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.

Equity Capital Markets

Chery Automobile / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile</a> is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we undertake a peer comparison.</li>
</ul>



Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
We have looked at the company’s past performance in our previous notes. In this note, we undertake a peer comparison.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.</li>
<li>On top of this, it was reported on 9 September that the US tariffs on Japanese goods including cars and auto parts will be lowered to 15% by 16 September.</li>
<li>If Lee's approval rating falls to about 45% to 50% range, then there could be a greater urgency by the Korean government to finalize a trade deal with the US. </li>
</ul>


One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.
On top of this, it was reported on 9 September that the US tariffs on Japanese goods including cars and auto parts will be lowered to 15% by 16 September.
If Lee's approval rating falls to about 45% to 50% range, then there could be a greater urgency by the Korean government to finalize a trade deal with the US. 


US Tariffs on Imports from Japan Lowered to 15% but Imports from Korea Are Unchanged at 25% - Why?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile</a> is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we talk about the updates from its most recent filings.</li>
</ul>



Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we talk about the updates from its most recent filings.


Chery Auto Pre-IPO - PHIP Updates - Some More Data, Some More Issues

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>We still believe that the automotive industry has growth potential supported by the continuous expansion of GPM, despite declining revenue, which should allow companies in the sector to achieve slight profit growth this year.</li><li>Thailand’s auto production in July fell 11% YoY to 110k units, marking the first decline after two consecutive months of YoY growth.</li><li>July auto production raised some concerns for us regarding the revenue of companies in the sector in 3Q25 because i) EV sales, which are not considered particularly beneficial for Thai auto parts manufacturers, have begun to account for a significantly larger share as the market becomes more active with new model launches and price competition.</li></ul>

We still believe that the automotive industry has growth potential supported by the continuous expansion of GPM, despite declining revenue, which should allow companies in the sector to achieve slight profit growth this year.Thailand’s auto production in July fell 11% YoY to 110k units, marking the first decline after two consecutive months of YoY growth.July auto production raised some concerns for us regarding the revenue of companies in the sector in 3Q25 because i) EV sales, which are not considered particularly beneficial for Thai auto parts manufacturers, have begun to account for a significantly larger share as the market becomes more active with new model launches and price competition.

Automotive: Confident In Long-Term Outlook Despite Short-Term Slowdown - Neutral

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor (7203 JP)

Chery Auto Pre-IPO - Peer Comparison

Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO. We have looked at the company’s past performance in our previous...

Sumeet Singh

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

US Tariffs on Imports from Japan Lowered to 15% but Imports from Korea Are Unchanged at 25% - Why?

One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.

Douglas Kim

Chery Auto Pre-IPO - PHIP Updates - Some More Data, Some More Issues

Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO. In this note, we talk about the updates from its most recent...

Sumeet Singh

Automotive: Confident In Long-Term Outlook Despite Short-Term Slowdown - Neutral

Thailand’s auto production in July fell 11% YoY to 110k units, marking the first decline after two consecutive months of YoY growth.

Krungthai XSpring

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