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.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Holding companies have been the best performing asset class in the Korean stock market in the past month.</li>
<li>In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.</li>
<li>The NAVs of these five holdcos are about 18% higher than their current prices on average. </li>
</ul>


Holding companies have been the best performing asset class in the Korean stock market in the past month.
In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
The NAVs of these five holdcos are about 18% higher than their current prices on average. 


NAV Valuations of Top Five Largest "Pure" Holdcos in Korea

Equity Capital Markets

Zhejiang Sanhua Intellignt Controls / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH)</a> (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.</li>
<li>ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Zhejiang Sanhua Intelligent Controls A/H Listing - Strong Track Record

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$410m via selling some of its stake in <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>.</li>
<li>KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework</li>
</ul>


KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.
In this note, we will talk about the placement and run the deal through our ECM framework


HD Hyundai Marine Placement - Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

<ul>
<li>In this insight, we discuss a pair trade between LG Electronics (066570 KS) (long) and LG Display (034220 KS) (short). </li>
<li>LG Display is likely to face greater margin pressures than LG Electronics this year, which could lead a bigger consensus estimates downward revisions for LG Display than LG Electronics. </li>
<li>Both LG Electronics and LG Display are trading at 0.6x P/B multiples. Given LG Electronics' much higher ROE vs LG Display, LG Electronics should be trading at higher valuation multiples. </li>
</ul>


In this insight, we discuss a pair trade between LG Electronics (066570 KS) (long) and LG Display (034220 KS) (short). 
LG Display is likely to face greater margin pressures than LG Electronics this year, which could lead a bigger consensus estimates downward revisions for LG Display than LG Electronics. 
Both LG Electronics and LG Display are trading at 0.6x P/B multiples. Given LG Electronics' much higher ROE vs LG Display, LG Electronics should be trading at higher valuation multiples. 


A Pair Trade Between LG Electronics and LG Display

South Korea

LG Electronics Inc. manufactures and markets digital display equipment and home appliances. The Company produces and markets flat panel televisions, A/V products, washing machines, air conditioners and refrigerators as well as telecommunications equipment such as smart phones and tablets.

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LG Electronics (066570 KS)

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

NAV Valuations of Top Five Largest "Pure" Holdcos in Korea

In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin...

Douglas Kim

Zhejiang Sanhua Intelligent Controls A/H Listing - Strong Track Record

The company has now filed its PHIP and is pre-marketing. It is said to be looking to raise around US$1-1.5bn in its H-shares listing.

Sumeet Singh

HD Hyundai Marine Placement - Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS). In this note, we talk about the...

Sumeet Singh

A Pair Trade Between LG Electronics and LG Display

Both LG Electronics and LG Display are trading at 0.6x P/B multiples. Given LG Electronics' much higher ROE vs LG Display, LG Electronics should be...

Douglas Kim

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