Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Fed Lifts rates +25bps as expected; No longer sees recession emerging; Equities - Mixed as Industrials Rally, Tech Sells off; Meta Beats on Rev/EPS; Boeing Surges on Outloook</li>
<li>JAPAN. Nikkei Futures -0.4% vs Cash; USDJPY 140.4; Fed Move Done, but for BOJ - Potential for a Surprise Move ? Advantest Miss-back to reality ?  Earnings in Full Swing. </li>
<li>NUGGET. Japanese Executives Not Properly Incentivized; Shareholders need to take a different tact in addressing corporate performance. </li>
</ul>


OVERSEAS. Fed Lifts rates +25bps as expected; No longer sees recession emerging; Equities - Mixed as Industrials Rally, Tech Sells off; Meta Beats on Rev/EPS; Boeing Surges on Outloook
JAPAN. Nikkei Futures -0.4% vs Cash; USDJPY 140.4; Fed Move Done, but for BOJ - Potential for a Surprise Move ? Advantest Miss-back to reality ?  Earnings in Full Swing. 
NUGGET. Japanese Executives Not Properly Incentivized; Shareholders need to take a different tact in addressing corporate performance. 


Ohayo Japan| Fed Watch: Now for Hawkish Hold; Advantest Miss; NUGGET: JP Executives Not Incentivized

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

Robosense Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (ROBO HK)</a> (RT) is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. </li>
<li>As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Robosense Technology (ROBO HK) (RT) is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. 
As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.
In this note, we talk about the not-so-positive aspects of the deal.


Robosense Technology Pre-IPO - The Negatives - Not a Whole Lot of Earnings

Rakuten Securities / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the not-so-positive aspects of the deal.


Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

<ul>
<li>OVERSEAS.  SPX eaks out gains as markets continue to bid inflation moderation/soft landing narrative; GS Reports the futures is better; TELSA earnings beat despite aggressive price cuts </li>
<li>JAPAN. Nikkei Futures flat vs Cash; USDJPY 139.7; Inbound Tourist back in full force; Daily Goods Manufacturers form logistics alliance to combat lack of drivers; Nidec, Disco reports today</li>
<li>NUGGET. JP Office Equipment Makers - could be investment opportunities if they are proactive consolidation. Falling demand and overcapacity demands aggressive industry restructuring.</li>
</ul>


OVERSEAS.  SPX eaks out gains as markets continue to bid inflation moderation/soft landing narrative; GS Reports the futures is better; TELSA earnings beat despite aggressive price cuts 
JAPAN. Nikkei Futures flat vs Cash; USDJPY 139.7; Inbound Tourist back in full force; Daily Goods Manufacturers form logistics alliance to combat lack of drivers; Nidec, Disco reports today
NUGGET. JP Office Equipment Makers - could be investment opportunities if they are proactive consolidation. Falling demand and overcapacity demands aggressive industry restructuring.


Ohayo Japan |Inflation Moderation Drives Stocks; NUGGET:JP Office Equip Makers- Consolidation a Must

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Rakuten Securities (RAKUSEC JP), the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the positive aspects of the deal.


Rakuten Securities IPO Early Look - The Positives - Has Been Gaining Market Share

Japan

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

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Nissan Motor (ADR) (NSANY US)

Ohayo Japan| Fed Watch: Now for Hawkish Hold; Advantest Miss; NUGGET: JP Executives Not Incentivized

Now for a Hawkish Hold from the Fed; Nikkei Futures -0.4% vs Cash; USDJPY 140.4; Fed Move Down, but for BOJ - Potential for a Surprise Move ?...

Mark Chadwick

Robosense Technology Pre-IPO - The Negatives - Not a Whole Lot of Earnings

Robosense Technology is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing. In this note, we talk...

Sumeet Singh

Ohayo Japan |Inflation Moderation Drives Stocks; NUGGET:JP Office Equip Makers- Consolidation a Must

US Markets continue bullish bid; Nikkei Futures flat vs Cash; USDJPY 139.7; Inbound Tourist back in full force; Daily Goods Manufacturers form...

Mark Chadwick

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