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>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:105670" rel="noopener">TRYT IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105712" rel="noopener">TRYT IPO: The Bear Case</a>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.</li>
</ul>



Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
We previously discussed the IPO in TRYT IPO: The Bull Case and TRYT IPO: The Bear Case. 
In this note, we discuss valuation. Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise about US$460m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>We have looked at the company’s past performance and track record against peers in our earlier notes. In this note, we will discuss our thoughts on valuation.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
We have looked at the company’s past performance and track record against peers in our earlier notes. In this note, we will discuss our thoughts on valuation.


Tryt IPO - Thoughts on Valuation - Even with Optimistics Forecasts, The Firm Isn’t Cheap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise about US$460m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.


Tryt IPO - Peer Comp - One of the Widest Margins Historically, but Has Lagged over the Track Record

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise about US$460m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the not so positive aspects of the deal.


Tryt IPO - The Negatives - Margins Have Consistently Narrowed and Gearing Could Cap Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise about US$460m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the positive aspects of the deal.


Tryt IPO - The Positives - Supportive Macro Backdrop and Has Weathered the Pandemic Well

Japan

Open Up Group Inc. provides temporary help services. The Company provides personnel staffing services, technician staffing services, overseas staffing services, and other services. Open Up Group also provides office building leasing, restaurants management, vocational training, and other services.

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Open Up Group (2154 JP)

TRYT IPO: Valuation Insights

Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.

Arun George

Tryt IPO - Thoughts on Valuation - Even with Optimistics Forecasts, The Firm Isn’t Cheap

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO. In this note, we will discuss our thoughts on valuation.

Clarence Chu

Tryt IPO - Peer Comp - One of the Widest Margins Historically, but Has Lagged over the Track Record

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO. We have looked at the company’s past performance in our earlier notes, in...

Clarence Chu

Tryt IPO - The Negatives - Margins Have Consistently Narrowed and Gearing Could Cap Growth

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO. In this note, we will talk about the not so positive aspects of the deal.

Clarence Chu

Tryt IPO - The Positives - Supportive Macro Backdrop and Has Weathered the Pandemic Well

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO. In this note, we will talk about the positive aspects of the deal.

Clarence Chu

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)