Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.


JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ.</li><li>The company reported gross margins of 17.1% in 1QFY26 (vs. our expectation of 15%), as compared to 13.4% in 1QFY25 and 13.3% in 4QFY25.</li><li>Alongside the results, the company announced a dividend of Rs51/share in 1QFY26 (Payout ratio: 60%).</li></ul>

INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ.The company reported gross margins of 17.1% in 1QFY26 (vs. our expectation of 15%), as compared to 13.4% in 1QFY25 and 13.3% in 4QFY25.Alongside the results, the company announced a dividend of Rs51/share in 1QFY26 (Payout ratio: 60%).

Indus Motor (INDU): 1QFY26 EPS At Rs85.49, Up 32% YoY And 4% QoQ - Higher Than Industry Expectations

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI </a> , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.</li>
<li>From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations - 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.</li>
<li>Pony is also accelerating its global expansion - it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.</li>
</ul>



Pony AI  , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations - 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
Pony is also accelerating its global expansion - it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.


Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> plans to raise around US$350m in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor (7203 JP)

JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kawasaki Heavy Industries (7012 JP), Lasertec...

Ke Yan, CFA, FRM

Indus Motor (INDU): 1QFY26 EPS At Rs85.49, Up 32% YoY And 4% QoQ - Higher Than Industry Expectations

INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ. The company reported...

Topline Securities

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative...

Gaudenz Schneider

Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality

Autonomous mobility is here, and Pony AI is ready to drive it forward with its advanced technology stack, strong OEM alliances, regulatory breadth,...

Devi Subhakesan

WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kawasaki Heavy Industries (7012 JP), Lasertec...

Ke Yan, CFA, FRM

Indus Motor (INDU): 1QFY26 EPS At Rs85.49, Up 32% YoY And 4% QoQ - Higher Than Industry Expectations

INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ. The company reported...

Topline Securities

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

​Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative...

Gaudenz Schneider

Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality

Autonomous mobility is here, and Pony AI is ready to drive it forward with its advanced technology stack, strong OEM alliances, regulatory breadth,...

Devi Subhakesan

WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative...