Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>The Bank has reached its three-year target one year ahead of schedule</li>
<li>Focus has now turned to growth and new opportunities as unleashed from full  government supervision</li>
<li>Valuations do not yet discount an improvement in returns from here</li>
</ul>


The Bank has reached its three-year target one year ahead of schedule
Focus has now turned to growth and new opportunities as unleashed from full  government supervision
Valuations do not yet discount an improvement in returns from here


Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

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

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We have looked at past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we talk about valuations.


SBI Shinsei Bank Pre-IPO - Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison


SBI Shinsei Bank Pre-IPO - Peer Comparison

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).</li>
<li>Toyoda Gosei's primary goal with the secondary offering is to reduce <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>'s shareholding to around 20% of outstanding shares.</li>
<li>The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.</li>
</ul>



Toyoda Gosei (7282 JP) has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).
Toyoda Gosei's primary goal with the secondary offering is to reduce Toyota Motor (7203 JP)'s shareholding to around 20% of outstanding shares.
The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.


Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>In this note we talk about the not-so-positive aspects of the deal.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
In this note we talk about the not-so-positive aspects of the deal.


SBI Shinsei Bank Pre-IPO - The Negatives - PAT Growth Aided by One-Offs, Margins Under Pressure

Japan

Japan Post Insurance Co. Ltd. operates life insurance business. The Company offers whole life insurance, education endowment, ordinary endowment, medical insurance, and special endowment insurance. Japan Post Insurance provides services for individuals and businesses throughout Japan.

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Japan Post Insurance (7181 JP)

Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

Bank surpasses three-year target early, now focused on growth and new opportunities post-government supervision. Valuations do not reflect...

Rikki Malik

SBI Shinsei Bank Pre-IPO - Thoughts on Valuations

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about...

Sumeet Singh

SBI Shinsei Bank Pre-IPO - Peer Comparison

SBI Shinsei Bank (8303 JP), aims to raise around US$2bn in its Japan listing. We have looked at past performance in our earlier notes. In this...

Sumeet Singh

Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.

Arun George

SBI Shinsei Bank Pre-IPO - The Negatives - PAT Growth Aided by One-Offs, Margins Under Pressure

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about the not...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

​Bank surpasses three-year target early, now focused on growth and new opportunities post-government supervision. Valuations do not reflect...

Rikki Malik

SBI Shinsei Bank Pre-IPO - Thoughts on Valuations

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about...

Sumeet Singh

SBI Shinsei Bank Pre-IPO - Peer Comparison

SBI Shinsei Bank (8303 JP), aims to raise around US$2bn in its Japan listing. We have looked at past performance in our earlier notes. In this...

Sumeet Singh

Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.

Arun George

SBI Shinsei Bank Pre-IPO - The Negatives - PAT Growth Aided by One-Offs, Margins Under Pressure

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about the not...

Sumeet Singh

Bank surpasses three-year target early, now focused on growth and new opportunities post-government supervision. Valuations do not reflect...