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 notes, in this note we look at <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a>'s cross-shareholding.</li>
<li>Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.</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>


Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.
Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Mitsubishi UFJ Financial (MUFG) / Event-Driven

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s cross-shareholding.</li>
<li>MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.</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>


Following up on our earlier cross-shareholding notes, in this note we look at Mitsubishi UFJ Financial (MUFG) (8306 JP)’s cross-shareholding.
MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> recent result is fantastic and made the share price bounce up. </li>
<li>EV makers in the US are renegotiating for a claim in the AMPC that would reduce <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution</a>'s (373220 KS) margin. Bear in mind the AMPC has almost 100% margin. </li>
<li>Compared against <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> , which is less reliant on AMPC and a more profitable company, LGES pales in comparison. </li>
</ul>



LG Energy Solution (373220 KS) recent result is fantastic and made the share price bounce up. 
EV makers in the US are renegotiating for a claim in the AMPC that would reduce LG Energy Solution's (373220 KS) margin. Bear in mind the AMPC has almost 100% margin. 
Compared against Samsung SDI (006400 KS) , which is less reliant on AMPC and a more profitable company, LGES pales in comparison. 


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 has spent decades building the kind of reputation most automakers would happily buy with both hands: reliable cars, disciplined engineering, and a customer base that usually prefers fewer surprises.</li><li>That is why its latest stumble feels so striking.</li><li>The company reported a $2.7 billion annual loss after taking a major hit from abandoned electric-vehicle plans in North America, its most important market.</li></ul>

Honda Motor has spent decades building the kind of reputation most automakers would happily buy with both hands: reliable cars, disciplined engineering, and a customer base that usually prefers fewer surprises.That is why its latest stumble feels so striking.The company reported a $2.7 billion annual loss after taking a major hit from abandoned electric-vehicle plans in North America, its most important market.

Honda’s $10 Billion EV Bet Just Blew Up!

Equity Long-Short

Mo Aziz

<ul>
<li>H2 FY2026 operating profit plunged 41% YoY to ¥438bn — EV write-downs of ¥237bn further compound a deteriorating macro backdrop.</li>
<li>Full-Year OP guidance cut 21% to ¥550bn; 2030 BEV target slashed from 30% to 20% of sales, marking a decisive strategic retreat on electrification.</li>
<li>Ohio EV Hub pivot and Honda–LG battery JV signal a credible U.S. localisation strategy — but payback is multi-year and near-term pain is tangible.</li>
</ul>


H2 FY2026 operating profit plunged 41% YoY to ¥438bn — EV write-downs of ¥237bn further compound a deteriorating macro backdrop.
Full-Year OP guidance cut 21% to ¥550bn; 2030 BEV target slashed from 30% to 20% of sales, marking a decisive strategic retreat on electrification.
Ohio EV Hub pivot and Honda–LG battery JV signal a credible U.S. localisation strategy — but payback is multi-year and near-term pain is tangible.


Honda Motor (7267 JP / HMC US): Caught Between China’s EV Rise and America’s Protectionism

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)

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Following up on our earlier cross-shareholding notes, in this note we look at MUFG (8306 JP)’s cross-shareholding. MUFG had a stake of over US$100m...

Sumeet Singh

LGES (373220): Good Result, But...

Less attractive compared to Samsung SDI, LG ES is also more heavily reliant to US AMPC. However, the recent earnings rebound makes the case to...

Henry Soediarko

Honda’s $10 Billion EV Bet Just Blew Up!

Honda Motor has spent decades building the kind of reputation most automakers would happily buy with both hands: reliable cars, disciplined...

Baptista Research

Honda Motor (7267 JP / HMC US): Caught Between China’s EV Rise and America’s Protectionism

Honda's operating profit drops significantly, leading to a cut in full-year guidance and a strategic retreat on electrification targets, while...

Mo Aziz

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Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Following up on our earlier cross-shareholding notes, in this note we look at MUFG (8306 JP)’s cross-shareholding. MUFG had a stake of over US$100m...

Sumeet Singh

LGES (373220): Good Result, But...

Less attractive compared to Samsung SDI, LG ES is also more heavily reliant to US AMPC. However, the recent earnings rebound makes the case to...

Henry Soediarko

Honda’s $10 Billion EV Bet Just Blew Up!

Honda Motor has spent decades building the kind of reputation most automakers would happily buy with both hands: reliable cars, disciplined...

Baptista Research

Honda Motor (7267 JP / HMC US): Caught Between China’s EV Rise and America’s Protectionism

​Honda's operating profit drops significantly, leading to a cut in full-year guidance and a strategic retreat on electrification targets, while...

Mo Aziz

Honda's operating profit drops significantly, leading to a cut in full-year guidance and a strategic retreat on electrification targets, while...