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 analysed the earning revision of component stocks of M-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.</li>
</ul>


We analysed the earning revision of component stocks of M-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.


M-Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>A compelling investment strategy focused on high-quality Japanese equities, selected for strong financial health and growth prospects. This approach targets companies offering stability and long-term appreciation.</li>
<li>The portfolio emphasizes industrial, automation, pharma, and technology hardware sectors, balanced with a tactical volatility trading approach. This strategy aims to enhance returns while managing short-term market fluctuations.</li>
<li>Otsuka Holdings is highlighted as a core pharma pick. Screen and Hirose Electric are strong value picks in manufacturing and electronic tech, contributing to the portfolio's quality and value focus.</li>
</ul>


A compelling investment strategy focused on high-quality Japanese equities, selected for strong financial health and growth prospects. This approach targets companies offering stability and long-term appreciation.
The portfolio emphasizes industrial, automation, pharma, and technology hardware sectors, balanced with a tactical volatility trading approach. This strategy aims to enhance returns while managing short-term market fluctuations.
Otsuka Holdings is highlighted as a core pharma pick. Screen and Hirose Electric are strong value picks in manufacturing and electronic tech, contributing to the portfolio's quality and value focus.


Otsuka, Hirose Electric, Screen, Advantest: The Value Seeker Portfolio and NK Options

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>, a manufacturer and distributor of semiconductor photomasks, raised around US$900m 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 our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m 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 our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.


Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

<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>  (429A JP), 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>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Tekscend Photomask (429A JP)  (429A JP), 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.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Tekscend Photomask IPO - Thoughts on Valuation

<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>, 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>We have looked at the company's past performance in our previous note. In this note, we will  undertake a peer comparison.</li>
</ul>



Tekscend Photomask (429A JP), 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.
We have looked at the company's past performance in our previous note. In this note, we will  undertake a peer comparison.


Japan

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

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SCREEN Holdings (7735 JP)

M-Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

We analyzed M-Japan's consensus for Nov 2025 and highlighted changes of EPS in Toyota Motor (7203 JP), SoftBank (9984 JP), Rakuten (4755 JP),...

Ke Yan, CFA, FRM

Otsuka, Hirose Electric, Screen, Advantest: The Value Seeker Portfolio and NK Options

High quality value portfolio for stability and long-term growth, with focus on industrial, automation, pharma, technology hardware sectors. Otsuka...

Jay Cameron

Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...

Sumeet Singh

Tekscend Photomask IPO - Thoughts on Valuation

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

Sumeet Singh

Tekscend Photomask IPO - Peer Comparison

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

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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