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 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

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Rapidus Corporation -- The Japan-based semiconductor startup has emerged as a key part of the country’s ambition to reclaim a foothold in the advanced semiconductor manufacturing space.</li>
<li>How Rapidus Compares to TSMC -- Rapidus’s challenge is not only in catching up with TSMC’s leading-edge process nodes but also in ensuring manufacturing maturity and cost competitiveness.</li>
<li>Maintain Structural Long rating for TSMC -- Accumulate on market weakness. TSMC is partially insulated from U.S. tariff risks thanks to its position producing the most advanced chips.</li>
</ul>


Rapidus Corporation -- The Japan-based semiconductor startup has emerged as a key part of the country’s ambition to reclaim a foothold in the advanced semiconductor manufacturing space.
How Rapidus Compares to TSMC -- Rapidus’s challenge is not only in catching up with TSMC’s leading-edge process nodes but also in ensuring manufacturing maturity and cost competitiveness.
Maintain Structural Long rating for TSMC -- Accumulate on market weakness. TSMC is partially insulated from U.S. tariff risks thanks to its position producing the most advanced chips.


Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

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

Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

​Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...

Vincent Fernando, CFA

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.

Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...