China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>Xiaomi's Japan market share rose to ~7% in C2Q24 from the year prior, driven by carrier partnerships and brand recognition from <em>SU7</em> media coverage and  a product partnership with LEICA;</li>
<li>Upon examination, we found Xiaomi filled a product gap left by the smartphone exits of Kyocera and Fujitsu, for the carriers, which account for 90% of handset sales in Japan;</li>
<li>In our view, Xiaomi’s success in Japan marks a turning point in its global brand perception, signaling potential for further growth in other developed and high end developing markets.</li>
</ul>


Xiaomi's Japan market share rose to ~7% in C2Q24 from the year prior, driven by carrier partnerships and brand recognition from SU7 media coverage and  a product partnership with LEICA;
Upon examination, we found Xiaomi filled a product gap left by the smartphone exits of Kyocera and Fujitsu, for the carriers, which account for 90% of handset sales in Japan;
In our view, Xiaomi’s success in Japan marks a turning point in its global brand perception, signaling potential for further growth in other developed and high end developing markets.


Xiaomi's Smartphone Share Gain in Japan Is a Harbinger of Good Things to Come

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>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, all of the India listings managed to do well, while <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> managed to provide steady returns as well.</li>
<li>On the placements front, there were only a few deals in India, led by <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>. </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, all of the India listings managed to do well, while Kioxia Holdings (285A JP) managed to provide steady returns as well.
On the placements front, there were only a few deals in India, led by Mankind Pharma. 


ECM Weekly (22nd Dec 2024) - LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources, Softbank Group, AAC Technologies</li>
<li>In the US, the December (preliminary) S&amp;P manufacturing PMI fell to 48.3 (49.5 e / 49.7 p), while the services PMI expanded to 58.5 (55.8 e / 56.1 p).</li>
<li>The composite PMI also rose to 56.6 (55.1 e / 54.9 p). Treasuries were little changed, ahead of the Fed’s rate decision tomorrow. The yield on the 2Y and 10Y UST were flat at 4.25% and 4.40%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources, Softbank Group, AAC Technologies
In the US, the December (preliminary) S&amp;P manufacturing PMI fell to 48.3 (49.5 e / 49.7 p), while the services PMI expanded to 58.5 (55.8 e / 56.1 p).
The composite PMI also rose to 56.6 (55.1 e / 54.9 p). Treasuries were little changed, ahead of the Fed’s rate decision tomorrow. The yield on the 2Y and 10Y UST were flat at 4.25% and 4.40%, respectively.


<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> raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range.</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 and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range.
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 and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Kioxia IPO Trading - Decent Demand for Decent Upside

Mao Geping Cosmetics / Equity Capital Markets

<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, a number of offerings were live in India, in a bid to beat the year-end lull.</li>
<li>On the placements front, there was a large placement for <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> and a number of smaller deals in India.</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, a number of offerings were live in India, in a bid to beat the year-end lull.
On the placements front, there was a large placement for SenseTime Group (20 HK) and a number of smaller deals in India.


ECM Weekly (16th Dec 2024) - LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum

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 (9984 JP)

ECM Weekly (22nd Dec 2024) - LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources,...

Lucror Analytics

Kioxia IPO Trading - Decent Demand for Decent Upside

Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. In...

Sumeet Singh

ECM Weekly (16th Dec 2024) - LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum

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)

Xiaomi's Smartphone Share Gain in Japan Is a Harbinger of Good Things to Come

Xiaomi’s Japan success signals a broader global improvement in its brand image. High-profile products like the 14 Ultra and SU7 EV drive a shift...

Blue Lotus Research Institute

ECM Weekly (22nd Dec 2024) - LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources,...

Lucror Analytics

Kioxia IPO Trading - Decent Demand for Decent Upside

Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. In...

Sumeet Singh

ECM Weekly (16th Dec 2024) - LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum

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