Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/zuiko-corp" target="_blank" data-smartkarma-citation="entities:5568:1" rel="noopener">Zuiko Corp (6279 JP)</a>, <a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a>, and <a href="https://www.smartkarma.com/entities/lifedrink-co-inc" target="_blank" data-smartkarma-citation="entities:39842:1" rel="noopener">Lifedrink (2585 JP)</a> will have TOPIX Inclusion events at the end of June (Zuiko) or July 2023 (the other two).</li>
<li>One of our pre-event TOPIX Inclusion candidates <a href="https://www.smartkarma.com/entities/celsys-inc" target="_blank" data-smartkarma-citation="entities:20774:1" rel="noopener">CELSYS (3663 JP)</a> has experienced sharp price moves over the last few weeks.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Zuiko Corp (6279 JP), Anycolor (5032 JP), and Lifedrink (2585 JP) will have TOPIX Inclusion events at the end of June (Zuiko) or July 2023 (the other two).
One of our pre-event TOPIX Inclusion candidates CELSYS (3663 JP) has experienced sharp price moves over the last few weeks.


TOPIX Inclusions: Who Is Ready (Jun 2023)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a> IPOed a year ago, rose several-fold, saw the underwriting broker offer a huge target price, then it fell. There was an offering. <em>And then the murders began.*</em>
</li>
<li>The offering in January, discussed <a href="https://www.smartkarma.com/insights/anycolor-5032-overseas-offering-pre-ipo-vcs-selling-this-high-growth-name" target="_blank" rel="noopener">here</a>, created overhang, and the stock fell sharply in the next 6 weeks. Blowout earnings came in mid-March. Along with a TSE Prime transfer application.</li>
<li>Now we have the Prime promotion on 8 June, which leads to a TOPIX inclusion on 28 July. </li>
</ul>



Anycolor (5032 JP) IPOed a year ago, rose several-fold, saw the underwriting broker offer a huge target price, then it fell. There was an offering. And then the murders began.*

The offering in January, discussed here, created overhang, and the stock fell sharply in the next 6 weeks. Blowout earnings came in mid-March. Along with a TSE Prime transfer application.
Now we have the Prime promotion on 8 June, which leads to a TOPIX inclusion on 28 July. 


Anycolor (5032 JP) - Moving to Prime Next Week, TOPIX Inclusion Next Month

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a> reported Q3 results today. 9mo Revenue is now above the lower end of original forecasts for the full-year. 9mo OP is 25% higher than the original mid-range.</li>
<li>The net profit forecast is now up 51% from the original mid-range, and up 128% on the year. The stock has cratered. Badly. </li>
<li>It is now 19x April 2023 earnings for 90% revenue growth and 150% Net Profit growth and 40% OPM in the last quarter. Go figure.</li>
</ul>



Anycolor (5032 JP) reported Q3 results today. 9mo Revenue is now above the lower end of original forecasts for the full-year. 9mo OP is 25% higher than the original mid-range.
The net profit forecast is now up 51% from the original mid-range, and up 128% on the year. The stock has cratered. Badly. 
It is now 19x April 2023 earnings for 90% revenue growth and 150% Net Profit growth and 40% OPM in the last quarter. Go figure.


Anycolor (5032 JP) Shows Its Colours - Great Quarter Guys! and TOPIX-Bound

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

Amvis Holdings Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amvis-holdings-inc" target="_blank" data-smartkarma-citation="entities:31511:1" rel="noopener">Amvis Holdings Inc (7071 JP)</a> (AH)’s founder aims to raise around US$250m via a secondary follow-on offering.</li>
<li>The deal will increase the free-float of the stock and will lead to the stock being transferred to the Prime segment.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Amvis Holdings Inc (7071 JP) (AH)’s founder aims to raise around US$250m via a secondary follow-on offering.
The deal will increase the free-float of the stock and will lead to the stock being transferred to the Prime segment.
In this note, we will talk about the placement and run the deal through our ECM framework.


Amvis Holdings Placement - Has Done Exceptionally Well, Now It's Prime Time

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022. </li>
<li>The following dataset includes all Korean placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of <strong>29 deals</strong>.</li>
<li>The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.</li>
</ul>


In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022. 
The following dataset includes all Korean placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 29 deals.
The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.


Aequitas Korea Placements Bookrunner Performance (2019-2022)

Japan

Anycolor Inc. operates animation production businesses. The Company produces anime and other products. Anycolor conducts businesses in Japan.

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Anycolor (5032 JP)

TOPIX Inclusions: Who Is Ready (Jun 2023)

There are currently 59 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 72 names can satisfy 5 out of 6...

Janaghan Jeyakumar, CFA

Anycolor (5032 JP) - Moving to Prime Next Week, TOPIX Inclusion Next Month

Anycolor (5032 JP) is moving to TSE Prime, and therefore to TOPIX. Big news, but not unexpected. Perhaps more importantly, earnings are next week.

Travis Lundy

Anycolor (5032 JP) Shows Its Colours - Great Quarter Guys! and TOPIX-Bound

Anycolor shows its colours. Q3 earnings beat implied forecasts, and they raised forecasts.guidance for the full year. Way above original growth...

Travis Lundy

Amvis Holdings Placement - Has Done Exceptionally Well, Now It's Prime Time

Amvis Holdings Inc (7071 JP) (AH)’s founder aims to raise around US$250m via a secondary follow-on offering. In this note, we will run the deal...

Sumeet Singh

Aequitas Korea Placements Bookrunner Performance (2019-2022)

In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022, which includes all Korean placements...

Ethan Aw

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