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

INFRONEER Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infroneer-holdings-inc" target="_blank" data-smartkarma-citation="entities:35785:1" rel="noopener">INFRONEER Holdings (5076 JP)</a>  aims to raise around US$800m to fund the acquisition of Swing Corporation.</li>
<li>The acquisition was announced earlier this year, with the company revising its earnings guidance a few months ago. The stock has corrected significantly since the deal was announced.</li>
<li>We had a look at the deal background in our previous note. In this note, we talk about the updates and past large deals performance.</li>
</ul>



INFRONEER Holdings (5076 JP)  aims to raise around US$800m to fund the acquisition of Swing Corporation.
The acquisition was announced earlier this year, with the company revising its earnings guidance a few months ago. The stock has corrected significantly since the deal was announced.
We had a look at the deal background in our previous note. In this note, we talk about the updates and past large deals performance.


Aequitas:Infroneer Holding Placement Updates- Correction Done, past Large Primary Deals Have Done Ok

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Expecting Beat: We forecast Q3 revenue of ¥1,007bn, +6% above consensus, driven by accelerating Uniqlo Japan sales and strong International performance.</li>
<li>Margin Outlook: We model 18.3% EBIT margin, broadly in line with consensus, as SG&amp;A efficiencies and International OPM gains offset yen-driven gross margin pressure.</li>
<li>Watch List: Monitor China recovery, US/EU store productivity, and FY guidance commentary — we see upside risk to consensus OP of ¥705bn.</li>
</ul>


Expecting Beat: We forecast Q3 revenue of ¥1,007bn, +6% above consensus, driven by accelerating Uniqlo Japan sales and strong International performance.
Margin Outlook: We model 18.3% EBIT margin, broadly in line with consensus, as SG&amp;A efficiencies and International OPM gains offset yen-driven gross margin pressure.
Watch List: Monitor China recovery, US/EU store productivity, and FY guidance commentary — we see upside risk to consensus OP of ¥705bn.


Fast Retailing (9983) | Strong Execution Expected

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>On September 21, 2026, Tokyo Tatemono and UBS invested $859 million in an Australian industrial partnership.</li><li>MA Financial acquired a 50% stake in a Melbourne mall for $233 million and launched a retail fund.</li><li>Ichigo Hotel REIT faced an 11% profit drop due to Japan's tourism slowdown amid local demand challenges.</li></ul>

On September 21, 2026, Tokyo Tatemono and UBS invested $859 million in an Australian industrial partnership.MA Financial acquired a 50% stake in a Melbourne mall for $233 million and launched a retail fund.Ichigo Hotel REIT faced an 11% profit drop due to Japan's tourism slowdown amid local demand challenges.

Asia Real Estate Tracker (21-Sep-2026): APAC Real Estate Updates: People News September 2026

<ul>
<li>Inditex's strong 1Q print is constructive for sector sentiment; Fast Retailing's own growth trajectory remains stronger, with eight consecutive quarters of top-line outperformance.</li>
<li>3Q results on 9 July expected to show ~18% revenue growth and ~22% operating profit growth to ¥180bn, extending Fast's lead over Inditex on growth.</li>
<li>Margins moving in the right direction, omnichannel progress underappreciated; AI integration the one area where Fast's external narrative lags the underlying investment.</li>
</ul>


Inditex's strong 1Q print is constructive for sector sentiment; Fast Retailing's own growth trajectory remains stronger, with eight consecutive quarters of top-line outperformance.
3Q results on 9 July expected to show ~18% revenue growth and ~22% operating profit growth to ¥180bn, extending Fast's lead over Inditex on growth.
Margins moving in the right direction, omnichannel progress underappreciated; AI integration the one area where Fast's external narrative lags the underlying investment.


Fast Retailing (9983) | Inditex Q1 Read-Across

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).</li>
<li>We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.</li>
<li>Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).
We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.
Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation


Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

Aequitas:Infroneer Holding Placement Updates- Correction Done, past Large Primary Deals Have Done Ok

INFRONEER Holdings (5076 JP) aims to raise around US$800m to fund the acquisition of Swing Corporation. In this note, we look at the deal updates.

Sumeet Singh

Fast Retailing (9983) | Strong Execution Expected

Q3 revenue forecast for Uniqlo Japan and strong International performance drive expected growth, with margin outlook in line with consensus and...

Mark Chadwick

Asia Real Estate Tracker (21-Sep-2026): APAC Real Estate Updates: People News September 2026

On September 21, 2026, major APAC real estate moves included $859M investments, acquisitions, leadership changes, and profit drops amid Japan's...

Asia Real Estate Tracker

Fast Retailing (9983) | Inditex Q1 Read-Across

Inditex's 1Q performance positive for sector sentiment, but Fast Retailing's growth trajectory stronger with 8 quarters of outperformance.

Mark Chadwick

Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Lockout Rally Continues; Yet Another Bullish Gap on $ACWI; Crude Oil $USO Top in Place; Actionable Themes: Technology, Discretionary, Industrials,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas:Infroneer Holding Placement Updates- Correction Done, past Large Primary Deals Have Done Ok

INFRONEER Holdings (5076 JP) aims to raise around US$800m to fund the acquisition of Swing Corporation. In this note, we look at the deal updates.

Sumeet Singh

Fast Retailing (9983) | Strong Execution Expected

​Q3 revenue forecast for Uniqlo Japan and strong International performance drive expected growth, with margin outlook in line with consensus and...

Mark Chadwick

Asia Real Estate Tracker (21-Sep-2026): APAC Real Estate Updates: People News September 2026

On September 21, 2026, major APAC real estate moves included $859M investments, acquisitions, leadership changes, and profit drops amid Japan's...

Asia Real Estate Tracker

Fast Retailing (9983) | Inditex Q1 Read-Across

​Inditex's 1Q performance positive for sector sentiment, but Fast Retailing's growth trajectory stronger with 8 quarters of outperformance.

Mark Chadwick

Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Lockout Rally Continues; Yet Another Bullish Gap on $ACWI; Crude Oil $USO Top in Place; Actionable Themes: Technology, Discretionary, Industrials,...

Vermilion Research

Q3 revenue forecast for Uniqlo Japan and strong International performance drive expected growth, with margin outlook in line with consensus and...

Inditex's 1Q performance positive for sector sentiment, but Fast Retailing's growth trajectory stronger with 8 quarters of outperformance.