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/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>In this note, we talk about the company’s past performance.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
In this note, we talk about the company’s past performance.


DN Solutions Pre-IPO - The Positives - Growing Market Share

Recruit Holdings / Equity Capital Markets

<ul>
<li>An undisclosed seller is looking to raise around US$520m via selling 0.5% of its stake in <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> .</li>
<li>We have covered a number of placements in the stock over the past few years, most of which have ended up doing well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


An undisclosed seller is looking to raise around US$520m via selling 0.5% of its stake in Recruit Holdings (6098 JP) .
We have covered a number of placements in the stock over the past few years, most of which have ended up doing well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Recruit Holdings Placement - Relatively Small US$520m Deal but Momentum Is Weak

Derivatives and Quantitative Strategist

Gaudenz Schneider

Quantitative Analysis

<ul>
<li>The <a href="https://www.smartkarma.com/entities/global-x-nikkei-225-covered-call-etf-option-premium-reinvestment-type" target="_blank" data-smartkarma-citation="entities:44483:1" rel="noopener">Global X Nikkei 225 Covered Call ETF (2858 JP)</a> has outperformed the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> year-to-date with a 4.5% advantage, demonstrating strength in sideways and moderately declining markets.</li>
<li>The covered call strategy can be deployed as a tactical standalone in sideways markets or as a relative value approach against a Nikkei 225 short.</li>
<li>For investors anticipating a continuation of the sideways or declining market, the option roll-over on the open of <strong>March 14 </strong>offers timely entry.</li>
</ul>


The Global X Nikkei 225 Covered Call ETF (2858 JP) has outperformed the Nikkei 225 (NKY INDEX) year-to-date with a 4.5% advantage, demonstrating strength in sideways and moderately declining markets.
The covered call strategy can be deployed as a tactical standalone in sideways markets or as a relative value approach against a Nikkei 225 short.
For investors anticipating a continuation of the sideways or declining market, the option roll-over on the open of March 14 offers timely entry.


The Right Time for This Quantitative Strategy Outperforming the Nikkei Year to Date.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> (JPH) aims to sell around US$4bn worth of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> (JPB), trimming its stake to below 50%.</li>
<li>JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.</li>
<li>We have looked at the deal dynamics in our previous notes. In this note, we talk about updates and look at discounts vs performance for past secondary deals.</li>
</ul>



Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
We have looked at the deal dynamics in our previous notes. In this note, we talk about updates and look at discounts vs performance for past secondary deals.


Japan Post Bank US$4bn Deal Updates - Needs to Correct More. Discount Vs Deal Performance Analysis

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> (JPH) aims to sell around US$4bn worth of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> (JPB), trimming its stake to below 50%.</li>
<li>JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.</li>
<li>We have looked at the deal dynamics in our previous note. In this note, we talk about the updates since then.</li>
</ul>



Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
We have looked at the deal dynamics in our previous note. In this note, we talk about the updates since then.


Japan Post Bank US$4bn Placement Updates-Performing Similar to Its Last. Past Large Deals Comparison

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)

Recruit Holdings Placement - Relatively Small US$520m Deal but Momentum Is Weak

An undisclosed seller is looking to raise around US$520m via selling 0.5% of its stake in Recruit Holdings (6098 JP) . In this note, we talk about...

Sumeet Singh

The Right Time for This Quantitative Strategy Outperforming the Nikkei Year to Date.

This Nikkei 225 Covered Call ETF has outperformed the market by 7.9% over the past six months. March 14 provides a timely entry point for either a...

Gaudenz Schneider

Japan Post Bank US$4bn Deal Updates - Needs to Correct More. Discount Vs Deal Performance Analysis

Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%. In this...

Sumeet Singh

Japan Post Bank US$4bn Placement Updates-Performing Similar to Its Last. Past Large Deals Comparison

Japan Post Holdings (6178 JP) aims to sell around US$4bn worth of Japan Post Bank (7182 JP), trimming its stake to below 50%. In this note, we talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DN Solutions Pre-IPO - The Positives - Growing Market Share

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Recruit Holdings Placement - Relatively Small US$520m Deal but Momentum Is Weak

An undisclosed seller is looking to raise around US$520m via selling 0.5% of its stake in Recruit Holdings (6098 JP) . In this note, we talk about...

Sumeet Singh

The Right Time for This Quantitative Strategy Outperforming the Nikkei Year to Date.

​This Nikkei 225 Covered Call ETF has outperformed the market by 7.9% over the past six months. March 14 provides a timely entry point for either a...

Gaudenz Schneider

Japan Post Bank US$4bn Deal Updates - Needs to Correct More. Discount Vs Deal Performance Analysis

Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%. In this...

Sumeet Singh

Japan Post Bank US$4bn Placement Updates-Performing Similar to Its Last. Past Large Deals Comparison

Japan Post Holdings (6178 JP) aims to sell around US$4bn worth of Japan Post Bank (7182 JP), trimming its stake to below 50%. In this note, we talk...

Sumeet Singh

This Nikkei 225 Covered Call ETF has outperformed the market by 7.9% over the past six months. March 14 provides a timely entry point for either a...