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/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.</li>
<li>We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.</li>
<li>Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.</li>
</ul>


CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.
We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.
Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.


CTA Trend Picks in Taiwan, South Korea, and Japan

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>
Record everything. Q1FY26 revenue ¥1,767.1bn (+76.2% QoQ, +415.5% YoY), non-GAAP operating profit ¥1,326.2bn at a 75.0% margin — every line above guidance. Pricing (+~70% QoQ) did &gt;90% of the work.</li>
<li>
Balance sheet transformed. First-ever net cash (¥186.7bn), LBO-era senior loans fully repaid, record ¥827.2bn core FCF. Q2 guided to fresh records; ¥800bn buyback (5.5% shares) and 3-for-1 stock split announced.</li>
<li>
BULLISH maintained; TP cut to ¥72,000 (from ¥120,000) — 12x FY2026E EPS of ¥6,000, our standard memory-sector P/E basis, marking the multiple to a de-rated tape while raising estimates.</li>
</ul>



Record everything. Q1FY26 revenue ¥1,767.1bn (+76.2% QoQ, +415.5% YoY), non-GAAP operating profit ¥1,326.2bn at a 75.0% margin — every line above guidance. Pricing (+~70% QoQ) did &gt;90% of the work.

Balance sheet transformed. First-ever net cash (¥186.7bn), LBO-era senior loans fully repaid, record ¥827.2bn core FCF. Q2 guided to fresh records; ¥800bn buyback (5.5% shares) and 3-for-1 stock split announced.

BULLISH maintained; TP cut to ¥72,000 (from ¥120,000) — 12x FY2026E EPS of ¥6,000, our standard memory-sector P/E basis, marking the multiple to a de-rated tape while raising estimates.


Kioxia (285A JP): The Best Results in Japan Nobody Wants to Buy — Stay Bullish, Keep the Faith

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.</li>
<li>Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.</li>
<li>Oil takes a sizeable hit with OPEC signalling supply increases on the way.</li>
</ul>


Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.
Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.
Oil takes a sizeable hit with OPEC signalling supply increases on the way.


Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>August's WSTS semiconductor revenues registered a record high of more than $53 billion</li>
<li>Nobody seemed to notice, including the organization making the announcement</li>
<li>There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales</li>
</ul>


August's WSTS semiconductor revenues registered a record high of more than $53 billion
Nobody seemed to notice, including the organization making the announcement
There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales


Semis Just Broke a Record.  Why Did Nobody Notice?

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. In this note, we have a look at the...

Sumeet Singh

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

Kioxia (285A JP): The Best Results in Japan Nobody Wants to Buy — Stay Bullish, Keep the Faith

Kioxia delivered strong 1QFY26 with record revenue and profit, transformed balance sheet with net cash. Management announced share buyback and 3...

Mo Aziz

Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Markets largely shake off shutdown concerns with memory exploding higher, watch 285A Kioxia. Toray may get a leg higher when China confirms...

Andrew Jackson

Semis Just Broke a Record. Why Did Nobody Notice?

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. In this note, we have a look at the...

Sumeet Singh

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

Kioxia (285A JP): The Best Results in Japan Nobody Wants to Buy — Stay Bullish, Keep the Faith

Kioxia delivered strong 1QFY26 with record revenue and profit, transformed balance sheet with net cash. Management announced share buyback and 3...

Mo Aziz

Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Markets largely shake off shutdown concerns with memory exploding higher, watch 285A Kioxia. Toray may get a leg higher when China confirms...

Andrew Jackson

Semis Just Broke a Record. Why Did Nobody Notice?

​August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...