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.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

<ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a href="https://www.smartkarma.com/entities/sompo-holdings-inc" target="_blank" data-smartkarma-citation="entities:632:1" rel="noopener">Sompo Holdings (8630 JP)</a> had a stake over US$100m in at least 16 listed Japanese stocks, amounting to a total of around US$6bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.

Sompo Holdings (8630 JP) had a stake over US$100m in at least 16 listed Japanese stocks, amounting to a total of around US$6bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Sompo Holdings Cross-Shareholding - At Least US$8bn of Cross-Shareholding to Sell

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Hong Kong appears to be heading towards its first US$100m+ IPO for the year.</li>
<li>For placements, after a flurry of placements in the prior week, past week was relatively quiet with only the US$2bn <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> block.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Hong Kong appears to be heading towards its first US$100m+ IPO for the year.
For placements, after a flurry of placements in the prior week, past week was relatively quiet with only the US$2bn ITC Ltd (ITC IN) block.


ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>Markets are pricing in heavy cuts for next year as inflation keeps coming in soft, making a soft landing the base case for the bulls, but everything comes at a price.</li><li>But how are assets likely to perform if the market narrative is correct and yields will indeed come down in a continued bull-steepening fashion, which in our view is the most likely scenario in H1 2024?</li><li>We have pulled out some of our cross-asset beta studies from our data-library to provide you with an overview of how assets perform during various yield curve regimes.</li></ul>

Markets are pricing in heavy cuts for next year as inflation keeps coming in soft, making a soft landing the base case for the bulls, but everything comes at a price.But how are assets likely to perform if the market narrative is correct and yields will indeed come down in a continued bull-steepening fashion, which in our view is the most likely scenario in H1 2024?We have pulled out some of our cross-asset beta studies from our data-library to provide you with an overview of how assets perform during various yield curve regimes.

Bull Steepening Watch – Is Lower Yields Really What Risk Assets Want?

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Mitsubishi UFJ Financial (MUFG) / Equity Bottom-Up

*USB Pounces Quickly: US Bancorp (USB.US) announced the acquisition of MUFG’s West Coast regional bank (Union Bank) for USD 8.0 bn in a 70/30 cash/stock transaction. Admittedly, this transaction is smaller than we had anticipated – only being Union Bank, the largest portion of MUFG Americas, MUFG’s US bank holding company; and  *Headache Relieved: MUFG recently received a regulatory C&amp;D for "unsafe and unsound practices" with respect to operational risk management and non-compliance with security standards. USB is now the responsible party. MUFG receives USD 5.5 bn in cash and a 2.9% stake in USB, and likely will record a gain of JPY 150 bn. At MUFG Americas, approximately USD 22.6 bn in assets remains at the CIB.

*USB Pounces Quickly: US Bancorp (USB.US) announced the acquisition of MUFG’s West Coast regional bank (Union Bank) for USD 8.0 bn in a 70/30 cash/stock transaction. Admittedly, this transaction is smaller than we had anticipated – only being Union Bank, the largest portion of MUFG Americas, MUFG’s US bank holding company; and  *Headache Relieved: MUFG recently received a regulatory C&amp;D for "unsafe and unsound practices" with respect to operational risk management and non-compliance with security standards. USB is now the responsible party. MUFG receives USD 5.5 bn in cash and a 2.9% stake in USB, and likely will record a gain of JPY 150 bn. At MUFG Americas, approximately USD 22.6 bn in assets remains at the CIB. 

Japan

Maxis Nikkei 225 Index Fund is an exchange-traded fund incorporated in the USA. The Fund will seek daily investment results, before fees and expenses, that track the performance of the Nikkei 225 Index.

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Maxis Nikkei 225 Index Fund (NKY US)

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

KDDI has just announced that it will conduct a buyback at JPY3,896/share in which Toyota Motors plans to tender 49.8m shares or just around 2.3% of...

Sumeet Singh

Sompo Holdings Cross-Shareholding - At Least US$8bn of Cross-Shareholding to Sell

The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings. Sompo had a stake of over...

Sumeet Singh

ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Bull Steepening Watch – Is Lower Yields Really What Risk Assets Want?

Let’s run through each asset class to see where to put your eggs if a bull-steepening of the yield curve continues into 2024.

Steno Research

Mitsubishi UFJ Financial – Sayonara

MUFG: US Bancorp announced the acquisition of MUFG’s West Coast Union Bank for USD 8.0 bn. MUFG recently received a regulatory C&D for "unsafe and...

Thomas J. Monaco

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