Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>We have a non-consensus Bullish call on Rakuten and see over 60% upside to the share price</li>
<li>The key driver will be a recovery in the Mobile Business</li>
<li>We expect losses to gradually improve as roaming fees and customer acquisition costs start to decline</li>
</ul>


We have a non-consensus Bullish call on Rakuten and see over 60% upside to the share price
The key driver will be a recovery in the Mobile Business
We expect losses to gradually improve as roaming fees and customer acquisition costs start to decline


Rakuten (4755 JP) | Time to Cover the Shorts

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Tencent’s increase in investment acquisition activity has coincided with a general weakness in equity prices and valuation levels.</li>
<li>Tencent management’s assessment of the fair value of its listed investee holdings, of RMB982.8bn on 31 December 2021, equates to roughly 27.4% of its market cap.</li>
<li>The market value of Tencent’s investee holdings in more-mature, Chinese-listed, internet-orientated holdings equates to roughly 9% of its current market cap.</li>
</ul>


Tencent’s increase in investment acquisition activity has coincided with a general weakness in equity prices and valuation levels.
Tencent management’s assessment of the fair value of its listed investee holdings, of RMB982.8bn on 31 December 2021, equates to roughly 27.4% of its market cap.
The market value of Tencent’s investee holdings in more-mature, Chinese-listed, internet-orientated holdings equates to roughly 9% of its current market cap.


Tencent: Investments up as Valuations Drop, Room for Another Significant Special in Specie Dividend

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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/one-store-4672b817-5076-408e-bcad-1a3e48b03c2a" target="_blank" data-smartkarma-citation="entities:35800:1" rel="noopener">ONE Store (ONE KS)</a> is looking to raise up to US$228m in its Korean IPO.</li>
<li>One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing, as well, has been pushed back to end May.</li>
<li>Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified.</li>
</ul>



ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO.
One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing, as well, has been pushed back to end May.
Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified.


One Store IPO - Refiling Updates, No Change to Price Tag

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. 

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lawson-inc" target="_blank" data-smartkarma-citation="entities:1040:1" rel="noopener">Lawson Inc (2651 JP)</a> acquired the upmarket supermarket operator, Seijo Ishii, in 2014 for ¥55 billion.</li>
<li>It is now considering plans for an IPO for Seijo next year following a boom in the company's fortunes during the pandemic.</li>
<li>Net profit rose 13% last year and the potential for growth remains strong given the expansion of the wealth market in Japan. </li>
</ul>



Lawson Inc (2651 JP) acquired the upmarket supermarket operator, Seijo Ishii, in 2014 for ¥55 billion.
It is now considering plans for an IPO for Seijo next year following a boom in the company's fortunes during the pandemic.
Net profit rose 13% last year and the potential for growth remains strong given the expansion of the wealth market in Japan. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/goldwin-inc" target="_blank" data-smartkarma-citation="entities:410:1" rel="noopener">Goldwin Inc (8111 JP)</a> has risen to hold a leading share in outdoor wear retailing on the back of the success of The North Face.</li>
<li>It has developed considerable retail and marketing skills in the process and is now applying these to its own brand with hopes of going global.</li>
<li>Demand for new forms of sports and outdoor brand remain strong in Japan and globally and Goldwin's mix of technical fabrics and quality could give it an edge.</li>
</ul>



Goldwin Inc (8111 JP) has risen to hold a leading share in outdoor wear retailing on the back of the success of The North Face.
It has developed considerable retail and marketing skills in the process and is now applying these to its own brand with hopes of going global.
Demand for new forms of sports and outdoor brand remain strong in Japan and globally and Goldwin's mix of technical fabrics and quality could give it an edge.


Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Rakuten (4755 JP) | Time to Cover the Shorts

We expect a re-rating of the share price on a recovery in the mobile business over the next couple of quarters. Our SOTP valuation suggests 60%+...

Mark Chadwick

Tencent: Investments up as Valuations Drop, Room for Another Significant Special in Specie Dividend

In this insight, we analyse Tencent’s recent investment activity and notable investee holdings to evaluate the potential for another meaningful...

Wium Malan, CFA

One Store IPO - Refiling Updates, No Change to Price Tag

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. One Store delayed its bookbuild by two weeks, with book building slated to...

Clarence Chu

Lawson Considering IPO for Seijo Ishii

Lawson may arrange an IPO for its upscale supermarket subsidiary Seijo Ishii, a popular retailer which has doubled in size in the last decade and...

Michael Causton

Goldwin Expecting Record Sales

Goldwin is a Japanese sports/outdoor success story but much of this success has relied on a foreign brand, The North Face. Goldwin now wants to...

Michael Causton

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