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>KKR raised around US$730m via selling some stake in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> Japan IPO in Sep 2023. Its remaining stake will be released from its IPO linked lockup soon.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


KKR raised around US$730m via selling some stake in Kokusai Electric (6525 JP) Japan IPO in Sep 2023. Its remaining stake will be released from its IPO linked lockup soon.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Kokusai Electric IPO Lock-Up - KKR Will Be Tempted by the US$2.7bn Release but Might Have to Wait

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Since Microsoft's association with ChatGPT has become common knowledge, it's share price has doubled</li>
<li>Since rumours of an impending partnership with OpenAI first emerged, Apple share price is up 37% </li>
<li>The extraordinary valuations of Microsoft &amp; Apple were driven by association with ChatGPT. Revenue growth to justify those valuations must now depend on ChatGPT. Let's see how that works out.  </li>
</ul>


Since Microsoft's association with ChatGPT has become common knowledge, it's share price has doubled
Since rumours of an impending partnership with OpenAI first emerged, Apple share price is up 37% 
The extraordinary valuations of Microsoft &amp; Apple were driven by association with ChatGPT. Revenue growth to justify those valuations must now depend on ChatGPT. Let's see how that works out.  


Apple Intelligence, Powered By ChatGPT. Genius Move Or Desperate Gamble?

Equity Bottom-Up

<ul>
<li>NVIDIA's data center revenues tripled YoY in CY 2023 and are on track to more than double in CY 2024</li>
<li>When Intel dominated the data centre and minted tens of billions annually, its customers benefited even more, minting hundreds of billions. </li>
<li>If NVIDIA's business model succeeds, its customers will succeed even more. This will make it extremely difficult for NVIDIA to remain the #1 global market cap stock. </li>
</ul>


NVIDIA's data center revenues tripled YoY in CY 2023 and are on track to more than double in CY 2024
When Intel dominated the data centre and minted tens of billions annually, its customers benefited even more, minting hundreds of billions. 
If NVIDIA's business model succeeds, its customers will succeed even more. This will make it extremely difficult for NVIDIA to remain the #1 global market cap stock. 


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance</li>
<li>TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing </li>
<li>UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. </li>
</ul>


Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance
TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing 
UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. 


Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon</li>
<li>Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength</li>
<li>Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race</li>
</ul>


TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon
Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength
Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race


Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Kokusai Electric IPO Lock-Up - KKR Will Be Tempted by the US$2.7bn Release but Might Have to Wait

As per media reports, KKR is considering sell half its stake in Kokusai, with the company planning to buyback some shares as well. The company has...

Sumeet Singh

Apple Intelligence, Powered By ChatGPT. Genius Move Or Desperate Gamble?

The extraordinary valuations of Microsoft & Apple were driven by association with ChatGPT. Revenue growth to justify those valuations now also...

William Keating

NVIDIA's Conundrum...

When Intel dominated the data centre and minted tens of billions annually, its customers benefited even more, minting hundreds of billions. Will it...

William Keating

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kokusai Electric IPO Lock-Up - KKR Will Be Tempted by the US$2.7bn Release but Might Have to Wait

As per media reports, KKR is considering sell half its stake in Kokusai, with the company planning to buyback some shares as well. The company has...

Sumeet Singh

Apple Intelligence, Powered By ChatGPT. Genius Move Or Desperate Gamble?

The extraordinary valuations of Microsoft & Apple were driven by association with ChatGPT. Revenue growth to justify those valuations now also...

William Keating

NVIDIA's Conundrum...

When Intel dominated the data centre and minted tens of billions annually, its customers benefited even more, minting hundreds of billions. Will it...

William Keating

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

​TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...