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 5th. The aggregated net margin trading position is USD17,638m.</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 Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 5th. The aggregated net margin trading position is USD17,638m.
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 Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.


JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025</li>
<li>Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship</li>
<li>Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC</li>
</ul>


Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025
Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship
Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC


From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.</li>
<li>Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&amp;D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.</li>
<li>Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.</li>
</ul>


DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.
Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&amp;D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.
Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.


DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 29th. The aggregated net margin trading position is USD17,417m.</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 Ryohin Keikaku, Disco, Yoshinoya, Advantest, Mitsubishi Heavy Industries, Mitsubishi UFJ Financial, Fast Retailing, Nintendo, Fujikura, Furukawa Electric, Ryohin Keikaku, Disco, Yoshinoya, Advantest.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 29th. The aggregated net margin trading position is USD17,417m.
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 Ryohin Keikaku, Disco, Yoshinoya, Advantest, Mitsubishi Heavy Industries, Mitsubishi UFJ Financial, Fast Retailing, Nintendo, Fujikura, Furukawa Electric, Ryohin Keikaku, Disco, Yoshinoya, Advantest.


JPX Margin Trading Weekly (Aug 29th): Ryohin Keikaku, Disco, Yoshinoya, Advantest

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Both Marvell and Dell were out after-market Friday so the reaction in Japan to start may be less severe.</li>
<li>Sandisk cutting through the static now up for 7th day in a row as sentiment for NAND rises on potential AI growth.</li>
<li>Kokusai Electric may also see a positive change in tone if the market takes another look at NAND production equipment.</li>
</ul>


Both Marvell and Dell were out after-market Friday so the reaction in Japan to start may be less severe.
Sandisk cutting through the static now up for 7th day in a row as sentiment for NAND rises on potential AI growth.
Kokusai Electric may also see a positive change in tone if the market takes another look at NAND production equipment.


Japan Morning Connection: Tech Battered by Marvell and Dell Misses Ahead of Labor Day Break

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron Ltd Unsp Adr (TOELY US)

JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Nidec (6594 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.

Rahul Jain

JPX Margin Trading Weekly (Aug 29th): Ryohin Keikaku, Disco, Yoshinoya, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Ryohin Keikaku (7453 JP), Disco (6146 JP), Yoshinoya (9861 JP),...

Ke Yan, CFA, FRM

Japan Morning Connection: Tech Battered by Marvell and Dell Misses Ahead of Labor Day Break

Marvell's poor earnings pulled AI related down while NAND related stayed strong. Kokusai Electric is rebounding off its 200 day after a 20%...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Nidec (6594 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

​Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.

Rahul Jain

JPX Margin Trading Weekly (Aug 29th): Ryohin Keikaku, Disco, Yoshinoya, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Ryohin Keikaku (7453 JP), Disco (6146 JP), Yoshinoya (9861 JP),...

Ke Yan, CFA, FRM

Japan Morning Connection: Tech Battered by Marvell and Dell Misses Ahead of Labor Day Break

Marvell's poor earnings pulled AI related down while NAND related stayed strong. Kokusai Electric is rebounding off its 200 day after a 20%...

Andrew Jackson

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.