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

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we talk about the positive aspects of the deal.


Tekscend Photomask IPO - The Positives - Strong Market Position

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> (VG) aims to raise around US$1bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Victory Giant A/H Listing - Riding the AI Wave

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.</li>
<li>SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.</li>
<li>While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.</li>
</ul>


Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.
SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.
While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.


Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

<ul>
<li>Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.</li>
<li>Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.</li>
<li>Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.</li>
</ul>


Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.
Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.
Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.


Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 19th. The aggregated holding was USD718.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,529mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Samsung Elec (PREF), HYBE, Kakao.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 19th. The aggregated holding was USD718.2bn.
We estimate that foreign flows to be inflows of USD2,529mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Samsung Elec (PREF), HYBE, Kakao.


KRX Foreign Holding Weekly (Sep 19th): Samsung Electronics, SK Hynix, Samsung Elec (PREF), HYBE

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Tekscend Photomask IPO - The Positives - Strong Market Position

Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.

Sumeet Singh

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

KRX Foreign Holding Weekly (Sep 19th): Samsung Electronics, SK Hynix, Samsung Elec (PREF), HYBE

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Samsung Elec...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tekscend Photomask IPO - The Positives - Strong Market Position

Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.

Sumeet Singh

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

​Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

​Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

KRX Foreign Holding Weekly (Sep 19th): Samsung Electronics, SK Hynix, Samsung Elec (PREF), HYBE

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Samsung Elec...

Ke Yan, CFA, FRM

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...