APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> is looking to raise around US$1bn from a primary placement.</li>
<li>The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 15th. The aggregated net margin trading position is USD14,276m.</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 Sanrio, Mitsubishi UFJ Financial, Lasertec, SoftBank, Sumitomo Mitsui Financial, Kawasaki Heavy Industries, Fast Retailing, Advantest, Disco, Zensho, Sanrio, Mitsubishi Ufj Financial, Lasertec.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 15th. The aggregated net margin trading position is USD14,276m.
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 Sanrio, Mitsubishi UFJ Financial, Lasertec, SoftBank, Sumitomo Mitsui Financial, Kawasaki Heavy Industries, Fast Retailing, Advantest, Disco, Zensho, Sanrio, Mitsubishi Ufj Financial, Lasertec.


JPX Margin Trading Weekly (Aug 15th): Sanrio, Mitsubishi UFJ Financial, Lasertec, SoftBank

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.</li>
<li>Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.</li>
<li>September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.</li>
</ul>


Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.
Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.
September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.


Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul><li>Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).</li><li>Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.</li><li>Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.</li></ul>

Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.

Metaplanet (3350 JP): 1H FY12/25 flash update

<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

Japan

Metaplanet Inc. operates as a Bitcoin treasury company. The Company strategically acquires and manages Bitcoin as a core corporate asset, leveraging capital markets to enhance shareholder value. Metaplanet also manages a hotel in Tokyo and holds the exclusive license for Bitcoin magazine in Japan.

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Metaplanet (3350 JP)

Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Metaplanet is looking to raise around US$1bn from a primary placement to purchase bitcoin. In this note, we will talk about the placement and run...

Nicholas Tan

JPX Margin Trading Weekly (Aug 15th): Sanrio, Mitsubishi UFJ Financial, Lasertec, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Sanrio (8136 JP), Mitsubishi UFJ Financial (8306 JP), Lasertec...

Ke Yan, CFA, FRM

Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?

Metaplanet's equity dropped, slowing bitcoin accumulation, but new funding sources could help reach 30,000 BTC target. U.S. listing may signal...

Mark Chadwick