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

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.


SBI Shinsei Bank IPO - Stronger Support, Decent Valuation

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>The Bank has reached its three-year target one year ahead of schedule</li>
<li>Focus has now turned to growth and new opportunities as unleashed from full  government supervision</li>
<li>Valuations do not yet discount an improvement in returns from here</li>
</ul>


The Bank has reached its three-year target one year ahead of schedule
Focus has now turned to growth and new opportunities as unleashed from full  government supervision
Valuations do not yet discount an improvement in returns from here


Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We have looked at past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we talk about valuations.


SBI Shinsei Bank Pre-IPO - Thoughts on Valuations

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Bain Capital is looking to place 36m shares of <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> to overseas investors at a 7-9% discount to the last close of the stock.</li>
<li>The stock has run up a lot since its IPO with the last leg driven by inclusion in a global index that took place at the close on Friday.</li>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a> had already been selling stock, and the Bain selling could take the stock lower, especially with limited passive buying in the short-term to support the big runup.</li>
</ul>


Bain Capital is looking to place 36m shares of Kioxia Holdings (285A JP) to overseas investors at a 7-9% discount to the last close of the stock.
The stock has run up a lot since its IPO with the last leg driven by inclusion in a global index that took place at the close on Friday.

Toshiba (6502 JP) had already been selling stock, and the Bain selling could take the stock lower, especially with limited passive buying in the short-term to support the big runup.


Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison


SBI Shinsei Bank Pre-IPO - Peer Comparison

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

Price Gauge
52-week Range	0.00 - 0.00
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Japan Post Holdings (6178 JP)

SBI Shinsei Bank IPO - Stronger Support, Decent Valuation

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing. In this note, we talk about...

Sumeet Singh

Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

Bank surpasses three-year target early, now focused on growth and new opportunities post-government supervision. Valuations do not reflect...

Rikki Malik

SBI Shinsei Bank Pre-IPO - Thoughts on Valuations

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about...

Sumeet Singh

Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside

Toshiba unloaded a lot of Kioxia shares in Sep/Oct. Now Bain is selling US$2bn+ of stock and there could be more next year. The recent results...

Brian Freitas

SBI Shinsei Bank Pre-IPO - Peer Comparison

SBI Shinsei Bank (8303 JP), aims to raise around US$2bn in its Japan listing. We have looked at past performance in our earlier notes. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBI Shinsei Bank IPO - Stronger Support, Decent Valuation

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing. In this note, we talk about...

Sumeet Singh

Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

​Bank surpasses three-year target early, now focused on growth and new opportunities post-government supervision. Valuations do not reflect...

Rikki Malik

SBI Shinsei Bank Pre-IPO - Thoughts on Valuations

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about...

Sumeet Singh

Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside

Toshiba unloaded a lot of Kioxia shares in Sep/Oct. Now Bain is selling US$2bn+ of stock and there could be more next year. The recent results...

Brian Freitas

SBI Shinsei Bank Pre-IPO - Peer Comparison

SBI Shinsei Bank (8303 JP), aims to raise around US$2bn in its Japan listing. We have looked at past performance in our earlier notes. In this...

Sumeet Singh

Bank surpasses three-year target early, now focused on growth and new opportunities post-government supervision. Valuations do not reflect...