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

FineToday Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings (420A JP)</a> (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we had looked at its past performance. In this note, we will talk about the updates from its most recent filings.</li>
</ul>



FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we had looked at its past performance. In this note, we will talk about the updates from its most recent filings.


<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a>in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP)in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.


FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 8th. The aggregated net margin trading position is USD15,664m.</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 Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 8th. The aggregated net margin trading position is USD15,664m.
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 Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

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.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> reported 1Q results on Tuesday after market. As expected, topline declined 2.5% YoY falling below consensus. Productivity enhancements supported EBITDA growth.</li>
<li>With gradual cooling of labour markets, the HR Tech segment’s top line growth has declined and Recruit does not expect the segment to see strong growth in FY03/2026E.</li>
<li>Recruit’s share price dropped 4.4% during today’s trade and with further weakening of job markets, we think there is further opportunity to gain on the Short side.</li>
</ul>



Recruit Holdings (6098 JP) reported 1Q results on Tuesday after market. As expected, topline declined 2.5% YoY falling below consensus. Productivity enhancements supported EBITDA growth.
With gradual cooling of labour markets, the HR Tech segment’s top line growth has declined and Recruit does not expect the segment to see strong growth in FY03/2026E.
Recruit’s share price dropped 4.4% during today’s trade and with further weakening of job markets, we think there is further opportunity to gain on the Short side.


Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 25th. The aggregated net margin trading position is USD15,503m.</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 Mitsubishi Heavy Industries, Fast Retailing, Mitsubishi UFJ Financial, Toyota Motor, Lasertec, Sumitomo Mitsui Financial, Marui, Sanrio, Disco, Kawasaki Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 25th. The aggregated net margin trading position is USD15,503m.
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 Mitsubishi Heavy Industries, Fast Retailing, Mitsubishi UFJ Financial, Toyota Motor, Lasertec, Sumitomo Mitsui Financial, Marui, Sanrio, Disco, Kawasaki Heavy Industries.


JPX Margin Trading Weekly (Jul 25th): Mitsubishi Heavy Industries, Fast Retailing

Japan

Recruit Holdings Co. Ltd. operates information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more. The company also operate staffing services and advertising business.

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Recruit Holdings (6098 JP)

FineToday Pre-IPO - Refiling Updates

FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares. In this note, we talk...

Sumeet Singh

FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

FineToday Holdings Co Ltd (289A JP) Japan is said to be looking to reboot its listings plans after having shelved its 2024 listing attempt.

Sumeet Singh

JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Electric (5801 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead

Recruit's 1Q earnings were no surprise to us with decline in top line growth. Cost controls have supported margins. The slowdown in the US labor...

Shifara Samsudeen, FCMA, CGMA

JPX Margin Trading Weekly (Jul 25th): Mitsubishi Heavy Industries, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi Heavy Industries (7011 JP), Fast Retailing (9983 JP),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FineToday Pre-IPO - Refiling Updates

FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares. In this note, we talk...

Sumeet Singh

FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

FineToday Holdings Co Ltd (289A JP) Japan is said to be looking to reboot its listings plans after having shelved its 2024 listing attempt.

Sumeet Singh

JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Electric (5801 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead

​Recruit's 1Q earnings were no surprise to us with decline in top line growth. Cost controls have supported margins. The slowdown in the US labor...

Shifara Samsudeen, FCMA, CGMA

JPX Margin Trading Weekly (Jul 25th): Mitsubishi Heavy Industries, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi Heavy Industries (7011 JP), Fast Retailing (9983 JP),...

Ke Yan, CFA, FRM

Recruit's 1Q earnings were no surprise to us with decline in top line growth. Cost controls have supported margins. The slowdown in the US labor...