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

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<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (TKYMETRO JP)</a>, a mass transit operator, is seeking to raise up to US$2.3 billion. Pricing is on 15 October, and the listing is on 23 October.   </li>
<li>Tokyo Metro is held 53.42% by the Minister of Finance and 46.58% by the Tokyo Metropolitan Government. </li>
<li>The bull case rests on a core high-quality asset, future growth drivers, top-quartile profitability, high FCF generation, and peer-leading dividend payout. </li>
</ul>



Tokyo Metro (TKYMETRO JP), a mass transit operator, is seeking to raise up to US$2.3 billion. Pricing is on 15 October, and the listing is on 23 October.   
Tokyo Metro is held 53.42% by the Minister of Finance and 46.58% by the Tokyo Metropolitan Government. 
The bull case rests on a core high-quality asset, future growth drivers, top-quartile profitability, high FCF generation, and peer-leading dividend payout. 


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.

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<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (TKYMETRO JP)</a>’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.</li>
<li>Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.</li>
<li>In this note, we take an early look at the possible listing.</li>
</ul>



Tokyo Metro (TKYMETRO JP)’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.
Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.
In this note, we take an early look at the possible listing.


Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/west-japan-railway-co" target="_blank" data-smartkarma-citation="entities:12077:1" rel="noopener">West Japan Railway Co (9021 JP)</a> announced <a href="https://www.westjr.co.jp/global/en/ir/library/flash-report/pdf/fr202404.pdf" target="_blank" rel="noopener">FY23 earnings</a>, a <a href="https://www.westjr.co.jp/global/en/ir/news/2025/pdf/en_20240430_01.pdf" target="_blank" rel="noopener">higher dividend</a>, an <a href="https://www.westjr.co.jp/global/en/ir/library/meeting/pdf/presen20240430.pdf" target="_blank" rel="noopener">update to the Medium-Term Management Plan</a> (p10~), and a Buyback.</li>
<li>Short &amp; Sweet:  Revenues were +17.2%yoy, OP +114.1%, NP +1.6%. OPM was 11.0% and ROE 9.2% (both best since FY18). Guidance is Revenue up, OP down, NP tiny up.</li>
<li>The new FY25 (Mar26) OP guide in the MTMP is the old Mar28 target (mostly inbound tourism-driven). The Buyback is biggish. It is worth looking at the details. </li>
</ul>


Yesterday, West Japan Railway Co (9021 JP) announced FY23 earnings, a higher dividend, an update to the Medium-Term Management Plan (p10~), and a Buyback.
Short &amp; Sweet:  Revenues were +17.2%yoy, OP +114.1%, NP +1.6%. OPM was 11.0% and ROE 9.2% (both best since FY18). Guidance is Revenue up, OP down, NP tiny up.
The new FY25 (Mar26) OP guide in the MTMP is the old Mar28 target (mostly inbound tourism-driven). The Buyback is biggish. It is worth looking at the details. 


JR West (9021 JP) - Shareholder Structure Means Large-Ish Buyback Could Have Impact

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. 

Thematic (Sector/Industry)

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<li>After a bumper bonus during Covid, the fashion sector saw calmer spending in the last 18 months as the big return to shops led to more muted growth online. </li>
<li>The overall EC fashion market grew around 4-7% depending on how you measure it, but online market share actually fell as people went back to shops.</li>
<li>This in-depth review highlights the key trends in the sector as well as the winners by sales growth among retailers and fashion brands.</li>
</ul>


After a bumper bonus during Covid, the fashion sector saw calmer spending in the last 18 months as the big return to shops led to more muted growth online. 
The overall EC fashion market grew around 4-7% depending on how you measure it, but online market share actually fell as people went back to shops.
This in-depth review highlights the key trends in the sector as well as the winners by sales growth among retailers and fashion brands.


Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

Keisei Electric Railway Co / Event-Driven

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<li>In late February, <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> announced a 5.0mm share (2.96%) ¥33bn buyback, to be executed in the following 3 months. That meant likely ToSTNeT-3.</li>
<li>I thought that mildly bullish. Shares rose 0.05% the next day. Then we got an OLC offering announcement. I thought that bearish. The stock popped early but fell hard.</li>
<li>Today the announcement. It IS a ToSTNeT-3. tomorrow. At ¥6,320/share. But it is an Accelerated Share Repurchase. Which changes things. Or it doesn't. But it bears watching closely, maybe acting.</li>
</ul>


In late February, Keisei Electric Railway Co (9009 JP) announced a 5.0mm share (2.96%) ¥33bn buyback, to be executed in the following 3 months. That meant likely ToSTNeT-3.
I thought that mildly bullish. Shares rose 0.05% the next day. Then we got an OLC offering announcement. I thought that bearish. The stock popped early but fell hard.
Today the announcement. It IS a ToSTNeT-3. tomorrow. At ¥6,320/share. But it is an Accelerated Share Repurchase. Which changes things. Or it doesn't. But it bears watching closely, maybe acting.


Keisei Electric (9009) Share Buyback - Interesting Dynamics & Opportunity

Japan

East Japan Railway Company provides rail transportation services in the Kanto and Tohoku regions, including Tokyo.  The Company's services include the shinkansen (bullet train) network and the Tokyo metropolitan network.  East Japan Railway also leases real estate and operates hotel, travel, and restaurant businesses.

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East Japan Railway Co (9020 JP)

Tokyo Metro (9023 JP) IPO: The Bull Case

The bull case rests on a core high-quality asset, future growth drivers, top-quartile profitability, high FCF generation, and peer-leading dividend...

Arun George

Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

The company has now officially filed to raise around US$2.3bn in its IPO next month, which will make it the largest IPO in Japan since 2018.

Sumeet Singh

JR West (9021 JP) - Shareholder Structure Means Large-Ish Buyback Could Have Impact

JR West announced b/t/e earnings, and a large-ish buyback. The stock popped. Shareholder structure is such that IF cross-holders do not start...

Travis Lundy

Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokyo Metro (9023 JP) IPO: The Bull Case

The bull case rests on a core high-quality asset, future growth drivers, top-quartile profitability, high FCF generation, and peer-leading dividend...

Arun George

Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

The company has now officially filed to raise around US$2.3bn in its IPO next month, which will make it the largest IPO in Japan since 2018.

Sumeet Singh

JR West (9021 JP) - Shareholder Structure Means Large-Ish Buyback Could Have Impact

JR West announced b/t/e earnings, and a large-ish buyback. The stock popped. Shareholder structure is such that IF cross-holders do not start...

Travis Lundy

Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

​Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...

Michael Causton

Keisei Electric (9009) Share Buyback - Interesting Dynamics & Opportunity

Keisei is doing a ToSTNeT-3. Crossholders might sell, but the purpose is an ASR. Those long Keisei/Short OLC can also sell a large block of Keisei....

Travis Lundy

Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...