Equity Long-Short

Mo Aziz

Equity Bottom-Up

Japan Airport Terminal Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a> (JAT) share price was deeply affected by Japan Black Monday rout, and is starting to stage a recovery. </li>
<li>JAT is now looking cheap against other global airports and also against its own history based on P/E, EV/EBITDA, and P/BV.</li>
<li>Our fair value is JPY6,050 derived from global airport peers average 2025 EV/EBITDA of 11.6x, this implies an <strong>UPSIDE of 21%</strong>. Despite the share price run-up, still good upside opportunity.   </li>
</ul>



Japan Airport Terminal Co (9706 JP) (JAT) share price was deeply affected by Japan Black Monday rout, and is starting to stage a recovery. 
JAT is now looking cheap against other global airports and also against its own history based on P/E, EV/EBITDA, and P/BV.
Our fair value is JPY6,050 derived from global airport peers average 2025 EV/EBITDA of 11.6x, this implies an UPSIDE of 21%. Despite the share price run-up, still good upside opportunity.   


Japan Airport Terminal (9706 JT): Share Price Correction Overdone, Now a Value BUY

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

Japan Airport Terminal Co / Equity Capital Markets

<ul>
<li>A group of shareholders are looking to raise ~US$350m in a secondary sale of <a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a>.</li>
<li>The deal is another cross-shareholding unwind, which has been an ongoing narrative in Japan over the past 1-2 years.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders are looking to raise ~US$350m in a secondary sale of Japan Airport Terminal Co (9706 JP).
The deal is another cross-shareholding unwind, which has been an ongoing narrative in Japan over the past 1-2 years.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Japan Airport Placement - US$350m Cross-Unwinding; Large Deal in ADV

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Softbank set to gap and run with ARM +10.5% and OpenAI reaching a $850bn valuation.</li>
<li>Aehr Test +23% on a major new data center customer, a positive read for Advantest, Micronics and Teraprobe after heavy selling last week.</li>
<li>Upside for airlines on the prospect for lower oil and increased travel.</li>
</ul>


Softbank set to gap and run with ARM +10.5% and OpenAI reaching a $850bn valuation.
Aehr Test +23% on a major new data center customer, a positive read for Advantest, Micronics and Teraprobe after heavy selling last week.
Upside for airlines on the prospect for lower oil and increased travel.


Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

<ul>
<li>AI and tech led knee-jerk gains higher. Outperforming optical and photonic names should help QD Laser (6613 JP) after its -16% tumble yesterday.</li>
<li>Yesterday Toyo Engineering (6330 JP) was limit down -19.3% and Chiyoda Corp (6366 JP) -12.4% but both names are ripe for a solid rebound.</li>
<li>With increasingly high yields, the affordability crisis continues and homebuilders will continue to underperform - as will Sumitomo Forestry (1911 JP).</li>
</ul>


AI and tech led knee-jerk gains higher. Outperforming optical and photonic names should help QD Laser (6613 JP) after its -16% tumble yesterday.
Yesterday Toyo Engineering (6330 JP) was limit down -19.3% and Chiyoda Corp (6366 JP) -12.4% but both names are ripe for a solid rebound.
With increasingly high yields, the affordability crisis continues and homebuilders will continue to underperform - as will Sumitomo Forestry (1911 JP).


Japan Morning Connection: Oil and Gas Infrastructure Names Ripe for a Solid Rebound

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)

Aequitas: Japan Airport Placement - US$350m Cross-Unwinding; Large Deal in ADV

A group of shareholders are looking to raise ~US$350m in a secondary sale of Japan Airport Terminal. In this note, we will talk about the placement...

Nicholas Tan

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

Japan set for a positive open as Iran deal hopes send oil lower and markets anticipate a return to normal travel and shipping through the Straits.

Andrew Jackson

Japan Morning Connection: Oil and Gas Infrastructure Names Ripe for a Solid Rebound

Path to a Gulf ceasefire lifts sentiment, with Toyo Engineering and Chiyoda Corp ripe for rebound. Airlines and homebuilders see some relief.

Andrew Jackson

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Japan Airport Terminal (9706 JT): Share Price Correction Overdone, Now a Value BUY

​Japan Airport Terminal share price hit by Japan Black Monday rout, now showing signs of recovery. Our analysis reveals it is undervalued compared...

Mo Aziz

Aequitas: Japan Airport Placement - US$350m Cross-Unwinding; Large Deal in ADV

A group of shareholders are looking to raise ~US$350m in a secondary sale of Japan Airport Terminal. In this note, we will talk about the placement...

Nicholas Tan

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

Japan set for a positive open as Iran deal hopes send oil lower and markets anticipate a return to normal travel and shipping through the Straits.

Andrew Jackson

Japan Morning Connection: Oil and Gas Infrastructure Names Ripe for a Solid Rebound

Path to a Gulf ceasefire lifts sentiment, with Toyo Engineering and Chiyoda Corp ripe for rebound. Airlines and homebuilders see some relief.

Andrew Jackson

Japan Airport Terminal share price hit by Japan Black Monday rout, now showing signs of recovery. Our analysis reveals it is undervalued compared...