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> (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 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>’s (KE) stock.</li>
<li>KE had seen three selldown earlier, two from KKR and one from AM, with mixed results.</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) (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 5% of Kokusai Electric (6525 JP)’s (KE) stock.
KE had seen three selldown earlier, two from KKR and one from AM, with mixed results.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Kokusai Electric Placement - Last Deal Did Ok, but the Stock Has Done Very Well Since

<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

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>
AI-Levered core: Precision Machinery drives &gt;60% of future profits via CMP near-duopoly and dry vacuum leadership, tightly linked to AI, HBM and advanced-node WFE capex.</li>
<li>
 Balanced earnings base: Data-centre liquid cooling in BS&amp;I adds defensive, secular growth and margin upside, while Energy provides niche LNG/hydrogen optionality and earnings diversification.</li>
<li>
 Valuation disconnect: Trades at industrial multiples despite semi-like growth; SOTP implies ~35% upside as capex peaks, margins normalize and FCF inflect into FY26–27.</li>
</ul>



AI-Levered core: Precision Machinery drives &gt;60% of future profits via CMP near-duopoly and dry vacuum leadership, tightly linked to AI, HBM and advanced-node WFE capex.

 Balanced earnings base: Data-centre liquid cooling in BS&amp;I adds defensive, secular growth and margin upside, while Energy provides niche LNG/hydrogen optionality and earnings diversification.

 Valuation disconnect: Trades at industrial multiples despite semi-like growth; SOTP implies ~35% upside as capex peaks, margins normalize and FCF inflect into FY26–27.


Ebara Corp (6361 JP) | A Mispriced AI Enabler

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the December 2025 rebal event.</li>
<li>We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.</li>
</ul>


The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the December 2025 rebal event.
We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.


[Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges</li>
<li>Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?</li>
<li>Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E</li>
</ul>


Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges
Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?
Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E


Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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Applied Materials (AMAT US)

Aequitas: Kokusai Electric Placement - Last Deal Did Ok, but the Stock Has Done Very Well Since

Applied Materials (AMAT US) (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 5% of Kokusai...

Sumeet Singh

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

Ebara Corp (6361 JP) | A Mispriced AI Enabler

Ebara's Precision Machinery's AI-driven core business and balanced earnings base in data-center cooling and energy sectors are undervalued, with...

Mark Chadwick

[Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations

There are no ADDs or DELETEs to the MV US Semiconductor 25 Index for December 2025 but there is US$6bn to trade, which adds flow to an otherwise...

Travis Lundy

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Kokusai Electric Placement - Last Deal Did Ok, but the Stock Has Done Very Well Since

Applied Materials (AMAT US) (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 5% of Kokusai...

Sumeet Singh

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

Ebara Corp (6361 JP) | A Mispriced AI Enabler

Ebara's Precision Machinery's AI-driven core business and balanced earnings base in data-center cooling and energy sectors are undervalued, with...

Mark Chadwick

[Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations

There are no ADDs or DELETEs to the MV US Semiconductor 25 Index for December 2025 but there is US$6bn to trade, which adds flow to an otherwise...

Travis Lundy

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

​Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...