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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/JPH has announced the offering of up to 1.1 billion shares in <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>/JPB to reduce its stake from 89.00% to 59.95%.</li>
<li>JPB will carry out a ToSTNeT-3 buyback (maximum of JPY70 billion) and an on-market buyback (maximum of JPY80 billion). JPH can sell additional shares into the ToSTNeT-3 buyback.</li>
<li>For long-term investors, JPB’s forward P/B of 0.47x and yield of 4.41% are attractive to peers. JPB’s current price ratio is undemanding vs TOPIX Banks ETF and JPH.</li>
</ul>



Japan Post Holdings (6178 JP)/JPH has announced the offering of up to 1.1 billion shares in Japan Post Bank (7182 JP)/JPB to reduce its stake from 89.00% to 59.95%.
JPB will carry out a ToSTNeT-3 buyback (maximum of JPY70 billion) and an on-market buyback (maximum of JPY80 billion). JPH can sell additional shares into the ToSTNeT-3 buyback.
For long-term investors, JPB’s forward P/B of 0.47x and yield of 4.41% are attractive to peers. JPB’s current price ratio is undemanding vs TOPIX Banks ETF and JPH.


Japan Post Bank (7182 JP): Japan Post Holdings to Sell Down a Third of Its Stake

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> has announced the mooted offering by <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> whereby they will sell 29% of the bank to go from 89% to 60%.</li>
<li>There are two buybacks - one pre offering and one after - which is an attempt to mitigate impact. This creates interesting but complicated strategy possibilities. Lots of details here.</li>
<li>Big picture, this is a Very Big Offering at ¥1.236trln at today's close including greenshoe. 80/20 dom/international. A TOUGH sell. 1.089bn shares is 4x current float. </li>
</ul>



Japan Post Bank (7182 JP) has announced the mooted offering by Japan Post Holdings (6178 JP) whereby they will sell 29% of the bank to go from 89% to 60%.
There are two buybacks - one pre offering and one after - which is an attempt to mitigate impact. This creates interesting but complicated strategy possibilities. Lots of details here.
Big picture, this is a Very Big Offering at ¥1.236trln at today's close including greenshoe. 80/20 dom/international. A TOUGH sell. 1.089bn shares is 4x current float. 


Japan Post Bank (7182 JP) Announces Its Re-IPO - Big Offering, Complicated but Big Index Flows

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> plans to sell around US$9bn worth of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, trimming its stake by a third.</li>
<li>Initial news of the deal broke last week, and we had a look in, <a href="https://www.smartkarma.com/insights/japan-post-bank-possible-placement-here-we-go-again-with-the-us-9bn-overhang" target="_blank" data-smartkarma-citation="insights:96295" rel="noopener">Japan Post Bank Possible Placement - Here We Go Again with the US$9bn Overhang</a>.</li>
<li>In this note, we talk about the deal structure and impact.</li>
</ul>



Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third.
Initial news of the deal broke last week, and we had a look in, Japan Post Bank Possible Placement - Here We Go Again with the US$9bn Overhang.
In this note, we talk about the deal structure and impact.


Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback

Japan Post Holdings / 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>On the IPO front, <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy</a>'s listing kicked of what is shaping up to be  a busy 2023 for ASEAN IPOs</li>
<li>There were a few placements across the region but the biggest news was of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s planned selldown by <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</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.
On the IPO front, Pertamina Geothermal Energy's listing kicked of what is shaping up to be  a busy 2023 for ASEAN IPOs
There were a few placements across the region but the biggest news was of Japan Post Bank (7182 JP)'s planned selldown by Japan Post Holdings (6178 JP) 


ECM Weekly (26th Feb 2023) - Japan Post Bank/Holding, Amvis, Pertamina, Zeekr, Honasa, Fangzhou, TVS

David Blennerhassett

Event-Driven

<ul>
<li>There is no good reason to buy <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s dip until the offering. It's unlikely to earn the ROE to deserve the PBR it has versus peers.</li>
<li>Brookfield and EIG/MidOcean's revised NBIO will garner <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a> board support; however, the terms are weird and unfair to investors holding fewer than 100k shares. </li>
<li>
<a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> rights offer is not actually a surprise. Not at all. Passive funds will exercise. </li>
</ul>


There is no good reason to buy Japan Post Bank (7182 JP)'s dip until the offering. It's unlikely to earn the ROE to deserve the PBR it has versus peers.
Brookfield and EIG/MidOcean's revised NBIO will garner Origin Energy (ORG AU) board support; however, the terms are weird and unfair to investors holding fewer than 100k shares. 

SATS (SATS SP) rights offer is not actually a surprise. Not at all. Passive funds will exercise. 


Last Week in Event SPACE: Japan Post, Origin Energy, SATS, China Renaissance, Sembcorp Marine

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

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

Japan Post Holdings (6178 JP)

Japan Post Bank (7182 JP): Japan Post Holdings to Sell Down a Third of Its Stake

JPH aims to lower its stake by up to 59.95% of outstanding shares. JPH will buy back shares to provide partial relief from the selling pressure....

Arun George

Japan Post Bank (7182 JP) Announces Its Re-IPO - Big Offering, Complicated but Big Index Flows

JPB has announced the JPH offering. JPY 1.2trln to get to 60%. There is a TN3 buyback, which could shrink the offer, and syndicate stabilisation...

Travis Lundy

Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback

Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third. In this note, we talk...

Sumeet Singh

ECM Weekly (26th Feb 2023) - Japan Post Bank/Holding, Amvis, Pertamina, Zeekr, Honasa, Fangzhou, TVS

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

Last Week in Event SPACE: Japan Post, Origin Energy, SATS, China Renaissance, Sembcorp Marine

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)