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

Chery Automobile / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile</a> is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we talk about the updates from its most recent filings.</li>
</ul>



Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we talk about the updates from its most recent filings.


Chery Auto Pre-IPO - PHIP Updates - Some More Data, Some More Issues

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>The UST curve twisted flatter yesterday, partly unwinding Wednesday's steepening move.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.</li>
<li>Equities climbed on the back of upward revisions to the US Q2/25 GDP. </li>
</ul>


The UST curve twisted flatter yesterday, partly unwinding Wednesday's steepening move.
The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.
Equities climbed on the back of upward revisions to the US Q2/25 GDP. 


Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: After three consecutive up weeks, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> / <a href="https://www.smartkarma.com/entities/toyota-motor-corp-spon-adr" target="_blank" data-smartkarma-citation="entities:8245:1" rel="noopener">Toyota ADR (TM US)</a> now screens as overbought, with quantitative models signaling a high probability of a trend reversal.</li>
<li>
Trade Idea: Elevated implied volatility (82–83rd percentile) makes short call strategies attractive. Selling near-term calls captures rich premium while aligning with downside risk.</li>
<li>
Why Read: This Insight highlights a timely opportunity where technical overbought signals and historically rich IV converge — ideal for investors seeking a tactical setup.</li>
</ul>



Context: After three consecutive up weeks, Toyota (7203 JP) / Toyota ADR (TM US) now screens as overbought, with quantitative models signaling a high probability of a trend reversal.

Trade Idea: Elevated implied volatility (82–83rd percentile) makes short call strategies attractive. Selling near-term calls captures rich premium while aligning with downside risk.

Why Read: This Insight highlights a timely opportunity where technical overbought signals and historically rich IV converge — ideal for investors seeking a tactical setup.


Toyota (7203 JP // TM US) Hits Overbought: Rich Options for Tactical Shorts

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp, Nissan Motor</li>
<li>The UST curve twisted steeper yesterday, as front-end yields declined on the back of a solid auction for 2Y notes. That said, long-dated yields ended higher, amid concerns over the US central bank's independence after President Donald Trump moved to oust Fed Governor Lisa Cook. The yield on the 2Y UST fell 4 bps to 3.68%, while that on the 10Y UST was down 1 bp at 4.26%.</li>
<li>Equities climbed, with the S&amp;P 500 and Nasdaq both up 0.4% at 6,466 and 21,544, respectively</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp, Nissan Motor
The UST curve twisted steeper yesterday, as front-end yields declined on the back of a solid auction for 2Y notes. That said, long-dated yields ended higher, amid concerns over the US central bank's independence after President Donald Trump moved to oust Fed Governor Lisa Cook. The yield on the 2Y UST fell 4 bps to 3.68%, while that on the 10Y UST was down 1 bp at 4.26%.
Equities climbed, with the S&amp;P 500 and Nasdaq both up 0.4% at 6,466 and 21,544, respectively


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, UPL Limited, Nissan Motor</li>
<li>UST yields plunged on Friday, led by the front end, as the market repriced expectations for Fed easing following a weaker than expected nonfarm payrolls report. As of Friday, Fed-dated OIS were pricing in 61 bps of rate cuts over the next three meetings in 2025 (vs. 33 bps as of Thursday). The UST curve bull steepened aggressively, with the yield on the 2Y UST declining 28 bps to 3.68%, while the yield on the 10Y UST fell 16 bps to 4.22%.</li>
<li>Equities retreated owing to the weak jobs numbers, continued tariff concerns, as well as after US President Donald Trump said the US was moving two nuclear submarines in response to “provocative” statements by former Russian president Dmitry Medvedev. The S&amp;P 500 fell 1.6% to 6,238, while the Nasdaq was down 2.2% at 20,650.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, UPL Limited, Nissan Motor
UST yields plunged on Friday, led by the front end, as the market repriced expectations for Fed easing following a weaker than expected nonfarm payrolls report. As of Friday, Fed-dated OIS were pricing in 61 bps of rate cuts over the next three meetings in 2025 (vs. 33 bps as of Thursday). The UST curve bull steepened aggressively, with the yield on the 2Y UST declining 28 bps to 3.68%, while the yield on the 10Y UST fell 16 bps to 4.22%.
Equities retreated owing to the weak jobs numbers, continued tariff concerns, as well as after US President Donald Trump said the US was moving two nuclear submarines in response to “provocative” statements by former Russian president Dmitry Medvedev. The S&amp;P 500 fell 1.6% to 6,238, while the Nasdaq was down 2.2% at 20,650.


Japan

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

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Nissan Motor (7201 JP)

Chery Auto Pre-IPO - PHIP Updates - Some More Data, Some More Issues

Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO. In this note, we talk about the updates from its most recent...

Sumeet Singh

Lucror Analytics - Morning Views Asia

The UST curve twisted flatter yesterday, partly unwinding Wednesday's steepening move. The yield on the 2Y UST rose 2 bps to 3.63%, while the yield...

Lucror Analytics

Toyota (7203 JP // TM US) Hits Overbought: Rich Options for Tactical Shorts

Rich options and an overbought signal converge, with models pointing to a probable reversal. Short call strategies allow investors to monetize...

Gaudenz Schneider

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, UPL Limited,...

Lucror Analytics

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