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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a> is looking to raise approximately US$330m through an accelerated secondary offering for around 4.5% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> (KE) stock.</li>
<li>KE had seen two selldown earlier, from KKR, with mixed results. KKR just came out of its last lockup.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Applied Materials (AMAT US) is looking to raise approximately US$330m through an accelerated secondary offering for around 4.5% of Kokusai Electric (6525 JP) (KE) stock.
KE had seen two selldown earlier, from KKR, with mixed results. KKR just came out of its last lockup.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kokusai Electric Placement - Unexpected Seller but Relatively Small Deal

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.</li>
<li>Top-Picks in China are <a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea Group Holdings (1585 HK)</a> , <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> , <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> &amp; <a href="https://www.smartkarma.com/entities/gree-electric-appliances-inc-of-zhuhai" target="_blank" data-smartkarma-citation="entities:7622:1" rel="noopener">Gree Electric Appliances (000651 CH)</a>.</li>
<li>In Japan its <a href="https://www.smartkarma.com/entities/mazda-motor-corp" target="_blank" data-smartkarma-citation="entities:20528:1" rel="noopener">Mazda Motor (7261 JP)</a>,<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>,<a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>.India its is <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> &amp; <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> </li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
Top-Picks in China are Yadea Group Holdings (1585 HK) , Midea Group (300 HK) , Haier Smart Home (6690 HK) &amp; Gree Electric Appliances (000651 CH).
In Japan its Mazda Motor (7261 JP),Suzuki Motor (7269 JP),Aisin (7259 JP) &amp; ROHM Co Ltd (6963 JP).India its is Ashok Leyland (AL IN) &amp; Mahindra &amp; Mahindra (MM IN) 


Shortlist Of High Conviction Ideas Across China, Japan, India - January 2026

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Shin Etsu Chemical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a> has announced a secondary offering of up to 23.7 million shares (27.2 million including overallotment), worth around US$0.8 billion (US$1.0 billion including overallotment).</li>
<li>The goal of the secondary offering seems to be to facilitate the exits of several shareholders and improve liquidity.</li>
<li>The offering as a percentage of outstanding shares and ADV is small compared to recent large placements. An ongoing JPY100 billion share buyback will further mitigate the impact.</li>
</ul>



Shin Etsu Chemical (4063 JP) has announced a secondary offering of up to 23.7 million shares (27.2 million including overallotment), worth around US$0.8 billion (US$1.0 billion including overallotment).
The goal of the secondary offering seems to be to facilitate the exits of several shareholders and improve liquidity.
The offering as a percentage of outstanding shares and ADV is small compared to recent large placements. An ongoing JPY100 billion share buyback will further mitigate the impact.


Shin Etsu Chemical (4063 JP): A US$1.0 Billion Secondary Offering

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A double dose of StubWorld this week as I recap the latest developments in Toyota Group's egregiously low-balled Offer for <strong><a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a></strong>.</li>
<li>Preceding my comments on TICO are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


A double dose of StubWorld this week as I recap the latest developments in Toyota Group's egregiously low-balled Offer for Toyota Industries (6201 JP).
Preceding my comments on TICO are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: The Maths For A MUCH Higher Bid For Toyota Inds (6201 JP) Remains Compelling

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> has recommended a revised offer from Toyota Fudosan at JPY18,800, a 15.3% premium to the previous JPY16,300 offer. </li>
<li>While the revised offer represents an all-time high, it remains arguably light. The revised offer is below the midpoint of the special committee IFA’s SOTP valuation range.</li>
<li>The revised offer also does not fully account for the increase in value of TICO’s core crossholdings. Elliott is not mentioned in the statement, suggesting a lack of support. </li>
</ul>



Toyota Industries (6201 JP) has recommended a revised offer from Toyota Fudosan at JPY18,800, a 15.3% premium to the previous JPY16,300 offer. 
While the revised offer represents an all-time high, it remains arguably light. The revised offer is below the midpoint of the special committee IFA’s SOTP valuation range.
The revised offer also does not fully account for the increase in value of TICO’s core crossholdings. Elliott is not mentioned in the statement, suggesting a lack of support. 


Toyota Industries (6201 JP): Toyota Fudosan’s Revised Offer Is Arguably Light

Japan

Aisin Corporation manufactures and distributes motor vehicle parts. The Company produces drive train, transmissions, clutches, disc brakes, anti-skid brake system, suspensions, oil pumps, power windows, power door locks, and more. Aisin operates sales and production subsidiaries worldwide.

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Aisin (7259 JP)

Kokusai Electric Placement - Unexpected Seller but Relatively Small Deal

Applied materials appears to be in the market again to selldown some more of its stake in Kokusai Electric. It last sold in Oct 2025.

Sumeet Singh

Shortlist Of High Conviction Ideas Across China, Japan, India - January 2026

Selection of our top ideas in Japan, China, and India based on bottom-up triggers.These include Yadea,Midea,Haier, Gree Electric, Mazda Motor,...

Sreemant Dudhoria

Shin Etsu Chemical (4063 JP): A US$1.0 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is small compared to recent large placements. An ongoing JPY100 billion share buyback...

Arun George

StubWorld: The Maths For A MUCH Higher Bid For Toyota Inds (6201 JP) Remains Compelling

The play for activists is to buy more TICO. Be very public about value, try to block the deal, then say you want to spill the board.

David Blennerhassett

Toyota Industries (6201 JP): Toyota Fudosan’s Revised Offer Is Arguably Light

While the revised offer represents an all-time high, it remains arguably light on several fronts. Elliott has not yet lent support to the revised...

Arun George

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Kokusai Electric Placement - Unexpected Seller but Relatively Small Deal

Applied materials appears to be in the market again to selldown some more of its stake in Kokusai Electric. It last sold in Oct 2025.

Sumeet Singh

Shortlist Of High Conviction Ideas Across China, Japan, India - January 2026

​Selection of our top ideas in Japan, China, and India based on bottom-up triggers.These include Yadea,Midea,Haier, Gree Electric, Mazda Motor,...

Sreemant Dudhoria

Shin Etsu Chemical (4063 JP): A US$1.0 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is small compared to recent large placements. An ongoing JPY100 billion share buyback...

Arun George

StubWorld: The Maths For A MUCH Higher Bid For Toyota Inds (6201 JP) Remains Compelling

The play for activists is to buy more TICO. Be very public about value, try to block the deal, then say you want to spill the board.

David Blennerhassett

Toyota Industries (6201 JP): Toyota Fudosan’s Revised Offer Is Arguably Light

While the revised offer represents an all-time high, it remains arguably light on several fronts. Elliott has not yet lent support to the revised...

Arun George

Selection of our top ideas in Japan, China, and India based on bottom-up triggers.These include Yadea,Midea,Haier, Gree Electric, Mazda Motor,...