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>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.</li>
<li>Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.</li>
<li>Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. </li>
</ul>


Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.
Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.
Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. 


APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>OCBC raises ST Engineering target price to $10.90 due to strong outlook.</li><li>Lim &amp; Tan raises CNMC Goldmine's TP to $1.53, calling it a great time for gold.</li><li>Loh of UOB Kay Hian raises CDL's target price to $11.50, wishing a pleasant NY.</li></ul>

OCBC raises ST Engineering target price to $10.90 due to strong outlook.Lim &amp; Tan raises CNMC Goldmine's TP to $1.53, calling it a great time for gold.Loh of UOB Kay Hian raises CDL's target price to $11.50, wishing a pleasant NY.

Singapore Market Roundup (21-Jan-2026): OCBC raises ST Engineering target to $10.90 on strong

<ul>
<li>Newport Residences may boost CDL's share price, says DBS. Frencken Group expects increased semiconductor orders in 2HFY2026, per Macquarie.</li>
<li>DBS keeps 'buy' rating and $2.50 target on CICT.</li>
<li>Macquarie rates UOB Kay Hian 'outperform' with a target price of $3.12.</li>
</ul>


Newport Residences may boost CDL's share price, says DBS. Frencken Group expects increased semiconductor orders in 2HFY2026, per Macquarie.
DBS keeps 'buy' rating and $2.50 target on CICT.
Macquarie rates UOB Kay Hian 'outperform' with a target price of $3.12.


Singapore Market Roundup (20-Jan-2026): DBS suggests Newport Residences could raise CDL's shares.

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Cautious ASML guidance sets dour tone to start but weakness for semi's limited.</li>
<li>JNJ beats handily thanks to FX and medtech which should cause pharma and likes of Terumo to squeeze off the bell.</li>
<li>7&amp;I likely to be weak to start but unlikely there was too much residual expectation priced in after a difficult road for CT.</li>
</ul>


Cautious ASML guidance sets dour tone to start but weakness for semi's limited.
JNJ beats handily thanks to FX and medtech which should cause pharma and likes of Terumo to squeeze off the bell.
7&amp;I likely to be weak to start but unlikely there was too much residual expectation priced in after a difficult road for CT.


Japan Morning Connection: Couche-Tard Sounds the Retreat on Its Advances for 7&I

Japan

FUJIFILM Holdings Corporation develops, sells and services Imaging, Information, and Document Solutions.  Its products include color films, digital cameras, photofinishing products and equipment.  The Group also manufactures medical and graphic art use equipment and materials, FPD materials, and optical devices, and provides services on office copy machines, printers, and related equipment.

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FUJIFILM Holdings (4901 JP)

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

Hengrui’s trastuzumab rezetecan got 3rd indication approval in China. CSPC and AstraZeneca form JV for biologics manufacturing facility in China....

Tina Banerjee

Singapore Market Roundup (21-Jan-2026): OCBC raises ST Engineering target to $10.90 on strong

OCBC raises ST Engineering's target price to $10.90; Lim & Tan raises CNMC Goldmine's to $1.53; UOB Kay Hian raises CDL's to $11.50.

Singapore Market Roundup

Singapore Market Roundup (20-Jan-2026): DBS suggests Newport Residences could raise CDL's shares.

DBS suggests Newport Residences could raise CDL's share price. Frencken anticipates more semiconductor orders in 2HFY2026. DBS maintains 'buy' on...

Singapore Market Roundup

Japan Morning Connection: Couche-Tard Sounds the Retreat on Its Advances for 7&I

ASML guidance sets dour tone but market may have seen through the cautiousness, JNJ beats sending pharma higher giving some JP names a potential...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

Hengrui’s trastuzumab rezetecan got 3rd indication approval in China. CSPC and AstraZeneca form JV for biologics manufacturing facility in China....

Tina Banerjee

Singapore Market Roundup (21-Jan-2026): OCBC raises ST Engineering target to $10.90 on strong

OCBC raises ST Engineering's target price to $10.90; Lim & Tan raises CNMC Goldmine's to $1.53; UOB Kay Hian raises CDL's to $11.50.

Singapore Market Roundup

Singapore Market Roundup (20-Jan-2026): DBS suggests Newport Residences could raise CDL's shares.

DBS suggests Newport Residences could raise CDL's share price. Frencken anticipates more semiconductor orders in 2HFY2026. DBS maintains 'buy' on...

Singapore Market Roundup

Japan Morning Connection: Couche-Tard Sounds the Retreat on Its Advances for 7&I

​ASML guidance sets dour tone but market may have seen through the cautiousness, JNJ beats sending pharma higher giving some JP names a potential...

Andrew Jackson

ASML guidance sets dour tone but market may have seen through the cautiousness, JNJ beats sending pharma higher giving some JP names a potential...