Highly Differentiated Ideas and Insights, Made in Japan

Made in Japan

Highly Differentiated Ideas and Insights

The mission of MIJ is to become your field guide to Business and Investing in Japan. My goal is to make businesses in Japan more accessible to everyone by breaking down cultural barriers and provide differentiated ideas and insights.

Thematic (Sector/Industry)

<ul><li>It’s been no secret that Japan has not been the most technologically forward society in the world…</li><li>As a consumer, it was only a few years ago you’d be carrying hard cash to pay for most things as many shops wouldn’t let you pay with your card.</li><li>If you’re an employee, the chances are that your office is still using a fax in one capacity or another. </li></ul>

It’s been no secret that Japan has not been the most technologically forward society in the world…As a consumer, it was only a few years ago you’d be carrying hard cash to pay for most things as many shops wouldn’t let you pay with your card.If you’re an employee, the chances are that your office is still using a fax in one capacity or another. 

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

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a>, the IT service unit of <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>, seeks to raise up to US$837 million through a primary/secondary offering.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/lg-cns-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:170085" rel="noopener">LG CNS IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/lg-cns-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:171361" rel="noopener">LG CNS IPO: The Bear Case</a>.</li>
<li>We examine the syndicate's valuation methodology. Our analysis suggests that LG CNS is attractive in the IPO price range. We would participate in the IPO.</li>
</ul>



LG CNS (LGCNSZ KS), the IT service unit of LG Corp (003550 KS), seeks to raise up to US$837 million through a primary/secondary offering.
We previously discussed the IPO in LG CNS IPO: The Bull Case and LG CNS IPO: The Bear Case.
We examine the syndicate's valuation methodology. Our analysis suggests that LG CNS is attractive in the IPO price range. We would participate in the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a>, the IT service unit of <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>, seeks to raise up to US$837 million through a primary/secondary offering.</li>
<li>In <a href="https://www.smartkarma.com/insights/lg-cns-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:170085" rel="noopener">LG CNS IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on fading growth momentum, mid-tier revenue growth, weak non-AI growth, high contract assets, bottom-tier FCF margin and large share overhang. </li>
</ul>



LG CNS (LGCNSZ KS), the IT service unit of LG Corp (003550 KS), seeks to raise up to US$837 million through a primary/secondary offering.
In LG CNS IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on fading growth momentum, mid-tier revenue growth, weak non-AI growth, high contract assets, bottom-tier FCF margin and large share overhang. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a>, the IT service unit of <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>, seeks to raise up to US$837 million through a primary/secondary offering.   </li>
<li>In 2020, Macquarie Asset Management bought a 35% stake from LG Corp for KRW950 billion, beating <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" rel="noopener">KKR &amp; Co (KKR US)</a>, the other shortlisted bidder.</li>
<li>The bull case rests on an attractive market, improving visibility, strong AI-led growth, below-peer average dependence on related parties, and top-tier profitability. </li>
</ul>



LG CNS (LGCNSZ KS), the IT service unit of LG Corp (003550 KS), seeks to raise up to US$837 million through a primary/secondary offering.   
In 2020, Macquarie Asset Management bought a 35% stake from LG Corp for KRW950 billion, beating KKR &amp; Co (KKR US), the other shortlisted bidder.
The bull case rests on an attractive market, improving visibility, strong AI-led growth, below-peer average dependence on related parties, and top-tier profitability. 


Japan

NTT Data Corporation mainly provides large scale system integration and networking system services. System integration involves data transmission system design, sales, leasing, and services.  Network System Services include internet related and linked computer networks, and data provision and management of data. The Company is a subsidiary of Nippon Telegraph & Telephone Corporation.

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NTT Data Corp (9613 JP)

Why I think Japanese SaaS is undervalued

It’s been no secret that Japan has not been the most technologically forward society in the world…As a consumer, it was only a few years ago you’d...

Made in Japan

Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs, after having looked at HK, India,...

Sumeet Singh

LG CNS IPO: Valuation Insights

We examine the syndicate's valuation methodology. Our analysis suggests that LG CNS is attractive in the IPO price range, and we would participate...

Arun George

LG CNS IPO: The Bear Case

The bear case rests on fading growth momentum, mid-tier revenue growth, weak non-AI growth, high contract assets, bottom-tier FCF margin and large...

Arun George

LG CNS IPO: The Bull Case

The bull case rests on an attractive market, improving visibility, strong AI-led growth, below-peer average dependence on related parties, and top...

Arun George

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