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

INFRONEER Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infroneer-holdings-inc" target="_blank" data-smartkarma-citation="entities:35785:1" rel="noopener">INFRONEER Holdings (5076 JP)</a>  aims to raise around US$800m to fund the acquisition of Swing Corporation.</li>
<li>The acquisition was announced earlier this year, with the company revising its earnings guidance a few months ago. The stock has corrected significantly since the deal was announced.</li>
<li>We had a look at the deal background in our previous note. In this note, we talk about the updates and past large deals performance.</li>
</ul>



INFRONEER Holdings (5076 JP)  aims to raise around US$800m to fund the acquisition of Swing Corporation.
The acquisition was announced earlier this year, with the company revising its earnings guidance a few months ago. The stock has corrected significantly since the deal was announced.
We had a look at the deal background in our previous note. In this note, we talk about the updates and past large deals performance.


Aequitas:Infroneer Holding Placement Updates- Correction Done, past Large Primary Deals Have Done Ok

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!

<ul><li>Sony Group Corp is moving closer to a binding agreement that would transfer control of its home entertainment business to TCL Electronics in a transaction reportedly worth about $1 billion, marking one of the clearest signs yet that Sony is prepared to reshape its exposure to consumer hardware.</li><li>The discussions follow a January memorandum of understanding under which TCL would hold 51% of a joint venture and Sony 49%, with operations expected to begin in April 2027 and the business continuing to sell televisions under the Sony and Bravia brands while using TCL’s display technology.</li><li>Sony’s own February earnings call reinforced that direction, with management confirming negotiations toward a definitive agreement by the end of March and describing the move as part of an ongoing portfolio optimization effort.</li></ul>

Sony Group Corp is moving closer to a binding agreement that would transfer control of its home entertainment business to TCL Electronics in a transaction reportedly worth about $1 billion, marking one of the clearest signs yet that Sony is prepared to reshape its exposure to consumer hardware.The discussions follow a January memorandum of understanding under which TCL would hold 51% of a joint venture and Sony 49%, with operations expected to begin in April 2027 and the business continuing to sell televisions under the Sony and Bravia brands while using TCL’s display technology.Sony’s own February earnings call reinforced that direction, with management confirming negotiations toward a definitive agreement by the end of March and describing the move as part of an ongoing portfolio optimization effort.

TCL Buyout Move On Sony: Is This The End Of Sony TVs?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.</li>
<li>Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.</li>
<li>Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.</li>
</ul>


Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.
Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.
Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.


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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sony Corp (6758 JP)

Aequitas:Infroneer Holding Placement Updates- Correction Done, past Large Primary Deals Have Done Ok

INFRONEER Holdings (5076 JP) aims to raise around US$800m to fund the acquisition of Swing Corporation. In this note, we look at the deal updates.

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

TCL Buyout Move On Sony: Is This The End Of Sony TVs?

Sony Group Corp is moving closer to a binding agreement that would transfer control of its home entertainment business to TCL Electronics in a...

Baptista Research

Japan: Underweight No More?

Global Ex-USA funds have almost eliminated their decade-long Japan underweight, as rising allocations and strong inflows drive rotation towards...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)