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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.3bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
In this note, we talk about the not-so-positive aspects of the deal.


Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s  shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. </li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Tokyo Metro (9023 JP)'s  shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. 
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
In this note, we talk about the positive aspects of the deal.


Tokyo Metro IPO - The Positives - Quasi-Monopoly Status

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Japan set to tick higher with more cuts on the horizon and markets mostly unchanged after yesterdays holiday.</li>
<li>6758 Sony announced a ‘State of Play’ where it will showcase 20 upcoming PS5 and PS VR2 games from 3rd party studios a day ahead of the Tokyo Games Show.</li>
<li>Defence names may be in focus after Japan fighters fired flares at a Russian military plane which violated Japanese airspace three times off Hokkaido on Monday afternoon.</li>
</ul>


Japan set to tick higher with more cuts on the horizon and markets mostly unchanged after yesterdays holiday.
6758 Sony announced a ‘State of Play’ where it will showcase 20 upcoming PS5 and PS VR2 games from 3rd party studios a day ahead of the Tokyo Games Show.
Defence names may be in focus after Japan fighters fired flares at a Russian military plane which violated Japanese airspace three times off Hokkaido on Monday afternoon.


Japan Morning Connection: Watch Defence Names After Russian Violation

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>We anticipate that the upcoming 4Q24 will likely see a ~10% quarter-over-quarter (QoQ) upside.</li>
<li>Among TSMC's top clients are companies from the US, Taiwan, and Japan.</li>
<li>Recently, we have heard that TSMC is reducing wafer quotations by about ~10% for 28nm and below, in order to adapt to the current environment.</li>
</ul>


We anticipate that the upcoming 4Q24 will likely see a ~10% quarter-over-quarter (QoQ) upside.
Among TSMC's top clients are companies from the US, Taiwan, and Japan.
Recently, we have heard that TSMC is reducing wafer quotations by about ~10% for 28nm and below, in order to adapt to the current environment.


TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (TKYMETRO JP)</a>’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.</li>
<li>Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.</li>
<li>In this note, we take an early look at the possible listing.</li>
</ul>



Tokyo Metro (TKYMETRO JP)’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.
Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.
In this note, we take an early look at the possible listing.


Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

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)

Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we talk about the not-so-postive.

Sumeet Singh

Tokyo Metro IPO - The Positives - Quasi-Monopoly Status

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Japan Morning Connection: Watch Defence Names After Russian Violation

Japan's market set to rise, Sony to showcase upcoming games, and defense sector in focus after Japan fires flares at Russian plane violating...

Andrew Jackson

TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.

Patrick Liao

Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

The company has now officially filed to raise around US$2.3bn in its IPO next month, which will make it the largest IPO in Japan since 2018.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we talk about the not-so-postive.

Sumeet Singh

Tokyo Metro IPO - The Positives - Quasi-Monopoly Status

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Japan Morning Connection: Watch Defence Names After Russian Violation

​Japan's market set to rise, Sony to showcase upcoming games, and defense sector in focus after Japan fires flares at Russian plane violating...

Andrew Jackson

TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

​Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.

Patrick Liao

Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

The company has now officially filed to raise around US$2.3bn in its IPO next month, which will make it the largest IPO in Japan since 2018.

Sumeet Singh

Japan's market set to rise, Sony to showcase upcoming games, and defense sector in focus after Japan fires flares at Russian plane violating...

Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.