APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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>
<a href="https://www.smartkarma.com/entities/orion-breweries-limited" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries Limited's (409A JT)</a> operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.</li>
</ul>



Orion Breweries Limited's (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.


Orion Breweries IPO - Smaller Scale Warrants Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orion-breweries-limited" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries Limited's (409A JT)</a> operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Orion Breweries Limited's (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Orion Breweries Pre-IPO - Brewing Growth Beyond Okinawa, Headwinds Ahead

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Screen numbers a headline miss but outlook for guidance hike over 2Q numbers remains.</li>
<li>Shin Etsu drop on back of PVC weakness could be short lived on a more dovish outcome.</li>
<li>Renesas down after numbers with market wanting more clarity over comments that 2026 remains "unclear".</li>
</ul>


Screen numbers a headline miss but outlook for guidance hike over 2Q numbers remains.
Shin Etsu drop on back of PVC weakness could be short lived on a more dovish outcome.
Renesas down after numbers with market wanting more clarity over comments that 2026 remains "unclear".


Japan Morning Connection: EU Trade Deal Should Help JP Names with High European Exposure Gain

<ul>
<li>Semi's and cons disc leading way higher, Japan set for strong start.</li>
<li>Apple breaking downtrend on news its releasing a new game center to better compete against consoles.</li>
<li>Nuclear names surging again which sets a continued positive tone for heavies and related.</li>
</ul>


Semi's and cons disc leading way higher, Japan set for strong start.
Apple breaking downtrend on news its releasing a new game center to better compete against consoles.
Nuclear names surging again which sets a continued positive tone for heavies and related.


Japan Morning Connection: Risk-On with Investors Liking Optimistic Tone from EU-US Talks

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.

<ul>
<li>The food and beverage sector stands out for its aggressive dual approach—raising prices while driving internal efficiencies—which could position it for earnings outperformance if input cost inflation stabilizes.</li>
<li>Alcoholic beverage makers are facing near-term consumption risks post-price hikes. Yet they are pursuing structural cost improvements to safeguard margins.</li>
<li>Department store operators are balancing strong recent performance and structural transformation with near-term headwinds from remodeling and softer inbound trends.</li>
</ul>


The food and beverage sector stands out for its aggressive dual approach—raising prices while driving internal efficiencies—which could position it for earnings outperformance if input cost inflation stabilizes.
Alcoholic beverage makers are facing near-term consumption risks post-price hikes. Yet they are pursuing structural cost improvements to safeguard margins.
Department store operators are balancing strong recent performance and structural transformation with near-term headwinds from remodeling and softer inbound trends.


Japan Consumer Sector Update: Q4 FY2025 Wrap-Up and FY2026 Outlook

Japan

Asahi Group Holdings, Ltd. produces beer and other beverages including non-alcoholic drinks. The Company sells its products in Japan and overseas.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Asahi Group Holdings (2502 JP)

Orion Breweries IPO - Smaller Scale Warrants Discount

Orion Breweries aims to raise around US$126m in its Japan IPO via a combination of a primary and secondary offering. In this note, we talk about...

Akshat Shah

Orion Breweries Pre-IPO - Brewing Growth Beyond Okinawa, Headwinds Ahead

Orion Breweries Limited’s operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$126m in its Japan...

Akshat Shah

Japan Morning Connection: EU Trade Deal Should Help JP Names with High European Exposure Gain

Screen's numbers were a miss which might open a buy the dip opportunity. Reaction to Shin Etsu guidance may have been excessive. Names with high EU...

Andrew Jackson

Japan Morning Connection: Risk-On with Investors Liking Optimistic Tone from EU-US Talks

May be a lift for names in Japan with high EU exposures. EU defence spending increasing sentiment for anything related to nuclear plant...

Andrew Jackson

Japan Consumer Sector Update: Q4 FY2025 Wrap-Up and FY2026 Outlook

Food and beverage sector raising prices and driving efficiencies for potential earnings outperformance, while alcoholic beverage makers face...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Orion Breweries IPO - Smaller Scale Warrants Discount

Orion Breweries aims to raise around US$126m in its Japan IPO via a combination of a primary and secondary offering. In this note, we talk about...

Akshat Shah

Orion Breweries Pre-IPO - Brewing Growth Beyond Okinawa, Headwinds Ahead

Orion Breweries Limited’s operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$126m in its Japan...

Akshat Shah

Japan Morning Connection: EU Trade Deal Should Help JP Names with High European Exposure Gain

Screen's numbers were a miss which might open a buy the dip opportunity. Reaction to Shin Etsu guidance may have been excessive. Names with high EU...

Andrew Jackson

Japan Morning Connection: Risk-On with Investors Liking Optimistic Tone from EU-US Talks

May be a lift for names in Japan with high EU exposures. EU defence spending increasing sentiment for anything related to nuclear plant...

Andrew Jackson

Japan Consumer Sector Update: Q4 FY2025 Wrap-Up and FY2026 Outlook

​Food and beverage sector raising prices and driving efficiencies for potential earnings outperformance, while alcoholic beverage makers face...

Oshadhi Kumarasiri

Food and beverage sector raising prices and driving efficiencies for potential earnings outperformance, while alcoholic beverage makers face...