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

Mitsubishi UFJ Financial (MUFG) / Event-Driven

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s cross-shareholding.</li>
<li>MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.</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>


Following up on our earlier cross-shareholding notes, in this note we look at Mitsubishi UFJ Financial (MUFG) (8306 JP)’s cross-shareholding.
MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Ajinomoto reported FY03/26 revenue of JPY1,583.7bn (+3.5% YoY) and profit attributable to owners of JPY134.7bn (+91.6% YoY).</li><li>For FY03/27, Ajinomoto forecasts revenue of JPY1,723.0bn (+8.8% YoY) and profit attributable to owners of JPY120.0bn (-10.9% YoY).</li><li>Ajinomoto plans an annual dividend of JPY50.0 per share for FY03/27, up JPY2 from FY03/26.</li></ul>

Ajinomoto reported FY03/26 revenue of JPY1,583.7bn (+3.5% YoY) and profit attributable to owners of JPY134.7bn (+91.6% YoY).For FY03/27, Ajinomoto forecasts revenue of JPY1,723.0bn (+8.8% YoY) and profit attributable to owners of JPY120.0bn (-10.9% YoY).Ajinomoto plans an annual dividend of JPY50.0 per share for FY03/27, up JPY2 from FY03/26.

Ajinomoto Co (2802 JP): Full-year FY03/26 flash update

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.</li>
<li>Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.</li>
<li>Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.</li>
</ul>


Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.
Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.
Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.


<ul><li>Revenue reached JPY1,164.2bn (+1.1% YoY), driven by the Seasonings and Foods segment, achieving 72.8% of the forecast.</li><li>Business profit increased to JPY146.0bn (+5.6% YoY), with growth in Healthcare and Others and Seasonings and Foods segments.</li><li>The company revised its FY03/26 forecast, projecting JPY1,600.0bn revenue (+4.5% YoY) and JPY130.0bn profit attributable (+85.0% YoY).</li></ul>

Revenue reached JPY1,164.2bn (+1.1% YoY), driven by the Seasonings and Foods segment, achieving 72.8% of the forecast.Business profit increased to JPY146.0bn (+5.6% YoY), with growth in Healthcare and Others and Seasonings and Foods segments.The company revised its FY03/26 forecast, projecting JPY1,600.0bn revenue (+4.5% YoY) and JPY130.0bn profit attributable (+85.0% YoY).

Ajinomoto Co (2802 JP): Q3 FY03/26 flash update

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto (2802 JP)</a> vs. <a href="https://www.smartkarma.com/entities/j-front-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:8947:1" rel="noopener">J Front Retailing (3086 JP)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Ajinomoto (2802 JP) and short J Front Retailing (3086 JP) targets an 11% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Ajinomoto (2802 JP) vs. J Front Retailing (3086 JP) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Ajinomoto (2802 JP) and short J Front Retailing (3086 JP) targets an 11% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Ajinomoto (2802 JP) Vs. J Front Retailing (3086 JP): Stat Arb Setup After Earnings

Japan

Ajinomoto Co., Inc. produces and sells a variety of food products, including seasonings, edible oils, processed foods, beverages, and dairy products.  The Company also develops and manufactures pharmaceuticals, amino acids, and specialty chemicals.

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Ajinomoto Co (2802 JP)

MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Following up on our earlier cross-shareholding notes, in this note we look at MUFG (8306 JP)’s cross-shareholding. MUFG had a stake of over US$100m...

Sumeet Singh