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>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.3bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
In this note, we talk about the not-so-positive aspects of the deal.


Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s  shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. </li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Tokyo Metro (9023 JP)'s  shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. 
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
In this note, we talk about the positive aspects of the deal.


Tokyo Metro IPO - The Positives - Quasi-Monopoly Status

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>Uniqlo’s European arm is on a roll, with more stores, higher sales and a loyal fan base. 35% of customers were under 29 last year up from 16% in 2019.</li>
<li>Uniqlo is also doing better at home but it needs the boost from newer markets given concerns over growth in China.</li>
<li>And it is far too early to know whether GU's formal launch in the US will pay off but so far so good.</li>
</ul>


Uniqlo’s European arm is on a roll, with more stores, higher sales and a loyal fan base. 35% of customers were under 29 last year up from 16% in 2019.
Uniqlo is also doing better at home but it needs the boost from newer markets given concerns over growth in China.
And it is far too early to know whether GU's formal launch in the US will pay off but so far so good.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Every year it's the same trade. This year it is Thursday and Friday. There is some funkiness to Monday too.</li>
<li>There is meaningful directional buying on one day, which then kind of gets stretched a bit. This year, circumstances suggest high confidence buying should be at the top end.</li>
<li>This year, because circumstances, I expect the trade is a lot larger than last year. I'd say ¥1.6trln. </li>
</ul>


Every year it's the same trade. This year it is Thursday and Friday. There is some funkiness to Monday too.
There is meaningful directional buying on one day, which then kind of gets stretched a bit. This year, circumstances suggest high confidence buying should be at the top end.
This year, because circumstances, I expect the trade is a lot larger than last year. I'd say ¥1.6trln. 


The Biggish Sep 2024 "Thursday-Friday Trade"

<ul>
<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

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

Price Gauge
52-week Range	0.00 - 0.00
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Fast Retailing (9983 JP)

Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we talk about the not-so-postive.

Sumeet Singh

Tokyo Metro IPO - The Positives - Quasi-Monopoly Status

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Uniqlo’s European Romance

Uniqlo's European expansion has momentum with increased sales and a younger customer base, while growth in China remains uncertain and GU's US...

Michael Causton

The Biggish Sep 2024 "Thursday-Friday Trade"

This year, the September dividend trade is likely quite a bit larger than last year. Last year was likely reduced by de-allocation. Not this year....

Travis Lundy

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we talk about the not-so-postive.

Sumeet Singh

Tokyo Metro IPO - The Positives - Quasi-Monopoly Status

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Uniqlo’s European Romance

​Uniqlo's European expansion has momentum with increased sales and a younger customer base, while growth in China remains uncertain and GU's US...

Michael Causton

The Biggish Sep 2024 "Thursday-Friday Trade"

This year, the September dividend trade is likely quite a bit larger than last year. Last year was likely reduced by de-allocation. Not this year....

Travis Lundy

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

Uniqlo's European expansion has momentum with increased sales and a younger customer base, while growth in China remains uncertain and GU's US...