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/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the positive aspects of the deal.


Klook Pre-IPO - The Positives - Growth Has Been Very Strong

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to trade sideways today, with the support at 1,300/1,287 and the resistance at 1,310/1,322.</li><li>The Energy Regulatory Commission (ERC) agreed to open a public hearing on electricity tariffs (Ft) for the Jan–Apr 2026 period under two scenarios: (I) Bt4.58/unit and (II) Bt3.94/unit (unchanged).</li><li>The Cabinet approved new guidelines for managing feed corn imports in 2026, increasing the import quota to 1mn tons per year at a 0% tariff (from 54,700 tons at 20% previously) as part of ongoing trade negotiations with the US.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,300/1,287 and the resistance at 1,310/1,322.The Energy Regulatory Commission (ERC) agreed to open a public hearing on electricity tariffs (Ft) for the Jan–Apr 2026 period under two scenarios: (I) Bt4.58/unit and (II) Bt3.94/unit (unchanged).The Cabinet approved new guidelines for managing feed corn imports in 2026, increasing the import quota to 1mn tons per year at a 0% tariff (from 54,700 tons at 20% previously) as part of ongoing trade negotiations with the US.

Krungthai XSpring Zoom Eng. November 12, 2025.

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>  reported a record H1 net income of ¥2.9 trillion, driven principally by a USD 14.6 billion fair-value gain from its OpenAI investment and Rights to invest.</li>
<li>The Group fully exited its USD 2.9 billion <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> stake in October, realizing gross gains of USD 2.9 billion on sale proceeds of USD 5.8 billion.</li>
<li>It also sold partial stakes in T-Mobile for USD 9.2 billion and Deutsche Telekom for USD 2.4 billion even as it raised its investment target in OpenAI to USD34.7 Bn.</li>
</ul>



Softbank Group (9984 JP)  reported a record H1 net income of ¥2.9 trillion, driven principally by a USD 14.6 billion fair-value gain from its OpenAI investment and Rights to invest.
The Group fully exited its USD 2.9 billion NVIDIA Corp (NVDA US) stake in October, realizing gross gains of USD 2.9 billion on sale proceeds of USD 5.8 billion.
It also sold partial stakes in T-Mobile for USD 9.2 billion and Deutsche Telekom for USD 2.4 billion even as it raised its investment target in OpenAI to USD34.7 Bn.


Softbank Group: Performance Powered by OpenAI. Exits NVIDIA, Bets Big on AI

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 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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.</li>
<li>On the placements front, there were a number of deals, with a few right at lockup expiry.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.
On the placements front, there were a number of deals, with a few right at lockup expiry.


ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

Klook Pre-IPO - The Positives - Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Krungthai XSpring Zoom Eng. November 12, 2025.

The Energy Regulatory Commission (ERC) agreed to open a public hearing on electricity tariffs (Ft) for the Jan–Apr 2026 period under two scenarios:...

Krungthai XSpring

Softbank Group: Performance Powered by OpenAI. Exits NVIDIA, Bets Big on AI

SoftBank’s gains soar with OpenAI’s valuation boost, lifting both actual investment returns and investment rights. Exits NVIDIA but plans to double...

Devi Subhakesan

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

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)