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/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> is looking to raise around US$375m in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>In this note, we talk about earnings forecast and provide our thoughts on valuation.</li>
</ul>



Trial Holdings (5882 JP) is looking to raise around US$375m in its Japan IPO.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
In this note, we talk about earnings forecast and provide our thoughts on valuation.


Trial Holdings Pre-IPO -Thoughts on Valuation

Event-Driven

<ul>
<li>One year ago we looked at the arrangement between <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> regarding their relationship, which left Renault with a 28% Nissan stake to be sold.</li>
<li>Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.</li>
<li>In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.</li>
</ul>


One year ago we looked at the arrangement between Nissan (7201 JP) and Renault (RNO FP) regarding their relationship, which left Renault with a 28% Nissan stake to be sold.
Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.
In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.


Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>3QFY23 results reveal losses related to Aozora’s US CRE exposure and securities portfolio; management forecasts a FY23 loss and a 50% cut in the previously forecast FY2023 dividend</li>
<li>US CRE exposure is 6.6% of total loans and Aozora’s US CRE deterioration propelled the NPL ratio to 2.87% up 162bps QoQ, the worst NPL ratio of the peer group</li>
<li>The securities portfolio hits are in US MBS and US bond ETFs; SMFG and Mizuho have large relative FX bond exposures, but they have less duration risk</li>
</ul>


3QFY23 results reveal losses related to Aozora’s US CRE exposure and securities portfolio; management forecasts a FY23 loss and a 50% cut in the previously forecast FY2023 dividend
US CRE exposure is 6.6% of total loans and Aozora’s US CRE deterioration propelled the NPL ratio to 2.87% up 162bps QoQ, the worst NPL ratio of the peer group
The securities portfolio hits are in US MBS and US bond ETFs; SMFG and Mizuho have large relative FX bond exposures, but they have less duration risk


Aozora Bank (8304 JP) – Two Bets Too Far

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023. </li>
<li>The following dataset includes all Japanese IPOs and placements above US$100m, <strong>which amounted to a total of 32 deals. </strong>
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023. 
The following dataset includes all Japanese IPOs and placements above US$100m, which amounted to a total of 32 deals. 

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas Japan IPOs + Placements Broker Performance 2023

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumitomo-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:20269:1" rel="noopener">Sumitomo Chemical (4005 JP)</a> and Mizuho Trust &amp; Banking are looking to raise around US$180m through the sale of their stake in <a href="https://www.smartkarma.com/entities/inabata-co-ltd" target="_blank" data-smartkarma-citation="entities:5558:1" rel="noopener">Inabata &amp; Co (8098 JP)</a>.</li>
<li>The deal is a large one to digest, at 90 days of three month ADV and 15% of current mcap. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Sumitomo Chemical (4005 JP) and Mizuho Trust &amp; Banking are looking to raise around US$180m through the sale of their stake in Inabata &amp; Co (8098 JP).
The deal is a large one to digest, at 90 days of three month ADV and 15% of current mcap. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Inabata & Co Placement - Should Come as a Surprise

Japan

Sumitomo Mitsui Financial Group, Inc. is a holding company established by Sumitomo Mitsui Banking Corporation.  Sumitomo Mitsui Card Co., SMBC Leasing Co., and The Japanese Research Institute, Ltd. joined the Group in Feb., 2003. The Company manages financial operations for its subsidiaries.  The Group provides commercial banking and a variety of financial services.

Sumitomo Mitsui Financial Group (Sponsored Adr) (SMFG US)

Sumitomo Mitsui Financial Group (Sponsored Adr)

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Sumitomo Mitsui Financial Group (Sponsored Adr) (SMFG US)

Trial Holdings Pre-IPO -Thoughts on Valuation

After having cancelled its listing plans last year, the company is now looking to launch a smaller IPO of around US$250m, as per media reports.

Sumeet Singh

Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

A year ago we looked at the arrangement between Nissan and Renault regarding their relationship, which left Renault with a 28% Nissan stake to be...

Sumeet Singh

Aozora Bank (8304 JP) – Two Bets Too Far

Aozora Bank's losses from US CRE and securities point to a projected FY23 loss and a dividend cut, with it having the highest overseas loan share...

Victor Galliano

Aequitas Japan IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023, which includes all Japanese IPOs and placements...

Ethan Aw

Inabata & Co Placement - Should Come as a Surprise

Sumitomo Chemical (4005 JP) and Mizuho Trust & Banking are looking to raise around US$180m through the sale of their stake in Inabata & Co (8098 JP).

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Trial Holdings Pre-IPO -Thoughts on Valuation

After having cancelled its listing plans last year, the company is now looking to launch a smaller IPO of around US$250m, as per media reports.

Sumeet Singh

Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

A year ago we looked at the arrangement between Nissan and Renault regarding their relationship, which left Renault with a 28% Nissan stake to be...

Sumeet Singh

Aozora Bank (8304 JP) – Two Bets Too Far

​Aozora Bank's losses from US CRE and securities point to a projected FY23 loss and a dividend cut, with it having the highest overseas loan share...

Victor Galliano

Aequitas Japan IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023, which includes all Japanese IPOs and placements...

Ethan Aw

Inabata & Co Placement - Should Come as a Surprise

Sumitomo Chemical (4005 JP) and Mizuho Trust & Banking are looking to raise around US$180m through the sale of their stake in Inabata & Co (8098 JP).

Ethan Aw

Aozora Bank's losses from US CRE and securities point to a projected FY23 loss and a dividend cut, with it having the highest overseas loan share...