Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Aeon and Seven &amp; I both have large financial services arms, generating a substantial share of consolidated profits.</li>
<li>With cashless payments now the norm, the old business models that relied on fees for cash dispensing are fast becoming outdated.</li>
<li>Both retailers plan major changes to create ecosystems that should deliver a lot more data to improve targeted marketing for e-commerce and retail stores.</li>
</ul>


Aeon and Seven &amp; I both have large financial services arms, generating a substantial share of consolidated profits.
With cashless payments now the norm, the old business models that relied on fees for cash dispensing are fast becoming outdated.
Both retailers plan major changes to create ecosystems that should deliver a lot more data to improve targeted marketing for e-commerce and retail stores.


Aeon and Seven & I to Create Ecosystems Via Financial Services

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

Renesas Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC</a> provided some rare rays of hope in Hong Kong, while <a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer</a>, <a href="https://www.smartkarma.com/entities/cuscal-ltd" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal (1229Z AU)</a> and <a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials</a> did the opposite.</li>
<li>This week was more about placement with two US$1bn+ deals, a cleanup in <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> and a QIP for <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, WuXi XDC provided some rare rays of hope in Hong Kong, while Honasa Consumer, Cuscal (1229Z AU) and EcoPro Materials did the opposite.
This week was more about placement with two US$1bn+ deals, a cleanup in Renesas Electronics (6723 JP) and a QIP for Bajaj Finance Ltd (BAF IN). 


ECM Weekly (12th Nov 2023)-Renesas, Bajaj, Alchip, Hybe, Will, Wuxi, ChaPanda, Chenqi, Cello, Honasa

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>INCJ aims to raise around US$1.8bn via a secondary sell-down in <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>. This will be a clean-up trade as INCJ has been paring down its stake. </li>
<li>The deal is a slightly large one to digest at 12 days of three month ADV and around 6% of current mcap.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


INCJ aims to raise around US$1.8bn via a secondary sell-down in Renesas Electronics (6723 JP). This will be a clean-up trade as INCJ has been paring down its stake. 
The deal is a slightly large one to digest at 12 days of three month ADV and around 6% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Placement - Well Flagged US$1.8bn Deal, Accelerated but Index Flows Should Help

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

It's official: <a href="https://www.smartkarma.com/entities/the-we-company-wework" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">The We Company (WeWork) (WE US)</a> has decided to <a href="https://www.bloomberg.com/news/articles/2019-09-16/wework-is-said-to-likely-delay-ipo-after-valuation-plummets" target="_blank" rel="noopener">pull its IPO for now, but still expects to complete it by yearend.</a>Don't hold your breath.This comes just days after WeWork <a href="https://www.businessinsider.com/the-we-company-ipo-wework-confirms-nasdaq-listing-governance-changes-2019-9?utm_source=notification&amp;utm_medium=referral" target="_blank" rel="noopener">filed an amended S-1</a> announcing plans to list its new shares on the Nasdaq index even as its IPO valuation continues to dissolve. Reuters had reported on Friday that deal insiders were considering an implied equity valuation of <a href="https://www.reuters.com/article/us-wework-ipo-valuation-exclusive-idUSKCN1VY1PB" target="_blank" rel="noopener">just $10-12 billion,</a> a stunning 78% drop versus the extravagant $47 billion floated since January. My analysis shows even $10 billion is too high.So it's not surprising that long-term backer and top investor <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" data-smartkarma-citation="entities:27445:1" rel="noopener">Softbank Corp (9434 JP)</a>, arguably the most responsible for WeWork's incredible equity valuations, had <a href="https://www.ft.com/content/111f8e00-d346-11e9-8367-807ebd53ab77" target="_blank" rel="noopener">urged the company to scuttle the IPO</a> given the "cool reception" it's been getting.Yet WeWork is compelled to push on regardless, seemingly <a href="https://www.ft.com/content/f28474a2-d57e-11e9-a0bd-ab8ec6435630" target="_blank" rel="noopener">ready to concede to any terms</a>to get a deal done, because its financial condition is much more fragile than it has been trying to project. It has little time to waste and few alternatives.That means Plan B must already be in the works.Either way, risk has intensified for WeWork's overpriced bonds.Read on for Bond Angle analysis: How did WeWork get so expensive and What's next? Plus a new WeWork model, equity valuation and forecast, and more.

It's official: The We Company (WeWork) (WE US) has decided to pull its IPO for now, but still expects to complete it by yearend.Don't hold your breath.This comes just days after WeWork filed an amended S-1 announcing plans to list its new shares on the Nasdaq index even as its IPO valuation continues to dissolve. Reuters had reported on Friday that deal insiders were considering an implied equity valuation of just $10-12 billion, a stunning 78% drop versus the extravagant $47 billion floated since January. My analysis shows even $10 billion is too high.So it's not surprising that long-term backer and top investor Softbank Corp (9434 JP), arguably the most responsible for WeWork's incredible equity valuations, had urged the company to scuttle the IPO given the "cool reception" it's been getting.Yet WeWork is compelled to push on regardless, seemingly ready to concede to any termsto get a deal done, because its financial condition is much more fragile than it has been trying to project. It has little time to waste and few alternatives.That means Plan B must already be in the works.Either way, risk has intensified for WeWork's overpriced bonds.Read on for Bond Angle analysis: How did WeWork get so expensive and What's next? Plus a new WeWork model, equity valuation and forecast, and more.

Gravity Works As WeWork Doesn't; Now Plan B

Clarence Chu

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> launched its US$500m HK IPO earlier in the week, with more than half of the Offer Shares going to its pre-IPO shareholders.</li>
<li>It was a busy week for placements as well, with <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>'s stealing the spotlight with its equity/debt raising, after Albemarle withdrew its acquisition bid. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

J&amp;T Global Express (1519 HK) launched its US$500m HK IPO earlier in the week, with more than half of the Offer Shares going to its pre-IPO shareholders.
It was a busy week for placements as well, with Liontown Resources (LTR AU)'s stealing the spotlight with its equity/debt raising, after Albemarle withdrew its acquisition bid. 


ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

Japan

Softbank Corporation provides mobile phone telecommunication and networking services. The Company offers mobile communication opening, short messaging function opening, video function opening, and other services. Softbank also provides mobile phones.

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Softbank Corp (9434 JP)

Aeon and Seven & I to Create Ecosystems Via Financial Services

Aeon and Seven & I are adapting to the cashless era by focusing on data-driven ecosystems for targeted marketing, which could turnaround financial...

Michael Causton

ECM Weekly (12th Nov 2023)-Renesas, Bajaj, Alchip, Hybe, Will, Wuxi, ChaPanda, Chenqi, Cello, Honasa

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Renesas Electronics Placement - Well Flagged US$1.8bn Deal, Accelerated but Index Flows Should Help

INCJ aims to raise around US$1.8bn via a secondary sell-down in Renesas Electronics (6723 JP). This will be a clean-up trade as INCJ has been...

Ethan Aw

Gravity Works As WeWork Doesn't; Now Plan B

WSJ reports that WeWork will file bankruptcy next week, pending ongoing discussions with its beleaguered creditors. Surprised? You shouldn't be....

Vicki Bryan

ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aeon and Seven & I to Create Ecosystems Via Financial Services

​Aeon and Seven & I are adapting to the cashless era by focusing on data-driven ecosystems for targeted marketing, which could turnaround financial...

Michael Causton

ECM Weekly (12th Nov 2023)-Renesas, Bajaj, Alchip, Hybe, Will, Wuxi, ChaPanda, Chenqi, Cello, Honasa

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Renesas Electronics Placement - Well Flagged US$1.8bn Deal, Accelerated but Index Flows Should Help

INCJ aims to raise around US$1.8bn via a secondary sell-down in Renesas Electronics (6723 JP). This will be a clean-up trade as INCJ has been...

Ethan Aw

Gravity Works As WeWork Doesn't; Now Plan B

WSJ reports that WeWork will file bankruptcy next week, pending ongoing discussions with its beleaguered creditors. Surprised? You shouldn't be....

Vicki Bryan

ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

Aeon and Seven & I are adapting to the cashless era by focusing on data-driven ecosystems for targeted marketing, which could turnaround financial...