Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Late session rally for chips and semi-cap names with the US signalling a softening of export curbs.</li>
<li>ARM numbers after the bell sending stock -10% point to Softbank missing todays upside.</li>
<li>Is Japanese shipbuilding expertise the new bargaining chip against tariffs? </li>
</ul>


Late session rally for chips and semi-cap names with the US signalling a softening of export curbs.
ARM numbers after the bell sending stock -10% point to Softbank missing todays upside.
Is Japanese shipbuilding expertise the new bargaining chip against tariffs? 


Japan Morning Connection: Rescinding of US Chip Restrictions to Send JP Semi Plays Higher

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO. </li>
<li>The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.</li>
<li>The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year. </li>
</ul>


DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO. 
The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year. 


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 href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.


DN Solutions IPO - Tariffs, Peer Correction Don’t Help

<ul>
<li>Intel jumping on plans to cut its bloated workforce and streamline management.</li>
<li>EV plays should pick up after Tesla held after mkt gains from yesterday.</li>
<li>Boeing numbers will help the heavies with better FCF and production outlooks.</li>
</ul>


Intel jumping on plans to cut its bloated workforce and streamline management.
EV plays should pick up after Tesla held after mkt gains from yesterday.
Boeing numbers will help the heavies with better FCF and production outlooks.


Japan Morning Connction: Tech Surging with Trump Signalling Zero China Tariffs on a Trade Deal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> raised around US$750m in its Japan IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Rigaku Holdings (268A JP) raised around US$750m in its Japan IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In this note, we will talk about the lockup dynamics and possible placement.


Rigaku IPO Lockup - Large PE Investors Can Still Break Even

Japan

FANUC CORPORATION manufactures factory automation (FA) systems and equipments, and robots. The Company's products include computerized numerically-controlled (CNC) equipment, servo motors, laser systems, industrial robots, wire-cut electric discharge machines, and CNC drill.  Fanuc participates in a joint venture with General Electric in the FA field.

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Fanuc Corp Unsp Adr (FANUY US)

Japan Morning Connection: Rescinding of US Chip Restrictions to Send JP Semi Plays Higher

Upside for chips and semi-cap as US eases export curbs, poor outlook for Softbank as ARM drops 10%, Japanese shipbuilding expertise may be used as...

Andrew Jackson

DN Solutions Cancels IPO

DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into...

Douglas Kim

DN Solutions IPO - Tariffs, Peer Correction Don’t Help

DN Solutions (298440 KS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we talk...

Sumeet Singh

Japan Morning Connction: Tech Surging with Trump Signalling Zero China Tariffs on a Trade Deal

Intel plans to cut workforce and streamline management, EV plays may continue to rise after Tesla's gains, Boeing's improved numbers to benefit...

Andrew Jackson

Rigaku IPO Lockup - Large PE Investors Can Still Break Even

Rigaku Holdings (268A JP) raised around US$750m in its Japan IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Rescinding of US Chip Restrictions to Send JP Semi Plays Higher

Upside for chips and semi-cap as US eases export curbs, poor outlook for Softbank as ARM drops 10%, Japanese shipbuilding expertise may be used as...

Andrew Jackson

DN Solutions Cancels IPO

DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into...

Douglas Kim

DN Solutions IPO - Tariffs, Peer Correction Don’t Help

DN Solutions (298440 KS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we talk...

Sumeet Singh

Japan Morning Connction: Tech Surging with Trump Signalling Zero China Tariffs on a Trade Deal

​Intel plans to cut workforce and streamline management, EV plays may continue to rise after Tesla's gains, Boeing's improved numbers to benefit...

Andrew Jackson

Rigaku IPO Lockup - Large PE Investors Can Still Break Even

Rigaku Holdings (268A JP) raised around US$750m in its Japan IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Intel plans to cut workforce and streamline management, EV plays may continue to rise after Tesla's gains, Boeing's improved numbers to benefit...