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.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a>'s cross-shareholding.</li>
<li>Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.
Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

<ul>
<li>As per Reuters, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> could look to sell up to 10% of <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> to raise around US$4.7bn before the end of the year.</li>
<li>Toyota is the company’s largest shareholder and its largest customer.</li>
<li>In this note, we will talk about the deal dynamics.</li>
</ul>


As per Reuters, Toyota Motor (7203 JP) could look to sell up to 10% of Denso Corp (6902 JP) to raise around US$4.7bn before the end of the year.
Toyota is the company’s largest shareholder and its largest customer.
In this note, we will talk about the deal dynamics.


Denso Corp Placement - Possible Placement by Toyota to Raise US$4.7bn

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Sony Group Corporation reported record fiscal year 2025 sales of JPY 12,796 billion, a 4% year-on-year increase, and operating income of JPY 1,447.5 billion, up 13%, despite a 3% decrease in net income to JPY 1,039 billion mainly due to higher tax expenses compared to the prior year.</li><li>The company’s results reflected strong performances in several segments, notably Games & Network Services (G&NS), Music, and Imaging & Sensing Solutions (I&SS), which together now represent 67% of consolidated sales, underscoring Sony's strategic focus on entertainment, intellectual property, and creation technologies.</li><li>The G&NS segment posted flat sales at JPY 4,685.7 billion but achieved a record operating income of JPY 463.3 billion, a 12% increase, fueled by strong network service revenues and favorable foreign exchange impacts.</li></ul>

Sony Group Corporation reported record fiscal year 2025 sales of JPY 12,796 billion, a 4% year-on-year increase, and operating income of JPY 1,447.5 billion, up 13%, despite a 3% decrease in net income to JPY 1,039 billion mainly due to higher tax expenses compared to the prior year.The company’s results reflected strong performances in several segments, notably Games & Network Services (G&NS), Music, and Imaging & Sensing Solutions (I&SS), which together now represent 67% of consolidated sales, underscoring Sony's strategic focus on entertainment, intellectual property, and creation technologies.The G&NS segment posted flat sales at JPY 4,685.7 billion but achieved a record operating income of JPY 463.3 billion, a 12% increase, fueled by strong network service revenues and favorable foreign exchange impacts.

Sony’s Story Is Moving Beyond PlayStation — Here’s Why Music And Image Sensors Matter!

<ul><li>Sony Group Corporation is moving deeper into the business of owning and monetizing entertainment IP, and its interest in Recognition Music Group’s complete music rights catalog fits neatly into that broader shift.</li><li>The catalog includes interests in more than 45,000 songs and recordings across roughly 150 catalogs, with works tied to Lady Gaga’s “Bad Romance,” Bon Jovi’s “Livin’ On A Prayer,” Rihanna’s “Umbrella,” Eurythmics’ “Sweet Dreams,” Shakira’s “Whenever, Wherever,” Steve Winwood’s “Higher Love,” and Mariah Carey’s “All I Want For Christmas Is You.” The potential acquisition also comes after Sony Music Publishing’s 2025 acquisition of Hipgnosis Songs Group, showing continued appetite for durable music rights.</li><li>At the same time, Sony’s recent strategy update emphasized entertainment, IP, content creation, anime, gaming, AI tools, and creator-first technology.</li></ul>

Sony Group Corporation is moving deeper into the business of owning and monetizing entertainment IP, and its interest in Recognition Music Group’s complete music rights catalog fits neatly into that broader shift.The catalog includes interests in more than 45,000 songs and recordings across roughly 150 catalogs, with works tied to Lady Gaga’s “Bad Romance,” Bon Jovi’s “Livin’ On A Prayer,” Rihanna’s “Umbrella,” Eurythmics’ “Sweet Dreams,” Shakira’s “Whenever, Wherever,” Steve Winwood’s “Higher Love,” and Mariah Carey’s “All I Want For Christmas Is You.” The potential acquisition also comes after Sony Music Publishing’s 2025 acquisition of Hipgnosis Songs Group, showing continued appetite for durable music rights.At the same time, Sony’s recent strategy update emphasized entertainment, IP, content creation, anime, gaming, AI tools, and creator-first technology.

Sony's Latest Takeover Target Could Make Evergreen Songs A Strategic Asset!

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)

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

Denso Corp Placement - Possible Placement by Toyota to Raise US$4.7bn

As per Reuters, Toyota Motor (7203 JP) could look to sell up to 10% of Denso Corp (6902 JP) to raise around US$4.7bn before the end of the year.

Sumeet Singh

Sony’s Story Is Moving Beyond PlayStation — Here’s Why Music And Image Sensors Matter!

Sony Group Corporation reported record fiscal year 2025 sales of JPY 12,796 billion, a 4% year-on-year increase, and operating income of JPY...

Baptista Research

Sony's Latest Takeover Target Could Make Evergreen Songs A Strategic Asset!

Sony Group Corporation is moving deeper into the business of owning and monetizing entertainment IP, and its interest in Recognition Music Group’s...

Baptista Research

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