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>KKR is looking to raise around US$750m via selling a stake in <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) in its Japan IPO.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In our previous notes we have looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>


KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In our previous notes we have looked at the company’s past performance. In this note, we will undertake a peer comparison.


Kokusai Electric Pre-IPO - Peer Comparison

<ul>
<li>KKR is looking to raise around US$750m via selling a stake in <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) in its Japan IPO.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In this note, we talk about the not-so-positive aspects of the deal.


Kokusai Electric Pre-IPO - The Negatives - Can't Avoid the Cycles

<ul>
<li>KKR is looking to raise around US$750m via selling a stake in <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) in its Japan IPO.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In this note, we talk about the positive aspects of the deal.


Kokusai Electric Pre-IPO - The Positives - Well Established with High Market Share

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li><p>British chip designer Arm Holdings Plc remains committed to China and to working closely with its mainland-based partner following its $4.87 billion IPO, according to chief executive Rene Haas.</p></li><li><p>The Softbank-backed firm floated in New York last week via the world’s largest public offering year-to-date. But that has not affected its strategy globally.</p></li><li>Shanghai-headquartered Arm Technology (China) Co. Ltd., also known as Arm China, operates independently and is the exclusive licensing platform of Arm’s global intellectual property in China</li></ul>

British chip designer Arm Holdings Plc remains committed to China and to working closely with its mainland-based partner following its $4.87 billion IPO, according to chief executive Rene Haas.The Softbank-backed firm floated in New York last week via the world’s largest public offering year-to-date. But that has not affected its strategy globally.Shanghai-headquartered Arm Technology (China) Co. Ltd., also known as Arm China, operates independently and is the exclusive licensing platform of Arm’s global intellectual property in China

Chip Designer Arm Committed to China, CEO Says

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Softbank’s successful Arm Holdings IPO is a relief for Masa, with Arm valued at USD57bn and Arm shares trading above the issue price; this supports the SoftBank share price</li>
<li>Arm’s key challenge is delivering on the growth strategy to justify its super-premium valuation; Arm’s historic price to sales is at a big premium to its peer group, excluding Nvida</li>
<li>On current market values including Arm, Softbank shares trade at a 52% NAV discount; however, Arm’s current valuation seems unsustainable to us, threatening to erode the near term NAV lift</li>
</ul>


Softbank’s successful Arm Holdings IPO is a relief for Masa, with Arm valued at USD57bn and Arm shares trading above the issue price; this supports the SoftBank share price
Arm’s key challenge is delivering on the growth strategy to justify its super-premium valuation; Arm’s historic price to sales is at a big premium to its peer group, excluding Nvida
On current market values including Arm, Softbank shares trade at a 52% NAV discount; however, Arm’s current valuation seems unsustainable to us, threatening to erode the near term NAV lift


Softbank (9984 JP): Arm IPO Done, the Hard Part Comes Next

United Kingdom

Arm Holdings US, Inc. operates as a holding company. The Company, through its subsidiaries, designs chips used in a range of electronic products. Arm Holdings serves customers worldwide.

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ARM Holdings (ARM US)

Kokusai Electric Pre-IPO - Peer Comparison

KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO. In this note we undertake a peer...

Sumeet Singh

Kokusai Electric Pre-IPO - The Negatives - Can't Avoid the Cycles

KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO. In this note we talk about the not...

Sumeet Singh

Chip Designer Arm Committed to China, CEO Says

British chip designer Arm Holdings Plc remains committed to China and to working closely with its mainland-based partner following its $4.87...

Caixin Global

Softbank (9984 JP): Arm IPO Done, the Hard Part Comes Next

Arm Holdings IPO has boosted the SBG share price, but Arm's high valuation may not be sustainable due to Arm's over-valuation, implying a reversal...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kokusai Electric Pre-IPO - Peer Comparison

KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO. In this note we undertake a peer...

Sumeet Singh

Kokusai Electric Pre-IPO - The Negatives - Can't Avoid the Cycles

KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO. In this note we talk about the not...

Sumeet Singh

Kokusai Electric Pre-IPO - The Positives - Well Established with High Market Share

KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO. In this note we talk about the...

Sumeet Singh

Chip Designer Arm Committed to China, CEO Says

British chip designer Arm Holdings Plc remains committed to China and to working closely with its mainland-based partner following its $4.87...

Caixin Global

Softbank (9984 JP): Arm IPO Done, the Hard Part Comes Next

​Arm Holdings IPO has boosted the SBG share price, but Arm's high valuation may not be sustainable due to Arm's over-valuation, implying a reversal...

Victor Galliano

Arm Holdings IPO has boosted the SBG share price, but Arm's high valuation may not be sustainable due to Arm's over-valuation, implying a reversal...