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

China Resources Beverage / Equity Capital Markets

<ul>
<li>China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA, BOCI, Citic, and UBS.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages  in China.</li>
<li>According CIC, it was the second largest company in the packaged drinking water market in China and the largest company in the purified drinking water market in 2023.</li>
</ul>


China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA, BOCI, Citic, and UBS.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages  in China.
According CIC, it was the second largest company in the packaged drinking water market in China and the largest company in the purified drinking water market in 2023.


China Resources Beverage (Holdings) Pre-IPO Tearsheet

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>Japanese beer has long been famous for quality and quantity and today its top brands are major exports.</li>
<li>At home, however, the pandemic worsened a long-term decline in beer consumption (as well as wine and sake) as younger consumers switch to stronger drinks.</li>
<li>Unit sales have shrunk but alcohol per unit has soared as sales of highballs and Chuhai boom, forcing change on Japan's biggest beverage businesses like Kirin, Suntory, Sapporo and Asahi.</li>
</ul>


Japanese beer has long been famous for quality and quantity and today its top brands are major exports.
At home, however, the pandemic worsened a long-term decline in beer consumption (as well as wine and sake) as younger consumers switch to stronger drinks.
Unit sales have shrunk but alcohol per unit has soared as sales of highballs and Chuhai boom, forcing change on Japan's biggest beverage businesses like Kirin, Suntory, Sapporo and Asahi.


Less Beer and Sake Please, We're Japanese (But Lots More Highballs Thank You)

Japan Specialist

Mark Chadwick

<ul>
<li>
Overseas: SPX +0.6%; Dow +250pts; Energy stocks outperformed on rising oil prices amid Red Sea disruption</li>
<li>
Today: NKY Futs +0.3% v cash. JPY143.9; BoJ maintains policy stance; NTT/TEPCO to build new data centre</li>
<li>
Japan: Amidst the holiday cheer, we wonder if it is time to take away the punchbowl at Sapporo?</li>
</ul>



Overseas: SPX +0.6%; Dow +250pts; Energy stocks outperformed on rising oil prices amid Red Sea disruption

Today: NKY Futs +0.3% v cash. JPY143.9; BoJ maintains policy stance; NTT/TEPCO to build new data centre

Japan: Amidst the holiday cheer, we wonder if it is time to take away the punchbowl at Sapporo?


Ohayo Japan | Ninth Innings; Sapporo’s Santa Rally

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There were a lot of rebalance implementations in China on Friday, plus a few upcoming index changes that were announced during the week.</li>
<li>There are a lot of implementations this week, with <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> on Thursday and then others across a bunch of countries on Friday.</li>
<li>There were big inflows to <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong (2800 HK)</a> during the week taking units outstanding to a new high. ETF inflows continue even as the market drops.</li>
</ul>


There were a lot of rebalance implementations in China on Friday, plus a few upcoming index changes that were announced during the week.
There are a lot of implementations this week, with KOSPI 200 and KOSDAQ 150 on Thursday and then others across a bunch of countries on Friday.
There were big inflows to Tracker Fund of Hong Kong (2800 HK) during the week taking units outstanding to a new high. ETF inflows continue even as the market drops.


Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Buoyed by strong post-pandemic domestic consumption and the return of inbound visitors to Japan, <a href="https://www.smartkarma.com/entities/sapporo-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14085:1" rel="noopener">Sapporo Holdings (2501 JP)</a> has been firing on all cylinders in recent quarters.</li>
<li>Business fundamentals for next year look strong, with the company positioned to benefit the most from Japan's liquor tax revisions.</li>
<li>Additionally, activist investor 3D Investment Partners could successfully advance their proposals to divest the Real Estate business.</li>
</ul>


Buoyed by strong post-pandemic domestic consumption and the return of inbound visitors to Japan, Sapporo Holdings (2501 JP) has been firing on all cylinders in recent quarters.
Business fundamentals for next year look strong, with the company positioned to benefit the most from Japan's liquor tax revisions.
Additionally, activist investor 3D Investment Partners could successfully advance their proposals to divest the Real Estate business.


2024 High Conviction: Sapporo Poised for a Strong Year Driven by Tax Revision & Investor Activism

Japan

Sapporo Holdings Ltd produces and sells alcoholic and non-alcoholic beverages.  The Company's products include beer, wine, brandy, whiskey, imported beer, soft drinks, juice, coffee, and tea.  SAPPORO HOLDINGS also operates real estate businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sapporo Holdings (2501 JP)

China Resources Beverage (Holdings) Pre-IPO Tearsheet

China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA,...

Sumeet Singh

Less Beer and Sake Please, We're Japanese (But Lots More Highballs Thank You)

Japanese beer exports thrive while domestic consumption declines due to younger consumers favoring stronger drinks like highballs and Chuhai,...

Michael Causton

Ohayo Japan | Ninth Innings; Sapporo’s Santa Rally

Global markets saw gains, led by energy stocks due to disruptions in the Red Sea. In Japan, the Nikkei futures rose as the Bank of Japan...

Mark Chadwick

Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

2024 High Conviction: Sapporo Poised for a Strong Year Driven by Tax Revision & Investor Activism

Sapporo is thriving due to strong domestic consumption and the return of tourists to Japan. It is expected to benefit from liquor tax revisions...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Resources Beverage (Holdings) Pre-IPO Tearsheet

China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA,...

Sumeet Singh

Less Beer and Sake Please, We're Japanese (But Lots More Highballs Thank You)

​Japanese beer exports thrive while domestic consumption declines due to younger consumers favoring stronger drinks like highballs and Chuhai,...

Michael Causton

Ohayo Japan | Ninth Innings; Sapporo’s Santa Rally

​Global markets saw gains, led by energy stocks due to disruptions in the Red Sea. In Japan, the Nikkei futures rose as the Bank of Japan...

Mark Chadwick

Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

2024 High Conviction: Sapporo Poised for a Strong Year Driven by Tax Revision & Investor Activism

​Sapporo is thriving due to strong domestic consumption and the return of tourists to Japan. It is expected to benefit from liquor tax revisions...

Oshadhi Kumarasiri

Japanese beer exports thrive while domestic consumption declines due to younger consumers favoring stronger drinks like highballs and Chuhai,...

Global markets saw gains, led by energy stocks due to disruptions in the Red Sea. In Japan, the Nikkei futures rose as the Bank of Japan...

Sapporo is thriving due to strong domestic consumption and the return of tourists to Japan. It is expected to benefit from liquor tax revisions...