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>JX Advance Metal’s (JXAM) 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>, is looking to raise around US$2.6bn 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>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn 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.
In this note, we talk about the not-so-positive aspects of the deal.


JX Advance Metals Pre-IPO - The Negatives - Isn't There Yet

<ul>
<li>JX Advance Metal’s (JXAM) 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>, is looking to raise around US$2.6bn 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>In this note, we talk about the positive aspects of the deal.</li>
</ul>


JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn 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.
In this note, we talk about the positive aspects of the deal.


JX Advance Metals Pre-IPO - The Positives - Transforming

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

SRE Holdings Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sre-holdings-corp" target="_blank" data-smartkarma-citation="entities:29672:1" rel="noopener">SRE Holdings Corp (2980 JP)</a> does a business in AI Cloud&amp;Consulting for the real estate, finance, and Life &amp; Healthcare business. <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> is selling a stake.</li>
<li>The offering is for about US$50mm assuming a 10% discount today's close. It is not clear how much this was expected but there is a decent-sized short position. </li>
<li>The stock has its ups and downs, and recently decided it liked Q3 earnings and guidance. That bodes well for the offering.</li>
</ul>



SRE Holdings Corp (2980 JP) does a business in AI Cloud&amp;Consulting for the real estate, finance, and Life &amp; Healthcare business. Sony Corp (6758 JP) is selling a stake.
The offering is for about US$50mm assuming a 10% discount today's close. It is not clear how much this was expected but there is a decent-sized short position. 
The stock has its ups and downs, and recently decided it liked Q3 earnings and guidance. That bodes well for the offering.


Sony To Sell Down SRE Holdings (2980 JP) Block - AI-Related Growth Stock Should See Support

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel jumping on news of possible fab JV with TSMC for US production </li>
<li>AMAT numbers missed after market on the impact from China curbs. Largely expected but a slight negative for JP SPE to start </li>
<li>Good numbers from Sony with GN&amp;S trending well and Sumitomo Forestry new MTD surprises to the upside. </li>
</ul>


Intel jumping on news of possible fab JV with TSMC for US production 
AMAT numbers missed after market on the impact from China curbs. Largely expected but a slight negative for JP SPE to start 
Good numbers from Sony with GN&amp;S trending well and Sumitomo Forestry new MTD surprises to the upside. 


Japan Morning Connection: Tariff Delay a Tailwind, Tech and Homebuilders Up

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities fell this week, with the Nikkei losing 2% and Topix down 1.8%.</li>
<li>Japan’s entertainment stocks have been on a tear over the past six months, and there’s little sign of momentum fading. </li>
<li>Japan’s economy is heating up, and markets are taking notice. The 10-year bond yield has climbed to 1.29%, the highest in 14 years</li>
</ul>


Japanese equities fell this week, with the Nikkei losing 2% and Topix down 1.8%.
Japan’s entertainment stocks have been on a tear over the past six months, and there’s little sign of momentum fading. 
Japan’s economy is heating up, and markets are taking notice. The 10-year bond yield has climbed to 1.29%, the highest in 14 years


Japan Strategy Weekly | The Entertainment Boom

Japan

Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production,  movie production, music production, and other businesses.

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Sony Corp (SONY US)

JX Advance Metals Pre-IPO - The Negatives - Isn't There Yet

JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise US$2.6bn in its Japan IPO. In this note, we talk about the not-so...

Sumeet Singh

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Japan Morning Connection: Tariff Delay a Tailwind, Tech and Homebuilders Up

Intel is considering a fab JV with TSMC for US production, AMAT numbers missed due to China curbs, Sony and Sumitomo Forestry report positive...

Andrew Jackson

Japan Strategy Weekly | The Entertainment Boom

Japanese equities fell this week, but Japan's entertainment stocks continue to surge amid a heating economy and rising bond yields.

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JX Advance Metals Pre-IPO - The Negatives - Isn't There Yet

JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise US$2.6bn in its Japan IPO. In this note, we talk about the not-so...

Sumeet Singh

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Sony To Sell Down SRE Holdings (2980 JP) Block - AI-Related Growth Stock Should See Support

Sony (for whom SRE Holdings was originally named is selling 15+% of their 36.6% stake in the company. Revenues are up. Earnings are rebounding....

Travis Lundy

Japan Morning Connection: Tariff Delay a Tailwind, Tech and Homebuilders Up

​Intel is considering a fab JV with TSMC for US production, AMAT numbers missed due to China curbs, Sony and Sumitomo Forestry report positive...

Andrew Jackson

Japan Strategy Weekly | The Entertainment Boom

​Japanese equities fell this week, but Japan's entertainment stocks continue to surge amid a heating economy and rising bond yields.

Mark Chadwick

Intel is considering a fab JV with TSMC for US production, AMAT numbers missed due to China curbs, Sony and Sumitomo Forestry report positive...

Japanese equities fell this week, but Japan's entertainment stocks continue to surge amid a heating economy and rising bond yields.