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>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

<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

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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Equity Bottom-Up

<ul>
  <li>GS Yuasa is a global leader in battery manufacturing, with a strong presence in both traditional lead-acid automotive batteries and a growing focus on lithium-ion batteries for electric and hybrid vehicles.</li>
  <li>The company is strategically positioned to benefit from the global shift towards vehicle electrification, supported by joint ventures with major automakers like Honda and Mitsubishi.</li>
  <li>Financial performance shows robust top-line and net income growth, but this is coupled with significant capital expenditure leading to negative free cash flow, reflecting heavy investment in future capacity.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  GS Yuasa is a global leader in battery manufacturing, with a strong presence in both traditional lead-acid automotive batteries and a growing focus on lithium-ion batteries for electric and hybrid vehicles.
  The company is strategically positioned to benefit from the global shift towards vehicle electrification, supported by joint ventures with major automakers like Honda and Mitsubishi.
  Financial performance shows robust top-line and net income growth, but this is coupled with significant capital expenditure leading to negative free cash flow, reflecting heavy investment in future capacity.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Gs Yuasa Corp (6674 JP) - Apr 2026

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>AI lower with the US looking to impose global AI chip sales permits, although memory rallied in a general rotation to laggards.</li>
<li>Broadcom CEO throwing cold water on DC optical connectivity 'scale-up', sending Corning, Lumentum and Coherent lower setting a dour tone for JP cable plays.</li>
<li>Kioxia and PPIH make it into the NKY225, which Advantest gets capped as expected. Small surprise for Kioxia, but ADV is low for all.</li>
</ul>


AI lower with the US looking to impose global AI chip sales permits, although memory rallied in a general rotation to laggards.
Broadcom CEO throwing cold water on DC optical connectivity 'scale-up', sending Corning, Lumentum and Coherent lower setting a dour tone for JP cable plays.
Kioxia and PPIH make it into the NKY225, which Advantest gets capped as expected. Small surprise for Kioxia, but ADV is low for all.


Japan Morning Connection: Oil Spike Starting to Bite with Airlines Tumbling on the Outlook for Fuel

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities traded broadly flat this week, with performance shaped by sector rotation rather than index direction.</li>
<li>Investors rotated decisively into “hardware” and national security–linked sectors, reflecting policy signals from Prime Minister Sanae Takaichi</li>
<li>GS Yuasa was the top performer this week, after the company announced plans to build a new lithium-ion battery plant for energy storage systems</li>
</ul>


Japanese equities traded broadly flat this week, with performance shaped by sector rotation rather than index direction.
Investors rotated decisively into “hardware” and national security–linked sectors, reflecting policy signals from Prime Minister Sanae Takaichi
GS Yuasa was the top performer this week, after the company announced plans to build a new lithium-ion battery plant for energy storage systems


Japan Strategy Weekly | From Austerity to Strategic Investment

Japan

GS Yuasa Corporation is a holding company established through the merger of Yuasa Corp. and Japan Storage Battery Co., Ltd.  The Company manages financial operations for its subsidiaries, which manufactures storage batteries used for automobiles, motorcycles, computers, and lighting equipment.

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Gs Yuasa Corp (6674 JP)

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

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

Primer: Gs Yuasa Corp (6674 JP) - Apr 2026

GS Yuasa is a global leader in battery manufacturing, with a strong presence in both traditional lead-acid automotive batteries and a growing...

αSK Primers

Japan Morning Connection: Oil Spike Starting to Bite with Airlines Tumbling on the Outlook for Fuel

Shippers were lower globally after a slightly better day in Asia yesterday. Big drops for US airlines. Continues to look good for long 9202 ANA vs...

Andrew Jackson

Japan Strategy Weekly | From Austerity to Strategic Investment

Japanese equities traded flat this week, driven by sector rotation rather than index direction. Investors favored "hardware" and national security...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

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

Primer: Gs Yuasa Corp (6674 JP) - Apr 2026

GS Yuasa is a global leader in battery manufacturing, with a strong presence in both traditional lead-acid automotive batteries and a growing...

αSK Primers

Japan Morning Connection: Oil Spike Starting to Bite with Airlines Tumbling on the Outlook for Fuel

Shippers were lower globally after a slightly better day in Asia yesterday. Big drops for US airlines. Continues to look good for long 9202 ANA vs...

Andrew Jackson

Japan Strategy Weekly | From Austerity to Strategic Investment

​Japanese equities traded flat this week, driven by sector rotation rather than index direction. Investors favored "hardware" and national security...

Mark Chadwick

Japanese equities traded flat this week, driven by sector rotation rather than index direction. Investors favored "hardware" and national security...