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

Mitsubishi UFJ Financial (MUFG) / Event-Driven

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s cross-shareholding.</li>
<li>MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Mitsubishi UFJ Financial (MUFG) (8306 JP)’s cross-shareholding.
MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>There has been a recent non-life insurer price-fixing scandal. The JFTC and FSA investigated. Last December, the FSA issued Business Improvement Orders to the four majors. </li>
<li>There was a Bigmotor scandal last summer and Sompo Japan got a Business Improvement Order last month. All four insurers have to respond to a BIO for the price-fixing scandal.</li>
<li>9 Feb post-close, Jiji/<a href="https://www.nikkei.com/article/DGXZQOUB255TQ0V20C24A1000000/" target="_blank" rel="noopener">Nikkei</a> had articles saying the FSA had urged four major non-lifes subject to the first BIO to accelerate sales of ¥6.5trln+ of 5,900 Cross-Holdings. That's big.</li>
</ul>


There has been a recent non-life insurer price-fixing scandal. The JFTC and FSA investigated. Last December, the FSA issued Business Improvement Orders to the four majors. 
There was a Bigmotor scandal last summer and Sompo Japan got a Business Improvement Order last month. All four insurers have to respond to a BIO for the price-fixing scandal.
9 Feb post-close, Jiji/Nikkei had articles saying the FSA had urged four major non-lifes subject to the first BIO to accelerate sales of ¥6.5trln+ of 5,900 Cross-Holdings. That's big.


[Japan Governance] FSA Urges Japan Non-Life Insurers to Eliminate Cross-Holdings - Sales Coming

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Following is the unofficial transcript of a CNBC exclusive interview with Berkshire Hathaway CEO Greg Abel on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Wednesday, September 2.</li><li>Berkshire CEO Greg Abel: Multi-decade high Japanese bond yields not a challenge for major trading houses right now BECKY QUICK: Welcome back, everybody.</li><li>Berkshire Hathaway first invested in Japan's five main trading houses just over six years ago, and it consistently increased its position.</li></ul>

Following is the unofficial transcript of a CNBC exclusive interview with Berkshire Hathaway CEO Greg Abel on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Wednesday, September 2.Berkshire CEO Greg Abel: Multi-decade high Japanese bond yields not a challenge for major trading houses right now BECKY QUICK: Welcome back, everybody.Berkshire Hathaway first invested in Japan's five main trading houses just over six years ago, and it consistently increased its position.

Berkshire Hathaway CEO Greg Abel On The Best Way To Data Centers

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

Tokio Marine Holdings / Equity Derivatives

<ul>
<li>A structural overhaul in Japan combined with a global specialty insurance powerhouse trajectory points to a significant upside beyond domestic limitations.</li>
<li>Post-ZIRP environment and aggressive unwinding of cross-shareholdings unlock previously obscured value and boost capital returns.</li>
<li>The company's mispriced P/E multiple and strong ROE forecast suggest a fundamental valuation breakout fueled by strategic, long-term catalysts.</li>
</ul>


A structural overhaul in Japan combined with a global specialty insurance powerhouse trajectory points to a significant upside beyond domestic limitations.
Post-ZIRP environment and aggressive unwinding of cross-shareholdings unlock previously obscured value and boost capital returns.
The company's mispriced P/E multiple and strong ROE forecast suggest a fundamental valuation breakout fueled by strategic, long-term catalysts.


Tokio Marine High Conviction: 'Re-New' Alpha & End of ZIRP Spark Fundamental Breakout; DEC26 Options

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

Rikki Malik

Cross Asset Strategy

<ul>
<li>We first review at Q1 performance in the major markets we follow</li>
<li>The worst may be over in but news flow will drive markets in the short-term</li>
<li>We look at foreign positioning and fund flow data to assess risks</li>
</ul>


We first review at Q1 performance in the major markets we follow
The worst may be over in but news flow will drive markets in the short-term
We look at foreign positioning and fund flow data to assess risks


Japan

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and life insurance, and asset management services.

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Tokio Marine Holdings (8766 JP)

MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Following up on our earlier cross-shareholding notes, in this note we look at MUFG (8306 JP)’s cross-shareholding. MUFG had a stake of over US$100m...

Sumeet Singh

[Japan Governance] FSA Urges Japan Non-Life Insurers to Eliminate Cross-Holdings - Sales Coming

Japan's non-life insurers have long been something like a closed end equity portfolio plus an asset swap. Now scandals have driven the FSA to push...

Travis Lundy

Berkshire Hathaway CEO Greg Abel On The Best Way To Data Centers

Following is the unofficial transcript of a CNBC exclusive interview with Berkshire Hathaway CEO Greg Abel on CNBC’s “Squawk Box” (M-F, 6AM-9AM...

Hedge Fund Alpha

Tokio Marine High Conviction: 'Re-New' Alpha & End of ZIRP Spark Fundamental Breakout; DEC26 Options

Japan's global insurance growth signal potential for significant upside, driven by value unlocking value in specific catalysts, and the rising...

Jay Cameron

Q2 Outlook - Asian Equity Markets

Our outlook for Q2 2026 onwards. Separating the short-term noise from our longer-term investment themes. In Part 2 look at Asian equities

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Following up on our earlier cross-shareholding notes, in this note we look at MUFG (8306 JP)’s cross-shareholding. MUFG had a stake of over US$100m...

Sumeet Singh

[Japan Governance] FSA Urges Japan Non-Life Insurers to Eliminate Cross-Holdings - Sales Coming

Japan's non-life insurers have long been something like a closed end equity portfolio plus an asset swap. Now scandals have driven the FSA to push...

Travis Lundy

Berkshire Hathaway CEO Greg Abel On The Best Way To Data Centers

Following is the unofficial transcript of a CNBC exclusive interview with Berkshire Hathaway CEO Greg Abel on CNBC’s “Squawk Box” (M-F, 6AM-9AM...

Hedge Fund Alpha

Tokio Marine High Conviction: 'Re-New' Alpha & End of ZIRP Spark Fundamental Breakout; DEC26 Options

​Japan's global insurance growth signal potential for significant upside, driven by value unlocking value in specific catalysts, and the rising...

Jay Cameron

Q2 Outlook - Asian Equity Markets

Our outlook for Q2 2026 onwards. Separating the short-term noise from our longer-term investment themes. In Part 2 look at Asian equities

Rikki Malik

Japan's global insurance growth signal potential for significant upside, driven by value unlocking value in specific catalysts, and the rising...