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/seibu-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:40113:1" rel="noopener">Seibu Giken (6223 JP)</a> (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.</li>
<li>SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.</li>
</ul>



Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.


Seibu Giken IPO - Quick Note - Not Particularly Enticing

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/ <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. </li>
<li>The ACCC has until 28 September 2023 to make its decision on <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797" rel="noopener">Origin Energy (ORG AU)</a>. Expect ACCC to be supportive - they haven't built a strong "against" case.</li>
<li>There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.</li>
</ul>


The Japan Post Holdings (6178 JP)/ Japan Post Bank (7182 JP) ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. 
The ACCC has until 28 September 2023 to make its decision on Origin Energy (ORG AU). Expect ACCC to be supportive - they haven't built a strong "against" case.
There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.


Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seibu-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:40113:1" rel="noopener">Seibu Giken (6223 JP)</a> (SG) is looking to raise around US$120m in its Japan IPO via selling a mix of primary and secondary shares.</li>
<li>SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Seibu Giken (6223 JP) (SG) is looking to raise around US$120m in its Japan IPO via selling a mix of primary and secondary shares.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In this note, we look at the company’s past performance.


Seibu Giken Pre-IPO - Rapid Growth Followed by Rapid Deceleration

Travis Lundy

<ul>
<li>In March 2023, <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> sold ¥1.1trln of shares in <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, lowering its stake considerably, raising float. <a href="https://www.smartkarma.com/insights/japan-post-bank-7182-the-october-topix-ffw-adjustment" target="_blank" rel="noopener">There will be a TOPIX upweight</a>. </li>
<li>In May, with earnings, they announced their <a href="https://www.japanpost.jp/en/ir/news/jpn/pdf/20230515_en04.pdf" target="_blank" rel="noopener">intention to buy back ¥300bn of shares</a> or up to 10% of shares out. Today, they <a href="https://www.japanpost.jp/en/ir/news/jpn/pdf/20230814_en01.pdf" target="_blank" rel="noopener">announced the details</a>. ¥300bn through March end.</li>
<li>In a ¥300bn ToSTNeT-3 tomorrow, the govt will sell back ¥105.7bn. That leaves a residual worth examining. So we examine.</li>
</ul>


In March 2023, Japan Post Holdings (6178 JP) sold ¥1.1trln of shares in Japan Post Bank (7182 JP), lowering its stake considerably, raising float. There will be a TOPIX upweight. 
In May, with earnings, they announced their intention to buy back ¥300bn of shares or up to 10% of shares out. Today, they announced the details. ¥300bn through March end.
In a ¥300bn ToSTNeT-3 tomorrow, the govt will sell back ¥105.7bn. That leaves a residual worth examining. So we examine.


Japan Post Holdings (6178) Starts Its Bigly Buyback With a Sale from the MOF-Boffins

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$123m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$123m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.


Integral Corporation Pre-IPO - Thoughts on Valuation

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

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

Japan Post Holdings (6178 JP)

Seibu Giken IPO - Quick Note - Not Particularly Enticing

Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Seibu Giken Pre-IPO - Rapid Growth Followed by Rapid Deceleration

Seibu Giken (6223 JP) (SG) is looking to raise around US$120m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Japan Post Holdings (6178) Starts Its Bigly Buyback With a Sale from the MOF-Boffins

JPH (6178 JP) today announced they had bought back 126.428mm shares for ¥132.118bn in from 15-31 August. 103.1mm shs in the ToSTNeT-3, and 23.35mm...

Travis Lundy

Integral Corporation Pre-IPO - Thoughts on Valuation

Integral Corporation (5842 JP) is looking to raise around US$123m in its Japan IPO. In this note, we talk about valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)