APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Ain Holdings Inc / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/9313" target="_blank" data-smartkarma-citation="entities:9313:1">AIN HOLDINGS INC. (9627 JP)</a> is raising approximately US$239m through an issuance of  3.45m shares, out of which 3.27m will be primary shares (including 450k for over-allotment) and 180k of treasury shares.The deal scores marginally positive on our framework owing to its strong track record. The score has been weighed down by valuation which seems expensive relative to its past 5-year average multiples. However, if we compare the company to its peers, its valuations seems inexpensive. The…

AIN HOLDINGS INC. (9627 JP) is raising approximately US$239m through an issuance of  3.45m shares, out of which 3.27m will be primary shares (including 450k for over-allotment) and 180k of treasury shares.The deal scores marginally positive on our framework owing to its strong track record. The score has been weighed down by valuation which seems expensive relative to its past 5-year average multiples. However, if we compare the company to its peers, its valuations seems inexpensive. The…

AIN HOLDINGS Placement - Good Track Record and Extended Trading Helps

Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

This is the biggest prescription drug retailer in Japan. In 1994 the government deregulated the market allowing retailers with pharmacists to take over the drug prescription operations hitherto done by hospitals. Part of the reason was to cut costs, hospitals it was thought were over subscribing. In 1994 the total drug prescription market was worth some Y9tr with 15% or Y1.5tr done but dispensing retailers. Today the market is worth Y11tr with 70% or Y8tr done by dispensing retailers. Ain…

This is the biggest prescription drug retailer in Japan. In 1994 the government deregulated the market allowing retailers with pharmacists to take over the drug prescription operations hitherto done by hospitals. Part of the reason was to cut costs, hospitals it was thought were over subscribing. In 1994 the total drug prescription market was worth some Y9tr with 15% or Y1.5tr done but dispensing retailers. Today the market is worth Y11tr with 70% or Y8tr done by dispensing retailers. Ain…

A Winner, but All in the Price Now...we Think

Fintech, Real-time Big-Data Analytics Provider, Nowcast, Inc.

Ryota Hayashi

Fintech, Real-time Big-Data Analytics Provider

Nowcast, Inc.

We at Nowcast develop "Big-Data Economic Analytics Platforms".  We aim to revolutionize the financial markets by providing "accurate" and "real-time" analytics based on economic indicators and corporate activity data procured worldwide. 

Our Main Services

(1) Real-time Analytics
With our Nikkei CPI Now Index at our core, we provide real time analytics of global economic indicators such as POS Data. By utilizing Big-Data technology, we also provide real-time analytics of micro level data such as corporate earnings. 

(2) Big-Data Application Consulting
We too provide business consultation and conduct joint research on initiatives that strive to use data, such as from the operation capacity of construction machinery to number of passengers on railroad trains, as economic indicators. We provide continuous support to Data Scientists specialized in economics in their proposal stage, product development and up till its business development. 

(3) Monetary Policy Insights
With the proactive involvement of and support from from academicians in macroeconomics & key figures in the financial industry, we produce reports, conduct seminars and meetings that discuss about the forecast of financial markets, provide intellectual suggestions on asset allocation, etc. 

Macroeconomics

<ul class="ember-tether-target ember-tether-element-attached-top ember-tether-element-attached-left ember-tether-target-attached-top ember-tether-target-attached-right"><li>"Nikkei CPINow" is a statistical database produced by Nowcast Inc. that provides real-time economic statistics using so-called “big data” gathered on a real-time basis; making it possible to “nowcast” economic developments, that is, to gauge them almost in real time.</li><li>Nikkei CPINow was launched in January 2016, disseminating the new “CPINow” price indeces, which succeeds and improves upon the Nikkei UTokyo Daily Price Index.</li><li>This December 2016 Review looks into analyzing the current developments in Japan's economy based on The Nikkei CPINow S index &amp; T index.</li></ul>

"Nikkei CPINow" is a statistical database produced by Nowcast Inc. that provides real-time economic statistics using so-called “big data” gathered on a real-time basis; making it possible to “nowcast” economic developments, that is, to gauge them almost in real time.Nikkei CPINow was launched in January 2016, disseminating the new “CPINow” price indeces, which succeeds and improves upon the Nikkei UTokyo Daily Price Index.This December 2016 Review looks into analyzing the current developments in Japan's economy based on The Nikkei CPINow S index &amp; T index.

December 2016 Review of Current Developments in Japan's Economy

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Thematic (Sector/Industry)

While it is not a given that a switch from a high growth, high interest rate environment to a low growth, low interest rate environment is a good one for equities in general, it should be good for defensive stocks, because these are the most bond-like of equities and the switch almost defines a fixed income bull market. Japan may not have been particularly high growth or high interest rate in 2000, but it was certainly higher growth and higher interest rate than today, and it is no surprise that defensive sectors like foods (+210% relative to Topix since 1999) and pharmaceuticals (+160%) have done very well over this time. The question, now, is whether this is set to continue, or whether we might have hit a turning point.

While it is not a given that a switch from a high growth, high interest rate environment to a low growth, low interest rate environment is a good one for equities in general, it should be good for defensive stocks, because these are the most bond-like of equities and the switch almost defines a fixed income bull market. Japan may not have been particularly high growth or high interest rate in 2000, but it was certainly higher growth and higher interest rate than today, and it is no surprise that defensive sectors like foods (+210% relative to Topix since 1999) and pharmaceuticals (+160%) have done very well over this time.  The question, now, is whether this is set to continue, or whether we might have hit a turning point.

Japan

AIN HOLDINGS INC. operates and franchises pharmacies in Japan.  The Company primarily sells medicines, external-use medicine, cosmetics, and food products. AIN Pharmaciez also conducts clinical tests for medical institutions.

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Ain Holdings Inc (9627 JP)

AIN HOLDINGS Placement - Good Track Record and Extended Trading Helps

AIN HOLDINGS INC. (9627 JP) is raising approximately US$239m through an issuance of 3.45m shares, out of which 3.27m will be primary shares...

Zhen Zhou, Toh

A Winner, but All in the Price Now...we Think

This is the biggest prescription drug retailer in Japan. In 1994 the government deregulated the market allowing retailers with pharmacists to take...

Pearl Hill Advisors

December 2016 Review of Current Developments in Japan's Economy

"Nikkei CPINow" is a statistical database produced by Nowcast Inc. that provides real-time economic statistics using so-called “big data”...

Nowcast, Inc.

Death Rattle for Defensives?

While it is not a given that a switch from a high growth, high interest rate environment to a low growth, low interest rate environment is a good...

Pelham Smithers Associates

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