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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> is aiming to raise around US$840m (including over-allocation) in its Japan IPO.</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Kioxia Holdings (285A JP) is aiming to raise around US$840m (including over-allocation) in its Japan IPO.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Kioxia IPO - Should Price at the Top, Though Peers Are Still Correcting

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Equity Bottom-Up

Invesco DB US Dollar Index Bul / Equity Bottom-Up

<ul><li>Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win.</li><li>Today’s strong USD looks, in the end, to be our currency and our problem.</li><li>Keep an eye out for dangerously destructive economic policies, but don’t use that as an excuse to avoid the asset class entirely.</li><li>The yen and euro are at their cheapest levels in decades and hedging emerging market equities would be an expensive proposition even if the currencies weren’t generally cheap versus the USD.</li></ul>

Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win.Today’s strong USD looks, in the end, to be our currency and our problem.Keep an eye out for dangerously destructive economic policies, but don’t use that as an excuse to avoid the asset class entirely.The yen and euro are at their cheapest levels in decades and hedging emerging market equities would be an expensive proposition even if the currencies weren’t generally cheap versus the USD.

The Board Director Training Institute of Japan

BDTI CEO, Proposer of  Japan's Governance Code, The Board Director Training Institute of Japan

Nicholas Benes

BDTI CEO, Proposer of  Japan's Governance Code

The Board Director Training Institute of Japan (BDTI), a non-profit Japanese “public interest” organization certified by the government, was established in 2009 by experts and opinion leaders active in academic and business circles. BDTI’s mission is to increase trust between corporations and the public, and facilitate the safe, sustainable and ethical development of the Japanese economy and Japanese companies, by improving corporate governance and accelerating the spread of effective management methods.  We believe that director training is the key to doing these things while also enhancing corporate value.

<p>True policy change takes a long time... particularly here in Japan.  But the flip side is that when reform finally does come to Japan, it may be implemented surprisingly quickly.  As this 17-year old article shows, many of the corporate governance reforms that Japan has put in place over the past five years were obvious for a long time, and were in fact proposed and discussed to some extent...but until a focus on fiscal pressures and national debt greater than 200% of GDP forced the government to focus on the need for productivity enhancement, not much happened until 2013-2014.  </p>

True policy change takes a long time... particularly here in Japan.  But the flip side is that when reform finally does come to Japan, it may be implemented surprisingly quickly.  As this 17-year old article shows, many of the corporate governance reforms that Japan has put in place over the past five years were obvious for a long time, and were in fact proposed and discussed to some extent...but until a focus on fiscal pressures and national debt greater than 200% of GDP forced the government to focus on the need for productivity enhancement, not much happened until 2013-2014.  

”Japan’s Coming Shareholder Revolution” (Written in 2001 ! ) - Perspective from the Past

Japan

The iShares Currency Hedged MSCI Japan ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar.  [FIGI BBG005XKRJK4]

Ishares Currency Hedged Msci Japan ETF (HEWJ US)

Ishares Currency Hedged Msci Japan ETF (HEWJ US)

Kioxia IPO - Should Price at the Top, Though Peers Are Still Correcting

Kioxia Holdings (285A JP) is aiming to raise around US$840m (including over-allocation) in its Japan IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

GMO Q2 2022 Quarterly Letter

Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win. Today’s...

Fund Newsletters

”Japan’s Coming Shareholder Revolution” (Written in 2001 ! ) - Perspective from the Past

True policy change takes a long time... particularly here in Japan. But the flip side is that when reform finally does come to Japan, it may be...

Nicholas Benes