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>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.3bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about valuations.


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Japan to follow US higher on the much better-than-expected jobs report and the yen back to 148.9</li>
<li>Exporters including the Autos with high US exposures as well as Inbound related laggards such as Isetan Mitsukoshi and Shiseido/Kose should see sentiment improve</li>
<li>The strong US data should also help the JP Shippers rebound after dropping -8.2% on Fri on the end of the US port workers strike</li>
</ul>


Japan to follow US higher on the much better-than-expected jobs report and the yen back to 148.9
Exporters including the Autos with high US exposures as well as Inbound related laggards such as Isetan Mitsukoshi and Shiseido/Kose should see sentiment improve
The strong US data should also help the JP Shippers rebound after dropping -8.2% on Fri on the end of the US port workers strike


Japan Morning Connection: Expect Rebound After Strong US Job Data

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>APAC offshore wind market faces regional competition as Typhoon Krathon spurs AI models to compete for accurate forecasting.</li><li>Ford Lio Ho revamps Kuga lineup in Taiwan's SUV market post-Krathon, focusing on supply chain resilience amid labor strikes and geopolitical tensions.</li><li>Hyundai Motor plans ambitious battery production strategy while DIGITIMES Research forecasts significant growth in global and Taiwan AI healthcare markets from 2023 to 2030.</li></ul>

APAC offshore wind market faces regional competition as Typhoon Krathon spurs AI models to compete for accurate forecasting.Ford Lio Ho revamps Kuga lineup in Taiwan's SUV market post-Krathon, focusing on supply chain resilience amid labor strikes and geopolitical tensions.Hyundai Motor plans ambitious battery production strategy while DIGITIMES Research forecasts significant growth in global and Taiwan AI healthcare markets from 2023 to 2030.

Tech Supply Chain Tracker (05-Oct-2024): APAC offshore wind market at crossroads.

<ul>
<li>Further PM Ishiba flip-flopping on his previously hawkish rates policy, set to catch markets wrong footed today.</li>
<li>Homebuilders may face a bigger fallout than expected from hurricane Helene given the potential to squeeze margins as materials and workers are prioritized for emergency efforts.</li>
<li>Exporters including autos, R/E and tourism related names should see renewed interest on the weak yen.</li>
</ul>


Further PM Ishiba flip-flopping on his previously hawkish rates policy, set to catch markets wrong footed today.
Homebuilders may face a bigger fallout than expected from hurricane Helene given the potential to squeeze margins as materials and workers are prioritized for emergency efforts.
Exporters including autos, R/E and tourism related names should see renewed interest on the weak yen.


Japan Morning Connection: Exporters to Jump on the Weak Yen

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Honda Motor Co Ltd (Adr) / Equity Bottom-Up

<ul><li>Honda Motor Co., Ltd. recently reported its financial results for the first quarter of fiscal year 2025, marking a period of significant transformation and adaptation in the face of ongoing global economic fluctuations, particularly in the key markets like the U.S., China, and new energy vehicle (NEV) sectors.</li><li>This summary provides a balanced view, underscoring both opportunities and challenges the company faces as it navigates complex market dynamics.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Honda Motor Co., Ltd. recently reported its financial results for the first quarter of fiscal year 2025, marking a period of significant transformation and adaptation in the face of ongoing global economic fluctuations, particularly in the key markets like the U.S., China, and new energy vehicle (NEV) sectors.This summary provides a balanced view, underscoring both opportunities and challenges the company faces as it navigates complex market dynamics.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Honda Motor Company: Will The Much Needed Strategic Shift Towards EVs Finally Pay Off? - Major Drivers

Japan

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business.  Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

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Honda Motor Co Ltd (Adr) (HMC US)

Tokyo Metro IPO - Thoughts on Valuation

The price range for the IPO has now been set at JPY1,100-1,200/share, which still looks fairly attractive in our view and would provide a good yield.

Sumeet Singh

Japan Morning Connection: Expect Rebound After Strong US Job Data

Japan's market is expected to rise following the US jobs report, benefiting exporters and shippers after a recent drop.

Andrew Jackson

Tech Supply Chain Tracker (05-Oct-2024): APAC offshore wind market at crossroads.

APAC offshore wind market faces competition, Typhoon Krathon sparks battle among AI models. Taiwan's Ford Lio Ho ups SUV lineup, supply chain...

Tech Supply Chain Tracker

Japan Morning Connection: Exporters to Jump on the Weak Yen

PM Ishiba's policy shift could surprise markets, hurricane Helene may impact homebuilders more than expected, and exporters such as autos and...

Andrew Jackson

Honda Motor Company: Will The Much Needed Strategic Shift Towards EVs Finally Pay Off? - Major Drivers

Honda Motor Co., Ltd. recently reported its financial results for the first quarter of fiscal year 2025, marking a period of significant...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokyo Metro IPO - Thoughts on Valuation

The price range for the IPO has now been set at JPY1,100-1,200/share, which still looks fairly attractive in our view and would provide a good yield.

Sumeet Singh

Japan Morning Connection: Expect Rebound After Strong US Job Data

​Japan's market is expected to rise following the US jobs report, benefiting exporters and shippers after a recent drop.

Andrew Jackson

Tech Supply Chain Tracker (05-Oct-2024): APAC offshore wind market at crossroads.

APAC offshore wind market faces competition, Typhoon Krathon sparks battle among AI models. Taiwan's Ford Lio Ho ups SUV lineup, supply chain...

Tech Supply Chain Tracker

Japan Morning Connection: Exporters to Jump on the Weak Yen

​PM Ishiba's policy shift could surprise markets, hurricane Helene may impact homebuilders more than expected, and exporters such as autos and...

Andrew Jackson

Honda Motor Company: Will The Much Needed Strategic Shift Towards EVs Finally Pay Off? - Major Drivers

Honda Motor Co., Ltd. recently reported its financial results for the first quarter of fiscal year 2025, marking a period of significant...

Baptista Research

Japan's market is expected to rise following the US jobs report, benefiting exporters and shippers after a recent drop.

PM Ishiba's policy shift could surprise markets, hurricane Helene may impact homebuilders more than expected, and exporters such as autos and...