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

JX Advanced Metals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We looked at the company’s past performance in our previous notes. In this note, we undertake a peer comparison.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We looked at the company’s past performance in our previous notes. In this note, we undertake a peer comparison.


JX Advance Metals Pre-IPO - Peer Comparison or Lack Thereof

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>NCKU in Taiwan achieves breakthrough in angstrom-scale semiconductor precision, potentially revolutionizing the industry.</li><li>Uncertainty surrounds impact of Trump win on green energy, with transition likely to be slower but not impossible.</li><li>Apple introduces new open-source AI models, Kyushu attracts record investments from TSMC, while SK Hynix experiences sales/profit growth. Vietnam partners with Qorvo, Cadence to train 50,000 engineers by 2030.</li></ul>

NCKU in Taiwan achieves breakthrough in angstrom-scale semiconductor precision, potentially revolutionizing the industry.Uncertainty surrounds impact of Trump win on green energy, with transition likely to be slower but not impossible.Apple introduces new open-source AI models, Kyushu attracts record investments from TSMC, while SK Hynix experiences sales/profit growth. Vietnam partners with Qorvo, Cadence to train 50,000 engineers by 2030.

Tech Supply Chain Tracker (26-Jul-2024): NCKU in Taiwan achieves semiconductor precision breakthrough.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>Yesterday about 5 minutes before the close, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a> went into kehai, rising 8.6%, then falling back to end + 3% on the day. </li>
<li>This morning, the stock opened down 2%, rose 4%, fell 4%, then rose 4%. All in the first 45 minutes. Then it fell back 4% and ended down 2% today.</li>
<li>The proximate cause of all of this was a <a href="https://www.reuters.com/markets/deals/mitsubishi-corp-considering-bid-fujitsus-chip-unit-shinko-electric-sources-2023-10-17/" target="_blank" rel="noopener">Reuters article</a> out 5mins before the close yesterday suggesting <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> is considering bidding for Shinko Electric.</li>
</ul>


Yesterday about 5 minutes before the close, Shinko Electric Industries (6967 JP) went into kehai, rising 8.6%, then falling back to end + 3% on the day. 
This morning, the stock opened down 2%, rose 4%, fell 4%, then rose 4%. All in the first 45 minutes. Then it fell back 4% and ended down 2% today.
The proximate cause of all of this was a Reuters article out 5mins before the close yesterday suggesting Mitsubishi Corp (8058 JP) is considering bidding for Shinko Electric.


Shinko Electric (6967) Update - MitCorp In The Mix?

Japan Specialist

Mark Chadwick

<ul>
<li>Investors have completely ignored “The New MCG”. If management can hit EBITDA targets, we see over 50% upside for the stock</li>
<li>Rapid cost cuts of Y135 billion will be a catalyst for the share price</li>
<li>Transformation to leaner, more focused group with strategic growth in EVs, hydrogen, semicon and health</li>
</ul>


Investors have completely ignored “The New MCG”. If management can hit EBITDA targets, we see over 50% upside for the stock
Rapid cost cuts of Y135 billion will be a catalyst for the share price
Transformation to leaner, more focused group with strategic growth in EVs, hydrogen, semicon and health


Mitsubishi Chemical (4188) | Unlocking Value – 50% Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a> reported Q1 earnings after the close on 27 July, and they blew the lights out. Higher margins and 10-year record high Q1 progression ratios.</li>
<li>The company also announced guidance which was pretty healthy, but progression ratios suggest it is conservative.</li>
<li>The company announced its second ¥100bn buyback in three months. This one lasts 6 months so impact will be lower, but it will have some impact.</li>
</ul>



Shin Etsu Chemical (4063 JP) reported Q1 earnings after the close on 27 July, and they blew the lights out. Higher margins and 10-year record high Q1 progression ratios.
The company also announced guidance which was pretty healthy, but progression ratios suggest it is conservative.
The company announced its second ¥100bn buyback in three months. This one lasts 6 months so impact will be lower, but it will have some impact.


Shin-Etsu Chemical (4063 JP) Salutary Earnings, Conservative Forecasts, and Another Buyback

Japan

Mitsubishi Chemical Holdings Corporation is a holding company established through the merger of Mitsubishi Chemical and Mitsubishi Pharma.  The Company manages operation of its subsidiaries.

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Mitsubishi Chemical (4188 JP)

JX Advance Metals Pre-IPO - Peer Comparison or Lack Thereof

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake. In this note,...

Sumeet Singh

Tech Supply Chain Tracker (26-Jul-2024): NCKU in Taiwan achieves semiconductor precision breakthrough.

NCKU makes breakthrough in semiconductor precision, Trump's impact on green energy uncertain, Apple unveils AI models, TSMC attracts record...

Tech Supply Chain Tracker

Shinko Electric (6967) Update - MitCorp In The Mix?

Shinko Electric Industries' stock experienced significant fluctuations after reports emerged that Mitsubishi Corp is considering a bid for the...

Travis Lundy

Mitsubishi Chemical (4188) | Unlocking Value – 50% Upside

Investors have completely ignored “The New MCG”. If management can hit EBITDA targets, we see over 50% upside for the stock

Mark Chadwick

Shin-Etsu Chemical (4063 JP) Salutary Earnings, Conservative Forecasts, and Another Buyback

Shin Etsu Chem (4063) is cheapest in a decade to peers on an EV/forward EBIT and forward PER basis. Blowout Q1 earnings and another big buyback. ex...

Travis Lundy

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

JX Advance Metals Pre-IPO - Peer Comparison or Lack Thereof

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake. In this note,...

Sumeet Singh

Tech Supply Chain Tracker (26-Jul-2024): NCKU in Taiwan achieves semiconductor precision breakthrough.

NCKU makes breakthrough in semiconductor precision, Trump's impact on green energy uncertain, Apple unveils AI models, TSMC attracts record...

Tech Supply Chain Tracker

Shinko Electric (6967) Update - MitCorp In The Mix?

​Shinko Electric Industries' stock experienced significant fluctuations after reports emerged that Mitsubishi Corp is considering a bid for the...

Travis Lundy

Mitsubishi Chemical (4188) | Unlocking Value – 50% Upside

Investors have completely ignored “The New MCG”. If management can hit EBITDA targets, we see over 50% upside for the stock

Mark Chadwick

Shin-Etsu Chemical (4063 JP) Salutary Earnings, Conservative Forecasts, and Another Buyback

Shin Etsu Chem (4063) is cheapest in a decade to peers on an EV/forward EBIT and forward PER basis. Blowout Q1 earnings and another big buyback. ex...

Travis Lundy

Shinko Electric Industries' stock experienced significant fluctuations after reports emerged that Mitsubishi Corp is considering a bid for the...