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.

Equity Capital Markets

<ul>
<li>Since the US$1.4 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.</li>
<li>The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$1.4 billion secondary placement announcement, ASICS Corp (7936 JP)’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.
The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.


Kokusai Electric  / Equity Capital Markets

<ul>
<li>Since the US$2.0 billion secondary placement announcement, <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 shares are down 5.6% from the undisturbed price of JPY5,520 per share (8 July).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Kokusai’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$2.0 billion secondary placement announcement, Kokusai Electric (6525 JP)’s shares are down 5.6% from the undisturbed price of JPY5,520 per share (8 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Kokusai’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.


Kokusai Electric (6525 JP): The Current Playbook

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>An interview in the <strong><a href="https://www.nikkei.com/article/DGXZQOUC05BL30V00C24A7000000/" target="_blank" rel="noopener">Nikkei</a></strong> of <a href="https://www.smartkarma.com/entities/koito-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:15841:1" rel="noopener">Koito Manufacturing (7276 JP)</a> CFO Takahito OTAKE offered the comment that Koito Mfg expected a shareholder return of 130% a year through March 2029.</li>
<li>The stock popped 19% after lunch on that comment, then fell back to end up 5.0%.</li>
<li>This is the same pop as we saw end-March. Then it was +24.6% and it stayed up the next day. Same reason for the pop. This was an echo.</li>
</ul>


An interview in the Nikkei of Koito Manufacturing (7276 JP) CFO Takahito OTAKE offered the comment that Koito Mfg expected a shareholder return of 130% a year through March 2029.
The stock popped 19% after lunch on that comment, then fell back to end up 5.0%.
This is the same pop as we saw end-March. Then it was +24.6% and it stayed up the next day. Same reason for the pop. This was an echo.


Koito Mfg (7276) Bounces The Same as It Bounced in March On the Same News - An Echo? Meh Again.

<ul>
<li>Since the US$3.3 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>’s shares are down 5% from the undisturbed price of JPY1,791 per share (4 July).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Honda’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 17 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$3.3 billion secondary placement announcement, Honda Motor (7267 JP)’s shares are down 5% from the undisturbed price of JPY1,791 per share (4 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Honda’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 17 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.


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.

<ul>
<li>A group of shareholders aims to raise up to US$3.2bn via selling around 5% of <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP).</a>
</li>
<li>The possibility of such a selldown was flagged by Reuters prior to the deal launch.</li>
<li>In our earlier note, we spoke about the deal dynamics. In this note, we talk about the updates since then.</li>
</ul>


A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP).

The possibility of such a selldown was flagged by Reuters prior to the deal launch.
In our earlier note, we spoke about the deal dynamics. In this note, we talk about the updates since then.


Honda Motor Placement - Past Large Deals Analysis - Could Do with a Bit More Correction

Japan

DENSO CORPORATION manufactures electronic parts for automobiles.  The Company's products include automobile air conditioners, air bags, ignition systems, generators, power steering systems, and spark plugs with iridium electrode. The Company also produces communication equipment for mobile navigation system.

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Denso Corp (6902 JP)

ASICS (7936 JP): The Current Playbook

The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Kokusai Electric (6525 JP): The Current Playbook

The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Koito Mfg (7276) Bounces The Same as It Bounced in March On the Same News - An Echo? Meh Again.

Koito Mfg popped 19% today on an interview with the CFO showing as a headline in the Nikkei. The contents? The MTMP from 9 weeks ago and the end...

Travis Lundy

Honda (7267 JP): The Current Playbook

The offering will likely be priced on 17 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Honda Motor Placement - Past Large Deals Analysis - Could Do with a Bit More Correction

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the updates since...

Sumeet Singh

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