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>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, the previous week was another busy week for listings, with mixed results.</li>
<li>On the placements front, we looked at the possible placements for <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN).</a>
</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, the previous week was another busy week for listings, with mixed results.
On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).



ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>KKR to sell a further 12.9% stake of Kokusai Elec, which sets the stage for big upside once dust settles.</li>
<li>Home builders surging with mortgage applications at the highest levels since early 2023.</li>
<li>Renewables up with AES and Bloom Energy posting big gains and JP names recently outperforming.</li>
</ul>


KKR to sell a further 12.9% stake of Kokusai Elec, which sets the stage for big upside once dust settles.
Home builders surging with mortgage applications at the highest levels since early 2023.
Renewables up with AES and Bloom Energy posting big gains and JP names recently outperforming.


Japan Morning Connection: Japan Set to Start Higher as Markets Look past Tariff Confusions

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

Index Rebalance

<ul>
<li>Following the results of <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a>'s tender offer for <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a>, NTT Data will be deleted from the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> will be added to the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> at the close on 3 July. The stock is up a fair bit from its lows.</li>
<li>Nearly all the <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp</a> shares not tendered will be held by passives and there will be selling in the stock as index providers move the float lower/delete.</li>
</ul>


Following the results of NTT (9432 JP)'s tender offer for NTT Data Corp (9613 JP), NTT Data will be deleted from the Nikkei 225 (NKY INDEX).

ROHM Co Ltd (6963 JP) will be added to the Nikkei 225 (NKY INDEX) at the close on 3 July. The stock is up a fair bit from its lows.
Nearly all the NTT Data Corp shares not tendered will be held by passives and there will be selling in the stock as index providers move the float lower/delete.


Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
<strong>Undergoing a multi-year transformation</strong>:After a very challenging FY2024, <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> is reassessing its capital strategy, production footprint, and depreciation methodologies, forming the core of the structural reforms.</li>
<li>ROHM targets a return to operating profitability in FY26, supported by cost optimization, analog IC growth, and a disciplined capital expenditure strategy.</li>
<li>It is available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently</li>
</ul>



Undergoing a multi-year transformation:After a very challenging FY2024, ROHM Co Ltd (6963 JP) is reassessing its capital strategy, production footprint, and depreciation methodologies, forming the core of the structural reforms.
ROHM targets a return to operating profitability in FY26, supported by cost optimization, analog IC growth, and a disciplined capital expenditure strategy.
It is available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently


Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead

<ul>
<li>Masayoshi Son is floating a $1trn AI factory in Arizona in exchange for tax breaks.</li>
<li>NTT Data out, Rohm in. Downside for Ibiden, but also small buying for Fasty, Terumo, Konami and others.</li>
<li>Renesas announces details of its Wolfspeed restructuring deal which includes kitchen sinking the losses this year.</li>
</ul>


Masayoshi Son is floating a $1trn AI factory in Arizona in exchange for tax breaks.
NTT Data out, Rohm in. Downside for Ibiden, but also small buying for Fasty, Terumo, Konami and others.
Renesas announces details of its Wolfspeed restructuring deal which includes kitchen sinking the losses this year.


Japan Morning Connection: US Directly Attacks Iran and Requests Japan to Spend 5% of GDP on Defense

Japan

Kokusai Electric Corporation manufactures and distributes semiconductor manufacturing systems. The Company produces batch processing systems, single wafer processing systems, and other systems. Kokusai Electric also operates advanced thermal process technology development, training, and other businesses.

Price Gauge
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Kokusai Electric (6525 JP)

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

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

Japan Morning Connection: Japan Set to Start Higher as Markets Look past Tariff Confusions

US homebuilders surging after positive data last week on home mortgage applications. Watch the JP renewables after the better than expected outcome...

Andrew Jackson

Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)

Rohm has outperformed its peers by 4.4% since the announcement of NKY inclusion. Day 1 outperformance was 7.5% and part of those gains were given...

Brian Freitas

Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead

ROHM Co Ltd is undergoing a multi-year transformation to improve profitability, focusing on cost optimization and disciplined capital expenditure...

Sreemant Dudhoria,CFA

Japan Morning Connection: US Directly Attacks Iran and Requests Japan to Spend 5% of GDP on Defense

Defense related should be supported by reports on GDP defense spending along with Trump's move to directly bomb Iranian nuclear sites. Masayoshi...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

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

Japan Morning Connection: Japan Set to Start Higher as Markets Look past Tariff Confusions

US homebuilders surging after positive data last week on home mortgage applications. Watch the JP renewables after the better than expected outcome...

Andrew Jackson

Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)

Rohm has outperformed its peers by 4.4% since the announcement of NKY inclusion. Day 1 outperformance was 7.5% and part of those gains were given...

Brian Freitas

Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead

​ROHM Co Ltd is undergoing a multi-year transformation to improve profitability, focusing on cost optimization and disciplined capital expenditure...

Sreemant Dudhoria,CFA

Japan Morning Connection: US Directly Attacks Iran and Requests Japan to Spend 5% of GDP on Defense

Defense related should be supported by reports on GDP defense spending along with Trump's move to directly bomb Iranian nuclear sites. Masayoshi...

Andrew Jackson

ROHM Co Ltd is undergoing a multi-year transformation to improve profitability, focusing on cost optimization and disciplined capital expenditure...