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>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> aims to raise up to US$2.4bn (JPY323bn) via a global offering.</li>
<li>We have covered various aspects of the deal in our earlier notes, see <a href="https://www.smartkarma.com/insights/rakuten-possible-us-2-2bn-placement-will-be-a-huge-deal-to-digest-but-it-s-not-all-bad" target="_blank" rel="noopener">here</a> and <a href="https://www.smartkarma.com/insights/rakuten-us-2-4bn-placement-larger-than-rumored-some-indications-of-finality" target="_blank" rel="noopener">here</a>.</li>
<li>In this note, we will talk about the updates since our last note, as well as the performance of some of the past large primary raises in Japan.</li>
</ul>



Rakuten (4755 JP) aims to raise up to US$2.4bn (JPY323bn) via a global offering.
We have covered various aspects of the deal in our earlier notes, see here and here.
In this note, we will talk about the updates since our last note, as well as the performance of some of the past large primary raises in Japan.


Rakuten US$2.4bn Placement - Recent Updates and Comparison to past Deals

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Equity Bottom-Up

<ul>
<li>Q1’23 revenues of ¥109.9 billion, better than forecasted, down 6.4% QoQ but up 10% YoY.</li>
<li>Q2'23 forecasted flat sequentially, no full year 2023 forecast provided</li>
<li>There's a major headwind looming on the horizon for the broader silicon wafer segment...</li>
</ul>


Q1’23 revenues of ¥109.9 billion, better than forecasted, down 6.4% QoQ but up 10% YoY.
Q2'23 forecasted flat sequentially, no full year 2023 forecast provided
There's a major headwind looming on the horizon for the broader silicon wafer segment...


SUMCO Q1’23 Revenues of ¥109.9 Billion, -6.4% QoQ but up 10% YoY. Q2'23 Flat QoQ

<ul>
<li>Q1’23 revenues of €404.4 million, -14.3% QoQ and -3% YoY.</li>
<li>Q2'23 revenues forecasted flat sequentially with no prospect of a second half recovery.</li>
<li>Why no H2 recovery ? And why did GlobalWafers outperform Siltronic last quarter?</li>
</ul>


Q1’23 revenues of €404.4 million, -14.3% QoQ and -3% YoY.
Q2'23 revenues forecasted flat sequentially with no prospect of a second half recovery.
Why no H2 recovery ? And why did GlobalWafers outperform Siltronic last quarter?


Siltronic Q1'23 Revenue €404.4 Million, -14.3% QoQ And -3% YoY. Q2'23 Flat QoQ

<ul>
<li>Q1’23 revenues of NT$18.6 billion, up 14.2% YoY and up ~1% QoQ.</li>
<li>No specific Q2'23 forecast provided but we fully expect a sequential decline and the end of a 13 quarter growth streak </li>
<li>YTD silicon carbide revenues have already exceeded full year 2022 revenues, albeit coming from a low base.</li>
</ul>


Q1’23 revenues of NT$18.6 billion, up 14.2% YoY and up ~1% QoQ.
No specific Q2'23 forecast provided but we fully expect a sequential decline and the end of a 13 quarter growth streak 
YTD silicon carbide revenues have already exceeded full year 2022 revenues, albeit coming from a low base.


Globalwafers Q1'23 Revenues up 1% QoQ, 14.2% YoY

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> aims to sell around US$9bn worth of  <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, trimming its stake by a third.</li>
<li>We have looked at the deal in our previous notes, <a href="https://www.smartkarma.com/insights/japan-post-bank-placement-deal-structure-past-deals-index-buyback" target="_blank" data-smartkarma-citation="insights:96666" rel="noopener">Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback</a> and <a href="https://www.smartkarma.com/insights/japan-post-bank-placement-misbehaving-still-has-time-to-correct-a-look-at-past-deals" target="_blank" data-smartkarma-citation="insights:97201" rel="noopener">Japan Post Bank Placement - Misbehaving</a>. </li>
<li>In this note, we talk about the updates since our last note and have a look at the post pricing performance of a few more deals.</li>
</ul>



Japan Post Holdings (6178 JP) aims to sell around US$9bn worth of  Japan Post Bank (7182 JP), trimming its stake by a third.
We have looked at the deal in our previous notes, Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback and Japan Post Bank Placement - Misbehaving. 
In this note, we talk about the updates since our last note and have a look at the post pricing performance of a few more deals.


Japan Post Bank Placement -  Still Misbehaving - Post-Pricing Performance of Some More Deals

Japan

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

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SUMCO Corp (3436 JP)

Rakuten US$2.4bn Placement - Recent Updates and Comparison to past Deals

Rakuten (4755 JP) aims to raise up to US$2.4bn (JPY323bn) via a global offering. In this note, we talk about the updates since our last note. and...

Sumeet Singh

SUMCO Q1’23 Revenues of ¥109.9 Billion, -6.4% QoQ but up 10% YoY. Q2'23 Flat QoQ

Q1’23 revenues of ¥109.9 billion, better than forecasted, down 6.4% QoQ but up 10% YoY.Q2'23 forecasted flat sequentially, no full year 2023...

William Keating

Siltronic Q1'23 Revenue €404.4 Million, -14.3% QoQ And -3% YoY. Q2'23 Flat QoQ

Q1’23 revenues of €404.4 million, -14.3% QoQ and -3% YoY. Q2'23 revenues to be flat sequentially. No second half recovery. Why? And why did...

William Keating

Globalwafers Q1'23 Revenues up 1% QoQ, 14.2% YoY

Q1’23 revenues of NT$18.6 billion, up 14.2% YoY and up ~1% QoQ. No specific Q2'23 forecast provided but we fully expect a sequential decline and...

William Keating

Japan Post Bank Placement - Still Misbehaving - Post-Pricing Performance of Some More Deals

Japan Post Holdings aims to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third. In this note, we look at the...

Sumeet Singh

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