Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 25th. The aggregated net margin trading position is USD15,503m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Mitsubishi Heavy Industries, Fast Retailing, Mitsubishi UFJ Financial, Toyota Motor, Lasertec, Sumitomo Mitsui Financial, Marui, Sanrio, Disco, Kawasaki Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 25th. The aggregated net margin trading position is USD15,503m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Mitsubishi Heavy Industries, Fast Retailing, Mitsubishi UFJ Financial, Toyota Motor, Lasertec, Sumitomo Mitsui Financial, Marui, Sanrio, Disco, Kawasaki Heavy Industries.


JPX Margin Trading Weekly (Jul 25th): Mitsubishi Heavy Industries, Fast Retailing

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>3690 HK: Meituan Food Delivery Daily Orders Reach 90 Million (+)</li>
<li>JD US: JD Officially Launches OTA Hotel and Travel Business with Three-Year Zero Commission Policy(+/-/-)</li>
<li>1439927D CH/4689 JP/4755 JP/4385 JP: TikTok Announces Launch of Japan E-commerce Business as Early as This Month (+/-/-/-)</li>
</ul>


3690 HK: Meituan Food Delivery Daily Orders Reach 90 Million (+)
JD US: JD Officially Launches OTA Hotel and Travel Business with Three-Year Zero Commission Policy(+/-/-)
1439927D CH/4689 JP/4755 JP/4385 JP: TikTok Announces Launch of Japan E-commerce Business as Early as This Month (+/-/-/-)


[Blue Lotus Daily-TMT Update]:3690 HK/JD US/1439927D CH/4689 JP/4755 JP/4385 JP/700 HK/NTESUS/BABAUS

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 6th. The aggregated net margin trading position is USD17,477m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Advantest, Sbi Sumishin Net Bank, Toyota Industries, Mitsubishi Ufj Financial, Softbank, Toyota Motor, Skylark, Keyence, Nippon Yusen Kabushiki Kaisha, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 6th. The aggregated net margin trading position is USD17,477m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Advantest, Sbi Sumishin Net Bank, Toyota Industries, Mitsubishi Ufj Financial, Softbank, Toyota Motor, Skylark, Keyence, Nippon Yusen Kabushiki Kaisha, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> ’s share price has been volatile during the last few months despite the company reporting a strong set of results for 1QFY10/2025. </li>
<li>Timee is the market leader in Japan while Mercari Hallo is still attempting to build its business. Our analysis shows that there is further room for Timee’s earnings to expand. </li>
<li>Some of Japanese high-growth companies (incl. Monotaro, GMO Payment and Shift) have traded at exorbitant multiples during their high growth phase and we think Timee’s valuation multiples are justified.</li>
</ul>



Timee Inc (215A JP) ’s share price has been volatile during the last few months despite the company reporting a strong set of results for 1QFY10/2025. 
Timee is the market leader in Japan while Mercari Hallo is still attempting to build its business. Our analysis shows that there is further room for Timee’s earnings to expand. 
Some of Japanese high-growth companies (incl. Monotaro, GMO Payment and Shift) have traded at exorbitant multiples during their high growth phase and we think Timee’s valuation multiples are justified.


Timee: Recent Setback in Share Price Offers an Attractive Entry Point

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genda-inc" target="_blank" data-smartkarma-citation="entities:39911:1" rel="noopener">GENDA (9166 JP),</a> along with a selling shareholder, is looking to raise around US$190m to partly fund its M&amp;A.</li>
<li>Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&amp;A.
Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
In this note, we will talk about the placement and run the deal through our ECM framework.


GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

Japan

Mercari, Inc. operates as an electronic commercial company. The Company offers electronic commercial software, operation management, marketing planning, and other marketplace services. Mercari serves customers worldwide.

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Mercari (4385 JP)

JPX Margin Trading Weekly (Jul 25th): Mitsubishi Heavy Industries, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi Heavy Industries (7011 JP), Fast Retailing (9983 JP),...

Ke Yan, CFA, FRM

[Blue Lotus Daily-TMT Update]:3690 HK/JD US/1439927D CH/4689 JP/4755 JP/4385 JP/700 HK/NTESUS/BABAUS

Meituan Food Delivery hits 90 million daily orders, JD launches OTA hotel and travel business with zero commission policy, TikTok to launch Japan...

Blue Lotus Research Institute

JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Sbi Sumishin Net Bank (7163 JP), Toyota...

Ke Yan, CFA, FRM

GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&A. In this note, we talk about the deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (Jul 25th): Mitsubishi Heavy Industries, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi Heavy Industries (7011 JP), Fast Retailing (9983 JP),...

Ke Yan, CFA, FRM

[Blue Lotus Daily-TMT Update]:3690 HK/JD US/1439927D CH/4689 JP/4755 JP/4385 JP/700 HK/NTESUS/BABAUS

​Meituan Food Delivery hits 90 million daily orders, JD launches OTA hotel and travel business with zero commission policy, TikTok to launch Japan...

Blue Lotus Research Institute

JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Sbi Sumishin Net Bank (7163 JP), Toyota...

Ke Yan, CFA, FRM

Timee: Recent Setback in Share Price Offers an Attractive Entry Point

Timee will report 2Q earnings on 12th June and this insight offers a glimpse into the company's 1Q earnings and our view on the stock

Shifara Samsudeen, FCMA, CGMA

GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&A. In this note, we talk about the deal...

Sumeet Singh

Meituan Food Delivery hits 90 million daily orders, JD launches OTA hotel and travel business with zero commission policy, TikTok to launch Japan...