US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is scheduled to be listed at the Tokyo Stock Exchange on 25 October 2024 at a valuation of ~$1.9bn.</li>
<li>The company's modest market capitalization fails fast-entry but easily surpasses the quarterly small cap thresholds of both main global indices.</li>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a>  is expected to be added at the May and June 2025 quarterly reviews with the potential greenshoe exercise increasing the passive fund demand upon inclusion.</li>
</ul>



Rigaku Holdings (268A JP) is scheduled to be listed at the Tokyo Stock Exchange on 25 October 2024 at a valuation of ~$1.9bn.
The company's modest market capitalization fails fast-entry but easily surpasses the quarterly small cap thresholds of both main global indices.

Rigaku Holdings (268A JP)  is expected to be added at the May and June 2025 quarterly reviews with the potential greenshoe exercise increasing the passive fund demand upon inclusion.


Rigaku Holdings (268A JP): Low, Slow and Steady in Global Indices

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/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.4bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</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>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.3bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about valuations.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s  shareholders aim to raise up to US$2.3bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.</li>
</ul>



Tokyo Metro (9023 JP)'s  shareholders aim to raise up to US$2.3bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.


Tokyo Metro IPO - Peer Comparison - Pre-COVID to 1Q25

China Resources Beverage / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.</li>
<li>On the placements front, there were a few China ADR blocks and other placements across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.
On the placements front, there were a few China ADR blocks and other placements across the region.


ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

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.

Price Gauge
52-week Range	0.00 - 0.00
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Kioxia Holdings (285A JP)

Rigaku Holdings (268A JP): Low, Slow and Steady in Global Indices

Rigaku Holdings fails fast-entry but is set for quarterly inclusion in the small cap segments of both main global indices in May and June 2025...

Dimitris Ioannidis

Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO. In this note, we look at the valuation in the IPO price range.

Sumeet Singh

Tokyo Metro IPO - Thoughts on Valuation

The price range for the IPO has now been set at JPY1,100-1,200/share, which still looks fairly attractive in our view and would provide a good yield.

Sumeet Singh

Tokyo Metro IPO - Peer Comparison - Pre-COVID to 1Q25

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we undertake a peer comparison.

Sumeet Singh

ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rigaku Holdings (268A JP): Low, Slow and Steady in Global Indices

​Rigaku Holdings fails fast-entry but is set for quarterly inclusion in the small cap segments of both main global indices in May and June 2025...

Dimitris Ioannidis

Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO. In this note, we look at the valuation in the IPO price range.

Sumeet Singh

Tokyo Metro IPO - Thoughts on Valuation

The price range for the IPO has now been set at JPY1,100-1,200/share, which still looks fairly attractive in our view and would provide a good yield.

Sumeet Singh

Tokyo Metro IPO - Peer Comparison - Pre-COVID to 1Q25

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we undertake a peer comparison.

Sumeet Singh

ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Rigaku Holdings fails fast-entry but is set for quarterly inclusion in the small cap segments of both main global indices in May and June 2025...