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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>'s (KE) stock.</li>
<li>KKR had sold in the IPO and undertaken an extended selldown in July 2024 as well. Hence, this deal is somewhat well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of Kokusai Electric (6525 JP)'s (KE) stock.
KKR had sold in the IPO and undertaken an extended selldown in July 2024 as well. Hence, this deal is somewhat well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kokusai Electric Placement - Well Flagged but past Deal Didn’t Do Well

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 May 23rd. The aggregated net margin trading position is USD16,904m.</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 Mitsubishi Heavy Industries, Kusuri No Aoki, Toyota Industries, Fujikura, Sompo, Sumitomo Mitsui Financial, Furukawa Electric, Softbank, Advantest, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 23rd. The aggregated net margin trading position is USD16,904m.
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 Mitsubishi Heavy Industries, Kusuri No Aoki, Toyota Industries, Fujikura, Sompo, Sumitomo Mitsui Financial, Furukawa Electric, Softbank, Advantest, Mizuho Financial.


JPX Margin Trading Weekly (May 23rd): Mitsubishi Heavy Industries, Kusuri No Aoki, Toyota Industries

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There is very high delta in 30-year JGB yields in the recent month, and preceding periods</li>
<li>This is very much unlike what we see with the 1-year JGBs, different implications.</li>
<li>Insurance companies are the major holders of long-dated JGBs where banks have low duration on their bond holdings.</li>
</ul>


There is very high delta in 30-year JGB yields in the recent month, and preceding periods
This is very much unlike what we see with the 1-year JGBs, different implications.
Insurance companies are the major holders of long-dated JGBs where banks have low duration on their bond holdings.


Japan - Sharply Higher Long-Dated JGBs Should Mean Sizable Valuation Losses at Insurers, Not Banks

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Widespread weakness in tech/AI related plays after US curbs H20 exports setting a dour tone for JP SPE.</li>
<li>The US looking to suspend the SLR rule for Treasuries could see yields drop as banks do the work of the Fed.</li>
<li>HF's zeroed in Suzuki secondary sparks squeeze and biggest volumes of the year.</li>
</ul>


Widespread weakness in tech/AI related plays after US curbs H20 exports setting a dour tone for JP SPE.
The US looking to suspend the SLR rule for Treasuries could see yields drop as banks do the work of the Fed.
HF's zeroed in Suzuki secondary sparks squeeze and biggest volumes of the year.


Japan Morning Connection: Tech and AI Set to Drop on New NVDA Export Curbs

<ul>
<li>Tech faded over the day on the potential for further tariffs.</li>
<li>Suzuki Motor's secondary deal was priced 5% below the last.</li>
<li>Onsemi pulls the plug on its plans for ALGM, expect weakness for Sanken.</li>
</ul>


Tech faded over the day on the potential for further tariffs.
Suzuki Motor's secondary deal was priced 5% below the last.
Onsemi pulls the plug on its plans for ALGM, expect weakness for Sanken.


Japan Morning Connection: 2-Days of Gains for the US Markets, but New Curbs Loom

Japan

Sompo Holdings, Inc, is a holding company established through the integration of Sompo Japan Insurance Inc. and NIPPONKOA Insurance Company Limited. Through subsidiaries, the Company provides non-life insurance including marine, fire, and automobile, as well as life insurance.

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Sompo Holdings (8630 JP)

Kokusai Electric Placement - Well Flagged but past Deal Didn’t Do Well

KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of Kokusai Electric (6525 JP)'s (KE) stock.

Sumeet Singh

JPX Margin Trading Weekly (May 23rd): Mitsubishi Heavy Industries, Kusuri No Aoki, Toyota Industries

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi Heavy Industries (7011 JP), Kusuri No Aoki (3549 JP),...

Ke Yan, CFA, FRM

Japan - Sharply Higher Long-Dated JGBs Should Mean Sizable Valuation Losses at Insurers, Not Banks

Japan's insurance companies are more exposed and highly exposed to rising long-dated JGB yields, unlike for banks. The former will have more...

Daniel Tabbush

Japan Morning Connection: Tech and AI Set to Drop on New NVDA Export Curbs

Tech and AI weakness after H20 chipset restrictions, discussion of dropping the SLR rule for Treasuries may cause volatility for financials,...

Andrew Jackson

Japan Morning Connection: 2-Days of Gains for the US Markets, but New Curbs Loom

Tech stocks declined due to concerns about additional tariffs, Suzuki Motor's secondary deal priced 5% lower than last, and Onsemi's decision to...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kokusai Electric Placement - Well Flagged but past Deal Didn’t Do Well

KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of Kokusai Electric (6525 JP)'s (KE) stock.

Sumeet Singh

JPX Margin Trading Weekly (May 23rd): Mitsubishi Heavy Industries, Kusuri No Aoki, Toyota Industries

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi Heavy Industries (7011 JP), Kusuri No Aoki (3549 JP),...

Ke Yan, CFA, FRM

Japan - Sharply Higher Long-Dated JGBs Should Mean Sizable Valuation Losses at Insurers, Not Banks

Japan's insurance companies are more exposed and highly exposed to rising long-dated JGB yields, unlike for banks. The former will have more...

Daniel Tabbush

Japan Morning Connection: Tech and AI Set to Drop on New NVDA Export Curbs

Tech and AI weakness after H20 chipset restrictions, discussion of dropping the SLR rule for Treasuries may cause volatility for financials,...

Andrew Jackson

Japan Morning Connection: 2-Days of Gains for the US Markets, but New Curbs Loom

​Tech stocks declined due to concerns about additional tariffs, Suzuki Motor's secondary deal priced 5% lower than last, and Onsemi's decision to...

Andrew Jackson

Tech stocks declined due to concerns about additional tariffs, Suzuki Motor's secondary deal priced 5% lower than last, and Onsemi's decision to...