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

<ul>
<li>As per Reuters, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> could look to sell up to 10% of <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> to raise around US$4.7bn before the end of the year.</li>
<li>Toyota is the company’s largest shareholder and its largest customer.</li>
<li>In this note, we will talk about the deal dynamics.</li>
</ul>


As per Reuters, Toyota Motor (7203 JP) could look to sell up to 10% of Denso Corp (6902 JP) to raise around US$4.7bn before the end of the year.
Toyota is the company’s largest shareholder and its largest customer.
In this note, we will talk about the deal dynamics.


Denso Corp Placement - Possible Placement by Toyota to Raise US$4.7bn

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso (6902 JP)</a> is a "value trade". <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a>'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.</li>
<li>IFM has abandoned its creep approach and launched an off-market Offer for <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>.
</li>
<li>Irrespective of the recent H-share placement, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> (CATL) continues to boast a high concentration of shareholders post-placement.</li>
</ul>



Denso (6902 JP) is a "value trade". Aisin (7259 JP)'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.
IFM has abandoned its creep approach and launched an off-market Offer for Atlas Arteria (ALX AU).

Irrespective of the recent H-share placement, Contemporary Amperex Technology (CATL) (3750 HK) (CATL) continues to boast a high concentration of shareholders post-placement.


Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

Travis Lundy

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> announced <a href="https://www.denso.com/global/en/news/newsroom/2026/20260428-g01/" target="_blank" rel="noopener">results</a> on 28 April 2026 at mid-day. The stock did not react particularly well. Results seemed in-line, but guidance was lower across the board.</li>
<li>Aisin also announced. The two announced tender offer buybacks totalling ¥314bn/¥46bn respectively after Toyota's tender results of ¥3.65trln. Tsusho is likely to announce their ¥670bn buyback today.</li>
<li>Denso's Buyback fis ~10% below market. Selling there is selling 9.5x 2027e PER. Toyota is left at 9x 27e EPS. Aisin's tender at 8.4x 2027e. Tsusho likely at 13x 2027e. </li>
</ul>



Denso Corp (6902 JP) announced results on 28 April 2026 at mid-day. The stock did not react particularly well. Results seemed in-line, but guidance was lower across the board.
Aisin also announced. The two announced tender offer buybacks totalling ¥314bn/¥46bn respectively after Toyota's tender results of ¥3.65trln. Tsusho is likely to announce their ¥670bn buyback today.
Denso's Buyback fis ~10% below market. Selling there is selling 9.5x 2027e PER. Toyota is left at 9x 27e EPS. Aisin's tender at 8.4x 2027e. Tsusho likely at 13x 2027e. 


[Japan Buyback] Denso (6902) And Aisin (7259) Start Large Tender Buybacks; Tsusho Likely, Ibiden a ❓

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

<ul>
<li>In this insight, we discuss about <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> 's nine months FY2026 performance.</li>
<li>We also detail about what worked for the company and what led to change in the forecast for full year FY2026.</li>
<li>Finally, we conclude with our view, what should investors expect in near term and valuation.</li>
</ul>


In this insight, we discuss about Denso Corp (6902 JP) 's nine months FY2026 performance.
We also detail about what worked for the company and what led to change in the forecast for full year FY2026.
Finally, we conclude with our view, what should investors expect in near term and valuation.


Denso Corp(6902JP)- No Fireworks for Now; Focus Shifts to Next Year

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Brent dropping as much as -25% off the intraday highs sending refiners, shippers and defense lower and sparking a rebound in airlines and AI/Tech.</li>
<li>HPE numbers were inline but the stock is holding up AH, and management expects a memory shortage well into next year.</li>
<li>Expect a rotation out of software and defensive havens into momentum favorites such as Kioxia and Kokusai Elec.</li>
</ul>


Brent dropping as much as -25% off the intraday highs sending refiners, shippers and defense lower and sparking a rebound in airlines and AI/Tech.
HPE numbers were inline but the stock is holding up AH, and management expects a memory shortage well into next year.
Expect a rotation out of software and defensive havens into momentum favorites such as Kioxia and Kokusai Elec.


Japan Morning Connection: Markets Snap Back Sharply with on Trump's Comments on the War Ending

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)

Denso Corp Placement - Possible Placement by Toyota to Raise US$4.7bn

As per Reuters, Toyota Motor (7203 JP) could look to sell up to 10% of Denso Corp (6902 JP) to raise around US$4.7bn before the end of the year.

Sumeet Singh

Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan Buyback] Denso (6902) And Aisin (7259) Start Large Tender Buybacks; Tsusho Likely, Ibiden a ❓

Toyota's Tender Offer Buyback is done. Denso and Aisin announced new big buybacks. Tsusho likely to announce today. That's ¥4.7trln. Ibiden's...

Travis Lundy