APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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>
<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP) </a>(NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.</li>
<li>In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.


NS Group IPO - Deal Downsized; Pricing Looks Digestible Now

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.


NS Group IPO - Peer Comp and Thoughts on Valuation

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/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.   </li>
<li>The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.   </li>
<li>The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage. </li>
</ul>



NS Group (471A JP) is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.   
The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.   
The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage. 


Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>Entrust is one of the major players in the Japanese rent debt guarantee space;</li>
<li>The company possesses a solid track record of developing and growing new adjacent businesses by leveraging its know-how from the core business;</li>
<li>I am hoping for a more visible economic moat (especially from the company's new adjacencies), a higher free cash flow conversion, and/or a lower valuation.</li>
</ul>


Entrust is one of the major players in the Japanese rent debt guarantee space;
The company possesses a solid track record of developing and growing new adjacent businesses by leveraging its know-how from the core business;
I am hoping for a more visible economic moat (especially from the company's new adjacencies), a higher free cash flow conversion, and/or a lower valuation.


Entrust: Emerging Quality but Unattractive Valuation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>MOTHERS-listed <a href="https://www.smartkarma.com/entities/26758" target="_blank" data-smartkarma-citation="entities:26758:1">J-Lease Co Ltd (7187 JP)</a> is a rent-guarantee company for residential and office properties which was listed in June 2016. In the year to March 2017, the company cleared the two-year profit hurdle for listing on TSE1 and in June of 2017 cleared the 1-year-since-listing hurdle. </p><p>The company did not meet the shareholder count hurdle (2200 shareholders) but applied for reassignment to the TSE anyway, and two weeks after under-shooting expectations when reporting Q3 earnings on Feb 7th…</p>

MOTHERS-listed J-Lease Co Ltd (7187 JP) is a rent-guarantee company for residential and office properties which was listed in June 2016. In the year to March 2017, the company cleared the two-year profit hurdle for listing on TSE1 and in June of 2017 cleared the 1-year-since-listing hurdle. The company did not meet the shareholder count hurdle (2200 shareholders) but applied for reassignment to the TSE anyway, and two weeks after under-shooting expectations when reporting Q3 earnings on Feb 7th…

J-Lease (7187 JP) - Smallcap TSE1 Promotion & TOPIX Inclusion

Japan

J-Lease Co.,Ltd. provides rent payment guarantee services for residential, office, and other property types such as parking space and storage facilities. The Company also operates a real estate brokerage business.

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J-Lease Co Ltd (7187 JP)

NS Group IPO - Deal Downsized; Pricing Looks Digestible Now

NS Group aims to raise around US$220m in its Japan IPO via an entirely secondary offering. In this note, we talk about the pricing updates and IPO...

Akshat Shah

NS Group IPO - Peer Comp and Thoughts on Valuation

NS Group aims to raise around US$256m in its Japan IPO via an entirely secondary offering. In this note, we talk about the peer comparison and IPO...

Akshat Shah

NS Group (471A) IPO: The Investment Case

NS Group, a Japanese property rent guarantee company, is seeking to raise up to US$255 million. In this note, I discuss the investment case.

Arun George

Entrust: Emerging Quality but Unattractive Valuation

The company has constantly been building new growth drivers and enhancing its competitive edge, but I would like to see more evidence and/or a...

Steven Chen

J-Lease (7187 JP) - Smallcap TSE1 Promotion & TOPIX Inclusion

MOTHERS-listed J-Lease Co Ltd (7187 JP) is a rent-guarantee company for residential and office properties which was listed in June 2016. In the...

Travis Lundy

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