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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiei-kankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:36539:1" rel="noopener">Daiei Kankyo (9336 JP)</a> , a waste management company, raised around US$314m in its Japan IPO.</li>
<li>Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business</li>
<li>In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.</li>
</ul>



Daiei Kankyo (9336 JP) , a waste management company, raised around US$314m in its Japan IPO.
Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business
In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.


Daiei Kankyo IPO Trading - Peers Have Been Correcting

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Skymark Airlines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company.</li>
<li>SA began its operations in Japan as a domestic airline and gradually increased the number of routes offered to passengers. However, it has a mired history of bankruptcy.</li>
<li>In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.</li>
</ul>



Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company.
SA began its operations in Japan as a domestic airline and gradually increased the number of routes offered to passengers. However, it has a mired history of bankruptcy.
In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.


Skymark Airlines IPO Trading - Subscription Has Been Strong Despite Asking More than Peers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion in the portfolio.</li>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/evonik-industries-ag" target="_blank" data-smartkarma-citation="entities:21618:1" rel="noopener">Evonik Industries Ag (EVK GR)</a><a href="https://www.smartkarma.com/entities/altria-group-inc" target="_blank" data-smartkarma-citation="entities:6572:1" rel="noopener">Altria Group (MO US)</a> and <a href="https://www.smartkarma.com/entities/procter-gamble-co" target="_blank" data-smartkarma-citation="entities:978:1" rel="noopener">Procter &amp; Gamble Co (PG US)</a> </li>
<li>For three weeks ended 9 Dec the combined innovation portfolio was +0.7%, versus DJIA -0.8%, S&amp;P500 -0.8%, Nasdaq -1.3% &amp; MSCI-ACWI-ETF +0.5%.</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion in the portfolio.
The three companies we write about this week are Evonik Industries Ag (EVK GR)Altria Group (MO US) and Procter &amp; Gamble Co (PG US) 
For three weeks ended 9 Dec the combined innovation portfolio was +0.7%, versus DJIA -0.8%, S&amp;P500 -0.8%, Nasdaq -1.3% &amp; MSCI-ACWI-ETF +0.5%.


<ul>
<li>We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/johnson-johnson-831a1ab9-b291-4564-99b0-dc7f8d2b8175" target="_blank" data-smartkarma-citation="entities:26818:1" rel="noopener">Johnson &amp; Johnson (JNJ UN)</a> , <a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a> and <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US), which have the highest weighting in each portfolio</a>
</li>
<li>For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  </li>
</ul>


We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Johnson &amp; Johnson (JNJ UN) , Mondelez International (MDLZ US) and Qorvo Inc (QRVO US), which have the highest weighting in each portfolio

For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  


How the Portfolios Did for the First Week

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> was offered in a range of ¥3,480-3,650, oversubscribed, IPOed at ¥3,650 and closed ¥4200 on Day 1. We can assume that was the "right price." </li>
<li>Since then, while peers are up 19.8% in the 6 weeks since then, Socionext is up 66%. This year's biggest Japan IPO has been a big winner.</li>
<li>The TOPIX inclusion is on Tuesday at the close. Beware, you don't know who is in the stock and who is not.</li>
</ul>



Socionext (6526 JP) was offered in a range of ¥3,480-3,650, oversubscribed, IPOed at ¥3,650 and closed ¥4200 on Day 1. We can assume that was the "right price." 
Since then, while peers are up 19.8% in the 6 weeks since then, Socionext is up 66%. This year's biggest Japan IPO has been a big winner.
The TOPIX inclusion is on Tuesday at the close. Beware, you don't know who is in the stock and who is not.


Socionext (6526 JP) TOPIX Inclusion - Great Performer Deserves Profit-Taking

Japan

Socionext Inc. designs, develops, and provides SoC (system on chip) solutions and services. The Company offers digital broadcast demodulation solution, video interface conversion solution, imaging solution, engine and accelerator solution, industrial connected solution, and more. Socionext serves customers in consumer, automotive, industrial, and other fields.

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Socionext (6526 JP)

Daiei Kankyo IPO Trading - Peers Have Been Correcting

Daiei Kankyo (9336 JP) , a waste management company, raised around US$314m in its Japan IPO. In this note we talk about the trading dynamics.

Sumeet Singh

Skymark Airlines IPO Trading - Subscription Has Been Strong Despite Asking More than Peers

Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic...

Clarence Chu

The Innovations Portfolios - Week Three

We assess how the three portfolios did for the first three weeks and discuss about one stock each from the large, mid and small cap portfolios

Pyari Menon

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

Socionext (6526 JP) TOPIX Inclusion - Great Performer Deserves Profit-Taking

Socionext (6526) has rallied hard since its obviously somewhat underpriced IPO. Still a smallcap in a big cap space. It could go further but there...

Travis Lundy

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