Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Sumitomo Mitsui Financial, Honda Motor, SoftBank, Toyota Motor, Sony, Sony Financial, Softbank, Toyota Motor, Sumitomo Mitsui Financial, Sony, Honda Motor, Sony Financial.</li>
</ul>


We analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Sumitomo Mitsui Financial, Honda Motor, SoftBank, Toyota Motor, Sony, Sony Financial, Softbank, Toyota Motor, Sumitomo Mitsui Financial, Sony, Honda Motor, Sony Financial.


TOPIX CORE 30 Index Earning Revision (Nov): Sumitomo Mitsui Financial, Honda Motor, SoftBank

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Japanese banks are entering a new, structurally sound phase driven by the BoJ's policy pivot, which is fundamentally elevating Net Interest Income and profitability.</li>
<li>Capital efficiency and mandatory corporate governance reforms are set to significantly close the P/B gap against global peers.</li>
<li>TOPIX Bank Index could be poised for continued outperformance over the broader market, making it an essential, high-conviction portfolio exposure as 8303 Shinsei returns to the index.</li>
</ul>


Japanese banks are entering a new, structurally sound phase driven by the BoJ's policy pivot, which is fundamentally elevating Net Interest Income and profitability.
Capital efficiency and mandatory corporate governance reforms are set to significantly close the P/B gap against global peers.
TOPIX Bank Index could be poised for continued outperformance over the broader market, making it an essential, high-conviction portfolio exposure as 8303 Shinsei returns to the index.


Japanese Banks: TPNBNK Structural Sector Buy-Case, Preparing for Shinsei (8303) January Passive Flow

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>The Bank has reached its three-year target one year ahead of schedule</li>
<li>Focus has now turned to growth and new opportunities as unleashed from full  government supervision</li>
<li>Valuations do not yet discount an improvement in returns from here</li>
</ul>


The Bank has reached its three-year target one year ahead of schedule
Focus has now turned to growth and new opportunities as unleashed from full  government supervision
Valuations do not yet discount an improvement in returns from here


Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>Last week, before the long weekend, <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> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-group-inc" target="_blank" data-smartkarma-citation="entities:217:1" rel="noopener">Sumitomo Mitsui Financial Group (8316 JP)</a> announced a very big secondary selldown of shares in <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a>. </li>
<li>The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It's a lot of stock at $750mm. One wonders where demand is.</li>
<li>They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.</li>
</ul>


Last week, before the long weekend, Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) announced a very big secondary selldown of shares in Toyoda Gosei (7282 JP). 
The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It's a lot of stock at $750mm. One wonders where demand is.
They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.


[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 21st. The aggregated net margin trading position is USD19,632m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SoftBank, Mitsubishi Heavy Industries, SBI, Nippon Telegraph and Telephone, Sanrio, Tokyo Electric Power Company, Tokio Marine, Mitsubishi UFJ Financial, Furukawa Electric.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 21st. The aggregated net margin trading position is USD19,632m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SoftBank, Mitsubishi Heavy Industries, SBI, Nippon Telegraph and Telephone, Sanrio, Tokyo Electric Power Company, Tokio Marine, Mitsubishi UFJ Financial, Furukawa Electric.


JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

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)

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

TOPIX CORE 30 Index Earning Revision (Nov): Sumitomo Mitsui Financial, Honda Motor, SoftBank

We analyzed TOPIX CORE 30's consensus for Nov 2025 and highlighted changes of EPS in Sumitomo Mitsui Financial (8316 JP), Honda Motor (7267 JP),...

Ke Yan, CFA, FRM

Japanese Banks: TPNBNK Structural Sector Buy-Case, Preparing for Shinsei (8303) January Passive Flow

Japanese banks are experiencing improved profitability due to the BoJ's policy changes, also evidenced by 8303 Shinsei re-listing, leading to...

Jay Cameron

Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

Bank surpasses three-year target early, now focused on growth and new opportunities post-government supervision. Valuations do not reflect...

Rikki Malik

[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

The Toyoda Gosei offering announced late last week is big. The stock fell sharply; it bounced since. The overhang is large. And the register...

Travis Lundy

JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), SBI...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TOPIX CORE 30 Index Earning Revision (Nov): Sumitomo Mitsui Financial, Honda Motor, SoftBank

We analyzed TOPIX CORE 30's consensus for Nov 2025 and highlighted changes of EPS in Sumitomo Mitsui Financial (8316 JP), Honda Motor (7267 JP),...

Ke Yan, CFA, FRM

Japanese Banks: TPNBNK Structural Sector Buy-Case, Preparing for Shinsei (8303) January Passive Flow

​Japanese banks are experiencing improved profitability due to the BoJ's policy changes, also evidenced by 8303 Shinsei re-listing, leading to...

Jay Cameron

Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

​Bank surpasses three-year target early, now focused on growth and new opportunities post-government supervision. Valuations do not reflect...

Rikki Malik

[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

The Toyoda Gosei offering announced late last week is big. The stock fell sharply; it bounced since. The overhang is large. And the register...

Travis Lundy

JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), SBI...

Ke Yan, CFA, FRM

Japanese banks are experiencing improved profitability due to the BoJ's policy changes, also evidenced by 8303 Shinsei re-listing, leading to...

Bank surpasses three-year target early, now focused on growth and new opportunities post-government supervision. Valuations do not reflect...