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 analysed the earning revision of component stocks of TOPIX CORE 30 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 Recruit, Hitachi, Sony Financial, Toyota Motor, SoftBank, Sumitomo Mitsui Financial, Mitsubishi UFJ Financial, Toyota Motor, Mitsubishi Ufj Financial, Hitachi, Softbank, Sumitomo Mitsui Financial, Recruit.</li>
</ul>


We analysed the earning revision of component stocks of TOPIX CORE 30 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 Recruit, Hitachi, Sony Financial, Toyota Motor, SoftBank, Sumitomo Mitsui Financial, Mitsubishi UFJ Financial, Toyota Motor, Mitsubishi Ufj Financial, Hitachi, Softbank, Sumitomo Mitsui Financial, Recruit.


TOPIX CORE 30 Index Earning Revision (Oct): Recruit, Hitachi, Sony Financial, Toyota Motor, SoftBank

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>IBM continues to rerate as a Quantum name after announcing regular AMD chips can be used for qubit error correction.</li>
<li>Trump in Japan for the next 3-days likely to see defense, soybean and auto re-import pledges, but still waiting for a nuclear Takaichi.</li>
<li>Shin-Etsu earnings and guidance missed on PVC outlook, but this could be a bottom as US building sentiment set to improve.</li>
</ul>


IBM continues to rerate as a Quantum name after announcing regular AMD chips can be used for qubit error correction.
Trump in Japan for the next 3-days likely to see defense, soybean and auto re-import pledges, but still waiting for a nuclear Takaichi.
Shin-Etsu earnings and guidance missed on PVC outlook, but this could be a bottom as US building sentiment set to improve.


Japan Morning Connection: SOX to New Highs After CPI Greenlights Further Cuts and Risk-On Mood

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Equity Bottom-Up

<ul>
<li>Japan’s chemicals industry is finally undergoing a long-overdue consolidation that should lead to fewer companies, higher profitability, and less volatility.</li>
<li>These changes may be driving significant mispricing. Like most segments, RoE drives most of the variance in PBR, but with more frequent and far larger outliers.</li>
<li>KH Neochem, Daicel, and Mitsui Chemicals are the undervalued outliers, and all three are positioned for rapid growth in our view.</li>
</ul>


Japan’s chemicals industry is finally undergoing a long-overdue consolidation that should lead to fewer companies, higher profitability, and less volatility.
These changes may be driving significant mispricing. Like most segments, RoE drives most of the variance in PBR, but with more frequent and far larger outliers.
KH Neochem, Daicel, and Mitsui Chemicals are the undervalued outliers, and all three are positioned for rapid growth in our view.


Long-Overdue Consolidation in Japanese Chemicals Drives Growth & Mispricing

<ul>
<li>Numbers from PulteGroup pointing to a nascent bottoming sends builders higher.</li>
<li>Texas Instruments down afterhours will weigh on Rohm, Fuji Elec, Renesas etc, but this may be short lived.</li>
<li>Can Davinci success in the US be a positive read for Sysmex's Hinotori with the stock on its knees?</li>
</ul>


Numbers from PulteGroup pointing to a nascent bottoming sends builders higher.
Texas Instruments down afterhours will weigh on Rohm, Fuji Elec, Renesas etc, but this may be short lived.
Can Davinci success in the US be a positive read for Sysmex's Hinotori with the stock on its knees?


Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment

<ul>
<li>Lawmakers accuse semi-caps for helping make China make chips. What else would their equipment do?</li>
<li>HDD names swoon yet pure play Sandisk stays firm. Wafers down after small-cap Aehr somehow rattles markets.</li>
<li>Mixed tape for Homebuilders with James Hardie surging on numbers while rest of sector sags on a downgrade.</li>
</ul>


Lawmakers accuse semi-caps for helping make China make chips. What else would their equipment do?
HDD names swoon yet pure play Sandisk stays firm. Wafers down after small-cap Aehr somehow rattles markets.
Mixed tape for Homebuilders with James Hardie surging on numbers while rest of sector sags on a downgrade.


Japan Morning Connection: Semi's Correct Finally, but Already Seeing Dip Buying off Lows Overnight

Japan

Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other chemical products such as fertilizers. The Company also manufactures electronic materials such as semiconductor silicon, synthetic, and rare earth quartz. Shin-Etsu Chemical operates in Japan and overseas.

Price Gauge
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Shin Etsu Chemical (4063 JP)

TOPIX CORE 30 Index Earning Revision (Oct): Recruit, Hitachi, Sony Financial, Toyota Motor, SoftBank

We analyzed TOPIX CORE 30's consensus for Oct 2025 and highlighted changes of EPS in Recruit (6098 JP), Hitachi (6501 JP), Sony Financial (8729...

Ke Yan, CFA, FRM

Japan Morning Connection: SOX to New Highs After CPI Greenlights Further Cuts and Risk-On Mood

Defense and nuclear could get a lift from the bilateral summit with Trump and PM Takaichi. Memory had another strong session on Friday. Excessive...

Andrew Jackson

Long-Overdue Consolidation in Japanese Chemicals Drives Growth & Mispricing

Consolidation in Japan's chemicals industry leading to fewer companies, higher profitability, and potential for growth in undervalued outliers...

Michael Allen

Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment

Power and analog semi's may take a hit after Texas Instruments fell after hours. May be a buy the dip opportunity for Rohm, Fuji Elec and Renesas....

Andrew Jackson

Japan Morning Connection: Semi's Correct Finally, but Already Seeing Dip Buying off Lows Overnight

Advantest may emerge as an SPE sector relative short. May be a chance to double dip on wafer companies after a US wafer testing firm dropped 17.4%.

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TOPIX CORE 30 Index Earning Revision (Oct): Recruit, Hitachi, Sony Financial, Toyota Motor, SoftBank

We analyzed TOPIX CORE 30's consensus for Oct 2025 and highlighted changes of EPS in Recruit (6098 JP), Hitachi (6501 JP), Sony Financial (8729...

Ke Yan, CFA, FRM

Japan Morning Connection: SOX to New Highs After CPI Greenlights Further Cuts and Risk-On Mood

Defense and nuclear could get a lift from the bilateral summit with Trump and PM Takaichi. Memory had another strong session on Friday. Excessive...

Andrew Jackson

Long-Overdue Consolidation in Japanese Chemicals Drives Growth & Mispricing

​Consolidation in Japan's chemicals industry leading to fewer companies, higher profitability, and potential for growth in undervalued outliers...

Michael Allen

Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment

Power and analog semi's may take a hit after Texas Instruments fell after hours. May be a buy the dip opportunity for Rohm, Fuji Elec and Renesas....

Andrew Jackson

Japan Morning Connection: Semi's Correct Finally, but Already Seeing Dip Buying off Lows Overnight

Advantest may emerge as an SPE sector relative short. May be a chance to double dip on wafer companies after a US wafer testing firm dropped 17.4%.

Andrew Jackson

Consolidation in Japan's chemicals industry leading to fewer companies, higher profitability, and potential for growth in undervalued outliers...