IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:203592" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:203753" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:204079" rel="noopener">Tekscend Photomask (429A JP) IPO: Valuation Insights</a>. </li>
<li>The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.</li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights. 
The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.


Tekscend Photomask (429A JP) IPO: Trading Debut

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 analyzed the changes in margin trading positions of JPX stocks as of Sep 19th. The aggregated net margin trading position is USD16,218m.</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 Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing, Sanrio, Mitsubishi UFJ Financial, Fujikura, Koei Tecmo, Lifedrink, Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 19th. The aggregated net margin trading position is USD16,218m.
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 Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing, Sanrio, Mitsubishi UFJ Financial, Fujikura, Koei Tecmo, Lifedrink, Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing.


JPX Margin Trading Weekly (Sep 19th): Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.</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, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.
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, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.


JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

JX Advanced Metals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> priced its IPO at JPY820 per share to raise gross proceeds of US$2.5 billion. The shares will start trading on 19 March.</li>
<li>Relevant notes: <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:176683" rel="noopener">JX Advanced Metals (5016 JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:176843" rel="noopener">JX Advanced Metals (5016 JP) IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-price-range-is-fair" target="_blank" data-smartkarma-citation="insights:178246" rel="noopener">JX Advanced Metals (5016 JP) IPO: Price Range Is Fair</a>.</li>
<li>Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the price is fair.</li>
</ul>



JX Advanced Metals (5016 JP) priced its IPO at JPY820 per share to raise gross proceeds of US$2.5 billion. The shares will start trading on 19 March.
Relevant notes: JX Advanced Metals (5016 JP) IPO: The Bull Case, JX Advanced Metals (5016 JP) IPO: The Bear Case, JX Advanced Metals (5016 JP) IPO: Price Range Is Fair.
Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the price is fair.


JX Advanced Metals (5016 JP) IPO: Trading Debut

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

Rikki Malik

Equity Bottom-Up

<ul>
<li>The company has had good 2024 absolute and relative to Topix performance.</li>
<li>Will Jafco continue this winning streak into 2025 and beyond?</li>
<li>Results for the quarter ending December 2024 are encouraging with exit multiples increasing</li>
</ul>


The company has had good 2024 absolute and relative to Topix performance.
Will Jafco continue this winning streak into 2025 and beyond?
Results for the quarter ending December 2024 are encouraging with exit multiples increasing


Japan

Timee, Inc. develops part-time job service application. The Company operates "Timee", the leading on-demand job platform that matches workers with part-time jobs posted by employers under its mission of "building infrastructure for expanding life's possibilities through work. Timee conducts businesses in Japan.

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Timee (215A JP)

Tekscend Photomask (429A JP) IPO: Trading Debut

The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

Arun George

JPX Margin Trading Weekly (Sep 19th): Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Lasertec (6920 JP), Disco (6146 JP), Tokyo Electron (8035 JP),...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

JX Advanced Metals (5016 JP) IPO: Trading Debut

Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the...

Arun George

Jafco- Continues to Perform

Looking at whether Jafco's strong 2024 absolute and relative performance will continue into 2025 as it releases Q3 results.

Rikki Malik

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