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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Nippon Express Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" target="_blank" data-smartkarma-citation="entities:18582:1" rel="noopener">Nippon Express Holdings (9147 JP)</a> has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.</li>
<li>The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).</li>
</ul>



Nippon Express Holdings (9147 JP) has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.
The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).


Nippon Express (9147 JP): A US$260 Million Secondary Offering

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Japanese equities had another good week with the TOPIX ending 1.7% higher</li>
<li>Japanese stocks have outperformed global peers since May on strong domestic earnings, a weak yen, and enthusiasm over artificial intelligence. </li>
<li>Softbank seems to be one of the AI names. Activist campaigns now in full flow ahead of AGMs</li>
</ul>


Japanese equities had another good week with the TOPIX ending 1.7% higher
Japanese stocks have outperformed global peers since May on strong domestic earnings, a weak yen, and enthusiasm over artificial intelligence. 
Softbank seems to be one of the AI names. Activist campaigns now in full flow ahead of AGMs


Japan Weekly | Softbank, Hino Motors, Cosmo Energy, Kumagai Gumi

<ul>
<li>OVERSEAS. SPX Flat after Memorial Day; AI/Tech still strong, but momentum fading; Debt Ceiling Vote on Tap - as Republication far right protests deal; Crude -4% on OPEC/USD Debt Uncertainty</li>
<li>JAPAN. NKY Futs -0.6% Discount vs Cash;  Yen weakness a concern-Officials vow to act;  Toyota gives Up on Hino - Welcomes the Germans</li>
<li>NUGGET. The New JPX150 Index-Interesting Concept. We are hopeful that it will incentivize the numerous low PBR companies to take proactive steps to join the "elite" group of value creators.</li>
</ul>


OVERSEAS. SPX Flat after Memorial Day; AI/Tech still strong, but momentum fading; Debt Ceiling Vote on Tap - as Republication far right protests deal; Crude -4% on OPEC/USD Debt Uncertainty
JAPAN. NKY Futs -0.6% Discount vs Cash;  Yen weakness a concern-Officials vow to act;  Toyota gives Up on Hino - Welcomes the Germans
NUGGET. The New JPX150 Index-Interesting Concept. We are hopeful that it will incentivize the numerous low PBR companies to take proactive steps to join the "elite" group of value creators.


Ohayo Japan |AI Rally Fades; Debt Deal In Focus;SPX Flat/NUGGET:New JPX150 Prime Index-Has Potential

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.</li>
<li>This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.</li>
<li>This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.</li>
</ul>


As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.
This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.
This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.


2022 JPX Nikkei 400 Rebal Update - Going the Right Way

Japan

HINO MOTORS, LTD. develops, manufactures and markets diesel buses and trucks. The Company also produces heavy duty trucks, special purpose vehicles, and diesel engines for industrial and marine applications.

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Hino Motors Ltd (7205 JP)

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

KDDI has just announced that it will conduct a buyback at JPY3,896/share in which Toyota Motors plans to tender 49.8m shares or just around 2.3% of...

Sumeet Singh

Nippon Express (9147 JP): A US$260 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

Japan Weekly | Softbank, Hino Motors, Cosmo Energy, Kumagai Gumi

Japanese equities had another good week with the TOPIX ending 1.7% higher. Winners last week included Softbank, Hino Motors, Money Forward and Renesas

Mark Chadwick

Ohayo Japan |AI Rally Fades; Debt Deal In Focus;SPX Flat/NUGGET:New JPX150 Prime Index-Has Potential

SPX flat head of Debt Vote; Hard right Republicans rebel. NKY Futs -0.6% Discount vs Cash; Yen weakness a concern-Officials vow to act; Toyota...

Mark Chadwick

2022 JPX Nikkei 400 Rebal Update - Going the Right Way

JPX Nikkei 400 rebalance is going the right way in the 6 trading days so far, and it wasn't done on Day1 (which was lacklustre). It may be under...

Travis Lundy

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