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 Nov 14th. The aggregated net margin trading position is USD20,683m.</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, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 14th. The aggregated net margin trading position is USD20,683m.
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, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.


JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 7th. The aggregated net margin trading position is USD20,487m.</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, Fujikura, Sanrio, Socionext, Mitsubishi Heavy Industries, Nintendo, Recruit, IHI, Nippon Telegraph and Telephone, Softbank, Advantest, Fujikura, Sanrio, Socionext.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 7th. The aggregated net margin trading position is USD20,487m.
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, Fujikura, Sanrio, Socionext, Mitsubishi Heavy Industries, Nintendo, Recruit, IHI, Nippon Telegraph and Telephone, Softbank, Advantest, Fujikura, Sanrio, Socionext.


JPX Margin Trading Weekly (Nov 7th): SoftBank, Advantest, Fujikura, Sanrio, Socionext

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 10th December 2024, <strong><a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a></strong>, an Indian renewable energy play, announced US$7.07/share NBIO. The bidding consortium subsequently bumped terms to US$8/share on the 3rd July.</li>
<li>After shares traded through terms for a week, the Consortium increased (best &amp; final) non-binding terms to US$8.15/share, a 29% premium to undisturbed. The Offer is via a UK Scheme.</li>
<li>That last bump was on the 10th October. JERA, with 11.7% of shares out, and 25.7% of minorities, is supportive, IF terms are firmed. The Special Committee is still mulling.</li>
</ul>


On the 10th December 2024, ReNew Energy Global (RNW US), an Indian renewable energy play, announced US$7.07/share NBIO. The bidding consortium subsequently bumped terms to US$8/share on the 3rd July.
After shares traded through terms for a week, the Consortium increased (best &amp; final) non-binding terms to US$8.15/share, a 29% premium to undisturbed. The Offer is via a UK Scheme.
That last bump was on the 10th October. JERA, with 11.7% of shares out, and 25.7% of minorities, is supportive, IF terms are firmed. The Special Committee is still mulling.


What's Up - Or Rather, Down - With ReNew Energy Global (RNW US)?

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 31st. The aggregated net margin trading position is USD18,547m.</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 Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial, Fujikura, Kioxia, Keyence, Tokyo Electron, IHI, Socionext, Advantest, Kobe Bussan, Disco, Mitsubishi Ufj Financial, Fujikura.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 31st. The aggregated net margin trading position is USD18,547m.
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 Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial, Fujikura, Kioxia, Keyence, Tokyo Electron, IHI, Socionext, Advantest, Kobe Bussan, Disco, Mitsubishi Ufj Financial, Fujikura.


JPX Margin Trading Weekly (Oct 31st): Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.</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 IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.
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 IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.


JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

Japan

Tokyo Electric Power Company, Incorporated generates, transmits, and distributes electricity.  The Company uses hydroelectric, thermal, and nuclear power sources.  Tokyo Electric Power distributes electricity in the Kanto area, which includes the Tokyo metro area, Kanagawa, Chiba, and Saitama prefectures.

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Tokyo Electric Power Co (9501 JP)

JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

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

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Nov 7th): SoftBank, Advantest, Fujikura, Sanrio, Socionext

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Fujikura (5803 JP),...

Ke Yan, CFA, FRM

What's Up - Or Rather, Down - With ReNew Energy Global (RNW US)?

Trading at a 8.5% gross spread. I'd be getting some exposure here. I think the risk of minority shareholders pushing back is overstated. Note:...

David Blennerhassett

JPX Margin Trading Weekly (Oct 31st): Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Kobe Bussan (3038 JP), Disco (6146 JP),...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kawasaki Heavy Industries (7012 JP), Lasertec...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)