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

Nippon Building Fund / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a> is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N Building and S Building.</li>
<li>Unusually for Japan, the acquisition was announced at the end of last month, while the raising has only been announced today.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N Building and S Building.
Unusually for Japan, the acquisition was announced at the end of last month, while the raising has only been announced today.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Nippon Building Fund Placement - Small Deal but Lacks Accretion

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mori Hills REIT Investment Corporation / Event-Driven

<ul>
<li>In the past 24 months, J-REIT sponsors have bought units in their REITs at sharp discounts to PNAV to raise PNAV and reduce overhang pressure. </li>
<li>The goal is, basically transparently, to get PNAV to a level at which the REIT can buy more properties from the sponsor, who carries them at a much higher WACC.</li>
<li>Mori Building has announced a 4.99% buy on <a href="https://www.smartkarma.com/entities/mori-hills-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:56:1" rel="noopener">Mori Hills REIT Investment Corporation (3234 JP)</a> which is a Very Big portion of Max Real World Float. This should influence price.</li>
</ul>


In the past 24 months, J-REIT sponsors have bought units in their REITs at sharp discounts to PNAV to raise PNAV and reduce overhang pressure. 
The goal is, basically transparently, to get PNAV to a level at which the REIT can buy more properties from the sponsor, who carries them at a much higher WACC.
Mori Building has announced a 4.99% buy on Mori Hills REIT Investment Corporation (3234 JP) which is a Very Big portion of Max Real World Float. This should influence price.


Mori Hills REIT (3234) - Large Sponsor Buy in Market as % of Max Real World Float

<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, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> failed to perform at listing marking a turnaround for recent A/H listing. <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Sanhua Intelligent (2050 HK)</a> will be next in line. </li>
<li>On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.</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, Foshan Haitian (3288 HK) failed to perform at listing marking a turnaround for recent A/H listing. Sanhua Intelligent (2050 HK) will be next in line. 
On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.


ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Singtel (Singapore Telecommunications) / Technical Analysis

<ul>
<li>The latest recessionary signal we see: WTI and Brent crude oil prices violating 1.5-year supports, only adding to our prior concerns about a weakening labor market (Sahm rule, SRI triggered)</li>
<li>We also discussed last week (August 29) how we were expecting the S&amp;P 500, Japan's TOPIX, and Europe's EURO STOXX 50 to "roll over near current or marginally higher levels."</li>
<li>Ongoing belief (since July 25) is that $ACWI is going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern. All have since reacted lower.</li>
</ul>


The latest recessionary signal we see: WTI and Brent crude oil prices violating 1.5-year supports, only adding to our prior concerns about a weakening labor market (Sahm rule, SRI triggered)
We also discussed last week (August 29) how we were expecting the S&amp;P 500, Japan's TOPIX, and Europe's EURO STOXX 50 to "roll over near current or marginally higher levels."
Ongoing belief (since July 25) is that $ACWI is going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern. All have since reacted lower.


Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

Taiwan Stock Exchange Weighted Index / Technical Analysis

<ul>
<li>Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.</li>
<li>We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.</li>
<li>Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.</li>
</ul>


Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.
We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.
Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.


Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Japan

Nippon Building Fund Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business offices and are located in Tokyo Major 5 wards and Kanto area.

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Nippon Building Fund (8951 JP)

Nippon Building Fund Placement - Small Deal but Lacks Accretion

Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N...

Sumeet Singh

ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

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

Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

Crude Oil Breaking Below 1.5-Year Support, Yet Another Recessionary Signal; Bearish Failed Breakouts on $EFA $ACWX; Still Expecting More Downside;...

Vermilion Research

Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Expecting Downside Ahead $ACWI $SPX; Stick With Defensive Sectors; Downgrading Taiwan $EWT $TSM to Market Weight; Global Discretionary vs. Staples...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nippon Building Fund Placement - Small Deal but Lacks Accretion

Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N...

Sumeet Singh

Mori Hills REIT (3234) - Large Sponsor Buy in Market as % of Max Real World Float

Mori Building has announced a big buy of Mori Hills REIT, the cheapest PNAV J-REIT in the office sector, and an above-average div yield. The goal...

Travis Lundy

ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

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

Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

Crude Oil Breaking Below 1.5-Year Support, Yet Another Recessionary Signal; Bearish Failed Breakouts on $EFA $ACWX; Still Expecting More Downside;...

Vermilion Research

Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Expecting Downside Ahead $ACWI $SPX; Stick With Defensive Sectors; Downgrading Taiwan $EWT $TSM to Market Weight; Global Discretionary vs. Staples...

Vermilion Research