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 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

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.

Equity Bottom-Up

<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

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

The <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> Offering is likely to price today, the first day of its Pricing Period. 
Two weeks ago I wrote <a href="https://www.smartkarma.com/insights/japan-post-holdings-world-s-largest-cleanup-trade-announced-story-and-index-implications" target="_blank" data-smartkarma-citation="insights:58555" rel="noopener">Japan Post Holdings - World's Largest Cleanup Trade Announced - Story and Index Implications</a> and noted that this was likely to be the last equity offering that Japan Post Holdings would ever do. 
It was cheap, and it was a nice clean setup.
That part hasn't changed. Some other things have, and they merit attention.

The Japan Post Holdings (6178 JP) Offering is likely to price today, the first day of its Pricing Period. 
Two weeks ago I wrote Japan Post Holdings - World's Largest Cleanup Trade Announced - Story and Index Implications and noted that this was likely to be the last equity offering that Japan Post Holdings would ever do. 
It was cheap, and it was a nice clean setup.
That part hasn't changed. Some other things have, and they merit attention. 

Japan Post Holdings Offering - Buy Weakness, Then Buy More

Japan Post Holdings / Equity Capital Markets

We have discussed the prospects for Japan Post’s three main businesses – the post office itself, the bank and the insurance company – in three prior insights. Here we examine the trends in the implied holdco discount.

We have discussed the prospects for Japan Post’s three main businesses – the post office itself, the bank and the insurance company – in three prior insights. Here we examine the trends in the implied holdco discount.

Japan Post Bank is perhaps not the most dynamic name, even in Japan, but the company’s access to Japan Post’s branches and an enormous pool of cheap retail deposits gives it a unique strategic position that is being undervalued in our view.

Japan Post Bank is perhaps not the most dynamic name, even in Japan, but the company’s access to Japan Post’s branches and an enormous pool of cheap retail deposits gives it a unique strategic position that is being undervalued in our view.

Japan Post – Bank Hitting All-Time Low Valuations Despite Uptick in Earnings Momentum

Japan

Japan Post Bank Co. Ltd. provides general banking services. The Company offers deposits, savings, loans, currency exchange transactions, investment trusts, national bonds, and other related banking services to individuals and businesses. Japan Post Bank also provides other financial services such as insurance agency and financing service.

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Japan Post Bank (7182 JP)

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

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

Japan Post Holdings Offering - Buy Weakness, Then Buy More

JPH (6178 JP) will price today. At 7x PER and 5.7% div yield, the Offering sells itself, but better, there is 15% of ADV to buy back every day for...

Travis Lundy

Japan Post – Holdco Discount Analysis

We have discussed the prospects for Japan Post’s three main businesses in three prior insights. Here we examine the trends in the implied holdco...

Mio Kato

Japan Post – Bank Hitting All-Time Low Valuations Despite Uptick in Earnings Momentum

Japan Post Bank's access to Japan Post’s branches and an enormous pool of cheap retail deposits gives it a unique strategic position that is being...

Mio Kato

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