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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a> is set to launch this week/today, as per media reports, while deal in India continue to flow in.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> launched the largest HK primary raising yet on Sunday. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SHEIN Global Holdings (SHEIN HK) is set to launch this week/today, as per media reports, while deal in India continue to flow in.
On the placement front, Alibaba (9988 HK) launched the largest HK primary raising yet on Sunday. 


Aequitas ECM Weekly (24 August 2026)- Alibaba, Shein, Ingenic, Mech-Mind, Milky, TMBThan, Hitachi

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<p style="text-align: center;"><strong>• 'WORST' &amp; BEST •</strong></p><p style="text-align: left;">All the large-caps that announced results or forecasts yesterday had positive scores, and none saw a quarter-on-quarter decline in Results &amp; Revisions Score. Therefore, the 'worst' side of our daily pair is a company where earnings momentum has already peaked out, and the upward revision to full-year earnings is below the trailing result - <a href="https://www.smartkarma.com/entities/koei-tecmo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20277:1" rel="noopener">Koei Tecmo (3635 JP)</a>. Conversely, the company with the largest undiscounted 'surprise' is <a href="https://www.smartkarma.com/entities/macnica-fuji-electronics-hol" target="_blank" data-smartkarma-citation="entities:26074:1" rel="noopener">Macnica Fuji Electronics (3132 JP)</a>. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/184/502/original/2021-01-26_06-07-10.png?1611608842" class="editor-image img-responsive" data-smartkarma-image-id="184502"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/184/504/original/2021-01-26_06-12-39.png?1611609171" class="editor-image img-responsive" data-smartkarma-image-id="184504"></figure></section><div class="content-caption"> Source for all charts &amp; tables: Japan Analytics</div>

• 'WORST' &amp; BEST •All the large-caps that announced results or forecasts yesterday had positive scores, and none saw a quarter-on-quarter decline in Results &amp; Revisions Score. Therefore, the 'worst' side of our daily pair is a company where earnings momentum has already peaked out, and the upward revision to full-year earnings is below the trailing result - Koei Tecmo (3635 JP). Conversely, the company with the largest undiscounted 'surprise' is Macnica Fuji Electronics (3132 JP).  Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​​25 - Koei-Tecmo & Nidec

Managing Director

Elan Gore

TMI Data Science

TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade & traditional media.  Our proprietary software, TMI Machine, is a text-mining platform designed with the buy-side & capital markets professional in mind, text-mining the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income & individual equities.  TMI provides custom leading indicators and systematic trading strategies, operating at the nexus of linguistics & statistics drawing on vast experience in investment banking and hedge fund settings in senior quantitative and fundamental roles.  

TMI Data Science was founded by Elan Gore, an award-winning Senior Global Basic Materials Equity Analyst & China Economist with 15 years of experience in North American hedge funds & institutional managers; and Alessandro Porrino, Ph.D., an Algorithmic Trading Analyst and Programmer with 10 years of front-office experience ranging from complex FX option pricing to auto-hedging strategies at Bank of America Merrill Lynch and Standard Chartered.  Mr. Gore holds an MBA in Finance from New York University Stern School of Business, and Mr. Porrino holds a Ph.D. in Systems Engineering from Brunel University London.

Cross Asset Strategy

<ul>
<li>In the first week of 2021, TMI's machinery sentiment indicators hit their highest levels since pre-pandemic readings, attributed to recent bullish commentary from the likes of Sany Heavy, Hengli Hydraulic, Zoomlion and the CCMA (China Construction Machinery Association); the indicators have been strongly correlated with <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a> , <a href="https://www.smartkarma.com/entities/komatsu-ltd" target="_blank" data-smartkarma-citation="entities:8416:1" rel="noopener">Komatsu Ltd (6301 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/zoomlion-heavy-industry-h" target="_blank" data-smartkarma-citation="entities:7817:1" rel="noopener">Zoomlion Heavy Industry H (1157 HK) </a> with a slight lead</li>
<li>On Friday, Komatsu reported Komtrax equipment utilization data for December, highlighting sharply stronger average hours of machinery use Y/Y comps in key jurisdictions</li>
<li>The CCMA recently pointed out that Chinese OEMs expect 2021 demand to range from high single-digits to 15% Y/Y while the association expects a range of 8-10% supported by continued robust infrastructure FAI</li>
<li>Komatsu's European data indicates potential positive surprise with a second month of +4% Y/Y growth, despite weaker EU Construction PMI readings throughout Q4</li>
<li>US data also highlights a first positive utilization comp in over a year, despite still-tentative construction spending data and slippage in the ABI index</li>
<li>Japanese machinery utilization also bounced back in December to its best Y/Y comp in more than a year, with elevated public sector construction in progress and a potential inflection in housing starts</li>
<li>Given such a robust starting point for 2021, markets are more likely to look through seasonal air pockets going into Spring</li>
</ul>


In the first week of 2021, TMI's machinery sentiment indicators hit their highest levels since pre-pandemic readings, attributed to recent bullish commentary from the likes of Sany Heavy, Hengli Hydraulic, Zoomlion and the CCMA (China Construction Machinery Association); the indicators have been strongly correlated with Caterpillar Inc (CAT US) , Komatsu Ltd (6301 JP) &amp; Zoomlion Heavy Industry H (1157 HK)  with a slight lead
On Friday, Komatsu reported Komtrax equipment utilization data for December, highlighting sharply stronger average hours of machinery use Y/Y comps in key jurisdictions
The CCMA recently pointed out that Chinese OEMs expect 2021 demand to range from high single-digits to 15% Y/Y while the association expects a range of 8-10% supported by continued robust infrastructure FAI
Komatsu's European data indicates potential positive surprise with a second month of +4% Y/Y growth, despite weaker EU Construction PMI readings throughout Q4
US data also highlights a first positive utilization comp in over a year, despite still-tentative construction spending data and slippage in the ABI index
Japanese machinery utilization also bounced back in December to its best Y/Y comp in more than a year, with elevated public sector construction in progress and a potential inflection in housing starts
Given such a robust starting point for 2021, markets are more likely to look through seasonal air pockets going into Spring


TMI Snapshot: Machinery Sentiment at Pre-COVID High as Komtrax Data Shows Synchronized Global Surge

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

<p>Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This bullish price action combined with market dynamics which remain mostly healthy lead us to believe the lows of this recent correction are in. Consumer Discretionary and Manufacturing Sectors continue to be two attractive Sectors that are outperforming globally; we highlight numerous actionable names in today's report.</p>

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This bullish price action combined with market dynamics which remain mostly healthy lead us to believe the lows of this recent correction are in. Consumer Discretionary and Manufacturing Sectors continue to be two attractive Sectors that are outperforming globally; we highlight numerous actionable names in today's report.

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

<p>We thought a technical view on these counters would help clarify where tactical rally targets come into play as well as more important macro support levels where a basing process is expected to begin.</p><p>Key resistance points can be used as short zones with key pivots stops and limit levels that reign in risk.</p><p>All three stocks display varying degrees of a macro descending corrective wedge formations that have yet to fully mature. </p><p>CAT stands out as the more buoyant of the group and faces its own set of upside pivot resistance points with solid macro support to work with on weakness.</p><p>We wanted to fold in a technical view with <a href="https://www.smartkarma.com/profiles/713" target="_blank" data-smartkarma-citation="accounts:713">Mio Kato, CFA</a> and his insight <a href="https://www.smartkarma.com/insights/komatsu-hcm-cat-the-stock-punishment-does-not-match-the-outlook-deterioration-crime" target="_blank" data-smartkarma-citation="insights:28082">Komatsu, HCM, CAT: The Stock Punishment Does Not Match the Outlook Deterioration Crime</a> . This group may be ahead of the earnings curve and why we may see more gas in a corrective bounce cycle (CB easy policy and the hunt for value may be part of the rally) before more pressure points are hit to re test macro support targets.</p>

We thought a technical view on these counters would help clarify where tactical rally targets come into play as well as more important macro support levels where a basing process is expected to begin.Key resistance points can be used as short zones with key pivots stops and limit levels that reign in risk.All three stocks display varying degrees of a macro descending corrective wedge formations that have yet to fully mature. CAT stands out as the more buoyant of the group and faces its own set of upside pivot resistance points with solid macro support to work with on weakness.We wanted to fold in a technical view with Mio Kato, CFA and his insight Komatsu, HCM, CAT: The Stock Punishment Does Not Match the Outlook Deterioration Crime . This group may be ahead of the earnings curve and why we may see more gas in a corrective bounce cycle (CB easy policy and the hunt for value may be part of the rally) before more pressure points are hit to re test macro support targets.

Komatsu, HCM and CAT Tactical Recovery Targets and Macro Pivot Support

Japan

Hitachi Construction Machinery Co., Ltd. develops, manufactures, sells, and repairs construction machinery. The Company's products include hydraulic excavators, crawler cranes, wheel loaders, shield machines, and bulldozers. Hitachi Construction Machinery, a subsidiary of Hitachi, Ltd., markets its products worldwide through sales offices overseas.

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Hitachi Construction Machinery (6305 JP)

Aequitas ECM Weekly (24 August 2026)- Alibaba, Shein, Ingenic, Mech-Mind, Milky, TMBThan, Hitachi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

🇯🇵 JAPAN • Results & Revisions 01/25 - Koei-Tecmo & Nidec

All the large-caps that announced results or forecasts yesterday had positive scores, and none saw a quarter-on-quarter decline in Results &...

Campbell Gunn

TMI Snapshot: Machinery Sentiment at Pre-COVID High as Komtrax Data Shows Synchronized Global Surge

TMI's Machinery Sentiment Indicators are now back to pre-pandemic levels, while Komatsu's Friday release of Komtrax machinery utilization hours...

Elan Gore

Global Equity Strategy:

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This...

Vermilion Research

Komatsu, HCM and CAT Tactical Recovery Targets and Macro Pivot Support

We thought a technical view on these counters would help clarify where tactical rally targets come into play as well as more important macro...

Thomas Schroeder

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (24 August 2026)- Alibaba, Shein, Ingenic, Mech-Mind, Milky, TMBThan, Hitachi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​​25 - Koei-Tecmo & Nidec

All the large-caps that announced results or forecasts yesterday had positive scores, and none saw a quarter-on-quarter decline in Results &...

Campbell Gunn

TMI Snapshot: Machinery Sentiment at Pre-COVID High as Komtrax Data Shows Synchronized Global Surge

TMI's Machinery Sentiment Indicators are now back to pre-pandemic levels, while Komatsu's Friday release of Komtrax machinery utilization hours...

Elan Gore

Global Equity Strategy:

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This...

Vermilion Research

Komatsu, HCM and CAT Tactical Recovery Targets and Macro Pivot Support

We thought a technical view on these counters would help clarify where tactical rally targets come into play as well as more important macro...

Thomas Schroeder

🇯🇵 JAPAN • Results & Revisions 01/25 - Koei-Tecmo & Nidec