Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Taiwan server revenue and shipment forecast for 2025 is expected to increase, reflecting growth in the IT industry. </li><li>Japanese government plans to invest $1 billion in Space Strategy Fund projects, highlighting a push for innovation and exploration in the aerospace sector. </li><li>SoftBank's $6.5B Ampere acquisition is a strategic move in the AI chip market with Arm, positioning the company for future technological advancements.</li></ul>

Taiwan server revenue and shipment forecast for 2025 is expected to increase, reflecting growth in the IT industry. Japanese government plans to invest $1 billion in Space Strategy Fund projects, highlighting a push for innovation and exploration in the aerospace sector. SoftBank's $6.5B Ampere acquisition is a strategic move in the AI chip market with Arm, positioning the company for future technological advancements.

Tech Supply Chain Tracker (21-Mar-2025): Taiwan server revenue forecast 2025.

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

JX Advanced Metals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, raised around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.


JX Advance Metals IPO Trading - Demand Wasn’t Great

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Yesterday's tech gains failing to hold setting a muted tone to start for JP peers.</li>
<li>Softbank's $7bn data center buildout with Open AI may need 100,000 GPU's.</li>
<li>Kose upgrade + Ulta Beauty better than expected after market numbers points to upside off lows.</li>
</ul>


Yesterday's tech gains failing to hold setting a muted tone to start for JP peers.
Softbank's $7bn data center buildout with Open AI may need 100,000 GPU's.
Kose upgrade + Ulta Beauty better than expected after market numbers points to upside off lows.


Japan Morning Connection: Tariff War Escalation Zaps Yesterdays Growth Rebound

Recruit Holdings / Equity Capital Markets

<ul>
<li>An undisclosed seller is looking to raise around US$520m via selling 0.5% of its stake in <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> .</li>
<li>We have covered a number of placements in the stock over the past few years, most of which have ended up doing well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


An undisclosed seller is looking to raise around US$520m via selling 0.5% of its stake in Recruit Holdings (6098 JP) .
We have covered a number of placements in the stock over the past few years, most of which have ended up doing well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Recruit Holdings Placement - Relatively Small US$520m Deal but Momentum Is Weak

Derivatives and Quantitative Strategist

Gaudenz Schneider

Quantitative Analysis

<ul>
<li>The <a href="https://www.smartkarma.com/entities/global-x-nikkei-225-covered-call-etf-option-premium-reinvestment-type" target="_blank" data-smartkarma-citation="entities:44483:1" rel="noopener">Global X Nikkei 225 Covered Call ETF (2858 JP)</a> has outperformed the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> year-to-date with a 4.5% advantage, demonstrating strength in sideways and moderately declining markets.</li>
<li>The covered call strategy can be deployed as a tactical standalone in sideways markets or as a relative value approach against a Nikkei 225 short.</li>
<li>For investors anticipating a continuation of the sideways or declining market, the option roll-over on the open of <strong>March 14 </strong>offers timely entry.</li>
</ul>


The Global X Nikkei 225 Covered Call ETF (2858 JP) has outperformed the Nikkei 225 (NKY INDEX) year-to-date with a 4.5% advantage, demonstrating strength in sideways and moderately declining markets.
The covered call strategy can be deployed as a tactical standalone in sideways markets or as a relative value approach against a Nikkei 225 short.
For investors anticipating a continuation of the sideways or declining market, the option roll-over on the open of March 14 offers timely entry.


The Right Time for This Quantitative Strategy Outperforming the Nikkei Year to Date.

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)

Tech Supply Chain Tracker (21-Mar-2025): Taiwan server revenue forecast 2025.

Taiwan server revenue forecast, Japan's $1B Space Strategy Fund, SoftBank's Ampere acquisition, China's Empyrean Technology acquires Xpeedic,...

Tech Supply Chain Tracker

JX Advance Metals IPO Trading - Demand Wasn’t Great

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM. In this...

Sumeet Singh

Japan Morning Connection: Tariff War Escalation Zaps Yesterdays Growth Rebound

Tech gains falter, Softbank may see a lift on news of data center project with Open AI, Ulta Beauty exceed expectations, setting a positive tone...

Andrew Jackson

Recruit Holdings Placement - Relatively Small US$520m Deal but Momentum Is Weak

An undisclosed seller is looking to raise around US$520m via selling 0.5% of its stake in Recruit Holdings (6098 JP) . In this note, we talk about...

Sumeet Singh

The Right Time for This Quantitative Strategy Outperforming the Nikkei Year to Date.

This Nikkei 225 Covered Call ETF has outperformed the market by 7.9% over the past six months. March 14 provides a timely entry point for either a...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech Supply Chain Tracker (21-Mar-2025): Taiwan server revenue forecast 2025.

Taiwan server revenue forecast, Japan's $1B Space Strategy Fund, SoftBank's Ampere acquisition, China's Empyrean Technology acquires Xpeedic,...

Tech Supply Chain Tracker

JX Advance Metals IPO Trading - Demand Wasn’t Great

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM. In this...

Sumeet Singh

Japan Morning Connection: Tariff War Escalation Zaps Yesterdays Growth Rebound

​Tech gains falter, Softbank may see a lift on news of data center project with Open AI, Ulta Beauty exceed expectations, setting a positive tone...

Andrew Jackson

Recruit Holdings Placement - Relatively Small US$520m Deal but Momentum Is Weak

An undisclosed seller is looking to raise around US$520m via selling 0.5% of its stake in Recruit Holdings (6098 JP) . In this note, we talk about...

Sumeet Singh

The Right Time for This Quantitative Strategy Outperforming the Nikkei Year to Date.

​This Nikkei 225 Covered Call ETF has outperformed the market by 7.9% over the past six months. March 14 provides a timely entry point for either a...

Gaudenz Schneider

Tech gains falter, Softbank may see a lift on news of data center project with Open AI, Ulta Beauty exceed expectations, setting a positive tone...

This Nikkei 225 Covered Call ETF has outperformed the market by 7.9% over the past six months. March 14 provides a timely entry point for either a...