reopening of the economy” trade may have run its course for now.
Our Q3 2021 screen shows a further reduction in average stock rank (a reading on relative quality amongst the broad market peers with 100 being the highest) to 61 from 65.18 in Q2 2021.

Stock specific focus: We discuss why SoftBank stands out as a stock that presents with additional risk. We also discuss the fact that whilst there is a high representation of Industrials in the list, within this list, there are several names that may warrant not being too bearish towards.


Screening the Silk Road: Q3 2021 High-Risk Names to Avoid

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic outright.  During the case, Epic Games outlined Google’s plans to develop “a series of internal projects to address the ‘contagion’ it perceived from efforts by Epic and others to offer consumers and developers competitive alternatives and has even contemplated buying some or all of Epic to squelch this threat”.

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic outright.  During the case, Epic Games outlined Google’s plans to develop “a series of internal projects to address the ‘contagion’ it perceived from efforts by Epic and others to offer consumers and developers competitive alternatives and has even contemplated buying some or all of Epic to squelch this threat”.

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Sony reported solid but not spectacular numbers at earnings and revised up guidance that was absurdly conservative slightly. It remains absurdly conservative and we expect further upward revisions as the year progresses driven mostly on the margin side for the Music, EP&amp;S and I&amp;SS segments. There is upside for the G&amp;NS segment as well but this depends to an extent on cost reductions for PS5 hardware.

Sony reported solid but not spectacular numbers at earnings and revised up guidance that was absurdly conservative slightly. It remains absurdly conservative and we expect further upward revisions as the year progresses driven mostly on the margin side for the Music, EP&amp;S and I&amp;SS segments. There is upside for the G&amp;NS segment as well but this depends to an extent on cost reductions for PS5 hardware.

Conviction Call Sony – Revised Guidance Still Extremely Conservative

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Showa Denko Placement - Relatively Large Deal, past Deal Didn’t Do Well

Showa Denko K.K. (4004 JP) aims to raise around US$745m via a global follow-on offering. Proceeds from the placement will be used to finance its...

Sumeet Singh

OBIC Business Consultants Placement - Large Deal Needs a Large Correction - Remains in Transition

A group of OBIC Business Consultant’s (4733 JP, OBC) shareholders plan to raise around US$447m (JPY48bn) by selling 12.87% of the company.

Sumeet Singh

Screening the Silk Road: Q3 2021 High-Risk Names to Avoid

Screening the Silk Road Q3 2021: Asia Pac High-risk names to avoid screening is out now. Eight new names, despite being down 23%, SoftBank remains...

David Lepper

Weekly Innovation Review (WIRE) #44

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic...

Granite Bay Capital

Conviction Call Sony – Revised Guidance Still Extremely Conservative

Sony guidance remains extremely conservative as margin projections are conservative to the point of absurdity. We expect further upward revisions.

Mio Kato

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