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 28th. The aggregated net margin trading position is USD19,551m.</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 SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.
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 SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.


JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.</li><li>Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.</li><li>Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.</li></ul>

Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

Japan Specialist

Mark Chadwick

<ul>
<li>Tosei achieved record revenue and profit, driven by robust growth in its fund management business and a balanced portfolio of stable and sales-driven operations.</li>
<li>Activist investor Dalton acquired a 5.02% stake, highlighting concerns over recent governance decisions and potential Board independence dilution due to the Nagoya Railroad alliance.</li>
<li>Dalton's involvement ensures heightened scrutiny, promising better governance, and potentially favorable outcomes for minority shareholders amid Tosei's continued strong business performance.</li>
</ul>


Tosei achieved record revenue and profit, driven by robust growth in its fund management business and a balanced portfolio of stable and sales-driven operations.
Activist investor Dalton acquired a 5.02% stake, highlighting concerns over recent governance decisions and potential Board independence dilution due to the Nagoya Railroad alliance.
Dalton's involvement ensures heightened scrutiny, promising better governance, and potentially favorable outcomes for minority shareholders amid Tosei's continued strong business performance.


Tosei (8923) | Strong Performance with Dalton’s Governance Watch

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<p>Although Japan is not out of the woods in terms of COVID-19 and the vaccine is not yet found, let alone distributed, investors have rushed to own <a href="https://www.smartkarma.com/entities/tkp-corp" target="_blank" data-smartkarma-citation="entities:28305:1" rel="noopener"> TKP Corporation (3479 JP)</a> as it was seemingly cheap in terms of PBR. The reality was that COVID-19 economic impact caused a weak earning and a secondary offering that boosted the book value has made the company's PBR looks cheap. TKP is the only one with negative earnings compared to its peers, underlining the economic reality that the company is more exposed to.</p>
<p>TKP's share price has risen more than doubled to some of its peers amidst the tough business outlook. Its peers such as <a href="https://www.smartkarma.com/entities/kenedix-inc" target="_blank" data-smartkarma-citation="entities:11321:1" rel="noopener">Kenedix Inc (4321 JP)</a> and <a href="https://www.smartkarma.com/entities/katitas-co-ltd" target="_blank" data-smartkarma-citation="entities:26073:1" rel="noopener">Katitas Co Ltd (8919 JP)</a> share price rose almost double but their business remains profitable during COVID-19 while TKP's earnings have turned negative. <strong>Turned Bearish on TKP on slow business condition improvement and the <em>meteoric</em> share price increase. </strong></p>

Although Japan is not out of the woods in terms of COVID-19 and the vaccine is not yet found, let alone distributed, investors have rushed to own  TKP Corporation (3479 JP) as it was seemingly cheap in terms of PBR. The reality was that COVID-19 economic impact caused a weak earning and a secondary offering that boosted the book value has made the company's PBR looks cheap. TKP is the only one with negative earnings compared to its peers, underlining the economic reality that the company is more exposed to.
TKP's share price has risen more than doubled to some of its peers amidst the tough business outlook. Its peers such as Kenedix Inc (4321 JP) and Katitas Co Ltd (8919 JP) share price rose almost double but their business remains profitable during COVID-19 while TKP's earnings have turned negative. Turned Bearish on TKP on slow business condition improvement and the meteoric share price increase. 

TKP (3479): Slow Recovery yet Share Price Has More than Doubled?

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/144/594/original/2020-07-07_06-10-50.png?1594069912" class="editor-image img-responsive" data-smartkarma-image-id="144594"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/144/595/original/2020-07-07_06-24-06.png?1594070670" class="editor-image img-responsive" data-smartkarma-image-id="144595"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong><a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani (7730 JP)</a> -</strong> Medical instrument maker Mani had warned at the time of their interim results of a poor second half, and their third-quarter results are duly sombre. Mani is one of Japan's more global companies, having less than a quarter of sales in the domestic market and is suffering accordingly - an operating profit of just ¥0.1 billion is implied for the fourth quarter. The company has done well to improve margins despite a 19% decline in revenues over the last six quarters, primarily through lowering the costs of goods sold. The shares have remained stubbornly Overbought. The current valuation suggests limited upside, a<span>bsent a sharp top-line rebound, while</span><span> 'shorts' will have to contend with the 'quality-at-any-price' brigade.</span></p><p style="text-align: center;"><strong>DAILY STATS</strong></p><hr><div><p style="text-align: center;"><strong>15 Quarterly Results</strong></p></div><div><ul>
<li>
<strong>Results Score:</strong> 7 Positive / 2 Neutral / 6 Negative</li>
<li>
<strong>Average Results Score Change:</strong>-2.6</li>
<li>
<strong>Average % Change in Revenue:</strong> -3.8% Quarter YoY* / -1.0% Rolling TTM YoY</li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -1.7ppt</li>
</ul></div><hr><div><p style="text-align: center;"><br><strong>5 Annual • 3 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 3 Positive / 0 Neutral / 1 Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 2 Positive / 1 Neutral / 0 Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -2.6</li>
</ul></div>

Source • Japan AnalyticsMani (7730 JP) - Medical instrument maker Mani had warned at the time of their interim results of a poor second half, and their third-quarter results are duly sombre. Mani is one of Japan's more global companies, having less than a quarter of sales in the domestic market and is suffering accordingly - an operating profit of just ¥0.1 billion is implied for the fourth quarter. The company has done well to improve margins despite a 19% decline in revenues over the last six quarters, primarily through lowering the costs of goods sold. The shares have remained stubbornly Overbought. The current valuation suggests limited upside, absent a sharp top-line rebound, while 'shorts' will have to contend with the 'quality-at-any-price' brigade.DAILY STATS15 Quarterly Results

Results Score: 7 Positive / 2 Neutral / 6 Negative

Average Results Score Change:-2.6

Average % Change in Revenue: -3.8% Quarter YoY* / -1.0% Rolling TTM YoY

Average Operating Profit Margin Change: -1.7ppt
 5 Annual • 3 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 3 Positive / 0 Neutral / 1 Negative

Interim Forecast/Revision Score Change: 2 Positive / 1 Neutral / 0 Negative

Average Forecast/Revision Score Change: -2.6


🇯🇵 JAPAN • Results & Revisions 6th July - Man(I) Overboard!

Japan

TOSEI CORPORATION develops and sells residential properties and leases office facilities in central Tokyo.  The Company also invests in real estate and manages investment trust funds such as the Argo Fund.

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Tosei Corp (8923 JP)

JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted SBI (8473 JP), Advantest (6857 JP), Furukawa Electric (5801 JP),...

Ke Yan, CFA, FRM

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

Warburg Pincus makes multiple acquisitions in Japan and India, while Greystar acquires Australian student housing in billion-dollar deals.

Asia Real Estate Tracker

Tosei (8923) | Strong Performance with Dalton’s Governance Watch

Tosei sees record revenue and profit, but activist investor Dalton's stake highlights governance concerns and promises better oversight for...

Mark Chadwick

🇯🇵 JAPAN • Results & Revisions 6th July - Man(I) Overboard!

Mani (7730 JP) - Medical instrument maker Mani had warned at the time of their interim results of a poor second half, and their third-quarter...

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted SBI (8473 JP), Advantest (6857 JP), Furukawa Electric (5801 JP),...

Ke Yan, CFA, FRM

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

Warburg Pincus makes multiple acquisitions in Japan and India, while Greystar acquires Australian student housing in billion-dollar deals.

Asia Real Estate Tracker

Tosei (8923) | Strong Performance with Dalton’s Governance Watch

​Tosei sees record revenue and profit, but activist investor Dalton's stake highlights governance concerns and promises better oversight for...

Mark Chadwick

TKP (3479): Slow Recovery yet Share Price Has More than Doubled?

TKP's share price has risen doubled compared to some of its peers amidst the tough business outlook. Turned Bearish on TKP on slow business...

Henry Soediarko

🇯🇵 JAPAN • Results & Revisions 6th July - Man(I) Overboard!

Mani (7730 JP) - Medical instrument maker Mani had warned at the time of their interim results of a poor second half, and their third-quarter...

Campbell Gunn

Tosei sees record revenue and profit, but activist investor Dalton's stake highlights governance concerns and promises better oversight for...