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

<ul>
<li>Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note we will talk about the IPO valuation.</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note we will talk about the IPO valuation.


Net Protections Holdings IPO - Needs a Bit of Hope and Belief

<ul>
<li>Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note, we will talk about the positive and negative aspects of the deal</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note, we will talk about the positive and negative aspects of the deal


Net Protections Holdings IPO - Mixed Bag of Positives and Negatives

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

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.

Equity Bottom-Up

<ul>
<li>Despite the steady growth of Rakuten Ichiba, the Internet Services segment’s overall profitability followed a declining trend due to investments in early stage businesses.</li>
<li>However, the burden on the segment’s profitability from these early stage investments is quickly dissipating alongside the growth in cross use of <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>’s e-commerce platforms.</li>
<li>In addition, the the JV with Japan Post is also starting to improve the efficiency of logistics operations, resulting in quarterly cost savings in the range of ¥3.0-4.0bn.</li>
</ul>


Despite the steady growth of Rakuten Ichiba, the Internet Services segment’s overall profitability followed a declining trend due to investments in early stage businesses.
However, the burden on the segment’s profitability from these early stage investments is quickly dissipating alongside the growth in cross use of Rakuten Inc (4755 JP)’s e-commerce platforms.
In addition, the the JV with Japan Post is also starting to improve the efficiency of logistics operations, resulting in quarterly cost savings in the range of ¥3.0-4.0bn.


Rakuten Internet Services: Getting Back to Growth

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

<ul>
<li>Japan Post revised up NP guidance significantly with the post office business seeing a NP guidance boost of ¥60bn to ¥80bn.</li>
<li>The real star of the show though was Japan Post Bank where improving net interest income saw a significant boost to NP guidance and the dividend.</li>
<li>Japan Post Insurance did not revise up but is tracking to generate a YoY NP increase rather than the fall it has guided for.</li>
</ul>


Japan Post revised up NP guidance significantly with the post office business seeing a NP guidance boost of ¥60bn to ¥80bn.
The real star of the show though was Japan Post Bank where improving net interest income saw a significant boost to NP guidance and the dividend.
Japan Post Insurance did not revise up but is tracking to generate a YoY NP increase rather than the fall it has guided for.


Japan Post – Big Upward Revision Should Get Bigger

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Japan Post, Singapore Press, Siam Future, 51job, Kunlun, Shinsei Bank

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)

Net Protections Holdings IPO - Needs a Bit of Hope and Belief

Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares...

Sumeet Singh

Net Protections Holdings IPO - Mixed Bag of Positives and Negatives

Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares...

Sumeet Singh

Rakuten Internet Services: Getting Back to Growth

The burden on Rakuten's Internet Services profitability from investments in early stage investments is quickly dissipating alongside the growth in...

Oshadhi Kumarasiri

Japan Post – Big Upward Revision Should Get Bigger

Japan Post Holdings 2Q results should highlight to investors that guidance is absurdly conservative and improving net interest income at the bank...

Mio Kato

Last Week in Event SPACE: Japan Post, Singapore Press, Siam Future, 51job, Kunlun, Shinsei Bank

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

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