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/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.   </li>
<li>The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.   </li>
<li>The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage. </li>
</ul>



NS Group (471A JP) is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.   
The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.   
The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage. 


Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Revenue increased 15.9% YoY to JPY2.9bn, driven by growth in rent guarantee services, despite Solution business decline.</li><li>Operating profit rose 22.0% YoY to JPY660mn, with an OPM increase of 1.1pp YoY to 22.9%.</li><li>Total contracts in force reached 482,000, with Guarantee business contracts up 19.9% YoY, Solution business contracts down 23.8% YoY.</li></ul>

Revenue increased 15.9% YoY to JPY2.9bn, driven by growth in rent guarantee services, despite Solution business decline.Operating profit rose 22.0% YoY to JPY660mn, with an OPM increase of 1.1pp YoY to 22.9%.Total contracts in force reached 482,000, with Guarantee business contracts up 19.9% YoY, Solution business contracts down 23.8% YoY.

Entrust Inc (7191 JP): Q1 FY03/26 flash update

<ul><li>Revenue increased 17.9% YoY to JPY7.8bn, driven by growth in rent guarantee services; operating profit rose 11.0% YoY.</li><li>Total contracts in force reached 475,000 (+4.0% YoY), with Guarantee business contracts increasing 20.7% YoY to 349,000.</li><li>Solution business revenue declined 14.5% YoY as customers switched to guarantee contracts, reducing contracts in force by 24.7% YoY.</li></ul>

Revenue increased 17.9% YoY to JPY7.8bn, driven by growth in rent guarantee services; operating profit rose 11.0% YoY.Total contracts in force reached 475,000 (+4.0% YoY), with Guarantee business contracts increasing 20.7% YoY to 349,000.Solution business revenue declined 14.5% YoY as customers switched to guarantee contracts, reducing contracts in force by 24.7% YoY.

Entrust Inc (7191 JP): Q3 FY03/25 flash update

<ul><li>Revenue increased 18.0% YoY to JPY5.1bn, driven by growth in rent guarantee services, despite a 7.5% YoY decline in the Solution business.</li><li>Operating profit rose 11.4% YoY to JPY1.1bn, with an OPM of 22.4%, while recurring profit increased 12.6% YoY to JPY1.1bn.</li><li>Total contracts in force reached 455,000, with Guarantee business contracts up 16.4% YoY, while Solution business contracts fell 25.1% YoY.</li></ul>

Revenue increased 18.0% YoY to JPY5.1bn, driven by growth in rent guarantee services, despite a 7.5% YoY decline in the Solution business.Operating profit rose 11.4% YoY to JPY1.1bn, with an OPM of 22.4%, while recurring profit increased 12.6% YoY to JPY1.1bn.Total contracts in force reached 455,000, with Guarantee business contracts up 16.4% YoY, while Solution business contracts fell 25.1% YoY.

Entrust Inc (7191 JP): 1H FY03/25 flash update

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

<ul>
<li>Entrust is one of the major players in the Japanese rent debt guarantee space;</li>
<li>The company possesses a solid track record of developing and growing new adjacent businesses by leveraging its know-how from the core business;</li>
<li>I am hoping for a more visible economic moat (especially from the company's new adjacencies), a higher free cash flow conversion, and/or a lower valuation.</li>
</ul>


Entrust is one of the major players in the Japanese rent debt guarantee space;
The company possesses a solid track record of developing and growing new adjacent businesses by leveraging its know-how from the core business;
I am hoping for a more visible economic moat (especially from the company's new adjacencies), a higher free cash flow conversion, and/or a lower valuation.


Entrust: Emerging Quality but Unattractive Valuation

Japan

Entrust Inc. offers rent guarantee and guarantee-related solution services. The Company provides rent arrear guarantee related services, nursing-care, and medical-care guarantee. Entrust serves customers in Japan.

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

Entrust Inc (7191 JP)

NS Group (471A) IPO: The Investment Case

NS Group, a Japanese property rent guarantee company, is seeking to raise up to US$255 million. In this note, I discuss the investment case.

Arun George