Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 16th. The aggregated net margin trading position is USD16,876m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, margin trading position as multiples of ADT.</li>
<li>We highlight net margin buy/sell changes in Dena, Rakuten, Sumitomo Mitsui Financial, Toyota Motor, Mitsui O.S.K. Lines, Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Nippon Yusen Kabushiki Kaisha.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 16th. The aggregated net margin trading position is USD16,876m.
We tabulate league tables for top/bottom net long/short of margin trading by value, margin trading position as multiples of ADT.
We highlight net margin buy/sell changes in Dena, Rakuten, Sumitomo Mitsui Financial, Toyota Motor, Mitsui O.S.K. Lines, Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Nippon Yusen Kabushiki Kaisha.


JPX Margin Trading Weekly (May 16th): Dena, Rakuten, Sumitomo Mitsui Financial, Toyota Motor

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Amazon’s growing lead in Japan’s e-commerce market looks increasingly inexorable. </li>
<li>While growth in Japan was slower than some other Amazon markets, it still outpaced Rakuten. LY Corp did better but partly in reaction to poor results the year before. </li>
<li>Meanwhile, a recent survey suggests growing interest in brand-operated online stores, particularly to read more in-depth content and use brand-based points.</li>
</ul>


Amazon’s growing lead in Japan’s e-commerce market looks increasingly inexorable. 
While growth in Japan was slower than some other Amazon markets, it still outpaced Rakuten. LY Corp did better but partly in reaction to poor results the year before. 
Meanwhile, a recent survey suggests growing interest in brand-operated online stores, particularly to read more in-depth content and use brand-based points.


The Big 3: Amazon’s Lead Grows as Rakuten Stumbles

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Telecom companies are traditionally "easy" to value. They have assets, debt, depreciation, earnings, cashflow. Lots of people like to use EV/EBITDA to measure.</li>
<li>In comparing Japan's telcos, I believe when <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" data-smartkarma-citation="entities:27445:1" rel="noopener">Softbank Corp (9434 JP)</a> is in the mix, one has to use forward PERs. EV/EBITDA is too fraught with complications.</li>
<li>Softbank is currently at its most expensive multiple since listing on a Price to Forward Earnings basis, and relative to its major Peers. And KDDI has a big buyback now.</li>
</ul>


Telecom companies are traditionally "easy" to value. They have assets, debt, depreciation, earnings, cashflow. Lots of people like to use EV/EBITDA to measure.
In comparing Japan's telcos, I believe when Softbank Corp (9434 JP) is in the mix, one has to use forward PERs. EV/EBITDA is too fraught with complications.
Softbank is currently at its most expensive multiple since listing on a Price to Forward Earnings basis, and relative to its major Peers. And KDDI has a big buyback now.


Softbank Corp (9434) - Accounting for the Accounting Is Complicated Redux - So Be Bearish

Thematic (Sector/Industry)

<ul>
<li>E-Commerce growth slowed marginally as the sector consolidated post-Covid but remained higher than any other channel in 2022. </li>
<li>By 2025-26, it will be the largest channel, overtaking convenience stores – but Japan’s continuing support for retail stores means that omnichannel will be the main model.</li>
<li>As a result, the majority of transactions will be researched, initiated, and fulfilled through a combination of online and physical stores.</li>
</ul>


E-Commerce growth slowed marginally as the sector consolidated post-Covid but remained higher than any other channel in 2022. 
By 2025-26, it will be the largest channel, overtaking convenience stores – but Japan’s continuing support for retail stores means that omnichannel will be the main model.
As a result, the majority of transactions will be researched, initiated, and fulfilled through a combination of online and physical stores.


E-Commerce in Japan: Omnichannel Consolidation

<ul>
<li>Private brands developed and managed by retailers themselves offer plenty of price and marketing flexibility during these inflationary times.</li>
<li>But it is not only their popularity as cheaper alternatives that is growing, so too are pack sizes, as consumers increase shopping volume and reduce shopping trip frequency.</li>
<li>The trend is another sign of why investors should look out for retailers with good private brands, given the impact on both sales and margin growth.</li>
</ul>


Private brands developed and managed by retailers themselves offer plenty of price and marketing flexibility during these inflationary times.
But it is not only their popularity as cheaper alternatives that is growing, so too are pack sizes, as consumers increase shopping volume and reduce shopping trip frequency.
The trend is another sign of why investors should look out for retailers with good private brands, given the impact on both sales and margin growth.


Private Brands in Japan: Getting Bigger – Literally

Japan

ASKUL Corporation sells office equipment products to medium and small sized business offices via the Internet and facsimiles.  The Company provides next day delivery services throughout Japan.

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Askul Corp (2678 JP)

JPX Margin Trading Weekly (May 16th): Dena, Rakuten, Sumitomo Mitsui Financial, Toyota Motor

We analyzed JPX margin trading position report for the past week and highlighted margin trading activities in Mitsui O.S.K. Lines, Kawasaki Heavy...

Ke Yan, CFA, FRM

The Big 3: Amazon’s Lead Grows as Rakuten Stumbles

Amazon continues to dominate Japan's e-commerce market, outpacing Rakuten in growth despite slower progress compared to other markets.

Michael Causton

Softbank Corp (9434) - Accounting for the Accounting Is Complicated Redux - So Be Bearish

Accounting for all the adjustments needed in EV (and EBITDA) in constructing a fair value for Softbank Corp means one should use forward PER. In...

Travis Lundy

E-Commerce in Japan: Omnichannel Consolidation

E-commerce growth in Japan remains strong post-Covid, set to overtake convenience stores by 2025-26, with omnichannel model becoming dominant for...

Michael Causton

Private Brands in Japan: Getting Bigger – Literally

Private brands offer price and marketing flexibility during inflation, and their popularity is increasing. Investors should focus on retailers...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (May 16th): Dena, Rakuten, Sumitomo Mitsui Financial, Toyota Motor

We analyzed JPX margin trading position report for the past week and highlighted margin trading activities in Mitsui O.S.K. Lines, Kawasaki Heavy...

Ke Yan, CFA, FRM

The Big 3: Amazon’s Lead Grows as Rakuten Stumbles

​Amazon continues to dominate Japan's e-commerce market, outpacing Rakuten in growth despite slower progress compared to other markets.

Michael Causton

Softbank Corp (9434) - Accounting for the Accounting Is Complicated Redux - So Be Bearish

Accounting for all the adjustments needed in EV (and EBITDA) in constructing a fair value for Softbank Corp means one should use forward PER. In...

Travis Lundy

E-Commerce in Japan: Omnichannel Consolidation

​E-commerce growth in Japan remains strong post-Covid, set to overtake convenience stores by 2025-26, with omnichannel model becoming dominant for...

Michael Causton

Private Brands in Japan: Getting Bigger – Literally

​Private brands offer price and marketing flexibility during inflation, and their popularity is increasing. Investors should focus on retailers...

Michael Causton

Amazon continues to dominate Japan's e-commerce market, outpacing Rakuten in growth despite slower progress compared to other markets.

E-commerce growth in Japan remains strong post-Covid, set to overtake convenience stores by 2025-26, with omnichannel model becoming dominant for...

Private brands offer price and marketing flexibility during inflation, and their popularity is increasing. Investors should focus on retailers...