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 Feb 6th. The aggregated net margin trading position is USD23,298m.</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 Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest, SoftBank, Fujikura, Sumitomo Mitsui Financial, Recruit, Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, Nec, Advantest.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Feb 6th. The aggregated net margin trading position is USD23,298m.
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 Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest, SoftBank, Fujikura, Sumitomo Mitsui Financial, Recruit, Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, Nec, Advantest.


JPX Margin Trading Weekly (Feb 6th): Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest

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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a> (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 5% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>’s (KE) stock.</li>
<li>KE had seen three selldown earlier, two from KKR and one from AM, with mixed results.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Applied Materials (AMAT US) (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 5% of Kokusai Electric (6525 JP)’s (KE) stock.
KE had seen three selldown earlier, two from KKR and one from AM, with mixed results.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Kokusai Electric Placement - Last Deal Did Ok, but the Stock Has Done Very Well Since

<ul>
<li>
<a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a> is looking to raise approximately US$330m through an accelerated secondary offering for around 4.5% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> (KE) stock.</li>
<li>KE had seen two selldown earlier, from KKR, with mixed results. KKR just came out of its last lockup.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Applied Materials (AMAT US) is looking to raise approximately US$330m through an accelerated secondary offering for around 4.5% of Kokusai Electric (6525 JP) (KE) stock.
KE had seen two selldown earlier, from KKR, with mixed results. KKR just came out of its last lockup.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kokusai Electric Placement - Unexpected Seller but Relatively Small Deal

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Dec 19th. The aggregated net margin trading position is USD19,663m.</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 Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial, Advantest, Disco, McDonald's, Mizuho Financial, Mitsubishi Heavy Industries, Lasertec, Furukawa Battery, Kioxia, Skylark.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Dec 19th. The aggregated net margin trading position is USD19,663m.
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 Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial, Advantest, Disco, McDonald's, Mizuho Financial, Mitsubishi Heavy Industries, Lasertec, Furukawa Battery, Kioxia, Skylark.


JPX Margin Trading Weekly (Dec 19th): Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 7th. The aggregated net margin trading position is USD20,487m.</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 SoftBank, Advantest, Fujikura, Sanrio, Socionext, Mitsubishi Heavy Industries, Nintendo, Recruit, IHI, Nippon Telegraph and Telephone, Softbank, Advantest, Fujikura, Sanrio, Socionext.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 7th. The aggregated net margin trading position is USD20,487m.
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 SoftBank, Advantest, Fujikura, Sanrio, Socionext, Mitsubishi Heavy Industries, Nintendo, Recruit, IHI, Nippon Telegraph and Telephone, Softbank, Advantest, Fujikura, Sanrio, Socionext.


JPX Margin Trading Weekly (Nov 7th): SoftBank, Advantest, Fujikura, Sanrio, Socionext

Japan

Recruit Holdings Co. Ltd. operates information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more. The company also operate staffing services and advertising business.

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Recruit Holdings (6098 JP)

JPX Margin Trading Weekly (Feb 6th): Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Nintendo (7974 JP), Shin-Etsu Chemical (4063 JP), Lasertec (6920...

Ke Yan, CFA, FRM

Aequitas: Kokusai Electric Placement - Last Deal Did Ok, but the Stock Has Done Very Well Since

Applied Materials (AMAT US) (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 5% of Kokusai...

Sumeet Singh

Kokusai Electric Placement - Unexpected Seller but Relatively Small Deal

Applied materials appears to be in the market again to selldown some more of its stake in Kokusai Electric. It last sold in Oct 2025.

Sumeet Singh

JPX Margin Trading Weekly (Dec 19th): Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Battery (6937 JP), Kioxia (285A JP), Skylark (3197 JP),...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Nov 7th): SoftBank, Advantest, Fujikura, Sanrio, Socionext

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Fujikura (5803 JP),...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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