Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Buybacks in Japan are becoming a much greater driver of shareholder return than in previous years. The total amount of buybacks announced just during the March-end earnings season cleared ¥7trln.</li>
<li>Quiddity has developed a buyback tool which tracks Japanese buybacks and the buyback history for any given company. <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP)</a> announced a big post-Offering buyback this week.</li>
<li>Want to see how Isuzu has executed buybacks the past decade? Daily data? % volume? You can check here for any of the 21 companies which announced buybacks this week. </li>
</ul>


Buybacks in Japan are becoming a much greater driver of shareholder return than in previous years. The total amount of buybacks announced just during the March-end earnings season cleared ¥7trln.
Quiddity has developed a buyback tool which tracks Japanese buybacks and the buyback history for any given company. Isuzu Motors (7202 JP) announced a big post-Offering buyback this week.
Want to see how Isuzu has executed buybacks the past decade? Daily data? % volume? You can check here for any of the 21 companies which announced buybacks this week. 


[Japan Buybacks] - Buybacks Announced 26-30 May 2025 And Company Buyback History

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

<ul>
<li>Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note we will talk about the IPO valuation.</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note we will talk about the IPO valuation.


Net Protections Holdings IPO - Needs a Bit of Hope and Belief

<ul>
<li>Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note we undertake a peer comparison and talk about valuations.</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note we undertake a peer comparison and talk about valuations.


Net Protections Holdings IPO - Peer Comparison and Thoughts on Valuation

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

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.

Poppins Holdings Inc / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/poppins-holdings-inc" target="_blank" data-smartkarma-citation="entities:31056:1" rel="noopener">Poppins Holdings Inc (7358 JP)</a>  operates in the child-care and elderly care services market in Japan. The company offers child-care services such as nanny services and nursery schools, infant/early childhood education support services and elderly care support services such as home care services for seniors and daytime care services.The company has filed for an IPO to list its shares on the Tokyo Stock Exchange and plans to raise JPY8.9bn (US$85.8m) at the midpoint of the IPO pricing.In our previous insight on the company’s IPO, we examined the company’s business model, the industry and the revenue channels. In this insight, we take a look at the company’s financials.

Poppins Holdings Inc (7358 JP)  operates in the child-care and elderly care services market in Japan. The company offers child-care services such as nanny services and nursery schools, infant/early childhood education support services and elderly care support services such as home care services for seniors and daytime care services.The company has filed for an IPO to list its shares on the Tokyo Stock Exchange and plans to raise JPY8.9bn (US$85.8m) at the midpoint of the IPO pricing.In our previous insight on the company’s IPO, we examined the company’s business model, the industry and the revenue channels. In this insight, we take a look at the company’s financials.

Poppins IPO: Well Positioned to Benefit from Japanese Demographic Trends

Equity Bottom-Up

Freee offers cloud-based online accounting and HR/Payroll software to small and medium businesses (SMBs) in Japan. The company operates a subscription-based revenue model, and the adoption of cloud-based accounting and HR software among SMBs is still at a nascent stage compared to other Western markets.The company’s shares have gained 177% YTD outperforming both Nikkei 225 Index and Topix.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/174/972/original/image_65217007521606637862376.png?1606637863" class="editor-image img-responsive" data-smartkarma-image-id="174972"></figure><div class="content-caption">Source: Cap IQ</div>Our “2021 High Conviction” calls for an upside potential of at least 50%. Given the company is a few quarters away from reporting OP, we believe it is likely that the company’s share price will rally more than 50% over the next 12-months.

Freee offers cloud-based online accounting and HR/Payroll software to small and medium businesses (SMBs) in Japan. The company operates a subscription-based revenue model, and the adoption of cloud-based accounting and HR software among SMBs is still at a nascent stage compared to other Western markets.The company’s shares have gained 177% YTD outperforming both Nikkei 225 Index and Topix.Source: Cap IQOur “2021 High Conviction” calls for an upside potential of at least 50%. Given the company is a few quarters away from reporting OP, we believe it is likely that the company’s share price will rally more than 50% over the next 12-months.

2021 High Conviction - Rapid User Growth Will Set You Freee From Losses

Japan

eGuarantee, Inc. offers guarantee services for accounts and note receivables arising from business and financial service transactions. The Company analyzes the credit risk of receivables and loans. eGuarantee also provides consulting services for credit risk and credit management.

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eGuarantee, Inc. (8771 JP)

[Japan Buybacks] - Buybacks Announced 26-30 May 2025 And Company Buyback History

Testing out a new tool for buyback data. This time, a recap of the week's announced buybacks (¥254bn, 21 cos) in Japan, along with 10yr historical...

Travis Lundy

Net Protections Holdings IPO - Needs a Bit of Hope and Belief

Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares...

Sumeet Singh

Net Protections Holdings IPO - Peer Comparison and Thoughts on Valuation

Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares...

Sumeet Singh

Poppins IPO: Well Positioned to Benefit from Japanese Demographic Trends

Poppins offers child-care services such as nanny services and nursery schools, infant/early childhood education support services and elderly care...

Shifara Samsudeen, FCMA, CGMA

2021 High Conviction - Rapid User Growth Will Set You Freee From Losses

Our “2021 High Conviction” calls for an upside potential of at least 50%. Given the company is a few quarters away from reporting OP, we believe it...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)