Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>At 0.3x, <strong><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></strong> is top of the heap in terms of dollar "UpValue" to move to PBR 1.0x under Japan's governance changes. </li>
<li>Preceding my comments on Japan Post are the current setup/unwind tables for Asia-Pacific Holdcos. </li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


At 0.3x, Japan Post Holdings (6178 JP) is top of the heap in terms of dollar "UpValue" to move to PBR 1.0x under Japan's governance changes. 
Preceding my comments on Japan Post are the current setup/unwind tables for Asia-Pacific Holdcos. 
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Japan Post Holdings Coming Up "Cheap"

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>Since the announcement of the placement, <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>’s shares are down -15.7% from the undisturbed price of JPY707 per share (12 May prior to press reports of the placement).</li>
<li>To understand how the shares will trade as the offer is launched, we think it is instructive to look at recent large Japanese placements. Pricing date is likely 24 May.</li>
<li>So far, Rakuten’s shares have mostly followed the pattern of previous large placements. Investors participating in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the announcement of the placement, Rakuten (4755 JP)’s shares are down -15.7% from the undisturbed price of JPY707 per share (12 May prior to press reports of the placement).
To understand how the shares will trade as the offer is launched, we think it is instructive to look at recent large Japanese placements. Pricing date is likely 24 May.
So far, Rakuten’s shares have mostly followed the pattern of previous large placements. Investors participating in previous large Japanese placements tend to secure positive returns.


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/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> aims to raise up to US$2.4bn (JPY323bn) via a global offering.</li>
<li>The deal was undoubtedly accelerated by Reuters breaking the news of a possible equity raising on 15th May 2023.</li>
<li>We have covered most aspects of the deal in our previous note, in this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Rakuten (4755 JP) aims to raise up to US$2.4bn (JPY323bn) via a global offering.
The deal was undoubtedly accelerated by Reuters breaking the news of a possible equity raising on 15th May 2023.
We have covered most aspects of the deal in our previous note, in this note we talk about the deal dynamics and run the deal through our ECM framework.


Rakuten US$2.4bn Placement - Larger than Rumored, Some Indications of Finality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> is considering raising around US$2.2bn (JPY300bn), as per Reuters reports. The company hasn't confirmed or denied the same in its press release.</li>
<li>The company has been listing some of its subsidiaries and monetising investments to raise cash and has recently hinted at a possible equity issuance.</li>
<li>While there is no guarantee that the deal will ever materialize, in this note, we take an early look at the possible deal dynamics.</li>
</ul>



Rakuten (4755 JP) is considering raising around US$2.2bn (JPY300bn), as per Reuters reports. The company hasn't confirmed or denied the same in its press release.
The company has been listing some of its subsidiaries and monetising investments to raise cash and has recently hinted at a possible equity issuance.
While there is no guarantee that the deal will ever materialize, in this note, we take an early look at the possible deal dynamics.


Rakuten Possible US$2.2bn Placement - Will Be a Huge Deal to Digest, but It's Not All Bad

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, raised around US$630m in its Japan IPO.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at various aspects of the deal. In this note, we talk about the deal dynamics and trading updates.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), raised around US$630m in its Japan IPO.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at various aspects of the deal. In this note, we talk about the deal dynamics and trading updates.


Japan

Japan Post Insurance Co. Ltd. operates life insurance business. The Company offers whole life insurance, education endowment, ordinary endowment, medical insurance, and special endowment insurance. Japan Post Insurance provides services for individuals and businesses throughout Japan.

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Japan Post Insurance (7181 JP)

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Rakuten (4755 JP): The Current Playbook

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Arun George

Rakuten US$2.4bn Placement - Larger than Rumored, Some Indications of Finality

Rakuten (4755 JP) aims to raise up to US$2.4bn (JPY323bn) via a global offering. In this note, we talk about the deal structure and the deal dynamics.

Sumeet Singh

Rakuten Possible US$2.2bn Placement - Will Be a Huge Deal to Digest, but It's Not All Bad

Rakuten (4755 JP) is considering raising around US$2.2bn, as per Reuters reports. The company hasn't confirmed or denied the same in its press...

Sumeet Singh

Rakuten Bank IPO Trading - Ample Upside

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), raised around US$630m in its Japan IPO. In this note, we talk about the...

Sumeet Singh

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