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

Simplex Holdings / Equity Capital Markets

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company in its Japan IPO. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in AsiaSimplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company in its Japan IPO. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in AsiaSimplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.

Simplex Holdings Pre-IPO - Steady Topline Growth but Appears to Be at Peak Margins

Obic Business Consultants / Equity Capital Markets

A group of OBIC Business Consultant’s (4733 JP, OBC) shareholders plan to raise around US$447m (JPY48bn) by selling 12.87% of the company. The stated purpose of the selldown is to ensure that OBC qualifies for prime market on the TSE.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

A group of OBIC Business Consultant’s (4733 JP, OBC) shareholders plan to raise around US$447m (JPY48bn) by selling 12.87% of the company. The stated purpose of the selldown is to ensure that OBC qualifies for prime market on the TSE.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

OBIC Business Consultants Placement - Large Deal Needs a Large Correction - Remains in Transition

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">freee (4478 JP)</a> reported a strong Q4, with revenue growth of 47% and full year revenue of Y10.3b. </li>
<li>Continued growth investment resulted in an operating loss of ¥2.3b for the full year.</li>
<li>Company is guiding 36% revenue growth for the coming fiscal year, which is slightly conservative given current run rates.</li>
<li>Freee remains an excellent way to play the theme of digital transformation in Japan given the large and under-penetrated market.  
<section class="figure">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/223/709/original/Screenshot+2021-08-15+at+11.01.43+AM.png?1628992919" class="editor-image img-responsive" data-smartkarma-image-id="223709"></figure>
</section>

</li>
</ul>



freee (4478 JP) reported a strong Q4, with revenue growth of 47% and full year revenue of Y10.3b. 
Continued growth investment resulted in an operating loss of ¥2.3b for the full year.
Company is guiding 36% revenue growth for the coming fiscal year, which is slightly conservative given current run rates.
Freee remains an excellent way to play the theme of digital transformation in Japan given the large and under-penetrated market.   







Freee (4478) | 47% Revenue Growth....in Japan!

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.

<a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">freee (4478 JP)</a>  reported its 4Q FY06/2021 and full-year FY06/2021 results on Friday (13th August) which saw full-year revenues growing 48.8% YoY to JPY10.3bn vs JPY6.9bn in FY06/2020 and the operating losses for the year dropped to 22.4% of revenues compared to 37.5% in FY06/2020. The reported revenues were a touch higher than its own guidance while operating losses for the year was slightly higher than what the company forecasted for.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/223/756/original/image_24845961721629011427546.png?1629011428" class="editor-image img-responsive" data-smartkarma-image-id="223756"></figure><div style="text-align: left;" class="content-caption">Source: Company disclosures</div>The fourth quarter FY06/2021 revenue increased 47.0% YoY while operating losses for the quarter was 32.5% of revenue vs 39.6% of revenue in the same quarter a year ago.

freee (4478 JP)  reported its 4Q FY06/2021 and full-year FY06/2021 results on Friday (13th August) which saw full-year revenues growing 48.8% YoY to JPY10.3bn vs JPY6.9bn in FY06/2020 and the operating losses for the year dropped to 22.4% of revenues compared to 37.5% in FY06/2020. The reported revenues were a touch higher than its own guidance while operating losses for the year was slightly higher than what the company forecasted for.Source: Company disclosuresThe fourth quarter FY06/2021 revenue increased 47.0% YoY while operating losses for the quarter was 32.5% of revenue vs 39.6% of revenue in the same quarter a year ago.

Freee: Strong Finish to the Year; Top Line to Expand but Monetisation of New Services Delays Profits

APAC IPOs & Placements

Zhen Zhou, Toh

<a href="https://www.smartkarma.com/entities/money-forward-inc" target="_blank" data-smartkarma-citation="entities:25919:1" rel="noopener">Money Forward (3994 JP)</a> is looking to raise about US$278m in its global follow-on offering. The company will be using proceeds for advertising and personnel expense, product development, strategic M&amp;A, and pay down borrowings.In this note, we look at the company’s recent Q2 results and share our thoughts on the deal.

Money Forward (3994 JP) is looking to raise about US$278m in its global follow-on offering. The company will be using proceeds for advertising and personnel expense, product development, strategic M&amp;A, and pay down borrowings.In this note, we look at the company’s recent Q2 results and share our thoughts on the deal.

Money Forward Placement - Onward with More Cash

Japan

Money Forward, Inc. develops mobile application software. The Company produces automatic household account book softwares, household account book application softwares, and other products. Money Forward also provides personal financial management, cloud based accounting solutions, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Money Forward (3994 JP)

Simplex Holdings Pre-IPO - Steady Topline Growth but Appears to Be at Peak Margins

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company in its Japan IPO.

Sumeet Singh

OBIC Business Consultants Placement - Large Deal Needs a Large Correction - Remains in Transition

A group of OBIC Business Consultant’s (4733 JP, OBC) shareholders plan to raise around US$447m (JPY48bn) by selling 12.87% of the company.

Sumeet Singh

Freee (4478) | 47% Revenue Growth....in Japan!

freee (4478 JP) reported a strong Q4, with revenue growth of 47% and full year revenue of Y10.3b. The company is guiding for 36% growth next year.

Mark Chadwick

Freee: Strong Finish to the Year; Top Line to Expand but Monetisation of New Services Delays Profits

Though Freee could take longer than expected to make profits, we won't be too concerned as growth matrices have remained strong and increased...

Shifara Samsudeen, FCMA, CGMA

Money Forward Placement - Onward with More Cash

Money Forward (3994 JP) is looking to raise about US$278m in its global follow-on offering. In this note, we look at the company’s recent Q2...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)