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

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

<ul>
<li>Net Protections Holdings offers Japan’s largest buy now pay later service to both consumers and SMEs. </li>
<li>The company has been growing steadily at a CAGR of just over 25% which should interest investors. </li>
<li>However, there are a variety of issues with the business which make us question the long-term prospects.</li>
</ul>


Net Protections Holdings offers Japan’s largest buy now pay later service to both consumers and SMEs. 
The company has been growing steadily at a CAGR of just over 25% which should interest investors. 
However, there are a variety of issues with the business which make us question the long-term prospects.


Net Protections IPO – If You Buy Now You May Pay Later

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/shift-inc" target="_blank" data-smartkarma-citation="entities:7266:1" rel="noopener">Shift Inc (3697 JP)</a> reported its 4QFY08/2021 and full-year FY08/2021 results on Tuesday (12th October) which saw revenues growing 60.2% YoY to JPY46.0bn from JPY28.7bn in FY08/2020. The operating profit for the year grew 69.8% YoY to JPY4.0bn vs JPY2.4bn in the previous year. Both reported revenue and OP beat Shift’s guidance by 2.2% and 17.5% respectively while revenue and OP beat consensus estimates by 0.4% and 4.5% respectively.The company’s share price rose 10.0% at the end of Wednesday’s close following the company’s strong FY08/2021 earnings.We discuss the details below.

Shift Inc (3697 JP) reported its 4QFY08/2021 and full-year FY08/2021 results on Tuesday (12th October) which saw revenues growing 60.2% YoY to JPY46.0bn from JPY28.7bn in FY08/2020. The operating profit for the year grew 69.8% YoY to JPY4.0bn vs JPY2.4bn in the previous year. Both reported revenue and OP beat Shift’s guidance by 2.2% and 17.5% respectively while revenue and OP beat consensus estimates by 0.4% and 4.5% respectively.The company’s share price rose 10.0% at the end of Wednesday’s close following the company’s strong FY08/2021 earnings.We discuss the details below.

Shift 4Q: Growth Story Is Getting Stronger

<a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">Baycurrent Consulting (6532 JP)</a>  offers a range of consultancy services in Japan including development and formulation of business strategy, digital transformation, M&amp;A and JV, improvement in operational capabilities and IT Services. The Covid-19 outbreak has accelerated the digital transformation in Japan which has led to increased requirements for consulting services in the country.BayCurrent’s share price has rallied almost 200% over the last 12-months to JPY46,250 per share from JPY15,740 per share a year ago. In this insight, we examine the company’s business model, key drivers, outlook, financials and valuation.

Baycurrent Consulting (6532 JP)  offers a range of consultancy services in Japan including development and formulation of business strategy, digital transformation, M&amp;A and JV, improvement in operational capabilities and IT Services. The Covid-19 outbreak has accelerated the digital transformation in Japan which has led to increased requirements for consulting services in the country.BayCurrent’s share price has rallied almost 200% over the last 12-months to JPY46,250 per share from JPY15,740 per share a year ago. In this insight, we examine the company’s business model, key drivers, outlook, financials and valuation.

Baycurrent Consulting: Strong Fundamentals; Up Almost 200% and Further Upside Likely

Japan

GMO Payment Gateway, Inc. provides credit card transaction services for electronic commerce firms.

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GMO Payment Gateway (3769 JP)

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

Net Protections IPO – If You Buy Now You May Pay Later

Net Protections Holdings offers Japan’s largest BNPL service and the company has been growing steadily at a CAGR of just over 25% but we question...

Mio Kato

Shift 4Q: Growth Story Is Getting Stronger

Shift reported FY08/2021 results which saw revenues growing 60.2% YoY to JPY46.0bn from JPY28.7bn a year ago. Both revenue and OP beat its own...

Shifara Samsudeen, FCMA, CGMA

Baycurrent Consulting: Strong Fundamentals; Up Almost 200% and Further Upside Likely

BayCurrent offers consultancy services in Japan and stock price has been up almost 200% over the last 12-months. Covid-19 has accelerated DX in...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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