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.

Event-Driven

Malaysia Airports Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>'s voluntary conditional RM11.00 offer from the consortium has a first closing date of 8 January.</li>
<li>Unusually, the independent directors and adviser have differing opinions - the directors and adviser agree that the offer is NOT fair. However, the directors opine that it is NOT reasonable. </li>
<li>The consortium has three options – keep terms unchanged (hope for the best), bump or lower the acceptance threshold. The most likely option is to lower the acceptance threshold.  </li>
</ul>



Malaysia Airports Holdings (MAHB MK)'s voluntary conditional RM11.00 offer from the consortium has a first closing date of 8 January.
Unusually, the independent directors and adviser have differing opinions - the directors and adviser agree that the offer is NOT fair. However, the directors opine that it is NOT reasonable. 
The consortium has three options – keep terms unchanged (hope for the best), bump or lower the acceptance threshold. The most likely option is to lower the acceptance threshold.  


Malaysia Airports (MAHB MK): Awaiting the Consortium’s Next Move

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 raised around US$2.4bn 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>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn 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.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Tokyo Metro IPO Trading - Robust Demand for Quality Asset

<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$2.4bn 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>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn 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.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

<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>We have looked at the company’s past performance in our previous notes. In this note, we will talk about valuations.</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.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about valuations.


<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>We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.</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.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.


Tokyo Metro IPO - Peer Comparison - Pre-COVID to 1Q25

Japan

Japan Airport Terminal Co., Ltd. constructs, manages and maintains passenger terminals and airport facilities at Haneda and Narita airports.  The Company operates parking-lots, souvenir shops, and duty-free stores.  Japan Airport Terminal, through its subsidiaries, manages restaurants and in-flight meal services.

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Japan Airport Terminal Co (9706 JP)

Malaysia Airports (MAHB MK): Awaiting the Consortium’s Next Move

The consortium has extended the closing date to 17 January. As of 6 January, including acceptances, the offeror represented 75.73% of outstanding...

Arun George

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO. In this note, we look at the valuation in the IPO price range.

Sumeet Singh

Tokyo Metro IPO - Thoughts on Valuation

The price range for the IPO has now been set at JPY1,100-1,200/share, which still looks fairly attractive in our view and would provide a good yield.

Sumeet Singh

Tokyo Metro IPO - Peer Comparison - Pre-COVID to 1Q25

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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