Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet <a href="https://www.smartkarma.com/entities/olam-international-ltd" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam (OLAM SP)</a> is a tricky beast to analyze.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. </li>
<li>The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> and AGL has rejected it.</li>
</ul>


With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet Olam (OLAM SP) is a tricky beast to analyze.

Bank of Kyoto (8369 JP) would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. 
The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for AGL Energy Ltd (AGL AU) and AGL has rejected it.


Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

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

Cosmo Energy Holdings   / Equity Capital Markets

<ul>
<li>Mubadala aims to raise around US$287m via selling its 15.8% stake in <a href="https://www.smartkarma.com/entities/cosmo-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26565:1" rel="noopener">Cosmo Energy Holdings (5021 JP)</a>.</li>
<li>The stock has been doing well owing to the rise in crude prices and Mubadala has sold some stock before and hence, the deal might not be wholly unexpected. </li>
<li>However, its an accelerated bookbuild in Japan, which don’t have a great track record.</li>
</ul>


Mubadala aims to raise around US$287m via selling its 15.8% stake in Cosmo Energy Holdings (5021 JP).
The stock has been doing well owing to the rise in crude prices and Mubadala has sold some stock before and hence, the deal might not be wholly unexpected. 
However, its an accelerated bookbuild in Japan, which don’t have a great track record.


Cosmo Energy Holdings Placement - Stock Has Done Well, Deal Might Be Expected but It's Accelerated

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

<ul>
<li>We have articulated why we believe Japan Post Bank and Japan Post Insurance could have 100%+ upside.</li>
<li>We further believe that Japan Post Holdings also offers very significant upside potential.</li>
<li>His comes not just from its subsidiaries’ performance but also improvements in post office profitability and shrinking of the holdco discount.</li>
</ul>


We have articulated why we believe Japan Post Bank and Japan Post Insurance could have 100%+ upside.
We further believe that Japan Post Holdings also offers very significant upside potential.
His comes not just from its subsidiaries’ performance but also improvements in post office profitability and shrinking of the holdco discount.


Japan Post Holdings – Gaming Out a Five Bagger

SBI Sumishin Net Bank  / Equity Capital Markets

<ul>
<li>SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.</li>
<li>SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. </li>
<li>The deal, if successful, would be Japan’s first online-only bank to go public. In this note we will talk about the not so positive aspects of the deal.</li>
</ul>


SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.
SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. 
The deal, if successful, would be Japan’s first online-only bank to go public. In this note we will talk about the not so positive aspects of the deal.


SBI Sumishin Net Bank Pre-IPO - The Negatives - It’s Not Really a Digital Lender

<ul>
<li>SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.</li>
<li>SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. </li>
<li>The deal, if successful, would be Japan’s first online-only bank to go public. In this note we will talk about the positive aspects of the deal.</li>
</ul>


SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.
SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. 
The deal, if successful, would be Japan’s first online-only bank to go public. In this note we will talk about the positive aspects of the deal.


SBI Sumishin Net Bank Pre-IPO - The Positives - Past Growth Has Been Decent

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.

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Japan Post Holdings (6178 JP)

Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

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

Cosmo Energy Holdings Placement - Stock Has Done Well, Deal Might Be Expected but It's Accelerated

Mubadala aims to raise around US$287m via selling its 15.8% stake in Cosmo Energy Holdings (5021 JP). It will mark a complete exit for Mubadala.

Sumeet Singh

Japan Post Holdings – Gaming Out a Five Bagger

We believe that Japan Post Holdings offers very significant upside potential from improvements in profitability, shrinking of the holdco discount...

Mio Kato

SBI Sumishin Net Bank Pre-IPO - The Negatives - It’s Not Really a Digital Lender

SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO. In this note, we talk about the not so positive aspects...

Sumeet Singh

SBI Sumishin Net Bank Pre-IPO - The Positives - Past Growth Has Been Decent

SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO. It will be the first digital bank listing in Japan.

Sumeet Singh

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