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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 21st. The aggregated net margin trading position is USD19,632m.</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, Mitsubishi Heavy Industries, SBI, Nippon Telegraph and Telephone, Sanrio, Tokyo Electric Power Company, Tokio Marine, Mitsubishi UFJ Financial, Furukawa Electric.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 21st. The aggregated net margin trading position is USD19,632m.
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, Mitsubishi Heavy Industries, SBI, Nippon Telegraph and Telephone, Sanrio, Tokyo Electric Power Company, Tokio Marine, Mitsubishi UFJ Financial, Furukawa Electric.


JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 14th. The aggregated net margin trading position is USD20,683m.</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, Mitsubishi Heavy Industries, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 14th. The aggregated net margin trading position is USD20,683m.
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, Mitsubishi Heavy Industries, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.


JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

<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

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.</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, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.
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, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.


JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

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.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/599/original/2020-09-08_05-33-14.png?1599510807" class="editor-image img-responsive" data-smartkarma-image-id="157599"></figure><div class="content-caption">
<p></p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/600/original/2020-09-08_05-34-00.png?1599510849" class="editor-image img-responsive" data-smartkarma-image-id="157600"></figure><p></p> Source for all charts: Japan Analytics</div><p><strong>TWO 'FOODS'</strong> - Of the eight companies reporting results, only two have positive trailing-twelve-month and year-on-year quarterly revenue and operating income growth - health food company <a href="https://www.smartkarma.com/entities/pharma-foods-international" target="_blank" data-smartkarma-citation="entities:10530:1" rel="noopener">Pharma Foods International (2929 JP)</a> and rice cake maker <a href="https://www.smartkarma.com/entities/sato-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:17549:1" rel="noopener">Sato Foods (2923 JP)</a>. </p><hr><p style="text-align: center;"><strong>DAILY STATS</strong></p><hr><div><p><strong>PERCENTAGES - 75%</strong> of quarterly results, <strong>75%</strong> of annual forecasts/revisions and <strong>50%</strong> of interim forecasts have negative Scores<strong>. 25%</strong> of companies reporting lost money for the quarter.</p></div><hr><div><p style="text-align: center;"><strong>8 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Results Score</strong>: 25% Positive / 0% Neutral / 75% Negative</li>
<li>
<strong>Average Results Score Change:</strong> -5.5 points</li>
<li>
<strong>Average % Change in Revenue:</strong> -3.9% Quarter YoY / -0.4% Rolling TTM YoY </li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -2.8 ppt</li>
<li>
<strong>Percentage Making Quarterly Losses</strong>: 25%</li>
</ul></div><hr><div><p style="text-align: center;"><strong>4 Annual • 2 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Annual Forecast/Revision Score:</strong> 25% Positive / 0% Neutral / 75% Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 50% Positive / 0% Neutral / 50% Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -1.7 points</li>
</ul></div>



 Source for all charts: Japan AnalyticsTWO 'FOODS' - Of the eight companies reporting results, only two have positive trailing-twelve-month and year-on-year quarterly revenue and operating income growth - health food company Pharma Foods International (2929 JP) and rice cake maker Sato Foods (2923 JP). DAILY STATSPERCENTAGES - 75% of quarterly results, 75% of annual forecasts/revisions and 50% of interim forecasts have negative Scores. 25% of companies reporting lost money for the quarter.8 Quarterly Results

Results Score: 25% Positive / 0% Neutral / 75% Negative

Average Results Score Change: -5.5 points

Average % Change in Revenue: -3.9% Quarter YoY / -0.4% Rolling TTM YoY 

Average Operating Profit Margin Change: -2.8 ppt

Percentage Making Quarterly Losses: 25%
4 Annual • 2 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 25% Positive / 0% Neutral / 75% Negative

Interim Forecast/Revision Score Change: 50% Positive / 0% Neutral / 50% Negative

Average Forecast/Revision Score Change: -1.7 points


🇯🇵 JAPAN • Results & Revisions 09/​​​07 - A Tale of 'Two Foods' & Funeral Photos

Japan

SATO FOODS CO., LTD. manufactures and sells prepackaged ready-to-eat rice and rice cakes.  The Company also sells convenience goods and other food products.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Sato Foods (2923 JP)

JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), SBI...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), Sanrio...

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

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

🇯🇵 JAPAN • Results & Revisions 09/07 - A Tale of 'Two Foods' & Funeral Photos

Source for all charts: Japan Analytics

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), SBI...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), Sanrio...

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

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

🇯🇵 JAPAN • Results & Revisions 09/​​​07 - A Tale of 'Two Foods' & Funeral Photos

Source for all charts: Japan Analytics

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 09/07 - A Tale of 'Two Foods' & Funeral Photos