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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> is aiming to raise around US$700m (including over-allocation) from its Japan IPO.</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note we talk about valuations.</li>
</ul>



Kioxia Holdings (285A JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
We have looked at the company's past performance in our earlier notes. In this note we talk about valuations.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> is a leading player in the NAND flash memory market. It will list on 18 December and seek to raise up to US$727 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/kioxia-285a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:168216" rel="noopener">Kioxia (285A JP) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/kioxia-285a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:168542" rel="noopener">Kioxia (285A JP) IPO: The Bear Case</a>.</li>
<li>Our valuation analysis suggests that the IPO price range of JPY1,390-1,520 per share is attractive. Therefore, we would participate in the IPO.</li>
</ul>



Kioxia Holdings (285A JP) is a leading player in the NAND flash memory market. It will list on 18 December and seek to raise up to US$727 million.
We previously discussed the IPO in Kioxia (285A JP) IPO: The Bull Case and Kioxia (285A JP) IPO: The Bear Case.
Our valuation analysis suggests that the IPO price range of JPY1,390-1,520 per share is attractive. Therefore, we would participate in the IPO.


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 Nov 29th which has an aggregated holding worth USD481.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD748mln. 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 Naver, Samsung Electronics, Alteogen.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 29th which has an aggregated holding worth USD481.3bn.
We estimate that foreign flows to be outflows of USD748mln. 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 Naver, Samsung Electronics, Alteogen.


KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> is a leading player in the NAND flash memory market. It will list on 18 December and seek to raise up to US$740 million.</li>
<li>In <a href="https://www.smartkarma.com/insights/kioxia-285a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:168216" rel="noopener">Kioxia (285A JP) IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on unrealistic long-term financial model assumptions, market share losses, high customer concentration risk, volatile gross margin due to JV and weak FCF profile.</li>
</ul>



Kioxia Holdings (285A JP) is a leading player in the NAND flash memory market. It will list on 18 December and seek to raise up to US$740 million.
In Kioxia (285A JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on unrealistic long-term financial model assumptions, market share losses, high customer concentration risk, volatile gross margin due to JV and weak FCF profile.


Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Samsung Semiconductor re-org, new reporting lines, top management promotions and demotions, but the same people. That's going to solve problems? Qualcomm gives up on buying Intel - good idea. </li>
<li>Xiaomi to launch its smartphone chip, but what for? Intel launching a PC GPU again . Apple delays or abandons 2nm for M5 chip (too expensive). TSMC increasing CoWoS again. </li>
<li>China - US worsening relations, side effect is over buying, over stocking of semiconductors? is there a bunch of inventories in China that we can't see?  </li>
</ul>


Samsung Semiconductor re-org, new reporting lines, top management promotions and demotions, but the same people. That's going to solve problems? Qualcomm gives up on buying Intel - good idea. 
Xiaomi to launch its smartphone chip, but what for? Intel launching a PC GPU again . Apple delays or abandons 2nm for M5 chip (too expensive). TSMC increasing CoWoS again. 
China - US worsening relations, side effect is over buying, over stocking of semiconductors? is there a bunch of inventories in China that we can't see?  


Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

Kioxia Pre-IPO - Thoughts on Valuations

At the final price range kioxia still offers enough upside even from the top-end, even after we apply a discount to its valuation versus its listed...

Sumeet Singh

Kioxia (285A JP) IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of JPY1,390-1,520 per share is attractive. Therefore, we would participate in the IPO.

Arun George

KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Naver, Samsung Electronics, Alteogen.

Ke Yan, CFA, FRM

Kioxia (285A JP) IPO: The Bear Case

The bear case rests on unrealistic long-term financial model assumptions, market share losses, high customer concentration risk, volatile gross...

Arun George

Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kioxia Pre-IPO - Thoughts on Valuations

At the final price range kioxia still offers enough upside even from the top-end, even after we apply a discount to its valuation versus its listed...

Sumeet Singh

Kioxia (285A JP) IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of JPY1,390-1,520 per share is attractive. Therefore, we would participate in the IPO.

Arun George

KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Naver, Samsung Electronics, Alteogen.

Ke Yan, CFA, FRM

Kioxia (285A JP) IPO: The Bear Case

The bear case rests on unrealistic long-term financial model assumptions, market share losses, high customer concentration risk, volatile gross...

Arun George

Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

​Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

Nicolas Baratte

Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...